SITXFIN005 Assessment 1 - Short Answers

Assessment Tasks and Instructions

Student Name
Student Number
Course and Code
Unit(s) of Competency and Code(s) SITXFIN005 Manage physical assets
Stream/Cluster
Trainer/Assessor

Assessment for this Unit of Competency/Cluster Details

Assessment 1 Short Answers
Assessment 2 Project
Assessment conducted in this instance: Assessment 1 2 3
Reasonable Adjustment
1. Has reasonable adjustment been applied to this assessment?
No No further information required
Yes Complete 2.
2. Provide details for the requirements and provisions for adjustment of assessment:
Student to complete
My assessor has discussed the adjustments with me
I agree to the adjustments applied to this assessment
Signature Date
2nd Assessor to complete

I agree the adjustments applied to this assessment are reasonable
Name
Signature Date
Assessment Guidelines
What will be assessed
The purpose of this assessment is to assess your underpinning knowledge to complete the tasks outlined in the
elements and performance criteria for this unit of competency and relating to the following aspects:
 business objectives relevant to the management of physical assets:

o profitability
o growth
o providing quality products and services to customers
o adhering to:
 codes of conduct
 environmental sustainability philosophies and practices
o industry accreditation schemes
 types of physical assets required by tourism, hospitality and event organisations and the organisation in
particular:
o buildings
o computer systems
o equipment fixtures, fittings and furniture in one of the following:
 accommodation establishments
 commercial kitchens
 restaurants and bars
 storage areas
 tourism, hospitality and event offices
 transportation depots
o gardens
o pools
o rides and games
o vehicles
o vessels
 maintenance requirements for different types of physical assets
 considerations for long-term assessment of physical assets:
o ability to meet business objectives
o cost of maintenance over a period of time
o customer and staff feedback
o input from specialists where required
o operational efficiency
o safety
 equipment specifications to guide acquisition process:
o budget parameters
o environmental sustainability policies for the business
o floor plans
o numbers and types of required equipment fixtures, fittings and furniture
o operational performance requirements:
 efficiency
 customer traffic
 staff usage
o types of products and services offered by the business
 formats for and inclusions of asset registers specified in performance evidence
 features and benefits of different financing options for asset acquisition:
o hire purchase
o lease
o purchase
o rent
 depreciation that can be applied to different types of physical assets
 data used in the estimation of asset acquisition:
o current maintenance contracts
o estimates and quotations from suppliers
o previous contracts and costs
o published or advertised prices
 practices to support environmental sustainability using different types of physical assets.
Place/Location where assessment will be conducted including timeframes
SSH to complete
Resource Requirements
Pen, Paper or computer, internet access
Calculator
Instructions for assessment including WHS requirements

You are required to address all questions to achieve competence. Your trainer will provide you with instructions
for time frames and dates to complete this assessment.
Once completed, carefully read the responses you have provided and check for completeness. Your trainer will
provide you with feedback and the result you have achieved.
Statement of Authenticity
I acknowledge that I understand the requirements to complete the assessment tasks
The assessment process including the provisions for re-submitting and academic appeals were explained
to me and I understand these processes
I understand the consequences of plagiarism and confirm that this is my own work and I have
acknowledged or referenced all sources of information I have used for the purpose of this assessment
Student Signature: Date: / /201
This assessment: First Attempt 2nd Attempt Extension – Date: / /
RESULT OF ASSESSMENT Satisfactory Not Yet Satisfactory

Feedback to Student:
Assessor(s) Signature(s): Date: / /
Student Signature Date: / /

Assessment 1
Your Task:
Answer the following questions below. All questions must be answered.
1. How can the following business objectives influence the methods used for managing physical assets in an
organisation? Provide 1 example for each:
 Profitability
 Growth
 Providing quality products and services to customers
 Adhering to:
o codes of conduct
o environmental sustainability philosophies and practices
 Industry accreditation schemes

2. Provide 8 examples for different types of physical assets required by tourism, hospitality and event
organisations:
Responses
1.
2.
3.
4.
5.
6.
7.
8.
3. List 5 physical assets relevant to your workplace or training and provide the maintenance details typically
required for each:
Physical asset Maintenance requirements

1.
2.
3.
4.
5.
4. List 6 key aspects which must be considered for the long-term assessment of physical assets in terms of
nature of requirements and necessity of acquisition. Who could be typically involved in this in terms of
feedback and specialist advice?
Responses
1.
2.
3.
4.
5.
6.
Involvement
5. The following are parameters which are used to guide the acquisition of physical assets. Provide examples
and details for what should be considered, for each aspect.
Budget parameters
Environmental sustainability policies for the business
Site plans
Auxiliary items
Performance requirements
Suitability to products and services offered
6. Which details need to be recorded in an asset register for each physical asset?
Responses
7. Provide an overview of the features, advantages and disadvantages of each of the following financing
options when acquiring assets:
1. Hire purchase
2. Lease
3. Purchase
4. Rent
8. Explain the methods for calculating the depreciation of assets using each of the following methods:
Prime cost method
Diminishing Value Method
9. Go to the ATO website link provided below and source the information for the current simplified
depreciation rules which apply:
https://www.ato.gov.au/Business/Income-and-deductions-for-business/Depreciating-assets/Simpler-
depreciation-for-small-business/
Responses
10. Provide 4 examples of sources for data to enable you to estimate reliable acquisition costs. What does this
need to consider in terms of contractual obligations and ongoing maintenance?
Responses
1.
2.
3.
4.
Aspects to consider
11. List 3 examples for environmental sustainability that applies to physical assets and outline the
environmental and financial benefits as applicable:
Example Environmental and financial benefits

SITXFIN005 Assessment 1 - Short Answers

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What are the different types of physical assets required by tourism, hospitality and event organisations?

What are the different types of physical assets required by tourism, hospitality and event organisations?

What aspects need to be considered for long-term assessment of physical assets?

What aspects need to be considered for long-term assessment of physical assets?

Assessment Tasks and Instructions

Assessment for this Unit of Competency/Cluster Details

Assessment conducted in this instance: Assessment 1 2 3

2nd Assessor to complete

 business objectives relevant to the management of physical assets:

Instructions for assessment including WHS requirements

This assessment: First Attempt 2nd Attempt Extension – Date: / /

RESULT OF ASSESSMENT Satisfactory Not Yet Satisfactory

Assessor(s) Signature(s): Date: / /

Student Signature Date: / /

Answer the following questions below. All questions must be answered.

 Providing quality products and services to customers

 Industry accreditation schemes

Physical asset Maintenance requirements

Environmental sustainability policies for the business

Suitability to products and services offered

Prime cost method

Diminishing Value Method

Example Environmental and financial benefits

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