ASSESSMENT COVER PAGE

STUDENT DETAILS / DECLARATION:

Course Name: DIPLOMA OF HOSPITALITY MANAGEMENT

Unit / Subject Name: SITXFIN004 Prepare and monitor budgets

Trainer’s Name: Assessment No: Task A, Task B, Task C

oX I fully understand the context and purpose of this assessment.

oX I am fully aware of the competency standard/criteria against which I will be assessed.
I declare that:
oX I have been given fair notice of the date, time and venue for the assessment.
oX I am aware of the resources I need and how the assessment will be conducted.
oX I have had the appeals process and confidentiality explained to me.
oX I agree that I am ready to be assessed and that all written work is my own.
oX This assessment is my:
oX First submission o Re-submission (Attempt ___ )
Student Name: YANLIN GUO Student ID: AC20190099
Student’s Signature: Submission Date: / /

ASSESSOR USE ONLY: (ACADEMIC DEPARTMENT)

Result:
Assessment Task A: o Satisfactory o Not Satisfactory

Assessment Task B: o Satisfactory o Not Satisfactory

Assessment Task C: o Satisfactory o Not Satisfactory

Final Assessment Result for this unit C / NYC

Feedback:
Feedback is given to the student on each
Yes / No
Assessment task & final outcome of the unit

Assessor’s
Feedback:

Assessor’s Date: / /
Signature:

ASSESSMENT FIRST SUBMISSION/RE-SUBMISSION RECEIPT:

It is student’s responsibility to keep the assessment submission receipt as a proof of submission of assessment tasks.

Student Name: Student ID:

YANLIN GUO AC20190099
Unit / Subject Code: SITXFIN004 Prepare and monitor budgets Assessment No:

Trainer Name: Date: / /

Signature:

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Assessment/evidence gathering conditions

Each assessment component is recorded as either Satisfactory (S) or Not Yet Satisfactory (NYS). A student can only achieve
competence when all assessment components listed under procedures and specifications of the assessment section are
Satisfactory. Your trainer will give you feedback after the completion of each assessment. A student who is assessed as NYS is
eligible for re-assessment. Should the student fail to submit the assessment, a result outcome of Did Not Submit (DNS) will be
recorded.
Student should be provided with an appropriate time frame in which to resubmit their work, according to the RTO’s re-assessment
policy and procedure.
Plagiarism, cheating and collusion.
Where a trainer/assessor believes there has been an incident of academic misconduct involving plagiarism, cheating, and/or
collusion, they should report this along with reasons for the allegation. Assessors should refer to their RTO’s policy and procedures
regarding training and assessment for further information.”
When all unit’s assessment tasks have been submitted and assessed (including resubmissions), print out a copy of this unit’s Final
Results Record, included as the last page of this document. Record the result for each task and the final result for the unit as C
(Competent) or NYC (Not Yet Competent). There is also space to give the student some written feedback for the overall unit.
Sign and date the middle section and give the sheet to the student. After discussing their results with them, the student must fill out
and sign the final section of the Record, where they acknowledge the result that you have given them.
When the student has filled out the final section of the Final Results Record, make a copy for them and retain the original with the
student’s records.

Resources required for this Assessment

• All documents must be created using Microsoft Office suites i.e., MS Word, Excel, PowerPoint

• Upon completion, submit the assessment printed copy to your trainer along with assessment coversheet.

• Refer the notes on eLearning to answer the tasks

• Any additional material will be provided by Trainer

Instructions for Students

Please read the following instructions carefully

• This assessment is to be completed according to the instructions given by your assessor. These instructions may include
answer length or size (word limit), how to conduct role play presentation etc.
• Feedback on each task will be provided to enable you to determine how your work could be improved. You will be provided
with feedback on your work within 2 weeks of the assessment due date.
• Should you not answer the questions correctly, you will be given feedback on the results and your gaps in knowledge. You will
be given another opportunity to demonstrate your knowledge and skills to be deemed competent for this unit of competency.

• If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
• Please refer to the College re-assessment and re-enrolment policy for more information.
• Please provide required references of the sources, if you use any information from any sources (such as: learner book, power
point and online resources) to answer the assessment questions and make the required changes to justify that it is your own
work.

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Re-submission opportunities

Please read the following instructions carefully

• Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have
satisfactorily addressed the requirements of each part of this task.
• If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along
with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt/ s will be
arranged at a later time and date.

• Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have
other appropriate grounds for an appeal.
• Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this
task or if they have any learning issues or needs that may hinder them when attempting any part of the assessment.

• Please see Student Assessment, Reassessment and Repeating Unit of Competency Guidelines v1.0 for more detail.

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 Assessment Task A: Skills Activity

The skills activity is designed to be a series of demonstrative tasks that should be assessed by observation (by the
assessor or third party, depending on the circumstances).

It will demonstrate all of the skills required for this unit of competency – your assessor will provide further instructions
to you, if necessary.

Task summary
Objective: To provide you with an opportunity to show you have the required skills for this unit.

This activity will enable you to demonstrate the following skills:

➢ Oral communication skills to:
o liaise and negotiate with colleagues on potential complex and conflicting budget requirements
➢ Numeracy skills to:
o draft budgets that meet organisational objectives
o interpret and analyse financial information from forecasts and previous performance data
o develop financial estimates and scenarios using complex calculations
➢ Problem-solving skills to:
o analyse internal and external factors for potential impact on budget
o identify budgetary challenges and develop different options for their resolution
o identify budget deviations and deficiencies and develop options for meeting budgetary requirements
➢ Teamwork skills to:
o invite and coordinate the input of others in the organisation, and provide direction on budget
management
➢ Planning and organising skills to:
o access and sort all information required for budget preparation
o coordinate a timely, efficient and consultative budget development process
➢ Technology skills to:
➢ use accounting software packages.

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Answer the activity in detail, considering your organisational requirements.

1. Arrange a 15 minute meeting with all parties whose job description covers the development of budgets,
and use the meeting to discuss the finer points of a budget currently being prepared.
After the meeting, produce a one page report that outlines:
➢ What was discussed
➢ One aspect of the budget plan to which you contributed ideas
➢ Three things you learned as a result of the meeting
➢ Conclusions of the meeting.

2. Imagine you own and run an independent café that employs three people: a barista, a waiter/waitress,
and a chef. Your average monthly income is $10,000, while your average monthly expenditure
amounts to $8,000, leaving you a profit of $2,000 each month. However, the winter months are
approaching and you anticipate a fall in the number of customers who frequent your café.
On one side of paper, identify and explain:
➢ Three information sources you would consult to prepare for the winter months
➢ Three measures you would take to deal with the fall in custom.

3. Produce a one page report that outlines:

➢ Three internal factors that could influence your organisation’s budget for the next year
➢ Three external factors that could influence your organisation’s budget for the next year
➢ Three methods of overcoming the challenges posed by the above factors.

4. Leading a team of three, produce a draft budget for your organisational over the next financial quarter.
To do this, you will have to:
➢ Speak with the relevant parties concerned with budget development and obtain as much relevant
data as possible
➢ Allocate specific tasks and responsibilities to your team members
➢ Negotiate the development of the budget, incorporating necessary modifications along the way
➢ Use your diplomacy skills to ensure that each team member contributes positively to the group and
feels valued
➢ Use leadership skills to make the final decisions on certain aspects of the budget.

5. With the permission of any relevant ICT staff, download three different budget templates, analyse each
one for its pros and cons and write a one-two page report detailing your findings.
Be clear on which template you think is the best and why.

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 Assessment Task B: Knowledge activity ( Q & A)

The knowledge activity is designed to be a verbal questionnaire where the assessor asks you a series of questions to
confirm your competency for all of the required knowledge in the unit of competency.

Task summary
Objective: To provide you with an opportunity to show you have the required knowledge for this
unit.

The answers to the following questions will enable you to demonstrate your knowledge of:

➢ Types of budgets:
o cash budgets
o cash flow budgets
o departmental budgets
o event budgets
o project budgets
o purchasing budgets
o sales budgets
o wage budgets
o whole of organisation budgets
➢ Budget terminology
➢ Specific industry sector and organisation:
o role and nature of budgets
o budget formats, budget performance and financial reports
o financial reporting procedures and cycles
o features and functions of accounting software programs used to prepare and monitor budgets
➢ Internal and external factors that impact on budget development:
o growth or decline in economic conditions
o human resource requirements
o new legislation or regulation
o organisational and management restructures
o organisational objectives
o scope of the project
o shift in market trends
o significant price movement for certain commodities or items

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 o supplier availability and cost
➢ Budget preparation and monitoring practices and techniques:
o sources and contents of data required for budget preparation:
▪ competitor research
▪ customer or supplier research
▪ declared commitments in areas of operation
▪ financial information from suppliers
▪ financial proposals from key stakeholders
▪ income and expenditure for previous time periods
▪ departmental, event or project budgets
▪ grant funding guidelines or limitations
▪ management policies and procedures
▪ organisational budget preparation guidelines
▪ performance information from previous periods
o techniques for making budget estimates
o common reasons for deviations and budget deviation management.

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Answer each question in as much detail as possible, considering your organisational requirements
for each one.

1. List three types of budget.

2. What is meant by ‘budget variance’?

3. List five types of statistics/information that should be included in a budget?

4. List three internal factors and three external factors that may influence budget development.

5. List five types of information you could look at to help prepare your budget.

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 Assessment Task C: Performance activity

The performance activity is designed to be a practical activity performed either in the workplace or a simulated
environment. You should demonstrate the required practical tasks for the unit of competency and be observed by the
assessor and/or third party, as applicable to the situation. If the third party is required to observe you, you will need to
make the required arrangements with them.

If necessary, for the activities, you should attached completed written answers, portfolios or any evidence of
competency.

Task summary
Objective: provide you with an opportunity to demonstrate the required performance elements for
this unit.

This activity will enable you to demonstrate the following performance evidence:
➢ Prepare a budget for a business that meets the specific business’ needs
➢ Demonstrate the following when preparing the above budget:
o consultation on components
o analysis of factors that impact on the budget
o completion of draft and final versions of budget within designated timelines
➢ Monitor and review the above budget against performance over its life cycle.

Answer the activity in as much detail as possible, considering your organisational requirements.

1. In consultation with the accounts department, prepare a draft budget (or, if this is not allowed, a portion
of a budget) for the next two financial quarters.

You should:

➢ Identify, access and interpret a variety of data to help prepare your budget
➢ Identify the internal and external factors with the most potential to influence actual income and
expenditure
➢ Provide opportunities for colleagues to contribute ideas and negotiate and incorporate
modifications
➢ Base your budget on organisational objectives
➢ Present your budget to the relevant parties.

2. While producing your budget, be sure to:

➢ Consult at least three different authorities on the budget process, informing them of the decisions
you are taking and soliciting advice
➢ Make notes of your analysis of the internal and external factors with the most potential to influence
actual income and expenditure
➢ Set yourself and your colleagues (and pay attention to) deadlines for the completion of specific
tasks.

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 Produce a report, alongside your budget, explaining – in brief – why you have taken each decision.

3. During your budget’s cycle, hold three separate 20 minute meetings with relevant parties to discuss
and review the budgets performance.

You should:

➢ Review the budget to assess actual performance against estimated performance

➢ Investigate and take appropriate action on significant budget deviations
➢ Produce a brief budget report outlining your findings
➢ Store and file the budget reports according to organisational policy.

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 Assessment Task A, Task B, Task C Checklist

Student’s name:

Completed
successfully
Did the student: Comments
Yes No

Assessment Task A

Question 1.

Question 2.

Question 3.

Question 4.

Question 5.

Assessment Task B

Question 1.

Question 2.

Question 3.

Question 4.

Question 5.

Assessment Task C

Question 1.

Question 2.

Question 3.

Task Outcome: Satisfactory  Not Satisfactory 

Assessor name:

Assessor signature:

Date:

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 Supplementary Oral Questions (optional) – for assessor

Student’s name:

Assessor’s name:

Date of assessment:

Question:

Learner answer:

Question:

Learner answer:

Question:

Learner answer:

Assessment judgement: Satisfactory  Not Satisfactory 

Note: Trainer may include as many questions as they required to justify learner’s competency

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