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Talk to an Expert| Category | Assignment | Subject | Business |
|---|---|---|---|
| University | Awards for Training and Higher Education (ATHE) | Module Title | Unit 6 Introduction to Financial Controls in Business |
For: ATHE Level 3 90-credit Diploma in Business ATHE Level 3 Diploma in Business and Management
ATHE Level 3 Extended Diploma in Business and Management
Mini-Mart Ltd (MML) is a regional grocery chain operating 27 stores across the north of the country. Recently the CEO, Chun Wang, has been considering how the company could become more environmentally aware. There are several farms situated in the region producing fruit, vegetables, meat and dairy products. Chun thinks it would help the environment by reducing food miles if MML sourced more products locally. She has already approached one of the local farmers about stocking his seasonal fruit and vegetables rather than importing from the usual overseas supplier.
You have recently joined MML as a junior manager and Chun Wang has asked you to lead a new business development team in researching how MML can become a more sustainable business whilst supporting the local environment.
An important part of ensuring MML can become a more sustainable organisation will be monitoring and controlling the finance. Asif Khan, the Financial Controller at MML, has prepared a workbook and given you a set of f inancial data to help ensure you understand how the organisation monitors and controls finance. Asif asks you to complete the workbook ready for the next finance departmental meeting.
Complete the unit 6 workbook.
Extension activities:
To achieve Merit or Distinction, the relevant sections in the workbook will also need to be completed.
LO1 AC 1.1, 1.2, 1M1
LO2 AC 2.1, 2.2, 2M1
LO3 AC 3.1, 3.2, 3M1
LO4 AC 4.1, 4.2, 4.3, 4D1
The assignments submitted by learners must achieve the learning outcomes and meet the standards specified by the assessment criteria for the unit. To achieve a merit or distinction grade, the learners must demonstrate that they have achieved all the criteria set for these grades. Where work for the pass standard is marginal, assessors can take into account any extension work completed by the learners. The suggested evidence listed below is how learners can demonstrate that they have met the required standards. The command verbs contained within the AC are highlighted in bold in the suggested evidence boxes.
|
Task number |
LOs and AC |
Suggested evidence PASS |
Suggested additional evidence MERIT |
Suggested additional evidence DISTINCTION |
|
1 |
LO1 |
Learners need to complete the workbook provided. The Pass AC sections are indicated in the workbook. The learners will need to consider a substantial amount of the indicative content. The learners need to reference their work and should not rely on paraphrasing information sources. AC 1.1 The explanations should include examples for each of the four terms in the task. AC 1.2 (a) The outline of contribution (selling price – direct costs = contribution) should include a numerical example. AC 1.2 (b)The learners must explain the significance of break even, not simply define break even. |
Learners need to complete the workbook provided. The Merit AC sections are indicated in the workbook. AC 1M1 The analysis must show how (a) raising and (b) lowering the selling price changes the breakeven level of output. Stronger answers may refer to how changes to selling price change the level of demand. They should identify the main issues and include reference to current research or theory where appropriate. |
Learners need to complete the workbook provided. The Distinction AC sections are indicated in the workbook. |
|
|
LO2
LO3
LO4 |
AC 2.1 The learners must use the figures in the sample assignment and the template in the workbook should be used. AC 2.2 (a) The explanation must include the reasons why both positive and negative variances occur (b) The explanation must include each of the stages of the budgetary process. AC 3.1 The five separate formulae and calculations must be shown in the answer. AC 3.2 The analysis must consider at least two of the components of each element of the ratio, e.g. for the gross profit ratio the learner response must analyse the sales and the elements of cost of sales. The learners should break down the possible reasons for the results into separate parts and examine each part in detail. They should identify the main issues and include reference to current research or theory where appropriate. AC 4.1 The explanation must clearly show that cash is a resource that flows into a business and that profit is calculated by subtracting costs from revenue. Examples will enhance the explanation. AC 4.2 The learners must construct a cashflow based on the figures in the assignment. The cash flow statement must be in a recognised format and clearly show the monthly cash outflow, cash inflow and the cumulative cash position AC 4.3 The analysis must include at least three separate reasons why cash is important to a business. The learners should break down the importance into separate parts and examine each part in detail. They should identify the main issues and include reference to current research or theory where appropriate. |
AC 2M1 The learners’ response must use the figures in the sample assignment and must clearly indicate and analyse the reasons why budget variances for income, expenditure and profit occur. AC 3M1 The analysis must include the range of components making up the ratios analysed in AC 3.2. The analysis must consider a range of ways ratios can be improved. The learners should break down the ways into separate parts and examine each part in detail. They should identify the main issues and include reference to current research or theory where appropriate. |
AC 4D1 is synoptic in nature and assesses learning across LO2 and LO4 The evaluation should be based on one business function, e.g. marketing or HR and analyse the impact of (a) budgetary control and (b) cash flow management. The evaluation must consider a range of benefits. The learners should break down the benefits into separate parts and examine each part in detail. They should identify the main issues, include reference to current research or theory where appropriate and draw a conclusion. |
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