SITXFIN003 Student Assessment Tasks

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 2 Contents Introduction ................................................................................................................................... 3 Assessment for this unit ................................................................................................................. 3 Preparing for assessment .............................................................................................................. 3 Student assessment agreement .................................................................................................... 4 Assessment Task 1: Knowledge questions .................................................................................... 6 Information for students ............................................................................................................. 6 Questions .................................................................................................................................. 7 Assessment Task 1: Checklist ................................................................................................. 11 Assessment Task 2: Project ........................................................................................................ 15 Information for students ........................................................................................................... 15 Activities .................................................................................................................................. 16 Assessment Task 2: Checklist ................................................................................................. 20 Final results record ...................................................................................................................... 22

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 3 Introduction Welcome to the Student Assessment Tasks for SITXFIN003 - 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 SITXFIN003 - Manage finances within a budget describes the performance outcomes, skills and knowledge required to take responsibility for budget management where others may have developed the budget. It requires the ability to interpret budgetary requirements, allocate resources, monitor actual income and expenditure, and report on budgetary deviations. 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: Project – You are required to manage finances within a budget for a case study organisation and then report on your findings. Preparing for assessment Please read through all of the assessment tasks and related documents carefully before you get started. Ensure that you have everything that you need and seek clarification from your trainer, assessor or workplace supervisor if you have any questions. Once you have read through the assessment tasks and are satisfied that you are clear on the requirements and submission dates, complete and sign a Student Assessment Agreement. Your assessor will countersign the agreement and keep it on file. You will find a Student Assessment Agreement in Appendix B of your Hospitality Works Student User Guide or Peach Institute will provide you with one. Remember to check your Hospitality Works Student User Guide for information about:  submitting assessments  assessment appeals  re-assessment guidelines  responding to written questions. Supporting resources : Supporting resources include templates, journals, workbooks and portfolios which can be used to support you in providing evidence of your competence. Your assessor will provide you with these documents before you begin your assessment tasks. For this unit, the supporting resources comprise:  Café Quarterly Budget (Assessment Task 2)  Budget Report Template (Assessment Task 2)

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Student assessment agreement Make sure you read through the assessments in your student assessment booklet before you fill out and sign the agreement below. If there is anything that you are unsure of, consult your assessor prior to signing this agreement. Have you read the assessment requirements for this unit?  √ Yes  No Do you understand the requirements of the assessments for this unit?  √ Yes  No Do you agree to the way in which you are being assessed  √ Yes  No Do you have any specific needs that should be considered  √ Yes  No If so, explain these in the space below. Do you understand your rights to reassessment?  √ Yes  No Do you understand your right to appeal the decisions made in an assessment?  √ Yes  No Student name Nirmaljit kaur Student ID number TPI0001672 Student signature Nirmaljit kaur Date 25/11/23 Assessor name Assessor signature Date Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 4

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 5 Assessment Task - Cover Sheet Student declaration To be filled out and submitted with assessment responses  √ I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).  √ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.  √ I have correctly referenced all resources and reference texts throughout these assessmenttasks. Student name Nirmaljit kaur Student ID number TPI0001672 Student signature Nirmaljit kaur Date 25/11/23 Assessment Task Assessor declaration  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 name Assessor signature Date Assessment outcome S NS DNS Resubmission Y N Feedback Student result response  √ My performance in this assessment task has been discussed and explained to me.  √ I would like to appeal this assessment decision. Student signature Nirmaljit Kaur Date 25/11/23 A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 6 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 Peach Institute’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 C of the Student User Guide. However, if Peach Institute has provided you with an assessment cover sheet, please ensure that you use that.

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 7 Questions 1. Provide a description of each of the following types of financial records: a. Bank deposit slip A bank deposit slip is a form provided by a bank that is filled out by a depositor to deposit money into a bank account. It typically includes information such as the account number, the amount being deposited (in both cash and checks), and a breakdown of the types of currency being deposited. b. Bank statement A bank statement is a summary of all financial transactions that have occurred over a specific period within a bank account. It includes details of deposits, withdrawals, checks written, and other debits and credits. c. Banking summary A banking summary is a condensed overview of a bank account's activity. It may provide key financial information such as the beginning and ending balances, total deposits, total withdrawals, and any fees or charges incurred during a specific period. d. Business activity statement A Business Activity Statement is a form used by businesses in Australia to report their various tax obligations, including goods and services tax (GST), pay as you go (PAYG) withholding, and other taxes and obligations. e. Cheque book A cheque book is a booklet provided by a bank containing detachable checks. These checks can be written by the account holder to make payments. Each check typically includes details such as the account holder's name, the amount, and the payee's name. f. Credit card statement A credit card statement is a monthly summary provided by a credit card issuer to the cardholder. It details all transactions made with the credit card during a specific billing cycle, including purchases, cash advances, and any fees or interest charged. g. Invoice An invoice is a document issued by a seller to a buyer, indicating the products or services provided and the amount due. It typically includes details such as the itemized list of goods or services, quantities, prices, and payment terms. h. Journal entry A journal entry is a record of a financial transaction in an accounting system. It includes information about the accounts affected, the amounts, and a brief description of the transaction. Journal entries are used to maintain accurate financial records. i. Payroll / wages report A payroll or wages report provides a summary of payments made to employees during a specific period. It includes details such as employee names, hours worked, gross pay, deductions, and net pay.

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 8 j. Merchant statement A merchant statement is a document provided to a business by a payment processor or acquiring bank. It summarizes the transactions processed through credit card payments, detailing fees, chargebacks, and settlements. k. Merchant summary A merchant summary is a concise overview of a business's credit card transactions and related financial activity. It may include total sales, fees, and net revenue received from credit card transactions. l. Transaction report A detailed record of individual financial transactions, covering various types like sales, purchases, deposits, and withdrawals.

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 9 2. Provide a description of each of the following types of budget: a. Cash budget A cash budget is a financial plan that outlines a business's expected cash inflows and outflows over a specific period. It helps manage available cash and ensures that there are enough funds to cover expenses and investments. b. Cash flow budget A cash flow budget is a detailed projection of a business's cash inflows and outflows over a specific period. It provides insights into the timing of cash movements and helps anticipate periods of surplus or shortage. c. Department budget A department budget outlines the expected revenues and expenses for a specific department within a business. It helps in allocating resources efficiently and measuring the department's financial performance. d. Event budget An event budget is a financial plan specific to organizing an event. It includes estimates of costs related to venue, catering, marketing, and other event-related expenses. e. Project budget A project budget outlines the estimated costs and revenues associated with a particular project. It helps in managing resources, tracking expenditures, and ensuring the project stays within financial constraints. f. Purchasing budget A purchasing budget outlines the expected expenses for acquiring goods and services. It helps in managing procurement costs and ensuring that the business has the necessary resources for operations. g. Sales budget A sales budget projects the expected sales revenue for a specific period. It is a key component of the overall budget and helps in planning production, staffing, and other business activities. h. Wages budget A wages budget outlines the projected costs associated with employee salaries and benefits. It helps in managing labor costs and ensures that staffing expenses align with business goals. i. Total or master budget A total or master budget integrates all individual budgets (like sales, production, cash, etc.) into one comprehensive financial plan. It provides an overview of the entire organization's financial activities. 3. Explain how the following factors may assist in preparing financial and statistical reports for a business: a. Cash flow Provides insights into the movement of cash within the business, ensuring there is enough liquidity to cover expenses. b. Covers Indicates the number of patrons served, impacting revenue. Analyzing covers helps in assessing the popularity and profitability of different services or products.

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 10 c. Expenditure Tracks all business costs, aiding in cost control and budget adherence. d. Occupancy rates Relevant for businesses in the hospitality industry, helps optimize pricing and staffing based on demand. e. Sales performance Measures the effectiveness of sales strategies and identifies areas for improvement. f. Stock (inventory) level Ensures optimal inventory levels, preventing stockouts or excess holding, impacting both cost and revenue. g. Staff costs Monitors labor expenses and aids in optimizing staffing levels for operational efficiency. h. Variances Highlights differences between budgeted and actual figures, assisting in performance analysis and decision- making. i. Wastage Identifies inefficiencies in production or inventory management, impacting both cost and profit. j. Yield Measures the efficiency of resource utilization in the production process. k. Income Represents revenue generated from sales, providing a key indicator of financial health. l. Commercial account activity Tracks the financial transactions related to commercial accounts, aiding in financial analysis and relationship management. m. Commission earnings Relevant for businesses with commission-based revenue structures, contributing to overall revenue assessment. n. Daily, weekly and monthly transaction reporting Provides timely insights into business operations, facilitating quick decision-making and performance evaluation. o. Department/area performance Evaluates the financial and operational performance of specific departments or areas, aiding in resource allocation and strategic planning.

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 11 4. Explain the importance of a budget and budget control for a business. Financial Planning: Budgets serve as a roadmap for a business, outlining its financial goals and plans. They help in allocating resources efficiently and ensuring that there is a clear financial direction. Resource Allocation: Budgets help businesses allocate resources effectively, ensuring that funds are directed towards priority areas and strategic initiatives. This prevents unnecessary expenditures and promotes financial discipline. Goal Setting and Evaluation: Budgets set measurable financial goals for the business. By regularly comparing actual performance against the budget, businesses can evaluate their progress and make informed decisions. Performance Measurement: Budgets act as benchmarks for measuring the financial performance of a business. They provide a standard against which actual results can be compared, facilitating performance analysis and identifying areas for improvement. Decision Making: Budgets provide a basis for decision-making, helping businesses make informed choices about investments, expenses, and operational strategies. They assist in aligning financial activities with the overall business strategy. Cash Flow Management: Budgets help in managing cash flows by forecasting income and expenses. This ensures that the business has enough liquidity to meet its short-term obligations and capitalize on opportunities. Risk Management: Through budgeting, businesses can identify potential financial risks and uncertainties. This enables proactive measures to mitigate risks and enhance the business's ability to adapt to changing market conditions. Communication and Coordination: Budgets facilitate communication and coordination among different departments within a business. Each department can align its financial goals with the overall organizational objectives. 5. List two techniques a business can use for maximising budget performance. Zero-Based Budgeting (ZBB): Description: ZBB requires justifying every budgeted expense from scratch, regardless of the previous budget. This approach encourages a thorough review of all expenses, promoting efficiency and cost-effectiveness. Activity-Based Budgeting (ABB): Description: ABB focuses on budgeting based on the activities that drive costs within the business. It aligns resources with activities, providing a more accurate representation of costs and aiding in resource optimization. 6. Explain the term budget variance. Definition: Budget variance is the numerical difference between the budgeted amount and the actual amount incurred or earned. It represents the degree of deviation from the planned financial goals. Importance: Positive Variance: Indicates that actual performance exceeded the budget, which can be positive for revenue but might signal inefficient cost control. Negative Variance: Indicates that actual performance fell short of the budget, suggesting either overestimation of costs or underperformance in revenue. Analysis and Decision-Making: Variances are analyzed to understand the reasons behind deviations from the budget. Positive variances may reveal areas of success or areas where the budget was too conservative.

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 12 Negative variances prompt investigation into the causes, enabling corrective actions and adjustments to future budgets. Continuous Improvement: Regularly monitoring variances allows businesses to adapt and improve their budgeting processes, making them more accurate and reflective of the business environment. 7. Explain 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 Monthly financial statements, including income statements, balance sheets, and cash flow statements.  Gather financial data from various departments.  Input data into accounting software.  Prepare income statements, balance sheets, and cash flow statements.  Analyze variances between actual and budgeted figures.  Provide a summary of financial performance to management. Quarterly Quarterly performance reviews, departmental budget updates, and strategic progress reports.  Collect performance data from departments.  Review and update departmental budgets.  Analyze quarterly financial performance.  Assess the effectiveness of strategic initiatives.  Present key findings and recommendations to stakeholders. Annually Annual financial statements, comprehensive budget review, and strategic planning for the upcoming year.  Compile data for the entire fiscal year.  Conduct a thorough review of the annual budget.  Prepare financial statements and a detailed budget analysis.  Evaluate the success of strategic goals and initiatives.  Develop a budget for the next fiscal year 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. a. QuickBooks:  Function: Budgeting and Forecasting.  Feature: QuickBooks allows users to create, monitor, and compare budgets against actual financial data. It provides forecasting tools for better financial planning. b. Xero:  Function: Cash Flow Management.  Feature: Xero offers real-time cash flow tracking, helping businesses monitor their cash position, understand income and expenditure patterns, and make informed financial decisions. 9. What information does an annual financial report contain and how should it be presented? Information in an Annual Financial Report: Financial Statements (Income Statement, Balance Sheet, Cash Flow Statement). Auditor's Report.

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 13 Management Discussion and Analysis (MD&A). Notes to the Financial Statements. Other Comprehensive Income. Statement of Changes in Equity. Presentation: Clear and organized layout. Use of graphs and charts for key financial metrics. Narrative explanations for variances and significant financial events. Consistent formatting for easy readability. Compliance with accounting standards and regulations. 10. Discuss how a business will show the findings of the projected budget versus the actual budget and how this might be presented.  Presentation Methods:  Visual Comparisons: Use graphs or charts to visually compare projected and actual figures for key metrics.  Narrative Explanation: Provide a written explanation of significant variances, outlining reasons and potential corrective actions.  Budget Dashboard: Utilize a dashboard within accounting software to display real-time budget performance against projections.  Comparative Tables: Present a side-by-side comparison of projected and actual figures for income, expenses, and key performance indicators.  Communication:  Clearly articulate the purpose and significance of the budget variance analysis.  Highlight areas of success and improvement opportunities.  Offer insights into how lessons learned will inform future budgeting processes.  Encourage collaboration and discussion among relevant stakeholders.

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 14 Assessment Task 1: Checklist Student’s name: Nirmaljit kaur Did the student provide a sufficient and clear answer which met the requirements of the assessor marking guide? Completed successfully? Comments Yes No Question 1a Question 1b Question 1c Question 1d Question 1e Question 1f Question 1g Question 1h Question 1i Question 1j Question 1k Question 1l Question 2a Question 2b Question 2c Question 2d Question 2e Question 2f Question 2g Question 2h Question 2i Question 3a Question 3b

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 15 Question 3c Question 3d Question 3e Question 3f Question 3g Question 3h Question 3i Question 3j Question 3k Question 3l Question 3m Question 3n Question 3o Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 10

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 17 Assessment Task - Cover Sheet Student declaration To be filled out and submitted with assessment responses  √ I declare that this task is all my own work and I have not cheated or plagiarised the work or colluded with any other student(s).  √ I understand that if I am found to have plagiarised, cheated or colluded, action will be taken against me according to the process explained to me.  √ I have correctly referenced all resources and reference texts throughout these assessmenttasks. Student name Nirmaljit kaur Student ID number TPI0001672 Student signature Nirmaljit kaur Date 25/11/23 Assessment Task Assessor declaration  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 name Assessor signature Date Assessment outcome S NS DNS Resubmission Y N Feedback Student result response  √ My performance in this assessment task has been discussed and explained to me.  √ I would like to appeal this assessment decision. Student signature Nirmaljit kaur Date 25/11/23 A copy of this page must be supplied to the office and kept in the student’s file with the evidence.

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 18 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  accounting software (Wave free online software)  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 Peach Institute’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 Peach Institute has provided you with an assessment cover sheet, please ensure that you use that.

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 19 Activities Complete the following activities. 1. 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 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. 2. 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

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 20 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. Answer In terms of a review and analysis of all previous knowledge, the only thing that has increased is in the section of food and sales, which has increased from $700000 to $97000 in three months. However, due to sales on the ration, which are generally between $36000 and $20000, there has been an increase in the purchasing of casual dining. Due to ration sales typically ranging between $36000 and $20000, casual dining is the norm. As a result, the general conclusion of this study is that we have been experiencing profit benefits as well as an increase in buy rate with a similar ratio for the last three months. However, if we look at some of the causes for the lack of profitability, one of them could be the loss of food. Many seeds have been purchased in the last two months. As a result, there are several options that can be pursued in order to improve profit margins. The first alternative is to refrain from purchasing food that isn't being used or sold in the economy. For example, if the whole budget is $7000, we can eliminate the fruits that are no longer useful, reducing the budget to fewer dollars. That is, $4000. As previously said, the price of cheese is increasing by 7%. As a result, I've been researching local butchers and meat suppliers, which is one of the key options for profit margins not increasing and decreasing. According to someone’s research, the actual price of cheese and its supplies is increasing by 7%, and I also discovered some possible facts concerning pure cheese and its suppliers. They sell the variety of items related with meat and many more with reasonable prices. Hence their prices are up to 7% low than the present vendors. They sell a wide range of meat- related things as well as a variety of other items at cheap costs. As a result, their prices are up to 7% lower than those of current providers. 3. Have a meeting with the owner to discuss the budget and fund allocation

Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 21 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. Answer Date: 10/XX/XXXX Time: 10:30 am Blue Healer Café Premises is the location for this event. Subject: - Group discussion with the assessor; improvement analysis and grant allocation. Me: Sir, good morning (Assessor). My name is Philip Bailey, and I'm the proprietor of the Blue Healer Café. Assessor: Good morning Nirmaljit Me: I'd like to express my gratitude for presenting me with such a significant chance. So I'm sure you're much more aware with today's talk regarding advances in a few categories in terms of fund distribution. After going over all of the crucial data and day-to-day records for the café, I discovered that we are losing money and that we aren't doing enough to increase the profits. Assessor: Is it Nirmaljit, It may irritate you, yet it is accurate in certain ways. Me: So, in order to come up with a solution, I've been going over all of the budgets, both previous and present, as well as all of the employees' past and present results. It's very disappointing; I've pointed out that the waste of all the food has been going on for the past three months, and as a result, there's less of a chance of a big profit margin. As a result, the appropriate rationale could be a 7% increase in the price of beef supplies. Assessor: Did you look for any new suppliers of meat at a fair price Nirmaljit? Me: Yes, one of them caught my eye. But, when it comes to better meet supply to the clients, I can't entirely rely on that one source. Because this is a long-term business, I just want to make sure that the customers are satisfied with the food they are receiving. The only thing that kept me thinking was whether I should change the meat supplier or not, because we've been dealing with him for a long time and he knows when and where things should go. So I'd really like to hear your thoughts on whether I should change suppliers or not. Assessor: So, if you don't change the supplier, what will you do? Me: As I mentioned before in the discussion, I've been without meals for the previous two months. We are becoming more reckless by purchasing a greater number of foods, resulting in food waste and a reduction in profit margin. Assessor: So, have you got anything ready to help you increase your profit margin? Me: Yes, Sir, I was successful in finding the greatest meat provider here near where I reside, which is only a 10-minute walk away. So, if we chose these suppliers for our meat needs, there is a good probability that our profit margin will increase? Assessor: All right, Nirmaljit I'll evaluate all you've said and think about it. Me: I'd really appreciate it if you could say something and provide your opinion. Assessor: All right, Nirmaljit. Give me some time to research this thoroughly, and I'll return with more options. Sir, thank you very much. I'll be looking forward to hearing from you. Sir, Have good day. Assessor: Nirmaljit, how are you today? 4. Allocate funds

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 22 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. NOTE: The cafeteria allowed the maximum sales during three months during the length of the music event. Many travelers attend the event, and the cafe's spending has improved for the third month. The cost of producing grain has increased as a result of the recent drought. In month three, more money was collected thanks to the music festival, despite increased competition for workers and high leasing expenses. 5. Meet with your team

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 23 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. Meeting Summary - Blue Healer CAFÉ Date: 10/XX/XXXX Time: 10:00 am Location: Blue Healer CAFÉ Subject: Discussion with the assessor, Mr. Allen Burnett, regarding fresh food production, waste reduction, and recipe variety. Opening:  Nirmaljit: Good day, and welcome to this brief discussion. Mr. Allen Burnett, our assessor, is with us today. Introduction of Topics:  Nirmaljit: Today's focus is on serving nutritious and fresh foods, reducing food waste, and introducing a variety of recipes. I'll provide a brief overview of these topics, with a particular emphasis on minimizing food waste, a critical aspect affecting our budget. Food Safety and Hygiene:  Nirmaljit: In the hospitality industry, customer satisfaction is paramount. Ensuring food safety is our primary responsibility. This includes maintaining a clean and tidy kitchen and adhering to food hygiene and safety standards. Proper training for kitchen staff on food storage is crucial. Food Wastage Issues:  Nirmaljit: Over the past three weeks, I've observed significant food wastage, especially with vegetables. It seems there may be a lack of training or knowledge on proper food storage. Suggestions for Solutions:  Assessor: Do you have suggestions to address these issues?  Nirmaljit: Yes, increasing awareness through training on proper food storage practices, implementing stock turnover ratios, labeling items with use-by dates, and maintaining cleanliness in all areas are key. Temperature Control and Other Measures:  Nirmaljit: Maintaining proper temperatures, checking shipments against local standards, and educating staff on legal requirements for food storage are additional measures. Reducing Food Waste Strategies:  Nirmaljit: Strategies include preventing over-purchasing, proper food storage,

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 24 checking shipments, donating leftovers, monitoring portion sizes, keeping inventory, and providing employee training. Assessor's Feedback:  Assessor: Excellent! These strategies will be implemented. Recipe Variety Discussion:  Nirmaljit: Lastly, let's discuss recipe variety. I may not be an expert cook, but I'm eager to explore improvements in our recipes. Positive Feedback:  Assessor: Fantastic work, Nirmaljit. Your thorough research will contribute to the café's growth. Conclusion:  Nirmaljit: Thank you, sir. I'll continue researching in this area. The meeting concludes.  Assessor: Excellent. I'll take my leave. Have a wonderful day, Nirmaljit. 6. Monitor activities – month 1

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 25 It is the end of month 1. You have kept to the budget and the funds have been allocated as you planned for. Using the relevant accounting software 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. 7. 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 accounting software 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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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 26 8. 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 accounting software 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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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 27 9. 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:  The operating expenses are all correct.

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 29 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. Submit to your assessor.

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 30 Assessment Task 2: Checklist Student’s name: Nirmaljit kaur Did the student: Completed successfully? Comments Yes No Review the relevant information and the consult 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 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  Using active listening techniques to confirm understanding Allocate funds according to the budget and agreed priorities? Consult 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 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  Using active listening techniques to confirm understanding

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 31 Monitor financial activities over a three- month period and use accounting software to keep track of financial expenses? Develop an actual budget from the past three month’s activity to provide an accurate and complete picture for the quarter? Identify and report deviations of the projected versus actual budget and discuss impacts? Investigate and report on appropriate options for future budget management to avoid a report of month three’s situation? Outline the benefits and disadvantages of researched approaches? Present 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. Task outcome:  Satisfactory  Not satisfactory Assessor signature: Assessor name: Date:

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Student Assessment Tasks SITXFIN003 - Manage finances within a budget Bryan Peach Institute Pty. Ltd. T/A Peach Institute RTO No: 31822, CRICOS Provider No: 03604C, ABN: 82 106 814 439 32 Final results record Student name: Assessor name: Date: Unit name: Qualification name: Final assessment results Task Type Result Satisfactory 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: Nirmaljit Kaur Date: 25/11/23  √ 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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SITXFIN003 Student Assessment Tasks

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