SITXFIN003 Short Answer Questions V1

Assessment Coversheet CQI-FRM028
Version 16 as at 03.04.19
Student
Student Name:
Number:
Unit code/s & name/s: SITXFIN003 Manage Finances within a Budget
Trainer/Assessors’s
Name:
☐ Janey Kyle-Scott
Assessment Type: ☐ Task 1 Quiz ☒ Task 2 Short Answers ☐ Task 3 Project

Student Declaration: I declare that I have undertaken the necessary training associated with this unit of competency and that this assessment is my
own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be
false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the Student Misconduct Management Policy and
Procedure. I understand that by emailing this assessment item, it confirms my assent to this Declaration in lieu of a written signature.
Student signature: Date:

(when submitting assessment)
(Assessor completes the below)

Attempt number: 1 ☐
Assessor feedback:
☐ Student provided with feedback

Assessor Initials:
Individual Assessment Task: Satisfactory ☐ Not satisfactory ☐ Date:
Attempt number: 2 ☐
Assessor feedback:
☐ Student provided with feedback

Assessor Initials:
Individual Assessment Task: Satisfactory ☐ Not satisfactory ☐ Date:

Final Unit Result: N/A ☐ Competent ☐ Not competent ☐
Date:
(The CQUniversity trainer/assessor verifies that the student has completed all performance and knowledge evidence for
this unit.)
Assessor name: ☐ Janey Kyle-Scott ☐ Charlie Jensen

☐ Vanessa King ☐ Kristina Douglas Assessor signature:
Record any reasonable adjustment to this assessment (e.g.
written assessment given orally)
Note to assessor: Please indicate if reasonable adjustment
has occurred - Yes ☐ Please refer to Disability Policy and Procedure.
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CQUniversity, in accordance with the Information Privacy Act 2009 (Qld). Some of this information may be given to the Australian Skills Quality Agency (ASQA) and/or the
Department of Education, Training and Employment for audit and/or reporting purposes. Your information will not be given to any other person or agency unless you have
given us written permission or we are required to do so by law.
Assessment Guidelines
What will be assessed
The purpose of this assessment is to assess your underpinning knowledge to complete the tasks
outlined in the elements and performance criteria for this unit of competency and relating to the
following aspects:
types of financial records:

types of budgets:
factors for consideration in the preparation of financial and statistical reports:
use, contents of and formats for:
o budgets
o financial reports
o statistical reports
budget terminology
specific industry sector and organisation:
o use of budgets to control costs and enhance profitability
o importance of budget control
o techniques for maximising budget performance
o financial reporting procedures and cycles
o features and functions of accounting software programs used to manage budgets.
Place/Location where assessment will be conducted
RTO to complete
Resource Requirements
Pen, Paper or computer
Instructions for assessment including WHS requirements

You are required to address all questions to achieve competence. Your trainer will provide you with
instructions for time frames and dates to complete this assessment.
Once completed, carefully read the responses you have provided and check for completeness. Your
trainer will provide you with feedback and the result you have achieved.
Assessment 2
Your Task: Answer the following questions below. All questions must be answered.
V:\SIT50116 Diploma Travel and Tourism\FINANCIAL PRACTICES CLUSTER 7\SITXFIN003 Manage finances within
budget\ASSESSMENT TASK 2\SITXFIN003 Short Answer Questions V1 Current Dec 2018
Question 1
List 8 examples for financial records
1.
2.
3.
4.
5.
6.
7.
8.
Question 2
List 4 different types of budgets.
1.
2.
3.
4.
Question 3
What is the purpose of preparing a draft budget?
Question 4
What should you do with the feedback from the draft budget?
Question 5
List 2 people the final budget might need to be distributed to.
1.
2.
Question 6
Why is it important for each department head to understand their part of the budget?
Question 7
Why should all staff have some knowledge of the budget for their area?
Question 8
Once the final budget has been approved, how often should it be monitored?
Question 9
As well as receiving the final budget the management team should be advised of their reporting duties. What
should their report contain?
Question 10
Name 2 financial reports you might generate from your accounting system to check your budget against
actual income or expenditure.
1.
2.
Question 11
Every revenue and expense item on the Profit and Loss Statement should be compared to what?
Question 12
When revenue variances occur, why should you talk to the staff to help identify, and find options to
address the issue?
Question 13
List 2 factors that can cause variances in staff budgets.
1.
2.
Question 14
List 3 colleagues you may advise if you noticed that there were deviations between your budget and your
targets.
1.
2.
3.
Question 15
List 2 ways you might research new approaches to managing your budget.
1.
2.
Question 16
List 3 things you need to include in your budget report, to give the decision maker enough information to do a
clear cost versus benefit analysis of the budget request.
1.
2.
3.
Question 17
If you are cutting expenditure, why must you be careful that the cuts do not cause the level of service and
product to fall?
Question 18
Name an accounting program you can use to help manage budgets.

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Assessment Coversheet CQI-FRM028

Assessment Type: ☐ Task 1 Quiz ☒ Task 2 Short Answers ☐ Task 3 Project

Student signature: Date:

(Assessor completes the below)

☐ Student provided with feedback

☐ Student provided with feedback

Individual Assessment Task: Satisfactory ☐ Not satisfactory ☐ Date:

Assessor name: ☐ Janey Kyle-Scott ☐ Charlie Jensen

types of financial records:

Instructions for assessment including WHS requirements

Name an accounting program you can use to help manage budgets.

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