Unit of competency Outline
Date retreived
24/07/2026 12:45 AM AWST
24/07/2026 12:45 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Be MoneySmart through a career in small business
Be MoneySmart through a career in small business
Unit of competency
National Code
FNSFLT401A
FNSFLT401A
State Code
WG852
WG852
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
04/09/2013
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
04/09/2013
Nominal Hours
35
Description
This unit describes the performance outcomes, skills and knowledge required to enable a person engaged in a small business occupation to determine the key financial requirements for establishing and maintaining a successful small/micro business.
Notes
Elements and Performance Criteria
No information
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Financial decisions relevant to the business include:
cost of labour hire
cost of compliance
cost of managing debtors and offering credit
insurance requirements:
business insurance to mitigate risk and business interruption
income protection
workers’ compensation.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Financial decisions relevant to the business include:
cost of labour hire
cost of compliance
cost of managing debtors and offering credit
insurance requirements:
business insurance to mitigate risk and business interruption
income protection
workers’ compensation.
EVIDENCE GUIDE
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
analyse financial information impacting on small/micro business
make sound financial decisions in small/micro business context
identify costs associated with running a business:
labour hire
employee entitlements
compliance with occupational licensing and other legislation as required
cash flow management
identify, manage and meet legal and other relevant business requirements.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the range statement
access to current information about personal and business financial matters.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit
verbal or written questioning on underpinning knowledge and skills
setting and reviewing simulations or scenarios.
Guidance information for assessment
The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
analyse financial information impacting on small/micro business
make sound financial decisions in small/micro business context
identify costs associated with running a business:
labour hire
employee entitlements
compliance with occupational licensing and other legislation as required
cash flow management
identify, manage and meet legal and other relevant business requirements.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the range statement
access to current information about personal and business financial matters.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit
verbal or written questioning on underpinning knowledge and skills
setting and reviewing simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ94 | FNSFLT401 | Be MoneySmart through a career in small business | Unit of competency |