SITXFIN002 Interpret financial information
turnover of 1.2 and an average check of $17.00 and is open 6 days a week. The business operates 52 weeks in the year. Next year the average check is forecast to increase by 25%.
What will next year’s sales budget be?
T-1.8.1
Finance 1 Assessment Task 2, v1.0 Last updated on 15/05/2017 Page 1
Details of Assessment
Term and Year Time allowed 2 weeks
Assessment No Assessment 2 Assessment Weighting 50%
Assessment Type Written Assessment
Date 13th March 2018 Room 105
Details of Subject
Qualification SIT40116 Certificate IV in Travel and Tourism
Subject Name Finance
Details of Unit(s) of competency
Unit Code SITXFIN002 Interpret financial information
Details of Student
Student Name
College
Student ID
Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.
Signature: ___________________________ Date: _______/________/_______________
Details of Assessor
Assessor’s Name
Assessment Outcome
Results Competent Not Yet Competent Marks /50
FEEDBACK TO STUDENT Progressive feedback to students, identifying gaps in competency and comments on positive improvements:
Student Declaration: I declare that I have been assessed in this subject, and I have been advised of my result. I also am aware of my appeal rights and reassessment procedure. Signature: Date: ____/_____/_____
Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback Student did not attend the feedback session. Feedback provided on assessment.
Signature: Date: ____/_____/_____
T-1.8.1
Finance 1 Assessment Task 2, v1.0 Last updated on 15/05/2017 Page 2
Purpose of the Assessment
The purpose of this assessment is to assess
the student in the following learning
outcomes:
Competent (C) Not Yet Competent (NYC)
SITXFIN002 Interpret financial information
1.1.Identify and interpret the range of financial
information and reports required to monitor
business performance.
1.2.Interpret financial information and reports
applicable to operational or departmental activities.
2.1.Review financial information for impacts on
operational activities and resolve discrepancies
according to own level of responsibility.
2.2.Routinely provide information on operational or
departmental financial activities within required
timelines.
Assessment/evidence gathering conditions
Each assessment component is recorded as either Competent (C) or Not Yet Competent (NYC). A student can
only achieve competence when all assessment components listed under “Purpose of the assessment” section
are recorded as competent. Your trainer will give you feedback after the completion of each assessment. A
student who is assessed as NYC (Not Yet Competent) is eligible for re-assessment.
Resources required for this Assessment
• Computer with relevant software applications and access to internet
• Weekly eLearning notes relevant to the tasks/questions
Instructions for Students
Please read the following instructions carefully
• This assessment has to be completed In class At home
• The assessment is to be completed according to the instructions given by your assessor.
• 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 two weeks of the assessment due date. All other feedback will be provided by the end of the term.
• 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 policy for more information (Student handbook).
T-1.8.1
Finance 1 Assessment Task 2, v1.0 Last updated on 15/05/2017 Page 3
Assessment Matrix – your lecturer will use this matrix to assess your satisfactory competence.
Answer questions appropriately
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with
a clear
understanding
of
content
High level of
information
provided
demonstrating a
clear
understanding of
content.
Exceptional level
of
information
provided
demonstrating a
thorough
understanding of
content.
<10 10-13 13-16 16-18 >19 /20
Categorise Accounts
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with
a clear
understanding
of
content
High level of
information
provided
demonstrating a
clear
understanding of
content.
Exceptional level
of
information
provided
demonstrating a
thorough
understanding of
content.
<0.5 0.75 1 1.5 >1.75 /2
Profit & Loss, Questions
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with
a clear
understanding
of
content
High level of
information
provided
demonstrating a
clear
understanding of
content.
Exceptional level
of
information
provided
demonstrating a
thorough
understanding of
content.
<7 7-9 9-11 11-13 13-14 /15
Averages & Variances
Insufficient
information
provided
Satisfactory
information
provided
Sufficient
information
provided with
a clear
understanding
of
content
High level of
information
provided
demonstrating a
clear
understanding of
content.
Exceptional level
of
information
provided
demonstrating a
thorough
understanding of
content.
<5 5.5-6.5 6.5-7.5 7.5-8.5 >9 /10
Sales Budget Insufficient information
provided
Satisfactory
information
provided
Sufficient
information
provided with
a clear
understanding
of
content
High level of
information
provided
demonstrating a
clear
understanding of
content.
Exceptional level
of
information
provided
demonstrating a
thorough
understanding of
content.
<1.5 1.5 2 2.5 >2.5 /3
T-1.8.1
Finance 1 Assessment Task 2, v1.0 Last updated on 15/05/2017 Page 4
Task 1
Answer the following questions. All answers should be between 80-150 words.
a. What is a balance sheet?
b. In general, what type of information would you include in a financial report?
c. What is the difference between profit and cash flow?
d. Why is it important for organisations to properly maintain daily financial records?
e. Suggest 10 areas of financial information and reports that can be used to monitor business
performance.
Task 2
Categorise the following accounts into assets, liabilities, owner’s equity, revenue or expenses
Rent Paid
Sales of Tours
Motor Vehicle
Motor Vehicle Expense
Interest Received
Loan from ABC Pty Ltd
Task 3
With the information listed below please complete the profit and loss statement for the year 2016. In
2017 all the amounts are set to increase by 15% please complete the profit and loss statement for 2017.
Then answer the questions below.
Bank charges $987 Rent $96,000
Office Supplies $2,489 Sales $379,500
Purchases $128,259 Service Income $25,987
Freight $1,258 Advertising $11,650
Electricity $9,896 Insurance $12,250
Wages $85,000 Telephone $5,982
a. How much was earned in sales this year?
b. Was more or less spent on advertising this year compared to last year?
c. What is the total administrative expense for this year?
d. Has the organisation performed better or worse than last year?
e. What is the cost per unit for last year and this year if they sold 50,000 units?
T-1.8.1
Finance 1 Assessment Task 2, v1.0 Last updated on 15/05/2017 Page 5
Task 4
Calculate the averages and variances
SAM’S TRAVEL AGENCY
EXPENDITURE
EXPENSE Jan Feb Mar Apr May Jun
Stationary 165 168 157 173 160 172
Electricity 175 179 166 184 170 182
Telephone 148 151 141 155 144 154
Courier 121 123 115 127 117 126
Internet 135 138 128 142 131 140
Subscriptions 120 122 114 126 116 125
Brochures 119 121 113 125 115 124
Printing 152 155 144 160 147 158
Petty Cash 141 144 134 148 137 147
Rental of equipment 123 125 117 129 119 128
/3 marks
Month Average expenditure
January
February
March
April
May
June
If the budgeted expenditure per month is $900.00 what is the % variance from the budgeted expenditure for each month’s actual spend? /3 marks
Month Average expenditure
January
February
March
April
May
June
If you were the Finance Manager for Sam’s Travel Agency which months would recommend need to further
investigated and why?
T-1.8.1
Finance 1 Assessment Task 2, v1.0 Last updated on 15/05/2017 Page 6
Task 5
Jane’s Restaurant has 175 seats with daily seat turnover of 1.2 and an average check of $17.00 and is
open 6 days a week. The business operates 52 weeks in the year. Next year the average check is
forecast to increase by 25%.
What will next year’s sales budget be?
T-1.8.1
Finance 1 Assessment Task 2, v1.0 Last updated on 15/05/2017 Page 7
REQUIREMENTS AND DELIVERABLES
1. What To Submit:
• Hard copy of the complete Written Assessment with cover pages.
2. When To Submit:
• Assessment is due on the 13th March 2018.
3. Performance/Submission Standards:
• Assessment Cover Page
Part 1: Provide a quality service experience
1. Task 1 Answer all questions (20 marks) 2. Task 2 Categorise Accounts (2 marks) 3. Task 3 Questions and Profit & Loss (15 marks) 4. Task 4 Averages and Variances (10 marks) 5. Task 5 Sales Budget (3 marks)
Formatting:
• Number all pages at the bottom of the page
• Use 1.5 line spacing
• Use Arial font, size 12
• Have a line space between paragraphs
• Stapled
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