Assessor Resource

FNSFLT401
Be MoneySmart through a career in small business

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to determine the key financial requirements for establishing and maintaining a successful small or micro business.

It applies to individuals engaged in a small business occupation, such as trade-based operators, seeking to enhance their financial literacy.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

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. 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.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to current information about personal financial matters.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to current information about personal financial matters.

Assessors must satisfy NVR/AQTF assessor requirements.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Determine business objectives and opportunities 
Identify benefits and disadvantages of operating a small or micro business 
Identify start-up and ongoing costs associated with running a small or micro business 
Determine legal and regulatory requirements affecting operations of the business 
Investigate financial decisions relevant to different business models 
Identify insurance requirements and related mitigation strategies 
Analyse taxation and record-keeping obligations 
Research licensing, legal and regulatory responsibilities required to ensure compliance of the business 
Investigate business processes required to maintain appropriate records 
Identify long-term career goals and/or continuing education to support business objectives 
Identify key components of a business plan and skills and knowledge required to develop and monitor the business 
Evaluate personal attributes required to operate a small or micro business 
Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged 

Forms

Assessment Cover Sheet

FNSFLT401 - Be MoneySmart through a career in small business
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFLT401 - Be MoneySmart through a career in small business

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: