Reference no: EM133125985
BSBSMB406A Manage small business finances
Assessment Overview
This assessment instrument contains theory-based questions designed and mapped to the performance criteria required for the unit of competency. This assessment is aimed towards those that would like to increase and improve their skills in the workplace and or personal life. It provides the tools to confidently prepare for and work in a variety of situations. This assessment will provide you with opportunities to learn new skills and techniques as well as building on existing or previously learned expertise.
Your completed assessment will be part of the evidence for your assessor to determine whether you have successfully performed and satisfied all of the requirements to achieve competency.
The assessment outcomes for a competency-based course are Competent when the student can demonstrate competency in all learning outcomes, and Not Yet Competent when the student has not yet demonstrated competency in all learning outcomes.
You are deemed to be competent when all the questions in this assessment instrument have been successfully completed.
This is an open book assessment. You may refer to your workbook or any other materials at any time during the assessment.
Additionally, responses to assessment activities might be drawn from:
? Knowledge gained in your training
? Additional reading and research both within and outside the workplace
? Practical workplace experience
? Personal experience
What am I required to do?
1. You are encouraged to read over the assessment instrument and discuss any concerns with your assessor immediately. You are also encouraged to ensure you have your assessor's contact details to that you can discuss any aspects or concerns relating to your tasks with your assessor if required.
2. You are required to submit the evidence requested in this assessment instrument to the assessor.
3. Competency will only be achieved once your assessor deems the responses to be 100% complete and correct across all tasks in this assessment instrument.
4. If you do not understand any part of the assessment instrument, you may ask your assessor for guidance.
5. You will get two chances to resubmit the assessment if you are deemed as ‘Not Yet Competent'. Additional time required to provide support the resubmission will be agreed to with your assessor and employer
Assessment Task 1 - Knowledge Questions
Participant instructions
For this task you are required to access information and then provide written responses to the questions below.
You are required to provide correct responses to 100% of the questions to be able to achieve competency in this task. You should complete this Assessment Task in approximately 120 minutes.
You may refer to your workbook or any other materials at any time for this assessment. The questions may be asked and answered orally if you believe you have reasonable grounds for requesting this. If you have any concerns or questions about this assessment task, you may the assessor who may provide reasonable guidance.
1. Research and list the relevant Acts, Regulations, Licencing Regulators for all the states and territories in the below table.
2. List the building practitioner's registration categories in Victori.
3. Briefly explain key responsibilities of employees and employers under Occupational Health and Safety.
4. List four (4) types of signage that are used on a construction site and explain their purpose.
5. List four (4) types of insurances that a registered building practitioner may require.
6. What is a valid contract and explain briefly?
7. When does a builder must use major domestic building contract?
8. Explain in your own words, what does a contract contain?
9. What is GST and when do you need to register for GST?
10. What is a payroll tax and who has to pay payroll tax?
11. List the national employee standards that are applicable to all workers on the site?
12. What are the obligations of a head contractor?
13. What are the objectives of Equal Opportunity Act 2010?
14.
a. Why is the importance of training staff?
b. List the three (3) main methods of training?
c. How do you plan training, explain in four (4) simple steps?
15. Research and provide a list of documents and reference material that should be provided to employees and contractors, in relation to industrial relation and relevant legislation?
16. What is the statutory body that resolves building disputes in your state?
17. Discuss how you could use the negotiation process to resolve a dispute?
18. What do you record when involved in a dispute?
19. The following questions are asked from the perspective that you are a contractor either in a business partnership or a sole trader.
a. What financial information must you maintain in order to know whether your business is profitable or not?
b. How will you ensure you have funds ready to meet tax requirements?
20. List the key performance indicators (milestones) you will use that will let you monitor your financial performance easily.
21. How often should you monitor and print out reports on the financial performance targets of your business?
22. How often should you monitor and print out reports on the financial performance targets of your business?
23. In financial terms, explain what benchmarking is?
24. Explain what information you need to collect to complete the following financial documents.
a. Budget report
b. Balance sheet
c. Profit and loss statement
25. Following are fill in the blank type questions
a. People who your business or you owe money to are referred to as ________________________
b. Amounts owed by your business or you are referred to as ______________________
c. In relation to the general ledger, the extraction of account balances is called as ____________________________
d. General ledge is divided into _____________ categories
e. The collection of all balance sheets, income, and expense accounts used to keep the accounting records of a business is called ________________________
f. ______________________ entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred
g. When setting financial goals, you should plan at intervals of 6 months, 2 years, and __________ years
h. Without quoting ____________________ on the tax invoice, you cannot claim a GST in the business expenses
i. A ____________________ policy includes contingencies for debtors in default and helps your business maximise cash flow
26. List the types of accounting and briefly highlight the key points.
Attachment:- Manage small business finances.rar