C4 Ha - Bsbfim501 Manage Budgets
BSBFIM501 Manage budgets and financial plans written assessment, Event 1 of 2
Refer to:BSBFIM501 Learner's Resource for Manage budgets and financial plan
100% score required. Following assessment, submit a printed 100% completed certificate to your teacher by the agreed due date.
Complete your name, email and Student Declaration below. Good Luck!
- 1.
It is important for information to easily accessible and not to give in to the pressures from customers, employees and the owners.
- A.
Both statements are true
- B.
Both statements are false
- C.
The first statement is true, the second statement is false
- D.
The first statement is false, the second statement is true
Correct Answer
C. The first statement is true, the second statement is false -
- 2.
Select the ones you like
- A.
Option1
- B.
Option2
- C.
Option3
- D.
Option4
Correct Answer
A. Option1 -
- 3.
The skill to read and interpret financial statements is unnecessary for lower level managers and team leaders.
- A.
True
- B.
False
Correct Answer
B. False -
- 4.
Accounting tasks include all of the following, except?
- A.
Keeping of records in accordance with defined rules
- B.
Reporting the financial activities of a business
- C.
Identifying and measuring information
- D.
Makes decisions on how to conduct the business
Correct Answer
D. Makes decisions on how to conduct the business -
- 5.
Assets equals liabilities plus owner's equity and profit minus revenue equals expenses.
- A.
The first statement is true and the second statement is false
- B.
The first statement is false and the second statement is true
- C.
Both statements are true
- D.
Both statements are false
Correct Answer
C. Both statements are true -
- 6.
Tick all of the current assets below (more than one permissible)
- A.
Cash
- B.
6 month bonds
- C.
Factory building
- D.
Stocks
Correct Answer(s)
A. Cash
B. 6 month bonds
D. Stocks -
- 7.
Tick all of the current liabilities below (more than one permissible)
- A.
Accounts payable
- B.
Creditors
- C.
Mortgage
- D.
Bank overdrafts
Correct Answer(s)
A. Accounts payable
B. Creditors
D. Bank overdrafts -
- 8.
A chart of accounts essentially allocates numbers to particular elements used within the accounting system.
- A.
True
- B.
False
Correct Answer
A. True -
- 9.
The current Australian rate for Goods and Services Tax is _____?
- A.
.10%
- B.
10%
- C.
1.0%
- D.
1.10%
Correct Answer
B. 10% -
- 10.
Tick all of the relevant legislation for operating a business (more than one permissible)
- A.
Australian Securities and Investment Commission (ASIC)
- B.
Fringe benefits tax
- C.
Income tax
- D.
Stamp duty
- E.
Bankruptcy Act
Correct Answer(s)
A. Australian Securities and Investment Commission (ASIC)
B. Fringe benefits tax
C. Income tax
D. Stamp duty
E. Bankruptcy Act -
- 11.
A budget attempts to predict what is likely to happen in the future and is independent from financial records.
- A.
The first statement is true and the second statement is false
- B.
The first statement is false and the second statement is true
- C.
Both statements are true
- D.
Both statements are false
Correct Answer
A. The first statement is true and the second statement is false -
- 12.
Only large or very large organisations have a benefit of financial records?
- A.
True
- B.
False
Correct Answer
B. False -
- 13.
The purpose for financial records for an individual is to help control expenditure, while the purpose for financial records for an organisation is to provide information to people outside their organisation.
- A.
Both statements are true
- B.
Both statements are false
- C.
First statement is true, the second statement is false
- D.
First statement is false, the second statement is true
Correct Answer
A. Both statements are true -
- 14.
All internal financial records are conducted for the same timeframe, and for the purpose of managers.
- A.
Both statements are true
- B.
Both statements are false
- C.
First statement is true, the second statement is false
- D.
First statement is false, the second statement is true
Correct Answer
D. First statement is false, the second statement is true -
- 15.
Information is useful to the user only when all of the following, except?
- A.
It is written in English
- B.
It provides details for decision making
- C.
Is provided quickly in order to make these decisions
- D.
Is in a format that is understood by the user
Correct Answer
A. It is written in English -
- 16.
The financial performance of any organisation is gauged by comparing the actual outcome of the organisation's activities against the planned outcome?
- A.
True
- B.
False
Correct Answer
A. True -
- 17.
Tick all of the following locations where external information come from (more than one permissible)
- A.
Balance sheet
- B.
Management strategy statement
- C.
Cash flow statement
- D.
Profit and loss statement
Correct Answer(s)
A. Balance sheet
C. Cash flow statement
D. Profit and loss statement -
- 18.
All of the following are common accounting software programs, except?
- A.
AccountsPLUS
- B.
Zero
- C.
Quickbooks
- D.
MYOB
Correct Answer
A. AccountsPLUS -
- 19.
___________ are used to gauge performance of a work team or individual employees against agreed targets or goals?
- A.
Key performance indicators
- B.
Key production indicators
- C.
Critical performance indicators
- D.
Key production identifiers
Correct Answer
A. Key performance indicators -
- 20.
A vital role of a manager is to hold back information to a team and limit communication.
- A.
Both statements are true
- B.
Both statements are false
- C.
First statement is false, second statement is true
- D.
First statement is true, second statement is false
Correct Answer
B. Both statements are false -
- 21.
A vital role of a manager is to assure relevant information reaches the appropriate people and to foster open communication.
- A.
Both statements are true
- B.
Both statements are false
- C.
First statement is false, second statement is true
- D.
First statement is true, second statement is false
Correct Answer
A. Both statements are true -
- 22.
Tick all of the positive elements of a positive work environment (more than one permissible)
- A.
Autocratic leadership
- B.
People to take initiative and responsibility
- C.
Behaviours that demonstrate high levels of trust
- D.
Role modelling of desired behaviours
Correct Answer(s)
B. People to take initiative and responsibility
C. Behaviours that demonstrate high levels of trust
D. Role modelling of desired behaviours -
- 23.
Common elements of a control system include all of the following, except?
- A.
A process of comparing actual and planned performance
- B.
A process of measuring actual performance
- C.
A way of keeping the overall plan stationary
- D.
A planned level of performance
Correct Answer
C. A way of keeping the overall plan stationary -
- 24.
All of the following are examples of a control system, except?
- A.
Number of potential job applicants for a job
- B.
Use of passwords on a computer
- C.
Access to records
- D.
Number of keys issued
Correct Answer
A. Number of potential job applicants for a job -
- 25.
A cheque book is a type of record and an employee's payslip is not.
- A.
Both statements are true
- B.
Both statements are false
- C.
The first statement is true, the second statement is false
- D.
The first statement is false, the second statement is true
Correct Answer
C. The first statement is true, the second statement is false -
- 26.
An audit adds credibility to reports, especially when they are conducted by someone independent of the organisation.
- A.
Both statements are true
- B.
Both statements are false
- C.
The first statement is true, the second statement is false
- D.
The first statement is false, the second statement is true
Correct Answer
A. Both statements are true -
- 27.
All are examples of a contingency plan to manage records, except?
- A.
Re-create based on memory of a manager
- B.
Back up systems on computers
- C.
Off site management systems
- D.
Duplicate records
Correct Answer
A. Re-create based on memory of a manager -
- 28.
Informal audits are a waste of time and money for an organisation.
- A.
True
- B.
False
Correct Answer
B. False -
- 29.
Accuracy is not just important - it is essential!
- A.
True
- B.
False
Correct Answer
A. True -
- 30.
It is important for information to easily accessible and not to give in to the pressures from customers, employees and the owners.
- A.
Both statements are true
- B.
Both statements are false
- C.
The first statement is true, the second statement is false
- D.
The first statement is false, the second statement is true
Correct Answer
C. The first statement is true, the second statement is false -
- 31.
Tick the following preferences when presenting information (more than one permissible)
- A.
Provided information in a timely fashion
- B.
Use of graphs and illustrations
- C.
Be objective, neutral and avoid generalising
- D.
Evidence and analysis to support your findings
- E.
Keep reports to a maximum
- F.
Justify all results and recommendations
Correct Answer(s)
A. Provided information in a timely fashion
B. Use of graphs and illustrations
C. Be objective, neutral and avoid generalising
D. Evidence and analysis to support your findings
F. Justify all results and recommendations -
- 32.
All of the following are advantages of face-to-face method of communication, except?
- A.
Not always possible
- B.
Clearer meaning through body language
- C.
Feedback can be instant
- D.
Misunderstandings can be clarified immediately
Correct Answer
A. Not always possible -
- 33.
All of the following are disadvantages of a telephone call method of communication, except?
- A.
Quick, easy
- B.
No non-verbal communication
- C.
Distractions are easy on the phone
- D.
Person may take the call when he or she is not really in a position to talk
Correct Answer
A. Quick, easy -
- 34.
All of the following are disadvantages of letters method of communication, except?
- A.
Can be confidential
- B.
Slow
- C.
Costly
- D.
Feedback is not instant
Correct Answer
A. Can be confidential -
- 35.
All of the following are advantages of Email method of communication, except?
- A.
Inappropriate material can be sent
- B.
Instant
- C.
Can send the same message to a number of people
- D.
Feedback can be instant
Correct Answer
A. Inappropriate material can be sent -
- 36.
Tick the following elements to consider when evaluating your audience
- A.
Past knowledge of the subject
- B.
Level of interest
- C.
Mood of member
- D.
Location
Correct Answer(s)
A. Past knowledge of the subject
B. Level of interest
C. Mood of member -
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Mar 21, 2022Quiz Edited by
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Nov 13, 2016Quiz Created by
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