CERTIFICATE IV

SMALL BUSINESS MANAGEMENT

BSB40407

Assessment 1 Management and

Legal

Clustered units
BSBSMB401A
Establish Legal and risk management requirements of a small business
BSBSMB404A
Undertake small business planning

Students name
Students Assessment I.D.
number
Date lodged
Declaration

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By inserting your name and assessment I.D. number,

you the student declare that no part of this assessment was
completed by someone else or plagiarised in any way and you
agree to the assessment process, comments and grade given.
If you have received an NYC, you also agree with the NYC
procedure as outlined in your student handbook.
25 May 2016

Student Instructions.
You are required to answer the questions provided and submit to your assessor for marking. Assessment for this module is an
holistic assessment and is based on;
Part A:

Your completed Business Plan

Part B:

Your completed Financial Plan

Part C:

Question and Answer assessment for each clustered units

Part D:

Completion of Module Projects

Part E:

Discussion between student and coach/trainer/assessor

All questions should be attempted;

On completion - lodge this assessment with your coach.

Registered Training Organisation (R.T.O)

Provider Number 6966

MISSION AUSTRALIA
11 Cleveland Street
STONES CORNER, Queensland 4120

PART C Management and Legal: Question and Answer

Student
Instructions

Once you have completed filling in your answers in the areas below, make sure you
have your full name and password included, then please attach this assessment as an
attachment and email or upload to your coach/trainer for marking.

Assessors name:

Please type in your responses to the following questions in the boxes

provided.

Q1

What are the main elements of a business plan?

Satisfactor
y response
Yes

No

Answer:
Executive summary, Management & Legal Plan, Marketing Plan,

Q2

Operational Plan, Financial Plan, Action Plan, Appendices

What is the difference between a business goal and a business
objective?
Answer:
Business objectives are the steps you take towards your Business goal.

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25 May 2016

Objectives specify time (i.e. in the next month I aim to make $2.50
total business profit), whereas Business Goals are more vague (I want
the business to eventually be making more than $20.00 per year)

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25 May 2016

Q3

Match the following research methods with their respective meaning;

Research Methods

Primary Research
Secondary
Research
Qualitative
Research
Quantitative
Research

Q4

Response:
(enter the
correct
definition
number)

Definition
1 Is based on information gleaned from
studies previously performed by government
agencies, chambers of commerce, trade
associations, and other organizations.
2 Ascertaining how people feel about your
product or service and can involve focus
groups.
3 Research involves getting original
data directly about the product and market.

3
1
2

4 Collection and analysis of numerical data.

Match the following Legislations with their respective meaning;

Response:
(enter the
correct
definition

Legislations

Definition

Competition and
Consumer Act

1 Duty of care to provide a safe and

healthy workplace for yourself, staff,
contractors and visitors as well as
caring for the environment.
2 To protect against anticompetitive
practice, actions against
manufacturers/importers, warranties
and conditions as well as unfair
practices
3 Protects customers against false,
deceptive and misleading claims made
by suppliers
4 To protect against discrimination
based on sex, age, race, political
beliefs and disability etc.

number)

Equal Employment
Opportunity
Consumer
Protection
Work Health and
Safety Act

3
1

Q5

Name three (3) specialist services you could use for your business.

Q6

Answer: Accountant, Solicitor, Mentor

If you were to become sick, how could you ensure your business
continued to operate?

Answer: As a partnership, there are always 2 heads of the business.

We also would always have alternate performers for any given show.

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Q7

Match the following business structures with their respective

definitions;
Definition

Sole Trader

1. The running of the business is

Trust

Q8

correct definition number)

shared between 2-20 people and the

business has its own tax file number .
2. A separate legal entity from its
owners that conducts business in its
own right.
3. An independent entity to
maximise the financial benefits of its
beneficiaries.
4. Easy to set up and close. Simple
to operate with minimal taxation
benefits and the owner is responsible
for all debts of the business.

Company

Response; (enter the

Structure Type

Partnership

3
1
3
4

When are you required to register a business name in Australia?

Answer: As soon as its not your name.

Q9

List what the following common Australian Taxation Office

acronyms stand for.
Term

Stands for:

1
2
3
4
5
6
7

Pay as you go
Australian Business Number
Goods and Services Tax
Tax File Number
Business Activity Statement
Instalment Activity Statement
Pay as you go withholding

P.A.Y.G.
A.B.N.
G.S.T.
T.F.N.
B.A.S.
I.A.S.
P.A.Y.G.W.

Q10

How long must a business retain taxation records for in Australia?

Q11

Answer: 5 Years
Name the six main elements of a valid contract.

Answer: 1) Intention to go into a legal relationship

2) Contract must be offered by one party to the next
3) Consideration
4) Must have legal capacity to enter into contract
5) Genuine consent
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6) The object of the contract is for a legal purpose

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Q12

Q13

1.

Name one (1) business insurance type for each of the following
categories;
Insurance type

Response:

Compulsory

Public Liability

Insurance
Essential Insurance
Desirable Insurance

Professional Indemnity
Burglary

What is Intellectual Property and provide two examples (2) of

Intellectual Property managed by IP Australia?

Answer: Intellectual property is intangible property that is the

result of creativity, such as patents, copyrights, etc.
1. Patents
2. Trade Secrets

Q14

Where can you go to find out if you need a licence or permit to operate
your new business venture?

Answer: ABLIS (ablis.business.gov.au)

Q15

What is the main purpose of a business plan?

Answer: Understanding and control over your business, as well as
greater likelihood of securing finance and the quality upkeep of your
business.

Q16

What is the purpose of a business having a contingency plan?

So that if something goes wrong, they always have a Plan B. That way
theyre less likely to be caught in a bad situation, because theyve
already planned for it.

The students underpinning knowledge was deemed to be:

Satisfactory

Not Yet Satisfactory

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S = Satisfactory
Holistic Assessment Results

NYS = Not Yet Satisfactory

Result

NYS

Part A: Business Plan

Management and Legal sections 2.0 to 2.18 inclusive have been fully completed.
Assessors name and feedback to student:

Part B: Financial Plan

Costs of legal compliance including insurance, business name registrations, risk
measures, contracts and work health and safety issues have been allowed for in the
financial projection expenses.
Assessors name and feedback to student:

Part C: Question and Answer.

Assessors name and feedback to student:

Part D: Projects
Project 1 Establish legal and risk management requirements of a small business
Project 2 Workplace Health and Safety
Project 3 - Risk Management Plan

Assessors name and feedback to student:

Part E: Participation and discussion between student and online

coach/assessor
Discussions, GoToMeetings, phone calls, coaching sessions, emails, assessments and
feedback, completion of written business plan, finance plan and tables, project
assessments question and answer assessment, time spent researching business
idea as supported by the self paced study record.

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NYC Procedure (Where an NYC appears in the Awarded Grade box, the following is to be followed)
Student to arrange extra tuition on ______/_____/_________ at _____________.
Re-sit assessment required by _______/________/__________.
Additional work required.
Other:
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==
Module Assessment Result
Business
Coach/Trainers
Name
Lead Assessors
Name:

eSignature code
or Signature:

Date:

eSignature code
or Signature:

Date:

Awarded Grade

The students underpinning knowledge was deemed

to be:

Competent
Not Yet Competent

Assessors feedback:

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