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.
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
organise finances for at least one new business venture.
In the course of the above, the candidate must:
investigate financial position, commitments and needs
determine projected cash flow and budget for business venture
estimate finances needed to establish and operate the business venture.
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
sources of specialist financial advice relating to new business ventures, including Australian Taxation office (ATO)
accounting software for use in the business venture described in performance evidence
key financial terminology relevant to new business ventures
relationship between finances and sales and marketing strategies
workplace procedures for:
costing or pricing and preparing financial forecasts
estimating start-up costs, including cost of expenses and assets
seeking specialist financial advice
income and costs to be considered when estimating operating budget, including:
monthly variable and fixed costs required for business activity
drawings needed for business venture to be financially viable
monthly income generated by business venture based on price per unit item or hourly charge rate for labour
goods and services tax
operating finance required for business.
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
business technology, including internet access
finance documentation and resources relating to business described in performance evidence
sources of specialist advice.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.