SITXFIN009

manage finances
within a budget
 ABN: 56610041775
E: [email protected]
W: www.ilearnoz.edu.au
Level 5, 440 Elizabeth Street,
Melbourne VIC 3000
T: 03 99997401

ASSESSMENT SUBMISSION FORM

This form must be completed and attached to the completed Student Assessment Tasks
when submitting.

STUDENT NAME:

STUDENT ID:

COURSE NAME:

ASSESSOR’S NAME:

DATE DUE:

UNIT OF COMPETENCY SITXFIN009 Manage finances within a budget

STUDENT DECLARATION:

By submitting this assessment, I declare that:

 I have been advised of the assessment requirements, and I have been made
aware of my rights and responsibilities as an assessment candidate.

 the assessment tasks submitted are my own original work and are not copied or
taken from another source except where this work has been correctly
acknowledged. I have retained a copy of my assessment, which I can produce if
the original is lost.

 I am aware that a false declaration may lead to withdrawal of a qualification or

statement of attainment.

Student
Signature Date:

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 ABN: 56610041775
E: [email protected]
W: www.ilearnoz.edu.au
Level 5, 440 Elizabeth Street,
Melbourne VIC 3000
T: 03 99997401

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 ABN: 56610041775
E: [email protected]
W: www.ilearnoz.edu.au
Level 5, 440 Elizabeth Street,
Melbourne VIC 3000
T: 03 99997401

First published 2022

Version 1.0

RTO Works
www.rtoworks.com.au
[email protected]

© 2022 RTO Works

This resource is copyright. Apart from any fair dealing for the purposes of private study, research, criticism or review as
permitted under the Copyright Act 1968, no part may be reproduced by any process without written permission as
expressed in the RTO Works License Agreement.

The information contained in this resource is, to the best of the project team’s and publisher’s knowledge true and
correct. Every effort has been made to ensure its accuracy, but the project team and publisher do not accept
responsibility for any loss, injury or damage arising from such information.

While every effort has been made to achieve strict accuracy in this resource, the publisher would welcome notification of
any errors and any suggestions for improvement. Readers are invited to write to us at [email protected].

Hospitality Works is a series of training and assessment resources developed for qualifications within the Tourism,
Travel and Hospitality Training Package.

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 Contents
Introduction 4
Assessment for this unit 4
Assessment Task 1: Knowledge questions 5
Information for students 5
Questions 6
Assessment Task 1: Checklist 13
Assessment Task 2: Project 14
Information for students 14
Activities 15
Assessment Task 2: Checklist 22
Final results record 25

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Introduction
Welcome to the Student Assessment Tasks for SITXFIN009 Manage finances within a budget.
These tasks have been designed to help you demonstrate the skills and knowledge that you have
learnt during your course.
Please ensure that you read the instructions provided with these tasks carefully. You should also
follow the advice provided in the Hospitality Works Student User Guide. The Student User Guide
provides important information for you relating to completing assessment successfully.

Assessment for this unit

For you to be assessed as competent, you must successfully complete two assessment tasks:
 Assessment Task 1: Knowledge questions – You must answer all questions correctly.
 Assessment Task 2: Student Logbook – You must manage finances within a budget for a case
study organisation and then report on your findings.

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Assessment Task 1: Knowledge
questions
Information for students
Knowledge questions are designed to help you demonstrate the knowledge which you have
acquired during the learning phase of this unit. Ensure that you:
 review the advice to students regarding answering knowledge questions in the Hospitality
Works Student User Guide
 comply with the due date for assessment which your assessor will provide
 adhere with your RTO’s submission guidelines
 answer all questions completely and correctly
 submit work which is original and, where necessary, properly referenced
 submit a completed cover sheet with your work
 avoid sharing your answers with other students.

i Assessment information

Information about how you should complete this assessment can be found in Appendix A of the
Hospitality Works Student User Guide. Refer to the appendix for information on:
 where this task should be completed
 the maximum time allowed for completing this assessment task
 whether or not this task is open-book.
Note: You must complete and submit an assessment cover sheet with your work. A template is
provided in Appendix B of the Student User Guide. However, if your RTO has provided you with
an assessment cover sheet, please ensure that you use that.

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Questions
Provide answers to all of the questions below.

1. Provide a description of each of the types of financial records in the table.

Financial record type Description

Bank deposit slip Is the form supplied by a bank for a depositor to fill out,
designed to document in categories the items included in
the deposit transaction.

Bank statement

Business activity statement

Credit card statement

Invoice

Journal entry

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 Financial record type Description
Payroll / wages report

Merchant statement

Transaction report

2. Provide a description of each of the type of budgets in the table.

Budget type Description

Cash budget

Cash flow budget

Department budget

Project budget

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 Budget type Description
Purchasing budget

Sales budget

Wages budget

Master budget (i.e.,

organisation wide budget)

3. Explain each of the terms in the table that are factors to consider in preparing financial and
statistical reports for a business.

Term Explanation of the term

Cash flow

Covers

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 Term Explanation of the term
Expenditure

Occupancy rates

Sales performance

Stock (inventory) level

Staff costs

Variances

Wastage

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 Term Explanation of the term
Yield

Income

Commercial account activity

Commission earnings

Daily, weekly and monthly

transaction reporting

4. Explain the importance of a budget and budget control for a business.

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5. List two techniques a business can use for maximising budget performance.

6. Outline the term budget variance.

7. Document the reporting that is completed for the following cycles/periods and write down a
procedure for each that is relevant to a hospitality business.

Cycle What reporting should happen A relevant procedure

Monthly

Quarterly

Annually

8. For two different accounting software programs of your choice, write down at least one
function and one feature of each and how these can help in monitoring budgets.

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9. What information does an annual financial report contain and how should it be presented?

10. Discuss how a business will show the findings of the projected budget versus the actual
budget and how this might be presented.

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Assessment Task 1: Checklist

Student’s name:

Did the student provide a Completed

sufficient and clear answer successfully?
that addresses the
suggested answer for the
Yes No
following? Comments

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Task outcome:  Satisfactory  Not satisfactory

Assessor signature:

Assessor name:

Date:

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Assessment Task 2: Project
Information for students
You are required to manage finances within a budget for a case study organisation and then report
on your findings.
You will need access to:
 your learning resources and other information for reference
 software such as an accounting program or Microsoft Excel or similar
 your Café Quarterly Budget
 your Budget Report Template.

Ensure that you:

 review the advice to students regarding responding to written tasks in the Hospitality Works
Student User Guide
 comply with the due date for assessment which your assessor will provide
 adhere with your RTO’s submission guidelines
 answer all questions completely and correctly
 submit work which is original and, where necessary, properly referenced
 submit a completed cover sheet with your work
 avoid sharing your answers with other students.

i Assessment information

Information about how you should complete this assessment can be found in Appendix A of the
Hospitality Works Student User Guide. Refer to the appendix for information on:
 where this task should be completed
 how your assessment should be submitted.
Note: You must complete and submit an assessment cover sheet with your work. A template is
provided in Appendix B of the Student User Guide. However, if your RTO has provided you with
an assessment cover sheet, please ensure that you use that.

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Activities
Complete the following activities.

1. Carefully read the following information.

Successful completion of this unit requires that you complete the range of tasks
listed above. It is important that you provide evidence that you have successfully
completed each task.
Below is a guide to the skills and knowledge you must demonstrate when you are
completing each activity step. We have provided several documents to assist you
and you will find these in the student resources.
You will need access to:
 your learning resources and other information for reference
 software such as an accounting program or Microsoft Excel or similar
 your Café Quarterly Budget
 your Budget Report Template.
 space for a meeting.

What do I need to demonstrate?

During this task, you will be required to demonstrate a range of the skills and
knowledge that you have developed during your course. These include:
 managing a budget for a business over a three-month period that meets the
specific business’ needs and including reviewing operating procedures and
sourcing new suppliers.
 Allocating budget resources including:
o allocating funds according to budget and agreed priorities.
o discussing changes to income and expenditure priorities with colleagues
prior to implementation.
o consulting with, as well as informing staff about resource decisions.
o promoting awareness of the importance of budget control.
o Maintaining resource allocation records.
 Monitoring financial activities against a budget over the three-month period
including:
o identifying and using financial records to check actual income and
expenditure against budget.
o making sure that the reference records used are accurate.
o Identifying and reporting significant deviations
o Investigating options for more effective management of deviations.
o advising colleagues of budget status in relation to targets.
 Identifying and evaluating options for improved budget performance including:
o Assessing existing costs and resources and proactively identifying areas

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 for improvement including:
 discussing desired budget outcomes with colleagues.
 undertaking research to investigate new approaches to budget
management.
 defining and communicating the benefits and disadvantages of new
approaches.
 factoring in the impacts on customer service levels and on
colleagues when developing new approaches.
 presenting clear and logical recommendations for budget
management.
 Completing financial reports relating to the budget including:
o completing the required financial and statistical reports according to
required timelines.
o preparing and presenting clear and concise information to enable
informed decision making.

How will I provide evidence?

Your assessor will provide you with templates to complete each task. You will find
some detailed information about providing evidence; this will include:
 a completed Café Quarterly Budget
 a completed Budget Report.
You will need to complete each activity and submit the completed templates at the
end of each step completed.

2. Carefully read the following scenario.

You are the café manager of a popular café within the Blue Healer Hotel and Spa.
The owner has provided you with the budget for the next quarter and it is part of
your responsibility to allocate resources and manage the finances within the
budget.
The budget has been increased in month three as this is a popular month where
lots of visitors stay at the Blue Healer and neighbouring guest houses as there is a
music festival on. As such, additional wait staff will be hired on a casual basis and
less private catering jobs will be booked in as the café will be at its peak.

Additional information:
 The business uses local suppliers but due to a recent drought the cost of meat
with the usual supplier, Fresh Farms, went up by 7% last month.
 The café serves breakfast, light meals, light dinners and sharing plates,
smoothies, coffee, pastries and is a local favourite for its homemade iced tea.
 Due to the clientele of the hotel and health spa, and the area within which the
Blue Healer is located, there have been a number of requests for more
vegetarian and vegan options.
 Apart from you and the owner (you also cook and prepare food) there is full-
time chef named Navneet, two part-time kitchen porters and casual wait staff

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 employed.
 There has been a pattern of food wastage in the past two months with too
much fruit purchased that spoiled before it could be used as the iced tea
became so popular that not as many smoothies were made and sold.
 The food budget has blown out over the past three months, but the owner can’t
increase it as the profit from the café is being invested into building and
landscaping works to create an outside undercover area that will double the
capacity of the café.
 The business uses Wave Accounting free online software for recording income
and expenditure but makes use of Excel spreadsheets for budgeting and
planning purposes.

11. Review past information and future budget and plan fund allocation.

Review the following:

 Case study and additional information above
 Café Quarterly Budget – budget page
 Café Quarterly Budget – past information page
Look at the cost of sales figures related to food and beverage purchases which is
the food and beverage budget that is allocated to you.
Do some research and source some local meat suppliers in your area and check
out the costs of menu items you have planned for previously in the past, or meals
you are familiar with and see what that 7% could look like and the impact over a
three-month period. Bring this information with you to the meeting in the next
activity step to provide recommendations to the owner.
Think about how you can work effectively with the budget allocated to you and the
changes you could make to manage the finances more effectively.
Make notes on your research and findings for use in the following activity.

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12. Have a meeting with the owner to discuss the budget and fund allocation.

Now that you have reviewed all the information, have a meeting with the manager
(your assessor) at the date and time advised to discuss any concerns, priorities and
changes you would like to make before you allocate the funds. Review the new
suppliers you have sourced with your assessor.
During the meeting, you will need to demonstrate effective communication skills
including:
 speaking clearly and concisely
 using non-verbal communication to assist with understanding
 asking questions to identify required information
 responding to questions as required.

13. Allocate funds.

Using the Café Quarterly Budget template – Fund allocation page, allocate the
funds for the quarter to the relevant areas and what you will purchase from existing
or new suppliers. Make notes in the relevant column to support your choice and
rationale. Add or delete rows as necessary and apply cell formatting and the use of
formula functions as necessary.
Submit to your assessor.

14. Meet with your team.

Briefly meet with Navneet (your assessor) to discuss the resource allocations and
the planning for the next quarter in relation to fresh produce, reduction of wastage
and recipe variation.
Make sure that you discuss the importance of sticking to the budgeted allocations
and discuss ways that food wastage can be avoided to ensure the budget is met.
During the meeting, you will need to demonstrate effective communication skills
including:
 speaking clearly and concisely
 using non-verbal communication to assist with understanding
 asking questions to identify required information
 responding to questions as required.

15. Monitor activities – month 1.

It is the end of month 1. You have kept to the budget and the funds have been
allocated as you planned for.

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 Using relevant software (such as an accounting program or Microsoft Excel or
similar) and the exact figures from your fund allocation document, enter the
expenses you have incurred over the first month exactly as they are represented in
your fund allocation page of your spreadsheet.
Print a report of the entries or take a screenshot and submit to your assessor.

16. Monitor activities – month 2.

It is the end of month 2. You have kept to the overall budget, but funds have had to
be rearranged in the following ways:
 There was an accident when unloading the vegetable crate one week and all
the produce was spoiled. You had to purchase a second crate which pushed
your amount spent with the vegetable supplier up by 10%.
 To accommodate for the overspend, you reduced the amount spent on cakes
and pastries by that same amount and baked inhouse.
Enter the expenditure figures into the software you are using as outlined in your
fund allocation document but consider the information above and work out the
variances.
Print a report of the entries or take a screenshot and submit to your assessor.

17. Monitor activities – month 3.

It is the end of month 3. The following has happened:

Due to recent environmental conditions, less people came to the local area than
planned for and many people cancelled their accommodation at Blue Healer. Some
of the food for the first week had already been ordered and as such – there was a
lot that went to waste. The figures have been calculated for the month based on 4
weeks. $6000 was spent on food in preparation for the increased numbers but
during the first week there was a total waste of 35%. Many items were able to be
frozen, and as such the budget can be amended for the next quarter to try and
recoup some of the losses. The following three weeks the same amount was spent
as budgeted for the two prior months, being $3,750 per week and a total of $6000
for the month was spent on beverages.
Enter the expenditure figures into the software you are using as outlined in your
fund allocation document but consider the information above and work out the
variances.
Print a report of the entries or take a screenshot and submit to your assessor.

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18. Develop an actual budget from the past three months.

Develop an actual budget using the past information and your financial records you
complied and submitted in the previous activity steps. Make a new page in the Café
Quarterly Budget spreadsheet and name it ‘Actual Budget’.
Assume the following information:
 Variances of 10% are not considered unusual.
 The actual income is as follows:

Account Month 1 Month 2 Month 3

Income
Food sales 36,500 35,800 34,000
Beverage sales 23,000 24,500 21,000
Catering fees 10,000 10,200 7,200
Total income 69,500 70,500 62,200
 The operating expenses are all correct.
Submit to your assessor. Your assessor will provide you timelines for completing
this task which you must adhere to, and you will be assessed on this.

19. Conduct research and write a budget report.

Compile a report to the owner about what has occurred over the past three months.
You will also need to conduct some research when writing this report as outlined
below. Submit in the timeframe as provided to you by your assessor.
Include the following in your report:
 The status of the budget and the variations in relation to what was projected –
use percentages and figures to discuss a detailed account of what has
occurred in the overall actual budget in relation to projections.
 Lessons learned from what has occurred in the past quarter and ideas for how
you can prevent similar situations in the future by improvements that can be
made.
 Undertake research to investigate new or different approaches to budget
management and then outline the benefits and advantages of different
approaches you could take and how these approaches may impact on
customer service levels or staff.
 Provide recommendations for budget management for the next quarter and
provide estimates for this period.
Make sure you use correct budget terminology, and your report is neatly presented,
clear and concise with the use of statistical representations.
Use the Budget report template to guide your work.

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 Submit to your assessor. Your assessor will provide you timelines for completing
this task which you must adhere to, and you will be assessed on this.

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Assessment Task 2: Checklist

Student’s name:

Completed
successfully?

Has the following been completed? Yes No Comments

The student has satisfactorily reviewed

the relevant information and consulted
with the owner to assess and discuss
budget priorities, concerns and changes
prior to allocating funds.

During the meeting to discuss the

budget and fund allocation, the student
has satisfactorily demonstrated effective
communication skills including:
 speaking clearly and concisely
 using non-verbal communication to
assist with understanding
 asking questions to identify required
information
 responding to questions as required
 using active listening techniques to
confirm understanding.

The student has satisfactorily allocated

funds according to the budget and
agreed priorities.

The student has satisfactorily consulted

with Navneet about the resource
allocations and the planning for the next
quarter in relation to fresh produce,
reduction of wastage and recipe
variation and stress the importance of
budget control.

During the meeting with personnel, the

student has satisfactorily demonstrated
effective communication skills including:
 speaking clearly and concisely

 using non-verbal communication to

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Student’s name:

Completed
successfully?

Has the following been completed? Comments

assist with understanding

 asking questions to identify required

information
 responding to questions as required
 using active listening techniques to
confirm understanding.

The student has satisfactorily monitored

financial activities over a three-month
period and used software to keep track
of financial expenses.

The student has satisfactorily developed

an actual budget from the past three
month’s activity to provide an accurate
and complete picture for the quarter.

The student has satisfactorily identified

and reported deviations of the projected
versus actual budget and discussed
impacts.

The student has provided the budget

within the timeline provided.

The student has satisfactorily

investigated and reported on appropriate
options for future budget management to
avoid a report of month three’s situation.

The student has satisfactorily outlined

the benefits and disadvantages of
researched approaches.

The student has satisfactorily presented

the information to the owner using
correct budget terminology and in a
neatly presented report using clear and
concise language with the use of
statistical representations and in the
timeframe provided to them.

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Student’s name:

Completed
successfully?

The student has completed the report

Has the
within thefollowing
timelinebeen
provided.
completed? Comments

Task outcome:  Satisfactory  Not satisfactory

Assessor signature:

Assessor name:

Date:

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Final results record

Student name:

Assessor name:

Date:

Unit name: SITXFIN009 Manage finances within a budget

Qualification name:

Final assessment results

Result

Satisfactor
Task Type y Unsatisfactory Did not submit

Assessment Task 1 Knowledge Questions S U DNS

Assessment Task 2 Project S U DNS

Overall unit results C NYC

Feedback

 My performance in this unit has been discussed and explained to me.

 I would like to appeal this assessment decision.

Student signature: _________________________________________ Date: _________________

 I hereby certify that this student has been assessed by me and that the assessment has been
carried out according to the required assessment procedures.

Assessor signature: _______________________________________ Date: _________________

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