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BSBSMB406
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Assessment Booklet: BSBSMB406
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Oral Written
Questions
1. Explain the three following financial control documents and how each contribute to the
financial control of the business.
a. Cash flow Projections
b. Profit and Loss Statement
c. Balance Sheet (PC 1.1)
2. Define the term ‘Asset’ and distinguish between Current and Non-Asset (PC 1.2)
6. What are the various ways in which a small business could ensure that the business is
operating in compliance with all of its legal obligations and responsibilities? (PC 1.4)
7. What are the different types of finance a small business may need to pursue to ensure
that its business always has access to liquid funds? (PC 1.7,2.1)
8. What processes can a business put in place to ensure all stakeholders share both the
vision and the stated objectives of the business? (PC 2.2)
9. What methods/systems can a small business use to document and identify all of the
costs of operating the business? (PC 2.4)
10. How would a small builder prepare a quotation for a new housing client, ensuring that
he could earn a 14% net profit on the job? (PC 2.3)
11. Mention three financial key performance indicators to gauge business health? (PC 1.6)
1. At the initial stage, whom do you think Dave should take recommendation and
advice and on what? Explain in details
2. What happens if Dave chooses the wrong legal structure? What are the different
variables that the legal structures in operating a business depends on?
3. Dave has decided to go to a consultant to take advice. What are the key things that
you think, Dave should discuss with the consultant at the initial stage?
4. Please advise Dave as to what actions he should take to attempt to get paid
Task
Below is the given table, where the first column are the list of different sources from where
Dave can acquire finance. Next to each sources, conduct a thorough research and explain
how these sources would benefit Dave.
Acquiring finance
Start-up and ongoing o It's essential for Dave to have an accurate idea of
financial requirements his financial needs. Once he has calculated the
amount he'll need to cover his initial start-up costs,
he'll also need to factor in his on-going running
expenses.
o Dave should also remember that customers may
not pay him immediately - but he will still need to
pay all his bills to keep trading.
o It's sensible to have sufficient capital to cover
projected expenses for at least six months.
o At the same time, Dave will need to make sure
that he has taken into account how much money
he will need to live on.
o Dave has to be mindful that in the early stages, a
new small business is unlikely to produce spare
cash that he can spend on himself.
Sources of finance, e.g. o Dave may need to finance his starting inventory /
Backers stock of materials with bank debt or equity. It may
be an idea for Dave, as a means of preserving
cash, that he opens trading accounts with key
suppliers with as long terms as possible.
o Bank Term Loan: A bank term loan is usually used
for financing the capital assets of the business. It
can sometimes be used to finance part of a
business start-up or business acquisition. The loan
is repaid over a period of time and the interest rate
may be fixed or floating.
o Bank Line of Credit: This is similar to an overdraft
for a business. It is important to use the line of
credit to finance current assets and the term loan
to finance capital assets. One sure way for Dave
to have a cash flow crunch is to have used all his
cash and line of credit to purchase pieces of
equipment, only to run out of cash due to a late
paying customer. It is not usual to finance a
o Personal savings.
o Credit cards.
o Friends and relatives.
o Angel Investors.
o Leases.
o Bank Loans.
o Each has varying and ‘fluid’ movement of costs.
Date of Assessment
The following is a sample template of Business Plan. These are the essential elements of
a Business Plan. You are required to create your own using this format or an approved
alternate format. If you would prefer to use a different format business plan, talk to your
trainer to approve the change.
The Business Plan template and Financial Plan template are located in Appendix A and B,
respectively.
Please note both Appendix A and B templates has examples citing Dave’s Startup
company. You can also use the Dave Case study’s example from Assessment Task 3,
and further develop a business plan and financial plan for Dave’s company.
Report:
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Assessor’s Feedback
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Date of Assessment
To be decided by the Assessor
Elements of Competency All
Observations will be conducted over a period of time to ensure consistent performance of the
learner of all criteria to be achieved on multiple occasions.
The supervisor will submit the completed checklist as supporting evidence of the learner’s
performance in the workplace or simulated training environment.
Where identified in the skill/task list below, a skills log listing techniques and methods can be
obtained from the trainer to further identify and document the types of skills required, and the
number of times they must be demonstrated for this unit.
The learner is required to sign this document once completed by the supervisor.
Yes No
I confirm that
___________________________________ has
competently and consistently performed the skills and
tasks associated with the above elements, performance
Declaration:
and knowledge evidence over a given period of time and
on multiple occasions. They are competent in
workplace/training environment requirements and
procedures that relate to this unit of competency.
Learner’s signature:
Supervisor/assessor’s
signature:
Date: