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SITXFIN003 Assessment 1 Multiple Choice

SITXFIN003 Assessment 1 Multiple Choice


SITXFIN003 Assessment 1 Multiple Choice

Student Name


Student ID Number


Unit Start Date


Unit End Date


Assessment Due Date


Date Submitted


This cover sheet is to be completed by the student and assessor and used as a record to determine student competency in this assessment task

The assessment process and tasks were fully explained.

Yes / No

I am aware of which evidence will be collected and how.

Yes / No

I am aware of my right to appeal an assessment decision.

Yes / No

I am aware that I can locate the RTO’s Complaints and Appeals Policy and Procedureon their website at (insert website address)

Yes / No

I have discussed any additional educational support or reasonable adjustments I require in order to undertake this assessment with the Student Support Services Officer and Trainer / Assessor, (if applicable). e.g. Student Handbook and Access and Equity Policy(insert website address)

Yes / No

I have access to all required resources?

Yes / No

Cheating & Plagiarism Declaration

Student Declaration: In accordance with the RTO’s Plagiarism Policy, I hereby acknowledge by signing this declaration that I have not cheated or plagiarised any work regarding the assessment tasks undertaken in this unit of competency except where the work has been correctly acknowledged.

NOTE: Student must sign this prior to submitting their assessments to the assessor




_____ / ______ / 20______



Assessment Results



Not YetSatisfactory

(Please circle the assessment result for this task)

Feedback to Student - Please provide general feedback on the Student’s performance



Student Declaration: - I verify that the work completed is my own and that I was adequately informed of the assessment process prior to commencing this assessment task.

Assessor Declaration: - I verify that I have adequately explained and negotiated the assessment tasks with the student prior to commencing assessment.

Student Name:

Assessor’s Name:

Student Signature


Assessor Signature



Student Guide for Assessment



Instructions to include, but not limited to:

1.      Student will be assessed in a classroom environment.

2.      Ensure the student is aware of the assessment requirements at the commencement of the unit.

3.      The students are required to work alone to answer questions.

4.      The questions are aimed at testing the student’s knowledge.

5.      This written assessment comprising ofmultiple-choice questions that need to be answered by circling or highlighting the one correct response of four options.

6.      The student is required to complete the multiple-choice assessment for this unit of competency. To complete this task, the student will need to answer the 21 questions in this multiple-choice in this assessment.

7.      The student answers should be recorded in the student assessment question booklet.

8.      After the student has successfully completed the written assessment, they must present it to the Trainer/Assessor for correction.

9.      The student will receive up to two (2) attempts at this assessment task. Should the 1st attempt be Not Yet Satisfactory (NYS), the Trainer/Assessor will provide feedback and will arrange a date for the student 2nd attempt. If the student 2nd attempt is Not Yet Satisfactory (NYS), or the student fail to attend of date scheduled for the 2nd attempt, the student will receive an overall unsatisfactory result for this assessment task.

10.   In special circumstances this written assessment may be delivered as an oral assessment in which the assessor shall mark the assessment and identify the assessment was presented orally

The tasks you will be observed undertaking are:

-        Each multiple-choice question has four responses.

-        You are to answer all questions.

-        There is only one right answer.

-        On completion, submit your assessment to your assessor.

During the assessment your assessor will ask you oral questions that will address the knowledge aspects of the unit of competency.  You will respond orally, and your assessor may record your response or use your response to determine sufficient under pinning knowledge.

Topics will include:

-        Identify and explain different types of financial records and budgets

-        Identify different factors for consideration in the preparation of financial and statistical reports (including the use, contents and formats)

-        Explain types of financial reports and their purpose

-        Discuss specifics of managing budgets within the hospitality, tourism and events industry


Assessment 1 – Multiple Choice

1.      Funds are allocated in a business according to its priorities and obligations.  What is an area these funds need to be allocated to?

(a)     Personal expenses.

(b)     Owner’s drawings.

(c)     Capital injection.

(d)     Utility expenses.

2.      Why might management change their priorities during a financial period?

(a)     They expect an increase in staff turnover in the industry.

(b)     They do not need a particular reason as long as they can justify it.

(c)     To reflect changes in marketing strategies designed to create new business.

(d)     To avoid paying tax at the end of the financial year.

3.      What must you do before implementing any changes to income and expenditure priorities?

(a)     Check that the business can afford to implement the changes.

(b)     Document the changes in the budget.

(c)     Discuss the changes with appropriate colleagues.

(d)     Submit a formal proposal to the owner of the business.

4.      It's important to consult with and inform staff about resource decisions. Who would you share this financial information with?

(a)     All staff as they need to know what is expected of them.

(b)     Staff in other outlets so they can support your goals.

(c)     Only the director of a company as they are the only one who authorises the business's financial decisions.

(d)     Authorised staff. 

5.      What is an effective method of promoting awareness of budget targets and controls amongst the staff of an outlet?

(a)     Discussing budget controls and targets at team meetings.

(b)     Texting regular updates to the staff.

(c)     Writing notes occasionally in the communication diary.

(d)     Asking team members to discuss budget goals during meal breaks.

6.      What documents are used to record and track resource allocation?

(a)     Profit and loss statements, purchasing documentation and rosters.

(b)     Profit and loss statements, balance sheets, purchasing documentation and payroll documentation.

(c)     Payroll documentation, timesheets, leave requests and balance sheets.

(d)     Balance sheets, purchasing documentation, payroll documentation and company procedures.

7.      Why should you check actual income and expenses against a budget?

(a)     To check if the POS systems are recording accurate information.

(b)     So you can compile a report to the bank on our financial status.

(c)     To find out if you are achieving budget targets or not.

(d)     To provide performance information to prospective customers.

8.      What types of financial commitments should you include in budgets to ensure accurate monitoring?

(a)     Debts, utilities, food and beverage purchases.

(b)     Financial business goals and mission statements.

(c)     Weekly staff rosters and food and beverage purchase orders.

(d)     Income gained from investments and distributed to shareholders.

9.      What is a valid method of investigating causes of budget deviations?

(a)     Check performance against previous budget forecast.

(b)     Dig deeper into the figures to see who is responsible for the deviation.

(c)     Determine if there were any unforeseen circumstances which affected the results.

(d)     Documenting the results and comparing them to results obtained in the following three-month period.

10.    Should you report all budget deviations?

(a)     No. You should report deviations according to the significance of the deviation.

(b)     No. You should attempt to improve budget results before reporting deviations.

(c)     Yes. You should report all deviations that exceed $500.

(d)     Yes. Every deviation needs further investigation to determine the cause and ensure it doesn’t occur again.

11.    Analysing customer spending can help identify causes of current deviations. How can it also help manage and control future budget deviations?

(a)     Information gained from the analysis can be used by the staff to increase sales.

(b)     A visual chart can be prepared from the results, so staff can better understand budget targets.

(c)     Customer trends can be identified, allowing marketing to change future promotional campaigns.

(d)     Corrective action can be taken to reduce or eliminate the causes of the deviations.

12.    There are several ways you can advise colleagues of the current status of a budget.  What is an appropriate method of sharing this information within the management team?

(a)     Written status report.

(b)     Text message.

(c)     Note left in communication diary.

(d)     Email listing budget deviations for each area.

13.    Whenmonitoring your weekly budget you notice a difference between the actual and budgeted figures for your wages expenses. What should you do to fix this variance?

(a)     Change your budgeted figures so the variance no longer exists.

(b)     Take action immediately to investigate the deviation and identify how improvements can be made.

(c)     Ignore the variance until the figures are compared at the end of the year.

(d)     Research the figures the original forecasts were based on to determine if they are correct. 

14.    Stock control is an important method of controlling expenses. What is one method which could be used to improve a stock control system and budget performance?

(a)     Change where the stock is stored to make access for staff easier and faster, reducing time and increasing performance.

(b)     Review turnover of all stock items to determine which items sell quickly or slowly, and then modify ordering systems to suit turnover rates.

(c)     Expand the delivery area so larger trucks can deliver larger quantities of stock, reducing costs.

(d)     Only order items in bulk to reduce the amount of packaging and therefore the amount of waste produced.

15.    Who needs to know about desired budget outcomes?

(a)     Colleagues who are affected by the outcomes or whose work affects the achievement of outcomes.

(b)     Customer and colleagues.

(c)     Suppliers, the financial team, department managers and operational staff.

(d)     All full-time employees. 

16.    Which research option would help you investigate new approaches to budget management?

(a)     Negotiate new contracts with corporate clients, airlines or travel agents who use your establishment.

(b)     Determine whether to make specific products in-house or buy ready-made from a supplier.

(c)     Develop new budgets to suit the current budget results.

(d)     Provide staff training on budget management and resource allocation. 

17.    What should you do after researching new approaches to budget management?

(a)     Update the budgets with the changes that will benefit the business.

(b)     File the research in a locked cabinet.

(c)     Inform management of the potential cost to the business if they implement the changes.

(d)     Define and communicate the benefits and disadvantages of new approaches to relevant colleagues.

18.    Why is it important to consider the impact any changes will have on customer service?

(a)     Customers can get upset when changes are made without telling them, leading to increased complaints.

(b)     Managers and staff w




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