HSC Business Studies Question Thread

[~BK~]

Additionally, if someone could redirect or provide me with a business formula sheet, that'd be great.

sorry couldnt help you out on the first point...
buuut, by formula sheet do you mean finance ratios etc.??
because this website has a few, some of them we won't need to know at this level
http://www.ibbusinessandmanagement.com/uploads/1/1/7/5/11758934/ib_business_and_management_-formula_sheets.pdf

[Opengangs]

Sorry, been busy. Had bio this morning.
With regards to tear 11 content, they're assumed knowledge meaning they can test you on year 11 knowledge and they usually do this for the essay questions.

[BradMate]

Hey.
I'm not sure why the answer is C. I understand that this is true, however is Kim's employment not also subject to award conditions despite her being employed on an individual contract? Thanks

[marcorabbitolol]

hey!
our business teacher suggested that we have a statistic (or piece of valuable info) for each topic to put into an introduction, to make the intro worth a few marks (rather than just repeating the question in the intro and thus wasting time and marks) , they have to be broad enough so that it looks like you fully know what you are on about rather than just throwing anything in there.
does anyone have any ideas for stats or facts that i (and others) can use in this case?

[Vinnnnnnyyyyyy]

Could someone help me with 19 and 20, found here: https://imgur.com/a/N2gwE

Additionally, if someone could redirect or provide me with a business formula sheet, that'd be great.

To do Q19, you have to identify and separate all the categories into a balance sheet; current assets, non-current assets, current liabilities, non-current liabilities and owner's equity. Then, use the formula Net Profit/Total Equity. --> Net Profit/(Capital + Net Profit) = (23/93) x 100 = 24.7%

For Q20, use Current Assets/Current Liabilities to find the current ratio, ie. liquidity. The current assets that I can see are cash, receivables, inventory totalling $40,000. The current liabilities are payables and overdraft totalling $22,000. Therefore, using the formula, I got 1.82:1. Answer is B.

In hindsight, you would actually save more time if you read the questions beforehand and pinpoint what you need to categorise. I just noticed neither question asks about liabilities so you can safely ignore it all from the table and just focus on the return on total equity (Q19) and liquidity (Q20)

[BradMate]

hey!
our business teacher suggested that we have a statistic (or piece of valuable info) for each topic to put into an introduction, to make the intro worth a few marks (rather than just repeating the question in the intro and thus wasting time and marks) , they have to be broad enough so that it looks like you fully know what you are on about rather than just throwing anything in there.
does anyone have any ideas for stats or facts that i (and others) can use in this case?

Thanks for your response.

However, how can we assume that Kim is in fact BOO. Based on that assumption, why couldn't we then assume that Kim's employer does her taxation for her? It seems awfully vague and ambiguous for a HSC question -- although I'm sure I'm missing a link...

[BradMate]

Sorry that most recent message was meant to be a reply to Jess1113.

[[MA165]]

Hey.
I'm not sure why the answer is C. I understand that this is true, however is Kim's employment not also subject to award conditions despite her being employed on an individual contract? Thanks

Hey... i wondered that it was C because she is an independent contractor (basically self employed) thus she is responsible for paying her own income tax which for a typical employee is generally paid by an employer?!

[BradMate]

Hey... i wondered that it was C because she is an independent contractor (basically self employed) thus she is responsible for paying her own income tax which for a typical employee is generally paid by an employer?!

Right ok. Thankyou!
So are independent contractors not protected by any industry award(s)? I guess given they are self employed that would make sense. Thanks

[Vinnnnnnyyyyyy]

Right ok. Thankyou!
So are independent contractors not protected by any industry award(s)? I guess given they are self employed that would make sense. Thanks

Yeah, I guess it makes sense. Since there is no one superior to you in terms of leadership and thus, no one is there to look after your award or minimum wage. Therefore, by being self-employed, you aren't subject to it.

[BradMate]

Also, the answer here was D, however I chose A.

I though FIFO and LIFO are exclusively inventory VALUATION methods, as opposed to physical inventory management methods? My source is 5th Edition Business in Action.

[[MA165]]

Right ok. Thankyou!
So are independent contractors not protected by any industry award(s)? I guess given they are self employed that would make sense. Thanks

NP this may make it a little clearer!?.... https://www.fairwork.gov.au/how-we-will-help/templates-and-guides/fact-sheets/rights-and-obligations/independent-contractors-and-employees
basically they are just temporarily contracted by a business so they aren't actually employed as a full-time worker, so they are responsible for paying their income tax and they dont receive modern awards or such things from the employer that contracted them but rather terms of work etc would be set out in a contract of service....
sorry not a great explainer... but that's just how i interpret it..??

[marcorabbitolol]

Also, the answer here was D, however I chose A.

I though FIFO and LIFO are exclusively inventory VALUATION methods, as opposed to physical inventory management methods? My source is 5th Edition Business in Action.

fairly certain; perishable goods are always FIFO

[Vinnnnnnyyyyyy]

Also, the answer here was D, however I chose A.

I though FIFO and LIFO are exclusively inventory VALUATION methods, as opposed to physical inventory management methods? My source is 5th Edition Business in Action.

It's best to use logic for this one. Milk spoils, therefore, you want to sell them before that happens. First-in-first-out.

[[MA165]]

Also, the answer here was D, however I chose A.

I though FIFO and LIFO are exclusively inventory VALUATION methods, as opposed to physical inventory management methods? My source is 5th Edition Business in Action.

D sounds correct...they can be used as inventory valuation methods however JIT is generally used to avoid unnecessary inventory costs and when demand is variable..... therefore D suits better esp because it is a perishable item...