Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFLT401A Mapping and Delivery Guide
Be MoneySmart through a career in small business

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFLT401A - Be MoneySmart through a career in small business
Description This unit describes the performance outcomes, skills and knowledge required to enable a person engaged in a small business occupation to determine the key financial requirements for establishing and maintaining a successful small/micro business.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit is aimed at enhancing the value of financial literacy in individuals seeking to establish and maintain small business e.g. trade-based owner operators.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Demonstrate an understanding of the costs and benefits of small/micro business
  • Determine business objectives and opportunities
  • Identify benefits and disadvantages of operating a small/micro business
  • Identify the start-up and ongoing costs associated with running a small/micro business
       
Element: Analyse the obligations and risks of operating a small/micro business
  • Determine legal and regulatory requirements affecting the 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
       
Element: Identify mechanisms for supporting business success
  • Research licensing, legal and regulatory responsibilities required to ensure the compliance of the business
  • Investigate business processes required to maintain appropriate records
  • Identify long-term career goals to support business objectives
       
Element: Evaluate opportunities for business learning, mentoring and advice
  • Identify the key components of a business plan and the skills and knowledge required to develop and monitor the business
  • Evaluate personal attributes required to operate a small/micro business
  • Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged
       


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.

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

analyse financial information impacting on small/micro business

make sound financial decisions in small/micro business context

identify costs associated with running a business:

labour hire

employee entitlements

compliance with occupational licensing and other legislation as required

cash flow management

identify, manage and meet legal and other relevant business requirements.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the range statement

access to current information about personal and business financial matters.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit

verbal or written questioning on underpinning knowledge and skills

setting and reviewing simulations or scenarios.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

Required skills

analytical skills to assist decision making

communication skills to request, question and clarify information

literacy skills to:

interpret legal and licensing requirements and other business information

maintain business records

numeracy skills to:

analyse data

manage and control finances

research skills to source business support assistance and networks

technology skills to use equipment and software relevant to the business

Required knowledge

business registration and licensing requirements:

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

commonwealth, state and territory, and local government legislative and licensing requirements relating to business operations:

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

planning processes:

key components of a business plan

risks to be included in a business plan

benefits of business planning

sources of assistance for micro/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

taxation responsibilities for small/ micro business, including awareness of:

record keeping, invoicing and GST

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

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

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Financial decisions relevant to the business include:

cost of labour hire

cost of compliance

cost of managing debtors and offering credit

insurance requirements:

business insurance to mitigate risk and business interruption

income protection

workers’ compensation.

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/micro business 
Identify the start-up and ongoing costs associated with running a small/micro business 
Determine legal and regulatory requirements affecting the 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 the compliance of the business 
Investigate business processes required to maintain appropriate records 
Identify long-term career goals to support business objectives 
Identify the key components of a business plan and the skills and knowledge required to develop and monitor the business 
Evaluate personal attributes required to operate a small/micro business 
Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged 

Forms

Assessment Cover Sheet

FNSFLT401A - 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

FNSFLT401A - 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: