Hey andrew
I went to your trials lecture and thought it was awesome!!! Glad to see you're on here ;)
I thought the exam was really hard.. especially the mc!! DONE NOW THO!!!
Edit: your book was amazing ;D ;D helped a lot!!! Thank you ;D
We recruited him to the forums for this special day in Business Studies history ;)Hahaha, thanks elyse and the rest of AN for your recruitment ;D
Thanks for sharing your kind words!
Hey!!
i also thort exam was hard! :( :( :(
Not sure if I was overthinking the questions (like the pasta one...) but the multiple choices were hard. Apart from that the SAs/report/ER were standard stuff.
HSC over :)
Would NESA accept Bill of Exchange as an answer?
Not sure if I was overthinking the questions (like the pasta one...) but the multiple choices were hard. Apart from that the SAs/report/ER were standard stuff.
HSC over :)
uhhhh what pasta one? :o
Over? Finished?! Hooray! Congratulations!
Hey guys, for the essay question where we had to use case studies, I did the second one, but instead of 'roles of operations management', I talked about 'operations strategies'
I discussed performance objectives, supply chain management, outsourcing, technology, quality, and global strategies, and linked them to being cost efficient and having new ideas to differentiate.
Do you think I would get more than a 10/20? :/
Something about a large manufacturer of pasta buying flour in which type of market. I wasn't sure if "in" meant as a market participant or whether it was referring to the sellers. I chose the former.
Hey guys, for the essay question where we had to use case studies, I did the second one, but instead of 'roles of operations management', I talked about 'operations strategies'tbh, i thought that the essay q on operations was quite narrow so lets hope that you won't get marked down heaps if you branched out a lot (coz i did) ;)
I discussed performance objectives, supply chain management, outsourcing, technology, quality, and global strategies, and linked them to being cost efficient and having new ideas to differentiate.
Do you think I would get more than a 10/20? :/
Hey. so in my business report i crossed out like 5 lines but then i realised that what i was saying was correct and drew a little note saying "read this" but only drew a line to the first sentence i crossed out, i heard markers don't read things that are crossed out and im getting scared that they might ignore it, does anyone know about stuff like this ?I think if you noted for them to read it, and it is still readable, then the marker would.(could be wrong)
Hey guys, for the essay question where we had to use case studies, I did the second one, but instead of 'roles of operations management', I talked about 'operations strategies'
I discussed performance objectives, supply chain management, outsourcing, technology, quality, and global strategies, and linked them to being cost efficient and having new ideas to differentiate.
Do you think I would get more than a 10/20? :/
Hey guys, for the essay question where we had to use case studies, I did the second one, but instead of 'roles of operations management', I talked about 'operations strategies'
I discussed performance objectives, supply chain management, outsourcing, technology, quality, and global strategies, and linked them to being cost efficient and having new ideas to differentiate.
Do you think I would get more than a 10/20? :/
It didn't say role did it? If it did you should be fine, role is too narrow for an extended response.
I think it mentioned 'operations management'
Yeah it was like "Analyse the impact of globalisation on operations management" IIRC. This encompasses strategies so you (and I) are fine I think.Phew! Thanks:)
Idk if this has been asked.Yeah i agree. Put industrial.
Flour.
Industrial or resource?
I put industrial but many people thought resource.
My understanding is that resource is the natural state of the product as it appears in nature, whereas industrial is when the natural resource gets transformed a bit to be sold to another business for their own transformation process. :o
Hey all! My name is Andrew and I am the Business Studies lecturer and author of the notes.
Firstly... CONGRATS ON FINISHING THIS EXAM!!! Trust me when I say this... you've probably done better than what you expect!
This thread is here for you to share your thoughts of the exam. Let it out below!
Im working on the answers now and I'll post them right here when I'm done!
Is it right for the business report if I did profitability (expense minimisation, cost centres, fixed and variable costs) and global strategies (derivatives, interest rates, exchange rates, methods of international payments)?
I wasn't sure if global strategies were relevant
Hey all! My name is Andrew and I am the Business Studies lecturer and author of the notes.for the last question on mcqs section i put D
Hey all! My name is Andrew and I am the Business Studies lecturer and author of the notes.I put down D as well!
for the last question on mcqs section i put D
Multiple Choice and Question 27 have been added to the answers. Flip back to page one of this thread to see them in the spoilers of the original psot!
Unfortunately we had issues with getting section two of the paper. If you can tell us the question for it, we'd appreciate that! :)
For the strategic role of finance, is maximising profits correct?
For the strategic role of finance, is maximising profits correct?I talked about how strategic financial management was about the effective allocation of resources within the business, and the financial reporting and interpreting of financial data to identify weaknesses within the financial health of the business.
Multiple Choice and Question 27 have been added to the answers. Flip back to page one of this thread to see them in the spoilers of the original psot!
Unfortunately we had issues with getting section two of the paper. If you can tell us the question for it, we'd appreciate that! :)
hey elyse. is there any way that you could ask him to put down the actual answer and not the letter? i dont exactly remember the letters and pretty sure some other dont as well XD
Do you mean for multiple choice? :) I've got a copy of the paper so I'll go and fill that out if that's what you mean! :)
Do you mean for multiple choice? :) I've got a copy of the paper so I'll go and fill that out if that's what you mean! :)yeah. oh ok ty :)
where can we view the actual paper cause it is hard to remember what questions were asked for multiple choice
ability to pay debts as they fall due - liquidity or solvency??Liquidity
Hmm i put liquidity instead of solvency - The "as they fall due" makes it sound like short term but I'm probably wrong :(
Hey could you send the copy of the paper to me as well?
Thanks
Was question 17 asking about the expense ratio? Because I think the answer was the difference between gross profit ratio and net profit ratio
Was question 17 asking about the expense ratio? Because I think the answer was the difference between gross profit ratio and net profit ratio
Yeah question 17 is that question. I got the same I made up some numbers and worked it out and it came out the difference between the two so I'm guessing it's right
Question 17:
The expense ratio (total expenses divided by sales) is always...
So you could be right? What did everyone else think for this one?
Liquidity
I think it should be industrial, not resource, since flour is used to help with production of other products.
I think it should be industrial, not resource, since flour is used to help with production of other products.
I thought the multiple choice was pretty good. Was surprised there wasn't a balance sheet or cash flow statement for the short answer. For the essay question, I chose the second one and looked at operations strategies closely since the question was really broad, referring only to "operations management" and then I also crept into other operations areas like the process (inputs, transformation, outputs) and performance objectives.
How did everyone approach the second essay question?
I can't remember the scenario so might be wrong, but for q3, i put C (opportunity to overcome a threat). Wasn't the scenario that the business extended their working hours (taking advantage of an opportunity rather than strength they possessed) to overcome the threat of increasing competition?
I thought the multiple choice was pretty good. Was surprised there wasn't a balance sheet or cash flow statement for the short answer. For the essay question, I chose the second one and looked at operations strategies closely since the question was really broad, referring only to "operations management" and then I also crept into other operations areas like the process (inputs, transformation, outputs) and performance objectives.
How did everyone approach the second essay question?
Sameee I thought the multiple choice was pretty decent and I didn't really have enough time to write the response so I ended up writing only 2 paragraphs/4 pages about supply chain management - global sourcing and outsourcing, link them competitive advantage, touched a bit on performance objectives and mainly how those can lead the business to achieve the roles of cost leadership and product differentiation.
Question 17:
The expense ratio (total expenses divided by sales) is always...
So you could be right? What did everyone else think for this one?
Couldn’t agree more. For a brief summary of what I would discuss see page one. Other ideas are totally encouraged though! Thanks.
OMG I kinda wrote something similar to you!!! My main paragraphs were about outsourcing and global sourcing haha (: Short answer was such a killer! I felt like every time I flipped the page, new questions kept popping up!
Ahh, by extending their working hours, the business creates a strength for itself as it has a competitive advantage over other businesses. And because of creating this strength, it is able to overcome the threat of a new business opening up (I believe that was the scenario in the question? I don't remember it too clearly)
Yeah I put liquidity too, but damn it if the answer's actually solvency.
Let's try:
Sales: $10000
GP: $5000
COGS: $5000
NP: $3000
Non-COGS expenses: $2000
In this situation,
GPR = 5000/10000 = 0.5:1
NPR = 3000/10000 = 0.3:1
ER = 7000/10000 = 0.7:1
As I understand it expenses means COGS+other expenses (it did say total expenses/sales) so I put D (always higher than net profit). I also used an example with NP = 1 to confirm this. If expenses doesn't include COGS then B is correct.
I got Solvency for that one too because all ITS debts which can include both short and long term debts. Anyway, can you please tell me the answer to the question that was talking about the responsibility of [employees, employers, union, society].... in flexibility, expansion something?
I agree with solvency, long term debts can "fall due" just like short term debts. The answer to that was employers.
Let's try:
Sales: $10000
GP: $5000
COGS: $5000
NP: $3000
Non-COGS expenses: $2000
In this situation,
GPR = 5000/10000 = 0.5:1
NPR = 3000/10000 = 0.3:1
ER = 7000/10000 = 0.7:1
As I understand it expenses means COGS+other expenses (it did say total expenses/sales) so I put D (always higher than net profit). I also used an example with NP = 1 to confirm this. If expenses doesn't include COGS then B is correct.
Not sure if this has been asked or not, but did anyone else put 15) b) (industry averages). I feel as if comparative ratio analysis doesn't necessarily reflect the efficiency/profitability/liquidity/solvency nearly as well as industry averages (e.g. ratios may be low but if its better than industry average, would it still not be good?)
Hi, I am new here! ;D
I got A for this question because COGS is not part of expenses in the expense ratio calculation despite saying total expenses- here the total is to cover the different types of expenses like operating expenses.(I'm almost 100% sure), so using your exmaple:
Sales: 10,000
COGS: 5,000
Gross Profit: 5,000
Expenses: 2,000
Net profit: 3,000
Thus, GPR= 50%
NPR=30%
Expense ratio= 20%
So it is evident that the expense ratio is always... A) the difference between the net profit ratio and the gross profit ratio
Another way to think about this is NPR= np/sales = gp-expeness/sales = gp/sales - expenses/sales = GPR - Expense ratio
Any different opinions?
I used Cash flow management for my report instead of global financial :( will I lose marks for this??? ;___;
I used Cash flow management for my report instead of global financial :( will I lose marks for this??? ;___;you never really "loose marks." As long as you justify whatever you choose to recommend, you will be fine. I think the important part is backing up your recommendation, unless the thing you say is completely irrelevant (which is definitely not in your case :))
Not sure if this has been asked or not, but did anyone else put 15) b) (industry averages). I feel as if comparative ratio analysis doesn't necessarily reflect the efficiency/profitability/liquidity/solvency nearly as well as industry averages (e.g. ratios may be low but if its better than industry average, would it still not be good?)I felt as though just the sales and assets isn't enough to compare with the industry average. For instance, you might make $1 000 000 in sales, but how much profit are you really making? It's hard to make a link between profitability and sales, as a business may be increasing in sales, while making 0 profit. That's why I thought industry average was not enough.
Hi, I am new here! ;D
I got A for this question because COGS is not part of expenses in the expense ratio calculation despite saying total expenses- here the total is to cover the different types of expenses like operating expenses.(I'm almost 100% sure), so using your exmaple:
Sales: 10,000
COGS: 5,000
Gross Profit: 5,000
Expenses: 2,000
Net profit: 3,000
Thus, GPR= 50%
NPR=30%
Expense ratio= 20%
So it is evident that the expense ratio is always... A) the difference between the net profit ratio and the gross profit ratio
Another way to think about this is NPR= np/sales = gp-expeness/sales = gp/sales - expenses/sales = GPR - Expense ratio
Any different opinions?
From the Business Studies in Action textbook:
The expense ratio compares total expenses with sales. The ratio indicates the amount of sales that are allocated to individual expenses, such as selling, administration, COGS and financial expenses.
Of course it's entirely possible that NESA disagrees with this. It happened last year with the sociocultural/economic question. But why else would they label it "total expenses"? What else, apart from regular expenses, is included in "total expenses"?
Fair enough, I didn't see that in the textbook! But, I have a feeling it might have been irrelevant. Can u please tell me what option B was so I try to disprove it/ prove it with some more trials
Thanks!
i may be wrong but for question 7, where the options were economic, pyschological, sociocultural and government, would it not be pyschological factors influencing the individuals choice, because under pyschological there's a point called learning which describes the changes in an individual behaviour because of an experience, through: friend's perception of the product
Sorry I thought option B was the difference one as you said. It's either that (A?) or my theory (D). Just depends whether COGS is included or not in expenses.
What was this liquidity question? I forgot which question that was
Oh sorry I thought you meant B was your answer. So what was D then? Sorry I didn't really spend too long on this question because I thought I got it straight away lol but turns out it's more complicated maybe?!
for the business report i did cash flow management and working capital management.. so is this wrong?
[/quote
There is really no wrong answers in the report as long as you justify your response and how it will help improve financial performance you will be fine
Hi guys im new here :)
-For the finance short answer about methods of payment and reducing risk for the business i said that it would be payment in advance as "it ensures payment for the business and hence reduces financial risk" Is this right or was it supposed to be the clean payments route? or are they both valid because the question wasn't that specific?
- For the operations short answer about assessing strategies for the bank i did quality management and said that quality assurance would be used by setting standards about customer service quality and ensuring that they are met, is that valid to say?
Does anyone know specifically what the industrial resource m/c question was?
what mark do you think i will get ?
Band 6 cut off this year?I reckon 86 raw
D > expenses ratio is always higher than net profit ratio. I showed an example a few posts back but I'm not 100% on it.
My guess was letter of credit, as clean payment relies on trusting that the goods are going to be sent when the payment is made.
Im not sure if payment in advance would be the right answer as the business imports it's products from China so this method would offer high risk to the business but a low risk to the exporter, I think clean payment would be the most correct answer for the question as it reduces any form of financial risk in that the business wont send the payment of the computers until it receives the goods.
And for your operations short answer quality management would be a correct answer but it all comes down to how well you justified your response and structured it to the question
I reckon 86 raw
My guess was letter of credit, as clean payment relies on trusting that the goods are going to be sent when the payment is made.
Letter of credit is a letter issued by the bank to serve as a guarantee that the goods and products are made to the customer.
What about bill of exchange?Bill of exchange is a payment instrument that serves as an international trade activity where one party agrees to pay a fixed amount at a predetermined date. My guess for why this is not as strong as letter of credit is that the customer of the business has agreed to pay at a time that was agreed beforehand. So, what happens to delays with the shipping? The customer is still required to hand over the cash at that time, regardless of whether or not the goods has been delivered.
I used clean payment. I suppose so long as you don't try and justify one that is extremely dangerous to the importer, you can get marks for what you tried to reason out.Was just about to say this, clean payment, letter of credit and bill of exchange (if justified correctly) can all be awarded full marks, there isn't only one answer as people are saying which is only clean payment.
I reckon 86 rawSo does that mean everything below 86 gets scaled down really low? If so, what band?
So does that mean everything below 86 gets scaled down really low? If so, what band?Ok so with scaling, well here are a few pointers from what I understand that hopefuly calrifies it a bit:
Ok so with scaling, well here are a few pointers from what I understand that hopefuly calrifies it a bit:
First 2 are done by NESA:
SO you get a mark on the exam (raw mark) and this mark determines (not really sure how- maybe the scaling that i will mention soon) but is probably not the "Examination Mark" written on your results
This is commonly thought of as 50% of the hsc mark.
1. The other 50% is your Assessment (internal mark) which is MODERATED based on your rank within your school and by how much those ranks differ (e.g. if number one is 90 and you are 89 and second then you will not be impacted too badly) and is also based on your examination mark.
2. There is another process called ALIGNING which compares cohorts. So if NESA think standards of responses are good, then everyone gets shifted up. This means accelerants will not be dogged if an exam is easier the next year, because getting a 95 in one year is made to be the same as a different year.
The last thing which is the actual SCALING is done by UAC
3. Scaling is done to compare different subjects. UAC looks at all the different subjects a student does that business kids do and sees how they perform in them. So if the students to bad in other subjects, business will scale down because this gives the impression that it is an easier subject. And obviously vise versa, so for 4U maths, students doing it ace everything else but get low mark in that, must mean it is hard, so it scales a crap tone UP. Scaling is done to the raw examination mark (I think).
Don't worry too much about these processes because at the end of the day it is out of contorl. But a higher external raw mark is critical to doing well overall and so is a good internal rank. When I say 86, that is my opinion for guaranteed band 6, but maybe 84? really depends
"14. (Industrial - first I thought Resource but you guys make great points. I am now erring on industrial side as most likely)"Flour isn't in the resource market. That's wheat. Wheat is used to make flour which is used in the production process of making bread etc.
For 14 it should be resources because the production of wheat occurs in the resource market. For instance, the creation of cars will be during the industrial stage but the purchasing of the metals will occur in the resource market. If purchasing wheat is regarded as part of the industrial market, what is the resource market for? Despite the fact of the wheat being processed, it is the process of adding value to a specific material which makes it part of an industrial market.
Flour isn't in the resource market. That's wheat. Wheat is used to make flour which is used in the production process of making bread etc.
My guess was letter of credit, as clean payment relies on trusting that the goods are going to be sent when the payment is made.
Letter of credit is a letter issued by the bank to serve as a guarantee that the goods and products are made to the customer.
Question, if I accidentally specified a bill of exchange and actually described a letter of credit and how it reduces risk for the business, will I still get at least half the marks, possibly more, for the question? I initially had letter of credit and then drew a line through it thinking it was bill of exchange...Yeh I did the same. Hoping for 3/5 since the understanding of the question is still there.