List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
Element | Performance criteria |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Administer the legal requirements of the business | 1.1 Identify, implement and monitor legislative requirements to ensure the compliance of business processes 1.2 Identify, maintain and store legal documents 1.3 Review legislative requirements regularly |
2. Process and maintain the insurance requirements for the business | 2.1 Identify and assess insurance requirements 2.2 Identify suitable insurers or brokers and obtain quotations 2.3 Acquire adequate insurance policies and cover 2.4 Review legislative requirements and insurance cover 2.5 File documents to ensure security and accessibility |
3. Identify sources, types and cost of finance | 3.1 Conduct research on the types of finance for businesses 3.2 Determine costs associated with different forms of finance 3.3 Assess repayment structures for finance options |
4. Prepare application for finance or investment | 4.1 Access business and financial data and prepare an application for finance or investment 4.2 Complete an application for finance 4.3 Refer the finance application to management team for checking prior to submitting to the relevant body 4.4 Maintain and store documentation |
The candidate must be assessed on their ability to integrate and apply the performance requirements of this unit in a workplace setting. Performance must be demonstrated consistently over time and in a suitable range of contexts.
The candidate must provide evidence that they can:
interpret financial reports and farm business data
maintain basic accounts
administer the legal requirements of the business
process and maintain the insurance requirements for the business
identify sources, types and cost of finance
prepare an application for finance or investment.
The candidate must demonstrate knowledge of:
business processes and legal requirements
insurance processes and legal requirements
finance processes and legal requirements
taxation and account keeping requirements.
Competency is to be assessed in the workplace or simulated environment that accurately reflects performance in a real workplace setting.
Assessors must satisfy current standards for RTOs.