Unit of competency Outline

Date retreived
23/07/2026 6:02 PM AWST

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Be MoneySmart through a career in small business

Be MoneySmart through a career in small business

Unit of competency
National Code
FNSFLT401
State Code
AUQ94
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
16/09/2015
Nominal Hours
35
Description
This unit describes the skills and knowledge required to determine the key financial requirements for establishing and maintaining a successful small or micro business.It applies to individuals engaged in a small business occupation, such as trade-based operators, seeking to enhance their financial literacy. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Demonstrate knowledge of costs and benefits of small and micro business
  • 1.1 Determine business objectives and opportunities
  • 1.2 Identify benefits and disadvantages of operating a small or micro business
  • 1.3 Identify start-up and ongoing costs associated with running a small or micro business
2. Analyse obligations and risks of operating a small or micro business
  • 2.1 Determine legal and regulatory requirements affecting operations of the business
  • 2.2 Investigate financial decisions relevant to different business models
  • 2.3 Identify insurance requirements and related mitigation strategies
  • 2.4 Analyse taxation and record-keeping obligations
3. Identify mechanisms for supporting business success
  • 3.1 Research licensing, legal and regulatory responsibilities required to ensure compliance of the business
  • 3.2 Investigate business processes required to maintain appropriate records
  • 3.3 Identify long-term career goals and/or continuing education to support business objectives
4. Examine opportunities for business learning, mentoring and advice
  • 4.1 Identify key components of a business plan and skills and knowledge required to develop and monitor the business
  • 4.2 Evaluate personal attributes required to operate a small or micro business
  • 4.3 Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged
No information
No information
Replaces
State Code National Code Title Type
WG852 FNSFLT401A Be MoneySmart through a career in small business Unit of competency
Replaced By
State Code National Code Title Type
OCZ16 FNSFLT411 Determine financial requirements of small businesses Unit of competency
State Code National Code Title Type
BFF4 FNS41820 Certificate IV in Financial Services Qualification
AVY4 FNS41815 Certificate IV in Financial Services Qualification