Assessment Task 1 –  Written Questions

Task Summary

Answer all of the written questions below.

What you will need

Paper and pens

When and where do I need to do this?

This assessment task will be completed in the classroom. Write in the date as advised by your assessor:

What do I have to submit?

You will need to provide correct answers to all questions. Write down your answers with the question number clearly indicated.

What if I get something wrong?

If your assessor sees that you did provide a satisfactory answer, they will ask you to redo the question.

Instructions

Provide answers to all of the questions below:

1. List three types of financial statements.

1. What is the purpose of a balance sheet?

1. Explain the main steps in the budgeting process.

1. Explain the principle of cash accounting.

1. List one advantage and one disadvantage of cash accounting?

1. Explain the principle of accrual accounting

1. List one advantage and one disadvantage of cash accounting?

1. What is the standard rate of GST?

1. List two items that do not attract GST.

1. What is the process by which a business would report GST to the Australian Tax Office?

1. What is the penalty rate to be applied if a supplier does not provide an ABN?

1. A non-profit organisation needs to register for GST after it has a turnover of more than how much?

1. What information must be included on a tax invoice for sales of $1,00 or more?

1. Under tax law, how long must businesses keep their records for?

1. Who must have their financial report audited?

1. What is the purpose of an audit and auditor’s report?

1. List the key components of a financial report.

1. What is a profit and loss statement?

1. Is it compulsory to prepare a profit and loss statement?

1. List 5 ways to improve cash inflow and give examples.

Assessment Task2: Budget planning project

There are two parts to this project.

Part A: In this assessment, you are required as the Marketing Manager of King Edward VII College to review the budget you have been assigned for the upcoming financial year and to participate in a meeting with the CEO (role-played by your assessor) to discuss this budget.

Part B: You are required to meet with your team to inform them of the budget as confirmed in Part A, as well as processes for monitoring expenditure and controlling costs.

Part A: Role-play: Meet with the CEO

 

Task summary

You are required in the role of the Marketing Manager for King Edward VII College to review the budget you have been assigned for the upcoming financial year and to participate in a meeting with the CEO (role-played by your assessor) to discuss and negotiate the budget.

What you will need

• Role-play CEO

• Space for a meeting

• Marketing budget

Where and when do I need to do this?

Part 1 of the assessment task will be completed in the classroom as part of the simulated work environment.

Write in the date for this assessment as advised by your assessor

What do I have to submit?

• Email with summary of meeting outcomes
• Finalised budget

What if I get something wrong?

If your assessor sees that you did not complete the role-play task satisfactorily, they will ask you to redo the task.

Instructions:

King 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 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 currently employs 24 staff members that include the CEO, a Marketing Manager and Marketing Assistant, Promotions Officer, Human Resources Manager, Operations and Finance Manager, Administration Manager, Office Assistant, Receptionist, Academic Manager, Student Services Officer and approximately 14 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 10% 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 activity:

• Redesign web site to improve branding ($5,000)
• Design and implement an incentive scheme for referrals by students ($2,400)
• Conduct a radio advertising campaign ($10,000)
• On-line communications – newsletters, websites. Blogs, Twitter (zero – staff time only)
• Stand at VCE Careers Expo 2016 (Stand package $3,300)
• Develop an publish 2016 promotional brochure ($1,500)
• Sponsor community organisation to improve local community profile ($2,000)
• Contingency amount ($800)

You would also like to conduct a TV advertising campaign and have been quoted a price of $30,000

to run the campaign. As this is obviously well over the budget limit, you need to negotiate an increase in budget. In order to negotiate this increase, you will need to research and present an argument for using TV advertising and the benefits to the company.

Complete the following activities:

1. Review the case study information provided to you.

1. Based on amounts allocated to each marketing activity, complete the budget template provided to you by your assessor.

1. Research the benefits of television advertising prior to the meeting. Make notes to assist you at the meeting if required.

1. 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 activities
• Confirm the amount allocated to each of the marketing activities, including the amount allocated for contingencies.
• Negotiate to increase the budget to accommodate the TV advertising campaign you wish to run (as per the case study information, you will need to present the benefits of television advertising to convince the CEO).

1. 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 information

1. Following the meeting, send a copy of the final budget to your assessor.

Part B: Meet with team to discuss budget

   

Task summary

For this part of the task, you are required to meet with your team to discuss the budget allocation for the year. Prior to the meeting you will also need to review the financial policy and procedure, as you need to explain its key features to your team.

What you will need

• Computer and Microsoft Office

• Access to the internet for research

• Completed budget

• Financial management policies and procedures

• Space for a meeting

Where and when do I need to do this?

Part B of the assessment task will be completed in the classroom as part of the simulated work environment.

Write in the date for this assessment as advised by your assessor

What do I have to submit?

You do not have to submit anything for this assessment task as your assessor will observe you.

What if I get something wrong?

If your assessor sees that you did not complete this task satisfactorily, they will ask you to redo the task.

Instructions:

1. Meet with your team to discuss the budget.

1. 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 information

1. 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 procedures.

   

Assessment Task 3: Monitor and control finances project

Task summary

This assessment task requires you to monitor and control finances for the marketing department for King Edward VII College and provide a budget and expenditure report to the CEO.

What do I need?

• Computer and Microsoft Office

• Budget worksheet

Where and when do I need to do this?

This assessment task will be completed in the classroom as part of the simulated work environment.

Write in the date for this assessment as advised by your assessor

What do I have to submit?

• Budget and variances report

What if I get something wrong?

If your assessor sees that you did not complete this task satisfactorily, they will ask you to redo the task.

Instructions

As per the company policy, you are responsible for monitoring and recording expenditure each month. The finance department has provided you a report on expenditure for 2015 – 2016.

Your assessor will 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.

Complete the following activities:

1. Enter the amounts into your budget under actual expenses.

1. Identify any expenditure overruns.

1. Report on the budget and expenditure including:

o  Projected budget and actual budget and variations

o  Overall level of variance, as well as variance for individual marketing activities

o  Reasons for overruns

o  Proposed solutions for following years budget

1. You should also provide a copy of the budget showing projected, as well as actual figures. Send both the report and the budget to your assessor.

Assessment Task4: Profit and loss review project

Task summary

This assessment task requires you to assume a different role as Operations Manager for King Edward VII College and to report on an interim profit and loss account.

What do I need?

• Computer and Microsoft Office

• Access to the internet for research

• Profit and Loss Account

     

Where and when do I need to do this?

This assessment task will be completed in the classroom as part of the simulated work environment.

Write in the date for this assessment as advised by your assessor

What do I have to submit?

• Report on profit and loss performance

What if I get something wrong?

If your assessor sees that you did not complete this task satisfactorily, they will ask you to redo the task.

Instructions

You reviewing the College’s performance for the last six months.

You will be provided with a profit and loss account for review, which you will be required to analyse and provide a report to the CEO outlining performance in relation to the budget.

Complete the following activities:

1. Analyse the information provided in the interim profit and loss account including:

• Calculation of net profit or loss for each Campus.
• Calculation of variances between actuals and budgeted expenses – noting that variances of up to and including10% are acceptable and do not need to be reported on.

1. Based on your analysis of the profit and loss account, develop a short report to send to the CEO that:
2. Outlines financial performance based on the figures in the profit and loss account b.       Identifies variances higher than 10%
3. Compare the performance of each campus
4. Recommend solutions in relation to expenditure items where variances are higher than 10%

Assessment Task5: Debtor management project

Task summary

This assessment task requires you to review and evaluate financial management processes.

What do I need?

• Computer and Microsoft Office

• Access to the internet for research

• Aged debtor summary

Where and when do I need to do this?

This assessment task will be completed in the classroom as part of the simulated work environment.

Write in the date for this assessment as advised by your assessor

 

What do I have to submit?

• Report on debtor management

What if I get something wrong?

If your assessor sees that you did not complete this task satisfactorily, they will ask you to redo the task.

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.

1. Research best practice debtor management.

1. Provide a report for your CEO (your assessor) based on your analysis. Your report should include:

1. An outline of the information in the aged debtor report
2. What this says about the company’s aged debtor processes
3. c. 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.

1. Send your report to your CEO (assessor) seeking approval to implement best practice debtor management processes. Your report should be approximately 1 page.

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