BSBFIM501 Manage budgets and financial plans

Simulated Assessment Suite

Unit Release	1
Designed at AQF Level:	5 (Diploma)
Number of Assessments:	2 (8 Tasks)
Assessment Methods:	Product; Questioning, Observation
Assessment Context:	Simulation
Licencing:	Use and edit within your RTO
Price:	RPP $850 On Sale $680 (T&C's apply)

Designed for use in:

BSB50215 Diploma of Business

BSB50415 Diploma of Business Administration

BSB51915 Diploma of Leadership and Management

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Designed For

These assessments tasks have been designed with a particular student cohort in mind.

Educational requirements

This assessment suite is designed for students who:

May or may not have previous educational history.

Simulated assessments are designed to mimic work conditions. Students with previous employment experience but no post-secondary education are not expected to experience difficulties completing work-like assessment tasks.

Employment experience

This assessment suite is designed for students who:

Have employment experience in business environments
Have minimal or no experience in managing financial systems and budgets
Do not have access to an employment environment in which they have the authority, ability and/or resources to manage budgets, provide training, access financial records and implement contingency strategies

Literacy and numeracy

This assessment suite is designed for students who have:

Reading skills to read and analyse business documentation including financial records
Writing skills to write complex professional documents and financial records
Writing skills to write professional email communication
Numeracy skills to calculate totals, difference and variables and compare costs and income
Ability to proficiently use technology for word processing and internet research

Assessment Context

These assessments are designed to be conducted in a simulated work environment and all of the resources needed to create that environment are included. Our simulated workplace 'Find Your Freedom' is a business consultancy firm, providing students with access to 'clients' from a wide range of different business types, a 'mentor' figure who will guide them through assessment, policies, procedures, forms, templates, past work records and lots more.

Assessment Suite Inclusions

This assessment suite comes with all of the resources you'll need to create a simulated workplace environment for assessment, conduct and mark your student's assessments and validate the assessment instrument.

Assessment Suite

Student Introduction to Find Your Freedom
Student Assessment Tasks
Assessor and Quality Guide (includes mapping)
Role player scripts (4)

Simulated Resources

Business Context

FYF Consultancy client company record (délice)

Policies and Procedures

FYF Budget management procedure
FYF Budget planning meeting agenda

FYF Budget briefing and training meeting agenda

Work Records

Delice Operational Budget - Current quarter V1
Délice Operational Budget - Previous quarter
Délice Cash flow quarterly forecast V1
Délice Ageing Debtors Summary - Previous 91 days
Délice Profit and Loss - Previous quarter
Délice Cash flow quarterly forecast V2
Délice Payroll Summary - Month 1
Délice Cash Flow Statement – Month1
Délice Accounts payable - Month 1
Délice Sales Report (detailed) - Month 1
Délice Petty Cash Log - Month 1
Délice Invoices (income) - Month 1
Délice Invoices (expenses) - Month 1
Délice Payroll Summary - Month 2
Délice Cash Flow Statement – Month 2
Délice Accounts payable - Month 2
Délice Sales Report (detailed) - Month 2
Délice Petty Cash Log - Month 2
Délice Invoices (income) - Month 2
Délice Invoices (expenses) - Month 2

Work Records (cont.)

Délice Payroll Summary - Month 3
Délice Cash Flow Statement – Month 3
Délice Accounts payable - Month 3
Délice Sales Report (detailed) - Month 3
Délice Petty Cash Log - Month 3
Délice Invoices (income) - Month 3
Délice Invoices (expenses) - Month 3
Délice Petty Cash Log - Month 2 V2

Forms and Templates

FYF Planned budget analysis template
FYF Contingency plan template
FYF Operational Budget template
FYF Financial management policy template
FYF Email template
FYF Petty Cash Log template
FYF Petty Cash procedure
FYF Budget monitoring report template
FYF Financial processes and records review
Délice Invoice template

Assessment Quality

Our approach to assessment is impacted by our experience in compliance and regulation and our passion for preparing students to be confident (not just competent) in today's and tomorrows workforce.

To ensure the quality of our assessments we apply a proprietary design and development process, combining subject matter experts with educational experts (quality in quality out!).

This process includes mapping assessments to ensure they align to national requirements. Our mapping process is extensive and include:

The unit requirements outlined in the unit guide,
Advice from the implementation guide regarding the assessment context
Any formal advice from industry we can access via previous versions of range statements

The assessment suite includes a comprehensive (if not overwhelmingly detailed) mapping guide and a validation checklist to help you make sure you agree we've met a high standard (contained in the Assessor and Quality Guide).