BSBSMB406A Manage small business finances Assignment - A

Assignment Detail:- BSBSMB406A Manage small business finances Assessment Overview This assessment instrument contains theory-based questions designed and mapped to the performance criteria required for the unit of competency- This assessment is aimed towards those that would like to increase and improve their skills in the workplace and or personal life- It provides the tools to confidently prepare for and work in a variety of situations- This assessment will provide you with opportunities to learn new skills and techniques as well as building on existing or previously learned expertise- Your completed assessment will be part of the evidence for your assessor to determine whether you have successfully performed and satisfied all of the requirements to achieve competency- The assessment outcomes for a competency-based course are Competent when the student can demonstrate competency in all learning outcomes, and Not Yet Competent when the student has not yet demonstrated competency in all learning outcomes- You are deemed to be competent when all the questions in this assessment instrument have been successfully completed- This is an open book assessment- You may refer to your workbook or any other materials at any time during the assessment- Additionally, responses to assessment activities might be drawn from:???? Knowledge gained in your training???? Additional reading and research both within and outside the workplace???? Practical workplace experience???? Personal experience What am I required to do???? 1- You are encouraged to read over the assessment instrument and discuss any concerns with your assessor immediately- You are also encouraged to ensure you have your assessor's contact details to that you can discuss any aspects or concerns relating to your tasks with your assessor if required- 2- You are required to submit the evidence requested in this assessment instrument to the assessor- 3- Competency will only be achieved once your assessor deems the responses to be 100% complete and correct across all tasks in this assessment instrument- 4- If you do not understand any part of the assessment instrument, you may ask your assessor for guidance- 5- You will get two chances to resubmit the assessment if you are deemed as ‘Not Yet Competent'- Additional time required to provide support the resubmission will be agreed to with your assessor and employer Assessment Part 1 - Knowledge Questions Participant instructionsFor this task you are required to access information and then provide written responses to the questions below- You are required to provide correct responses to 100% of the questions to be able to achieve competency in this task- You should complete this Assessment Part in approximately 120 minutes- You may refer to your workbook or any other materials at any time for this assessment- The questions may be asked and answered orally if you believe you have reasonable grounds for requesting this- If you have any concerns or questions about this assessment task, you may the assessor who may provide reasonable guidance- 1- Research and list the relevant Acts, Regulations, Licencing Regulators for all the states and territories in the below table- 2- List the building practitioner's registration categories in Victori- 3- Briefly explain key responsibilities of employees and employers under Occupational Health and Safety- 4- List four -4- types of signage that are used on a construction site and explain their purpose- 5- List four -4- types of insurances that a registered building practitioner may require- 6- What is a valid contract and explain briefly???? 7- When does a builder must use major domestic building contract???? 8- Explain in your own words, what does a contract contain???? 9- What is GST and when do you need to register for GST???? 10- What is a payroll tax and who has to pay payroll tax???? 11- List the national employee standards that are applicable to all workers on the site???? 12- What are the obligations of a head contractor???? 13- What are the objectives of Equal Opportunity Act 2010???? 14-a- Why is the importance of training staff????b- List the three -3- main methods of training????c- How do you plan training, explain in four -4- simple steps???? 15- Research and provide a list of documents and reference material that should be provided to employees and contractors, in relation to industrial relation and relevant legislation???? 16- What is the statutory body that resolves building disputes in your state???? 17- Discuss how you could use the negotiation process to resolve a dispute???? 18- What do you record when involved in a dispute???? 19- The following questions are asked from the perspective that you are a contractor either in a business partnership or a sole trader- a- What financial information must you maintain in order to know whether your business is profitable or not???? b- How will you ensure you have funds ready to meet tax requirements???? 20- List the key performance indicators -milestones- you will use that will let you monitor your financial performance easily- 21- How often should you monitor and print out reports on the financial performance targets of your business???? 22- How often should you monitor and print out reports on the financial performance targets of your business???? 23- In financial terms, explain what benchmarking is???? 24- Explain what information you need to collect to complete the following financial documents- a- Budget reportb- Balance sheetc- Profit and loss statement 25- Following are fill in the blank type questions a- People who your business or you owe money to are referred to as ________________________b- Amounts owed by your business or you are referred to as ______________________c- In relation to the general ledger, the extraction of account balances is called as ____________________________d- General ledge is divided into _____________ categoriese- The collection of all balance sheets, income, and expense accounts used to keep the accounting records of a business is called ________________________f- ______________________ entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurredg- When setting financial goals, you should plan at intervals of 6 months, 2 years, and __________ yearsh- Without quoting ____________________ on the tax invoice, you cannot claim a GST in the business expensesi- A ____________________ policy includes contingencies for debtors in default and helps your business maximise cash flow26- List the types of accounting and briefly highlight the key points- Attachment:- Manage small business finances-rar

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