Assessment Coversheet

Unit/s Assessed FNSACC313 Perform Financial Calculations

Assessment Name FNSACC313 Assignment

Type of Assessment

This summative assessment will enable your assessor to make a judgement of competency based on the submission of your completed assessments against the requirements of the unit/s of competency in this module.

Benchmark

The Assessment Benchmark developed for each unit of competency is the evidence criteria used to judge the quality of performance (i.e. the assessment decision-making rules). Assessors use these benchmarks to make judgements on whether competency has been achieved and to determine if you have performed to the standard expected to meet the unit requirements.

Reasonable Adjustment

Where appropriate Monarch Institute will allow flexibility in the way in which each unit is assessed based on the needs of an individual.

Assessment Coding

Assessment of this course is based on competency-based principles.

S = Satisfactory

NS = Not Satisfactory

If you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as ‘Not Satisfactory’. You are required to be assessed as ‘Satisfactory’ in all assessments for each unit of competency.

Re-assessment

Your assessment can be submitted after you have reviewed the learning materials and practiced enough to feel confident in your resubmission. You have two weeks from your last submission feedback to resubmit. You are re-assessed in only the areas where your assessor has indicated you were initially assessed as NS. It is at the assessor’s discretion to re-assess the entire assessment should an overall understanding not be demonstrated. When you are re-assessed as ‘satisfactory’ after re-submission you will achieve competency for this assessment.

Declaration of Understanding and Authenticity

I acknowledge the assessment process has been explained and agree that I am ready to undertake assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of the appeals process, should the need arise. I also understand I must be assessed as ‘satisfactory’ in all parts of the assessment/s to gain an overall competent result for the unit/s of competency. If I am found to be NS after a second attempt, it is at the assessor ‘s discretion whether I may be permitted one final attempt. I am aware that a ‘not competent’ final outcome means I may incur fees for re-enrolment in the unit/s.

I certify that the attached material is my original work. No other person’s work has been used without due acknowledgement. I understand that the work submitted may be reproduced and/or communicated for the purpose of detecting plagiarism. I understand a person found responsible for academic misconduct will be subject to disciplinary action (refer to Student Information Guide).

* I understand that by typing my name or inserting a digital signature into this box that I agree and am bound by the above student declaration.

Student Name*: Date:

Submission instructions:

1. Complete the Declaration of Understanding and Authenticity (above).

2. Once you have completed all parts of the assessment login to the Monarch Learning Management System (LMS) to submit your assessment.

3. In the LMS, click on the link to ‘Submit [assessment name]’ in your course and upload your assessment files. Click save and then click submit assignment

4. Please be sure to click ‘continue’ after clicking ‘submit assignment’.

Assessment Activities

Calculation and Short Answer

Mathematical techniques and methods of calculation

Activity instructions to candidates

• This is an open book assessment activity.

• Students should use a hand held calculator and/or software to perform calculations.

• You are required to read this assessment and answer all questions that follow.

• Please type your answers in the spaces provided.

• Estimated time for completion of this assessment activity: 2 hours

The following questions are based on the material in the textbook -Perform Financial Calculations- by Patrick Lynch

Question 1

Perform the following calculations:

a. 15 + 5 x 5 =

b. (6 + 4) x 2 =

c. (4 + 2 – 1) x 9 =

d. 14 – 4 x 3 =

e. (9 – 7) x 4 =

f. 11 – (– 4) =

g. 36 - (6 + 20 – 30) =

h. 14/6 x 6/28 =

i. 5/4 x 16/30 =

j. 2/5 ÷ 8/9 =

Question 2

Use the order of computational operations rule to help you complete the grid:

8 X ÷ 6 = 12

X – X

+ 4 ÷ = 7

÷ + –

2 + – 5 = 4

= 12 = 12 = 1

Question 3

Perform the following calculations:

( a ) Convert to a percentage:

( i ) 1/5

( ii ) 1/4

( iii ) 3/4

( b ) Convert to a fraction:

( i ) 33 1/3%

( ii ) 80.0%

( iii ) 37.5%

( c ) Convert to a decimal:

( i ) 35%

( ii ) 1/4

( iii ) 60%

Question 4

Find the value of X in each of the following independent expressions:

a. 3X + 7 = 10

b. 5X - 5 = 20

c. (2X) / 4 = 2

Question 5

An item costing $20 is to be marked up by 50%. What is the selling price?

Question 6

An item selling for $130.00 has been marked up at 60% on cost. What was the cost price?

Question 7

The profit margin on an item is 20%. If the item sells for $50 what did it cost?

Question 8

Mary makes a gross profit of 50% on sales. If her Cost of Sales for the month was $30,000, what were total Sales?

Question 9

A clothing retailer marks shorts down to 12% below cost to clear them. The cost to the retailer was $20 per pair. She has 40 pairs of the shorts left.

(a) What is the new selling price of the shorts?

(b) Assuming that all the shorts are sold, what is the total profit or loss that the retailer makes on the total sale? (Be certain to indicate if profit or loss).

Question 10

An item with an initial list price of $100 is discounted by 10% and then later that a discounted price is discounted by a further 20%. What is its new price after all discounts?

Question 11

( a ) A retailer offers a trade discount of 30% and a cash discount of 10%. If a tradesperson pays cash of $315 for goods:

( i ) What was the list price of the goods bought?

( ii ) What is the percentage saved?

( b ) Mo earns a monthly retainer of $1,000 plus 10% on all sales.

( i ) How much will Mo have to sell in a month in order to earn $4,000?

( ii ) What are Mo’s net earnings for the month? Tax is withheld at the rate of 33 1/3%.

Question 12

Ken is offered a choice of two alternative earnings packages:

Package 1 is commission only, at 20% on all sales.

Package 2 is a monthly salary of $1,000 plus commission of 10% on all sales.

( a ) If Ken expects to make monthly sales of $30,000, under which package would he earn more money? (Show your calculations).

( b ) At which monthly sales level would it make no difference which earnings package he chooses? (Show your calculations).

Question 13

( a ) If the GST payable on a computer is 10%, how much tax is payable on a computer with a GST inclusive sale price of $3,300?

( b ) The cost price to the retailer of an item is $4,400. If this figure includes tax of 10%, what is the price before tax of the item?

Question 14

a) Calculate the value in 6 years of an investment of $1,000 earning 7% simple interest per year.

b) If an investment earning simple interest of 6% p.a. is today worth $1,568, what was the initial investment 2 years ago?

c) How long would you need to invest $800 at a simple interest rate of 5% to earn interest of $400?

d) A sum of $1,200 grows to $1,560 after 5 years. What rate of simple interest is this investment earning?

e) What is the value at maturity (future value) of a $2,000 (present value) investment over 120 days at 5% p.a.? (Assume 365 days in a full year).

f) What is the face value (present value) of an investment at 8% p.a., if at maturity (future value) in 180 days it will be worth $10,394.53? (Assume 365 days in a full year).

Question 15

Using compound interest calculations, determine and replace the missing value (indicated by the ‘?’). (You can use a financial calculator, internet calculator, formulae or a spreadsheet).

Present Value Future Value Interest Rate Period (years)

a. $5,000 ? 8% 5

b. $7,000 $14,000 ?% 8

c. $9,000 $18,000 6% ?

Question 16

Ben and Karen disagree on how many years it would take for $1,000 to accumulate to $1,814.02 if it earned 6% p.a. paid quarterly? Ben believes it would take 10.22 years. Karen says it will take only 10 years.

As the financial expert, your organisation requires you to check their calculations for any computation errors and explain who is correct and why.

Tip: Refer examples in Chapter 3.2 of your textbook, Solving for I and N.

Ben and Karen used the following parameters to perform their financial calculations:

Ben used:

i = 6% p.a.

PV = $1,000.00

FV = $1,814.02

Therefore Ben calculated it will take, n = 10.22 years

Karen used:

i = 6% p.a. / 4 = 1.5% per quarter

PV = $1,000.00

FV = $1,814.02

Therefore Karen calculated it will take, n = 40 quarters, that is 40/4 = 10 years.

( a ) Which answer is correct?

( b ) What is the error with the incorrect calculation? Explain why it is wrong.

Question 17

What interest rate is an investment earning if it grows from $2,000 to $2,960.49 in 5 years with interest paid twice per annum?

Question 18

How many years would you need to invest a sum of money at 10% p.a. in order for it to double in value with interest paid quarterly?

Question 19

Given the annual interest rate of 10.00% per annum, what is the effective rate if the compounding period is:

( a ) Monthly?

( b ) Daily? (Assume 365 days in year)

Question 20

( a ) Calculate the repayments on a loan of $18,500 repayable over sixty equal monthly instalments at an interest rate of 6.0% p.a.

( b ) A borrower is making semi-annual repayments of $4,000 on a loan at 9%, the loan being taken over 20 years. How much was the original amount of the loan?

( c ) Find the interest rate at which deposits of $250 at the end of every month for ten years will accumulate to $57,509.67.

( d ) How much should an investor deposit now, to produce an annuity of $10,000 per year, for ten years given an annual interest rate of 9%.

Question 21

You borrow $30,000 to be repaid in equal monthly instalments over 10 years. The interest on the loan is 12% p.a. (1% per month)

( a ) What is the monthly repayment?

( b ) How much would it cost to pay out the loan after 4 years? (Note: The payout figure is the amount owing on the loan, that is, the principal balance.)

( c ) How much interest is saved by paying out the loan after only 4 years?

Question 22

An asset which cost $15,000 on 1st January 2015 has an expected useful life of 10 years and a residual value of $1,000.

( a ) Calculate the depreciation charge per annum using the straight line method.

( b ) What will its written down value be on 30th June 2016?

Question 23

You are the accountant at Grenfeld Pty Ltd. Your firm’s depreciation policy is to depreciate its assets using the reducing balance method of depreciation. An item of plant, which cost $16,000 on 1st July 2015, is being depreciated at 25% per annum.

Calculate the missing values and complete the table:

Year ending Opening

Written Down Value Depreciation Charge (for this year) Closing

Written Down Value

30 June 2016 $ $ $

30 June 2017 $ $ $

Question 24

A business uses its motor vehicles for 200,000 kilometres, at which time they are sold. A motor vehicle costing $30,000 has an expected resale value of $5,000 after 200,000 kilometres.

What is the depreciation charged for a year in which the vehicle travels 90,000km?

Question 25

COSAB produces a product which has a unit variable cost of $8.00 per unit and a fixed cost of $100,000. Each unit has a selling price of $12.00.

Required: Determine the following, assuming 40,000 units are produced and sold:

( a ) Total variable costs

( b ) Total costs.

( c ) Revenue (only) from the sale of 40,000 units

( d ) Profit from the sale of 40,000 units

Question 26

Dell Co. sells its product at a unit price of $80.00, representing a mark-up of 60% on cost.

Required: Calculate the unit cost.

Question 27

Lou has started a new business selling roller blades. Each set of blades will cost $100 and will retail for $150. The annual rent is $5,000.

Required: Assuming that 100 units are sold, calculate and provide the following:

Sales $

Variable Costs $

Contribution Margin $

Fixed Costs $

Profit (Loss)

Note: you must state if profit or a loss $

Question 28

CalcCo sells calculators at a unit price of $60.00. The variable cost per unit is $20.00, with fixed costs of $160,000.

Required:

( a ) Sales breakeven in units

( b ) Sales breakeven in dollars

( c ) Complete the table for the following levels of activity:

Activity (units) 0 1,000 2,000 3,000 4,000 5,000 6,000

Total

Revenue $

Total

Costs $

( d ) In the grid provided, graph the revenues and costs for the respective levels of activity and indicate the breakeven point (be certain to label your graph curves and to mark the Breakeven Point)

You may prepare the grid in Excel and then copy it into the assignment. Or you may prepare the grid manually and then scan it to a PDF document.

Unit/s Assessed FNSACC313 Perform Financial Calculations

Assessment Name FNSACC313 Assignment

Type of Assessment

This summative assessment will enable your assessor to make a judgement of competency based on the submission of your completed assessments against the requirements of the unit/s of competency in this module.

Benchmark

The Assessment Benchmark developed for each unit of competency is the evidence criteria used to judge the quality of performance (i.e. the assessment decision-making rules). Assessors use these benchmarks to make judgements on whether competency has been achieved and to determine if you have performed to the standard expected to meet the unit requirements.

Reasonable Adjustment

Where appropriate Monarch Institute will allow flexibility in the way in which each unit is assessed based on the needs of an individual.

Assessment Coding

Assessment of this course is based on competency-based principles.

S = Satisfactory

NS = Not Satisfactory

If you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as ‘Not Satisfactory’. You are required to be assessed as ‘Satisfactory’ in all assessments for each unit of competency.

Re-assessment

Your assessment can be submitted after you have reviewed the learning materials and practiced enough to feel confident in your resubmission. You have two weeks from your last submission feedback to resubmit. You are re-assessed in only the areas where your assessor has indicated you were initially assessed as NS. It is at the assessor’s discretion to re-assess the entire assessment should an overall understanding not be demonstrated. When you are re-assessed as ‘satisfactory’ after re-submission you will achieve competency for this assessment.

Declaration of Understanding and Authenticity

I acknowledge the assessment process has been explained and agree that I am ready to undertake assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of the appeals process, should the need arise. I also understand I must be assessed as ‘satisfactory’ in all parts of the assessment/s to gain an overall competent result for the unit/s of competency. If I am found to be NS after a second attempt, it is at the assessor ‘s discretion whether I may be permitted one final attempt. I am aware that a ‘not competent’ final outcome means I may incur fees for re-enrolment in the unit/s.

I certify that the attached material is my original work. No other person’s work has been used without due acknowledgement. I understand that the work submitted may be reproduced and/or communicated for the purpose of detecting plagiarism. I understand a person found responsible for academic misconduct will be subject to disciplinary action (refer to Student Information Guide).

* I understand that by typing my name or inserting a digital signature into this box that I agree and am bound by the above student declaration.

Student Name*: Date:

Submission instructions:

1. Complete the Declaration of Understanding and Authenticity (above).

2. Once you have completed all parts of the assessment login to the Monarch Learning Management System (LMS) to submit your assessment.

3. In the LMS, click on the link to ‘Submit [assessment name]’ in your course and upload your assessment files. Click save and then click submit assignment

4. Please be sure to click ‘continue’ after clicking ‘submit assignment’.

Assessment Activities

Calculation and Short Answer

Mathematical techniques and methods of calculation

Activity instructions to candidates

• This is an open book assessment activity.

• Students should use a hand held calculator and/or software to perform calculations.

• You are required to read this assessment and answer all questions that follow.

• Please type your answers in the spaces provided.

• Estimated time for completion of this assessment activity: 2 hours

The following questions are based on the material in the textbook -Perform Financial Calculations- by Patrick Lynch

Question 1

Perform the following calculations:

a. 15 + 5 x 5 =

b. (6 + 4) x 2 =

c. (4 + 2 – 1) x 9 =

d. 14 – 4 x 3 =

e. (9 – 7) x 4 =

f. 11 – (– 4) =

g. 36 - (6 + 20 – 30) =

h. 14/6 x 6/28 =

i. 5/4 x 16/30 =

j. 2/5 ÷ 8/9 =

Question 2

Use the order of computational operations rule to help you complete the grid:

8 X ÷ 6 = 12

X – X

+ 4 ÷ = 7

÷ + –

2 + – 5 = 4

= 12 = 12 = 1

Question 3

Perform the following calculations:

( a ) Convert to a percentage:

( i ) 1/5

( ii ) 1/4

( iii ) 3/4

( b ) Convert to a fraction:

( i ) 33 1/3%

( ii ) 80.0%

( iii ) 37.5%

( c ) Convert to a decimal:

( i ) 35%

( ii ) 1/4

( iii ) 60%

Question 4

Find the value of X in each of the following independent expressions:

a. 3X + 7 = 10

b. 5X - 5 = 20

c. (2X) / 4 = 2

Question 5

An item costing $20 is to be marked up by 50%. What is the selling price?

Question 6

An item selling for $130.00 has been marked up at 60% on cost. What was the cost price?

Question 7

The profit margin on an item is 20%. If the item sells for $50 what did it cost?

Question 8

Mary makes a gross profit of 50% on sales. If her Cost of Sales for the month was $30,000, what were total Sales?

Question 9

A clothing retailer marks shorts down to 12% below cost to clear them. The cost to the retailer was $20 per pair. She has 40 pairs of the shorts left.

(a) What is the new selling price of the shorts?

(b) Assuming that all the shorts are sold, what is the total profit or loss that the retailer makes on the total sale? (Be certain to indicate if profit or loss).

Question 10

An item with an initial list price of $100 is discounted by 10% and then later that a discounted price is discounted by a further 20%. What is its new price after all discounts?

Question 11

( a ) A retailer offers a trade discount of 30% and a cash discount of 10%. If a tradesperson pays cash of $315 for goods:

( i ) What was the list price of the goods bought?

( ii ) What is the percentage saved?

( b ) Mo earns a monthly retainer of $1,000 plus 10% on all sales.

( i ) How much will Mo have to sell in a month in order to earn $4,000?

( ii ) What are Mo’s net earnings for the month? Tax is withheld at the rate of 33 1/3%.

Question 12

Ken is offered a choice of two alternative earnings packages:

Package 1 is commission only, at 20% on all sales.

Package 2 is a monthly salary of $1,000 plus commission of 10% on all sales.

( a ) If Ken expects to make monthly sales of $30,000, under which package would he earn more money? (Show your calculations).

( b ) At which monthly sales level would it make no difference which earnings package he chooses? (Show your calculations).

Question 13

( a ) If the GST payable on a computer is 10%, how much tax is payable on a computer with a GST inclusive sale price of $3,300?

( b ) The cost price to the retailer of an item is $4,400. If this figure includes tax of 10%, what is the price before tax of the item?

Question 14

a) Calculate the value in 6 years of an investment of $1,000 earning 7% simple interest per year.

b) If an investment earning simple interest of 6% p.a. is today worth $1,568, what was the initial investment 2 years ago?

c) How long would you need to invest $800 at a simple interest rate of 5% to earn interest of $400?

d) A sum of $1,200 grows to $1,560 after 5 years. What rate of simple interest is this investment earning?

e) What is the value at maturity (future value) of a $2,000 (present value) investment over 120 days at 5% p.a.? (Assume 365 days in a full year).

f) What is the face value (present value) of an investment at 8% p.a., if at maturity (future value) in 180 days it will be worth $10,394.53? (Assume 365 days in a full year).

Question 15

Using compound interest calculations, determine and replace the missing value (indicated by the ‘?’). (You can use a financial calculator, internet calculator, formulae or a spreadsheet).

Present Value Future Value Interest Rate Period (years)

a. $5,000 ? 8% 5

b. $7,000 $14,000 ?% 8

c. $9,000 $18,000 6% ?

Question 16

Ben and Karen disagree on how many years it would take for $1,000 to accumulate to $1,814.02 if it earned 6% p.a. paid quarterly? Ben believes it would take 10.22 years. Karen says it will take only 10 years.

As the financial expert, your organisation requires you to check their calculations for any computation errors and explain who is correct and why.

Tip: Refer examples in Chapter 3.2 of your textbook, Solving for I and N.

Ben and Karen used the following parameters to perform their financial calculations:

Ben used:

i = 6% p.a.

PV = $1,000.00

FV = $1,814.02

Therefore Ben calculated it will take, n = 10.22 years

Karen used:

i = 6% p.a. / 4 = 1.5% per quarter

PV = $1,000.00

FV = $1,814.02

Therefore Karen calculated it will take, n = 40 quarters, that is 40/4 = 10 years.

( a ) Which answer is correct?

( b ) What is the error with the incorrect calculation? Explain why it is wrong.

Question 17

What interest rate is an investment earning if it grows from $2,000 to $2,960.49 in 5 years with interest paid twice per annum?

Question 18

How many years would you need to invest a sum of money at 10% p.a. in order for it to double in value with interest paid quarterly?

Question 19

Given the annual interest rate of 10.00% per annum, what is the effective rate if the compounding period is:

( a ) Monthly?

( b ) Daily? (Assume 365 days in year)

Question 20

( a ) Calculate the repayments on a loan of $18,500 repayable over sixty equal monthly instalments at an interest rate of 6.0% p.a.

( b ) A borrower is making semi-annual repayments of $4,000 on a loan at 9%, the loan being taken over 20 years. How much was the original amount of the loan?

( c ) Find the interest rate at which deposits of $250 at the end of every month for ten years will accumulate to $57,509.67.

( d ) How much should an investor deposit now, to produce an annuity of $10,000 per year, for ten years given an annual interest rate of 9%.

Question 21

You borrow $30,000 to be repaid in equal monthly instalments over 10 years. The interest on the loan is 12% p.a. (1% per month)

( a ) What is the monthly repayment?

( b ) How much would it cost to pay out the loan after 4 years? (Note: The payout figure is the amount owing on the loan, that is, the principal balance.)

( c ) How much interest is saved by paying out the loan after only 4 years?

Question 22

An asset which cost $15,000 on 1st January 2015 has an expected useful life of 10 years and a residual value of $1,000.

( a ) Calculate the depreciation charge per annum using the straight line method.

( b ) What will its written down value be on 30th June 2016?

Question 23

You are the accountant at Grenfeld Pty Ltd. Your firm’s depreciation policy is to depreciate its assets using the reducing balance method of depreciation. An item of plant, which cost $16,000 on 1st July 2015, is being depreciated at 25% per annum.

Calculate the missing values and complete the table:

Year ending Opening

Written Down Value Depreciation Charge (for this year) Closing

Written Down Value

30 June 2016 $ $ $

30 June 2017 $ $ $

Question 24

A business uses its motor vehicles for 200,000 kilometres, at which time they are sold. A motor vehicle costing $30,000 has an expected resale value of $5,000 after 200,000 kilometres.

What is the depreciation charged for a year in which the vehicle travels 90,000km?

Question 25

COSAB produces a product which has a unit variable cost of $8.00 per unit and a fixed cost of $100,000. Each unit has a selling price of $12.00.

Required: Determine the following, assuming 40,000 units are produced and sold:

( a ) Total variable costs

( b ) Total costs.

( c ) Revenue (only) from the sale of 40,000 units

( d ) Profit from the sale of 40,000 units

Question 26

Dell Co. sells its product at a unit price of $80.00, representing a mark-up of 60% on cost.

Required: Calculate the unit cost.

Question 27

Lou has started a new business selling roller blades. Each set of blades will cost $100 and will retail for $150. The annual rent is $5,000.

Required: Assuming that 100 units are sold, calculate and provide the following:

Sales $

Variable Costs $

Contribution Margin $

Fixed Costs $

Profit (Loss)

Note: you must state if profit or a loss $

Question 28

CalcCo sells calculators at a unit price of $60.00. The variable cost per unit is $20.00, with fixed costs of $160,000.

Required:

( a ) Sales breakeven in units

( b ) Sales breakeven in dollars

( c ) Complete the table for the following levels of activity:

Activity (units) 0 1,000 2,000 3,000 4,000 5,000 6,000

Total

Revenue $

Total

Costs $

( d ) In the grid provided, graph the revenues and costs for the respective levels of activity and indicate the breakeven point (be certain to label your graph curves and to mark the Breakeven Point)

You may prepare the grid in Excel and then copy it into the assignment. Or you may prepare the grid manually and then scan it to a PDF document.

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