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Evidence Guide: FNSFLT401 - Be MoneySmart through a career in small business

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFLT401 - Be MoneySmart through a career in small business

What evidence can you provide to prove your understanding of each of the following citeria?

Demonstrate knowledge of costs and benefits of small and micro business

  1. Determine business objectives and opportunities
  2. Identify benefits and disadvantages of operating a small or micro business
  3. Identify start-up and ongoing costs associated with running a small or micro business
Determine business objectives and opportunities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify benefits and disadvantages of operating a small or micro business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify start-up and ongoing costs associated with running a small or micro business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse obligations and risks of operating a small or micro business

  1. Determine legal and regulatory requirements affecting operations of the business
  2. Investigate financial decisions relevant to different business models
  3. Identify insurance requirements and related mitigation strategies
  4. Analyse taxation and record-keeping obligations
Determine legal and regulatory requirements affecting operations of the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate financial decisions relevant to different business models

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify insurance requirements and related mitigation strategies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse taxation and record-keeping obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify mechanisms for supporting business success

  1. Research licensing, legal and regulatory responsibilities required to ensure compliance of the business
  2. Investigate business processes required to maintain appropriate records
  3. Identify long-term career goals and/or continuing education to support business objectives
Research licensing, legal and regulatory responsibilities required to ensure compliance of the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate business processes required to maintain appropriate records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify long-term career goals and/or continuing education to support business objectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Examine opportunities for business learning, mentoring and advice

  1. Identify key components of a business plan and skills and knowledge required to develop and monitor the business
  2. Evaluate personal attributes required to operate a small or micro business
  3. Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged
Identify key components of a business plan and skills and knowledge required to develop and monitor the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate personal attributes required to operate a small or micro business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Demonstrate knowledge of costs and benefits of small and micro business

1.1 Determine business objectives and opportunities

1.2 Identify benefits and disadvantages of operating a small or micro business

1.3 Identify start-up and ongoing costs associated with running a small or micro business

2. Analyse obligations and risks of operating a small or micro business

2.1 Determine legal and regulatory requirements affecting operations of the business

2.2 Investigate financial decisions relevant to different business models

2.3 Identify insurance requirements and related mitigation strategies

2.4 Analyse taxation and record-keeping obligations

3. Identify mechanisms for supporting business success

3.1 Research licensing, legal and regulatory responsibilities required to ensure compliance of the business

3.2 Investigate business processes required to maintain appropriate records

3.3 Identify long-term career goals and/or continuing education to support business objectives

4. Examine opportunities for business learning, mentoring and advice

4.1 Identify key components of a business plan and skills and knowledge required to develop and monitor the business

4.2 Evaluate personal attributes required to operate a small or micro business

4.3 Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Demonstrate knowledge of costs and benefits of small and micro business

1.1 Determine business objectives and opportunities

1.2 Identify benefits and disadvantages of operating a small or micro business

1.3 Identify start-up and ongoing costs associated with running a small or micro business

2. Analyse obligations and risks of operating a small or micro business

2.1 Determine legal and regulatory requirements affecting operations of the business

2.2 Investigate financial decisions relevant to different business models

2.3 Identify insurance requirements and related mitigation strategies

2.4 Analyse taxation and record-keeping obligations

3. Identify mechanisms for supporting business success

3.1 Research licensing, legal and regulatory responsibilities required to ensure compliance of the business

3.2 Investigate business processes required to maintain appropriate records

3.3 Identify long-term career goals and/or continuing education to support business objectives

4. Examine opportunities for business learning, mentoring and advice

4.1 Identify key components of a business plan and skills and knowledge required to develop and monitor the business

4.2 Evaluate personal attributes required to operate a small or micro business

4.3 Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged

Evidence of the ability to:

analyse financial information impacting on small and micro business

make sound financial decisions in the small and micro business context

examine mechanisms and opportunities to support business development and success.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

list business registration and licensing requirements including:

ASIC Connect business names and registration

registration for Australian business number (ABN), tax file number (TFN) and goods and services tax (GST)

trade and occupational licensing

describe key requirements of Commonwealth, state and territory, and local government legislation and licensing relating to business operations, including:

Work Health and Safety Act

Environmental Protection Act

equal employment opportunity and anti-discrimination

Fair Work Act

Competition and Consumer Act

Income Tax Assessment Act

Taxation Administration Regulations

insolvency

ASIC Act

Privacy Act

Occupational Licensing National Law Act

identify costs associated with running a business:

labour hire

employee entitlements

compliance with occupational licensing and other legislation as required

cash flow management

explain planning processes:

key components of a business plan

risks to be included in a business plan

benefits of business planning

summarise sources of assistance for micro and small business operators:

accountant

bookkeeper

industry associations

Business Enterprise Centres

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

National Occupational Licensing Authority (NOLA)

relevant state industry bodies

explain taxation responsibilities for small and micro business, including:

record keeping, invoicing and GST

preparing the return, lodgement and payment of a business activity statement (BAS)

employee and contractor payroll, and pay as you go (PAYG) taxation.