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29 Nov
2019

52451 – ASSESSMENT TASK 1: QUESTIONS (PART B)TASK SUMMARY:You | NO PLAGIARISM

ASSESSMENT TASK 1: QUESTIONS (PART B)TASK SUMMARY:You are to answer ALL the questions provided in Part A (completed in class) and in thistask – Part BWHATDO I NEED IN ORDERTO COMPLETETHISASSESSMENT?· Access to textbooks and other learning materials.n Access to a computer and the Internet (if you prefer to type your answers).WHAT 00 I NEED TO DO IF I GET SOMETHING WRONG?If your assessor marks any of your answers as incorrect, they will talk to you about resubmission. You will need to do one of the following.· Answer the questions that were incorrect in writing.· Answer the questions that were incorrect verbally.INSTRUCTIONS:For the assessments to be completed in class:· They are closed-book assessments,· you must answer the questions by writing in the assessment task; you may attach additional answer sheet. if required .· For the assessments to be completed after class:· They are open-book assessments.· You must submit your answer electronically or via email to your trainer.· You must answer all questions in the tasks correctly.· One-word responses will not be accepted as a suffice answer.· Where word limits are indicated on certain questions. it is normally acceptable to be 10% above or below the indicated word limit, unless the trainer/assessor tells you otherwise.QUESTION 1What are the due dates. in each financial year, for lodging Business Activity Statements (BAS) for a business with a turnover of less than $20 million?QUESTION 2Go to ATO website- https://www.ato.gov.au and find out:a. What type of organisations need to register for GST?b. How many years must businesses keep their records?What do I need to hand in forthis task? Have I completed this?Your answers to each question 0BSBFI M501 Manage budgets and financial plansStudent Assessment BookletVersion 3.1 November 2019, Approved Quality assurance & Compliance ManagerPan Bird Pty Ltd t/a Tr4in Right I RTO Code 222811 CRICOS Code 03618G Page 14 of 28ASSESSMENT TASK 2: BUDGET PLANNING PROJECTTASK SUMMARY:You are to answer ALL the questions provided in Part A (completed in class) and in this task – Part BWHAT D01 NEED IN ORDER TO COMPLETE THIS ASSESSMENT§ Access to textbooks and other Learning materials· Access to a computer and the Internet· Master Marketing Budget Template (provided by your assessor). WHAT DO I NEED TO SUBMIT?· Part A: Minutes of Meeting /PPT slides / email confirming outcome of then meeting.· Part B :Your completed budget using MS ExcelWHAT DO I NEED TO DO IF I GET SOMETHINGWRONG?if your assessor marks any part of your budget as incorrect, they will give you some feedback and talk to you about resubmission.If your assessor sees that you have not shown appropriate skills or knowledge. theywilt give you some feedback and you will need to do the specific task again.INSTRUCTIONS:PART A: ROLE PLAY MEET WITH THE CEOKing Edward VII College has been operating for 5 years The College is based in Melbourne CBD and has an additional campus in Sydney. The College offers a range of courses in management, marketing. human resources and international business and currently has around 500 students enrolled across all of its courses, Courses are offered at all levels from Certificate II to Graduate Diploma. The College is very popular due to its competitive pricing structure, innovative teaching methods and state of the art facilities.The College currentlyemploys 24 staff members that include the CEO. a Marketing Managerand Marketing Assistant Promotions Officer. Human Resources Manager Operations and Finance Manager. Administration Manager. Office Assistant, Receptionist, Academic Manager Student Services Officer and approximately14 trainers.As the Marketing Manager for the company, you are allocated a budget each year to spend on marketing.This year the budget you have been allocated is $25,000, which is approximately l0% of revenue. Your budget does not include salaries and wages of staff. which is accounted for through another cost centre.Your marketing plan for the year includes the activities below. The amounts in brackets are your cost projections for each activityRedesign website to improve branding ($5.000)Design and implement an incentive scheme for referrals by students ($2.400) Conduct a radio advertising campaign 010.000Online communications – newsletters. websites, blogs. Twitter (zero – staff time only) Stand at VCE Careers Expo 2016 (Stand package $3.300)Develop and publish 2016 promotional brochure ($1.500)Sponsor community organisation to improve local community profile ($2,000)BSBAM501 Manage budgets and financial plansStudent Assessment BookletVersion 3.1 November 2019, Approved Quality assurance & Compliance ManagerPan Bird Pty Ltd t/a Tr4ifl Right I RIO Code 22281 I CRICOS Code 03618G Page 16 of 28nContingency amount ($800) You would also like to conduct a7V advertising campaign and have been quoted a price of $30.000to run the campaign. As this is obviously well over the budget limit. you need to negotiate an increase in budget in 0.rder to fits negotiate this increase you will need to research and present an argument for using TV advertising and its bene for the company.Complete the following activities:1. Review the case study information provided to you (if you are not working. use your knowledge of your ownorganisation and the budget allocated to your work team for the year).2.Based on amounts allocated to each marketing activity, complete the budget template provided to you by your assessor. if you are working you may complete your own budget templates.4. Participate in a meeting with your CEO (role-played by your assessor) to discuss the marketing budget. At the meeting, you will need to:provide a copy of your completed budget to the CEO explain each of the planned marketing activitiesn confirm the amount allocated to each of the marketing activities. including the amount allocated for contingenciesn negotiate to increase the budget to accommodate the 1V advertising campaign you wish to run (as per the case study information. you wilt need to present the benefits of television advertising to convince the CEO)Note: Where this meeting is conducted in the workplace, the requirements discussed wilt relate to the workplace project and the resource requirements. You will also need to identify a required budget increase and negotiate for this at a meeting about your budget with your senior manager.5. During the meeting. you will need to demonstrate effective communication skills including:· asking questions to identify required informationn responding to questions as required· using active listening techniques to confirm information6. Following the meeting. send a copy of the final budget to your assessor.PART B: MEET WITH TEAM TO DISCUSS BUDGET1. Meet with your team to discuss the budget.2. During the meeting, you will need to demonstrate effective communication skills. including:· asking questions to identify required information· responding to questions as required· using active listening techniques to confirm information3. At the meeting you will need to:discuss the overall budget allocation· discuss the amounts allocated to each marketing activity· discuss contingency plans· provide an outline of the financial management policies and procedureWhat do I need to hand in for this task? Have I completed this?Part A: Minutes of the meeting /PPT slides /email 0Part B :Your completed budget using MS Excel 0BSBFIM501 Manage budgets and financial plansStudent Assessment BookletVersion 3.1 November 2019, Approved Quality assurance & Compliance ManagerPan Bird Pty Ltd t/a Tr4 in Right 1 RTO Code 222811 CRICOS Code 03618G Page 17 of 28Scanned with CamScannerASSESSMENT TASK 3: MONITOR AND CONTROL FINANCE PROJECTTSK SUMMARY:This assessment task requires you to monitor and control finances for the marketing department for King Edward VII College and provide a budget andexpenditure report to the CEO.WHAT DO I NEED IN ORDER TO COMPLETE THIS ASSESSMENT?· Access to textbooks and other learning materialsn Access to a computer and the Internet· Actual figures – Marketing 2015-16 document (provided by your assessor)n Financial policy and procedure (provided by your assessor).WHAT DO I NEED TO SUBMIT FOR THIS TASK?· Completed budget· Your reportWHAT DO 1 NEED TO DO IF 1 GET SOMETHING WRONG?If your assessor marks any part of your budget as incorrect, they will give you some feedback and talk to you about resubmission.INSTRUCTIONS:As per the company policy, you are responsible for monitoring and recording expenditure each month. Imagine that the finance department has provided you a report on expenditure for 2015-2016.Your assessor wilt provide you with these figures. There will also be some notes included to assist you to complete this task.Note that the company deems a standard variance in budgets of up to 5% acceptable.Note: If you are completing this assessment task in the workplace you will need to access budget information for your work team and use it to complete this task.1. Enter the amounts into your budget under actual expenses.2. Identify any expenditure overruns.3. Report on the budget and expenditure including:a) projected budget and actual budget and variationsb) overall levet of variance. as well as variance for individual marketing activitiesc) reasons for overrunsd) proposed solutions for following years budget4. You should also provide a copy of the budget showing projected, as welt as actual figures. Send both the report and the budget to your assessor.What do I need to hand in for this task? Have I completed this?Completed budget 0Your report 01358F1M501 Manage budgets and financial plansStudent Assessment BookletVersion 3,1 November 2019, Approved Quality assurance & Compliance ManagerPan Bird Pty Ltd t/a Tr4in Right I RTO Code 22281.1CRICOS Code 03618G Page 20 of 28TR4INKIUHTASSESSMENT TASK 4: PROFIT AND LOSS REVIEW PROJECTTASK SUMMARYThis assessment task requires you to assume a different rote as Operations Manager forKing Edward VII College and report on an interim profit and toss accountWHAT DO I NEED TO SUBMIT FOR THIS TASK?· Profit and Loss analysis ReportWHAT DO I NEED TO DO IF 1 GET SOMETHING WRONG?If your assessor marks any part of your assessment as incorrect, they will give you feedback and an appropriate time to resubmit your work.INSTRUCTIONS:Imagine you are reviewing the College’s performance for the last six months.You will be provided with a profit and loss account for re view, which you will be required to analyse and provide a report to the CEO outlining performance in relation to the budget.1. Analyse the information provided in the interim profit and toss account including:· Calculation of net profit or Loss for each Campusn Calculation of variances between actuals and budgeted expenses noting that variances of up to and including 5% are acceptable and do not need to be reported onNote: If you are completing this assessment task using a workplace project, you will need to analyse an interim profit and toss account in order to monitor and review profit and productivity performance.2. Based on your analysis of the profit and loss account, develop a short report to send to the CEO that:a) Outlines financial performance based on the figures in the profit and toss accountb) Identifies variances higher than 5%c) Compare the performance of each campusd) Recommend solutions in relation to expenditure items where variances are higher than 5%.iWhat do I need to hand in for this task?1358FIM501 Manage budgets and financial plansStudent Assessment BookletVersion 3.1 November 2019, Approved Quality assurance & Compliance ManagerPan Bird Pty Ltd tfa Tr4in Right I RTO Code 22281 I CRICOS Code 03518G Page 22 of 28ASSESSMENT TASK 5: DEBTOR MANAGEMENT PROJECTTASK SUMMARY:This assessment task requires you to review and evaluate financial management processesWHAT DO I NEED IN ORDER TO COMPLETE THIS ASSESSMENT?· Access to textbooks and other learning materials· Access to a computer and the Internet· Aged debtors report.WHAT DO I NEED TO SUBMIT?· Your ReportWHEN DO I DO THIS TASK?· You will do this task in the classroom or as homework – your assessor will advise.· Write in the due date as advised by your assessor:WHAT DO I NEED TO DO IF I GET SOMETHING WRONG?If your assessor marks any part of your assessment as incorrect. they will. give you feedback and an appropriate time to resubmit your work.INSTRUCTIONS:1. Review the aged debtor report provided to you by your assessor. Analyse the information in the report. Note that the company’s usual terms are payment 14 days from invoice.2. Research best practice debtor management.3. Provide a report for your CEO (your assessor) based on your analysis. Your report should include:a) An outline of the information in the aged debtor reportb) What this says about the company’s aged debtor processesc) Develop at Least 5 recommendations that could be adopted by the company in response to your analysis. This should be based on the debtor management research you conducted.4. Send your report to your CEO (assessor) seeking approval to implement best practice debtor management processes. Your report should be approximately one page.What do I need to hand in for this task? Have I completed this?Your reportBSBFIM501 Manage budgets and financial plansStudent Assessment BookletVersion 3.1 November 2019, Approved Quality assurance & Compliance ManagerPan Bird Pty Ltd t/a Tr4in Right I RTO Code 222811 CRICOS Code 03618G Page 24 of 28Scanned with CamScannerASSESSMENT TASK 6: CASE STUDYif%TASK SUMMARYFor this task you are required to review the case study and answer all the questions.RESOURCES AND EQUIPMENT REQUIRED TO COMPLETE THIS ASSESSMENT· Access to textbooks and other learning materials§ Access to a computer with Internet and software such as Microsoft Office.WHAT DO I NEED TO SUBMIT? Your responses to all questionsINSTRUCTIONSRead the case study below and complete all activities.CASE STUDYYou recently joined as a manager in Computech Electronics selling PCs, laptops, and computer accessoriesin the South Eastern area of Melbourne. You have been asked by the management to prepare budget for the organisation.Steve, office assistant has been the one handling the accounts and has noticed a few worrying trends:New competition has recently increased and Computech Electronics is losing market share. They have been experiencing continuous cash flow issues, which means they have a shortage of cash when it comes topaying monthly and quarterly bills. Computech Electronics’ long term goal is to take back their market share and bring the cash balance back to surplus.Steve has advised you that company would be having following budget objectives:· Increasing sales by 10% over a 12 month period· increasing market share by 10%· Bring back cash balance to surplus, so we can stop paying overdraft interest to the bank.You need to answer following questions based on above scenario:1. How would you access past budget and financial plans for Computech Electronics?2. Which personnel would you need to consult and what issues might need to be addressed?3. What is the purpose of a contingency plan? List any two possible contingencies related to Computech Electronics.BSBFIM501 Manage budgets and financial plansStudent Assessment BookletVersion 3.1 November 2019, Approved Quality assurance & Compliance ManagerPan Bird Pty Ltd t/a Tr4in Right I RTO Code 22281 I CRICOS Code 03618G Page 26 of 28TR41NRIGHT4. How would you communicate with relevant people to clarify budget, negotiate changes and disseminate information5. Identify what type of support your staff members may require so that they can stick to the budget and achieve budget objectives.6.a. Identify at least 2 resources to manage financial management processes?b. What reporting systems you would follow to manage financial management processes?7. How often expenditures should be monitored once a budget has been implemented?8. What processes are involved in the monitoring of a contingency plan?9. Name 2 financial reports you might generate from your accounting system to check your budget against actual income or expenditure.10. What financial data and information an organisation should collect and collate to judge effectiveness of financial management processes?11.a. What do you mean by budget variance?b. List 5 factors that can cause variances in a Payroll budget.12. When revenue variances occur, why should you talk to the staff to help identify, and find options to address the issue?13. In order to bring the budget back to surplus, what are the options and how would you implement it?IWhat do I need to hand in for this task?

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