BSBFIN801 Assessment task 1 SIBN V1

Instructions for answering the written questions:  Complete a written assessment consisting of a series of questions.  You will be required to answer all the questions correctly.  Do not start answering questions without understanding what is required. Read the questions carefully and critically analyse them for a few seconds; this will help you to identify what information is needed in the answer.  Your answers must demonstrate an understanding and application of the relevant concepts and critical thinking.  Be concise, to the point and write answers within the word-limit given to each question. Do not provide irrelevant information. Remember, quantity is not quality.  You must write your responses in your own words.  Use non-discriminatory language. The language used should not devalue, demean, or exclude individuals or groups based on attributes such as gender, disability, culture, race, religion, sexual preference or age. Gender- inclusive language should be used.  When you quote, paraphrase, summarise or copy information from other sources to write your answers or research your work, always acknowledge the source. Purpose of the assessment This assessment task is designed to evaluate student’s knowledge essential to lead the development of financial strategy in a range of contexts and industry settings and knowledge regarding the following:  Knowledge of the financial risk factors and mitigation procedures  Knowledge of the principles of accounting and budgeting including: o balance sheet ratios o income statement ratios o cash flow statement ratios o income and expenditure o expenditure forecasting o contingency plans  Knowledge of the compliance requirements relating to managing financial resources, including legislative and regulatory responsibilities  Knowledge of the finance and investment decisions to improve financial returns of the organisation  Knowledge of the financial and accounting principles relating to analysing and interpreting financial reports and resources  Knowledge of the financial, accounting and economic terminology and systems relevant to financial strategy  Knowledge of the forecasting financial requirements  Knowledge of the business targets  Knowledge of the business system requirements  Knowledge of the techniques for calculating and analysing financial data and procedures for their applications. BSBFIN801 Assessment Task 1_V.10 Page 3 of 6

7.2. How can you forecast the financial requirements using the following financial reports? Write your answer in 300-350 words. a) Income statement b) Balance sheet 8. Answer the following questions: 8.1. Explain any five (5) financial business targets for a small business in 300-350 words. 8.2. How can you create a financial plan that aligns with the financial business targets? Write your answer in 200-250 words. 9. Answer the following questions: 9.1. Explain the qualitative and quantitative methods of forecasting business system requirements in 200-250 words. 9.2. What are the legal requirements for maintaining the end of financial year records? Write your answer in 200-250 words. 10. Explain the following techniques for calculating and analysing financial data and discuss procedures for their applications in 550-600 words. a) Trend analysis b) Ratio analysis BSBFIN801 Assessment Task 1_V.10 Page 6 of 6 Marking Criteria: This is an un graded unit. Your result is based on the evidence you provide to meet the criteria for competence as specified in the unit of competency. You will receive a result of either Satisfactory or Unsatisfactory. If your result is Unsatisfactory you will be required to redo incorrect questions and resubmit your work. Criteria assessed Comments Satisfactory Unsatisfactory Question 1 Question 2 Question 3 Question 4 Questions 5 Question 6 Question 7 Question 8 Question 9 Question 10 Overall result: With the satisfactory completion of the above tasks the student will be deemed competent in this assessment. Satisfactory Unsatisfactory (Resubmit Required)