BSBFIM501 Assessment Task 3 Final Short Answer Exam Questions

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1) Outline how you would gain access to the budget or financial plans for your allocated work team:

2) Outline the steps you would take, in detail to negotiate any changes required to the budget for your work team.

A) Who would these negotiations take place with?

B) Describe two of the negotiation strategies discussed in the modules

3) List the 5 steps required in developing a Contingency Plan:

4) List 2 types of reports that may be disseminated across team members

5) Outline 4 tasks that would be expected of the budget/financial team?

A) Then describe ways of providing the team with support on how to perform their role professionally and efficiently.

6) Outline the responsibilities of the Budget Manager/s when setting annual budgets:

7) Define the following terms:

A) Assets:

B) Equipment:

C) Consumables:

D) Income:

E) Stock:

F) Expenditure

G) Wastage

8) List 4 control activities that ensure that any manager actions are actually implemented:

9) List 5 types of documents used to gather information from when reviewing the effectiveness of the financial management process of your organisation.

10) What are the two (2) areas to focus on as highlight in a financial report?

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