KERESKEDELMI ÉS MARKETING ALAPISMERETEK ANGOL NYELVEN

Transcription

1 Kereskedelmi és marketing alapismeretek angol nyelven középszint 1311 ÉRETTSÉGI VIZSGA május 20. KERESKEDELMI ÉS MARKETING ALAPISMERETEK ANGOL NYELVEN KÖZÉPSZINTŰ ÍRÁSBELI ÉRETTSÉGI VIZSGA JAVÍTÁSI-ÉRTÉKELÉSI ÚTMUTATÓ EMBERI ERŐFORRÁSOK MINISZTÉRIUMA

2 Important Information During correction, all partial points awarded for partial solutions, as well as all correct solutions and mistakes have to be indicated. When awarding points, the following principles have to be followed: 1. Maximum points can only be awarded for perfect solutions. In case of missing answers, the partial point awardable for the given answer must be deducted. 2. In case of logical errors, all partial points must be deducted at the section where the error was made. In case of questions solved with calculation errors, half of the awardable partial points have to be deducted at the section where the error was made. At later stages of the question, if the examinee provides logically correct solutions the results of which are incorrect due a previous error, then these should be considered entirely correct, therefore no subsequent points should be deducted due to one error. 3. Only one answer per question is to be evaluated. 4. In the case of calculation questions, indicating results only will not be sufficient; all partial calculations must also be indicated. 5. For true or false questions, simply indicating whether a given statement is True or False can be awarded. Incorrect indications accompanied by professionally sound explanations may be awarded. (Explanations that differ from those given in the correction-evaluation guide, but which are nonetheless correct can be awarded full points.) 6. There are several correct solutions to the questions. Procedures (names) that differ from those given in the correction-evaluation guide may also be entirely correct and as such must be awarded full points. Answers provided in the correction-evaluation guide can only be awarded the points indicated. The indicated points can only be broken down further, if indicated. Resulting points may only be whole numbers. írásbeli vizsga / május 20.

3 Test questions and multiple choice questions in the field of economics Basic concepts 50 points Total: 25 points I. Multiple choice questions 5 x 1 = 5 points Indicate the correct answer by underlining. There is only one correct answer per question. If your indications are unclear, you will not get any points. 1. Select the body of a business organisation that makes the decision on how to utilise the profits earned. Supervisory board. Auditor. Board of shareholders. Board of directors. 2. Select which one of the following statements is true for sole proprietorships. Performs activities on a professional basis. Is only liable for debt to the extent of the assets brought into the enterprise. May not employ any employees. Must file its Memorandum of Association with the Office of Government-issued Documents. 3. Select which one of the statements below best expresses the essence of the single European market. Value added tax rates are the same in all the Member States of the European Union. The free movement of persons, goods, services and capital is ensured in all the Member States of the European Union. The markets are governed by the same uniform legislation in all the Member States of the European Union. The same currency is used in all the Member States of the European Union. írásbeli vizsga / május 20.

4 4. The net income of a grocery store in the city centre increased by 7%. The list below shows the changes in the various cost groups. Find the progressive cost group. The costs that did not change. The part of the costs that increased by 9%. The part of the costs that increased by 5%. The part of the costs that decreased by 2%. 5. Which of the following is not true for a joint-stock company? Select the incorrect statement. The shareholder is the owner of the joint-stock company. The shareholder has given a loan to the joint-stock company. The shareholder is entitled to dividends. The share has no maturity. II. True-false statements 4 x 3 = 1 Please indicate your decision (true or false) by writing the letters T or F after the corresponding statement. All answers must be explained. 1. The liability of full partners in a general partnership is unlimited, while that of limited partners is limited. F. Explanation: A general partnership has no limited partners. All partners have unlimited liability. 2. The start-up assets of a limited liability company are called equity capital. T Explanation: A limited liability company is a business organisation that is established with a predetermined amount of equity capital comprised of equity contributions. 3. Booking depreciation is the same as booking the current assets of a company as cost. F Explanation: Depreciation is the value assigned to the wear and tear and obsolescence of intangible assets and tangible assets expressed in currency. These assets are not part of current assets; rather they are part of fixed assets. írásbeli vizsga / május 20.

5 4. Before closing a grocery store for the weekend an employee forgets to turn the refrigerator back on after cleaning the store. The products in the refrigerator thaw and have to be scrapped. The damages are equivalent to HUF 50 thousand. The enterprise acts in line with the laws, if it requires the employee to compensate it for the whole amount of the damage. T Explanation: In case of negligent damage to property, the amount of the compensation payable by employees as of 30 June 2012 may not exceed four months' worth of absentee fees payable to the employee. (50 thousand forints or less, which means that the employee can be required to compensate the company for the entire damage.) III. Definitions 4 x 2 = 8 points Briefly define the following terms or economic phenomena. 1. Profit after taxes Profit after taxes is profit before taxes minus the corporate tax liability. 2. Registered seat of the company The seat of a company is its head office, which has been registered with the court of registration. 3. Probation A period of time stipulated in the employment contract (usually 90 days) during which the contract may be terminated by either party without consequences, even without justification. 4. Securities A security is an official financial instrument, which either represents ownership interest or debt. írásbeli vizsga / május 20.

6 Laws, rules and correlations IV. Long answer questions Total: 25 points 7 points Attempt to structure your thoughts and knowledge, and try to give a comprehensive account on the given subject. Describe the factors determining the size of the gross margin. A product s margin is the difference between its net sales price and net purchase price, () therefore, any changes that influence prices have an effect on it. The gross margin is the operating level sum of margins, () as a result, apart from the aforementioned factors, it can also be influenced by the quantities sold. () In other words, the factors determining the size of the gross margin: (4 points) unit margins, size of profit margins, proportion of products with different profit margins in sales revenue, quantity of products sold. V. Preparation of documents 18 points Prepare the document specified in the question using the figures and data provided. The table below is the profit and loss statement of a company drawn up using the total cost method. Fill in the profit and loss statement on the basis of the data provided. Calculate the missing data. The following data are known of the figures of the company: Net sales revenue generated from the company s core activity: HUF thousand. Spending on wages and public dues on wages: HUF thousand. Annual depreciation of fixed assets: HUF 2400 thousand. During the year, the company sold its scrapped assets, the revenue generated on these assets was HUF thousand. Spending on the procurement of products sold and other material-type expenditure equalled HUF thousand. írásbeli vizsga / május 20.

7 The company sold a part of its securities during the year. The market profit generated from the sales was HUF thousand. The company s account holding bank charged HUF thousand in interest on the company's overdraft facility. The company expects to pay 10% corporate tax. The amounts of the factors increasing and reducing the tax base were equal. Profit and loss statement (in HUF thousand) Name Given year Net sales revenue Other revenues Own performance capitalised 0 Material-type costs Personnel costs Depreciation Other expenditures 0 Business profit Profit on financial transactions 200 Profit on ordinary business activities Extraordinary profit 0 Profit before taxes Tax liability Profit after taxes Use from the accumulated profit reserve for dividends 0 and profit sharing Approved dividends and profit sharing 0 Profit and loss according to the balance sheet Writing of data into document: 12x Calculations: Business profit: Business profit = (Net sales revenue + other revenues) (material-type costs + personnel costs + depreciation) = írásbeli vizsga / május 20.

8 ( ) ( ) = = HUF thousand Profit on financial transactions: Profit on financial transactions = revenues from financial transactions expenses on financial transactions = = HUF 200 thousand Profit on ordinary business activities: Profit on ordinary business activities = Business profit + Profit on financial transactions = = HUF thousand Tax liability: Tax liability = profit before taxes * 0.1 = * 0.1 = HUF thousand Profit after taxes: Profit after taxes = profit before taxes tax liability = = HUF thousand Profit and loss according to the balance sheet: = HUF thousand Calculation questions in the field of economics Total: 50 points 1. Balance sheet calculations 19 points Precise calculation, evaluation of results, solving the question: 7 points Illustration and interpretation of correlations: 1 The excerpt below is an excerpt from the statement of assets and liabilities of a limited liability company (Kft.). The following information is known in addition to the data already filled in: The owners granted HUF to the company as general collateral for a loan, but did not want have this fact registered. The profit earned by the company according to its current balance sheet was HUF No other reserves, provisions were generated. On the balance date, the outstanding trade payables of the company equalled HUF In the year under review, the owners decided to take out a HUF investment loan. The company was granted a 2-year grace period by the bank on the repayment of the loan. There were no other liabilities. írásbeli vizsga / május 20.

9 Fill in the appropriate lines of the balance sheet based on the information provided, and answer the questions. Calculate the total value of the company's liabilities. Data in HUF thousand D. Shareholder s equity D I. Registered capital D.II. Registered but not yet paid capital 0 D.III. Capital reserve 800 D.IV. Accumulated profit reserve D.V. Tied-up reserves 0 D.VI. Sales reserve 0 D.VII. Profit and loss according to the balance sheet E. Provisions 0 F. Liabilities F.I. Deferred liabilities 0 F.II. Long term liabilities F.III. Short term liabilities 250 G. Accruals and deferred income 0 Correct completion of data: 4x Calculations: Shareholder s equity: Shareholder s equity = Registered capital + Capital reserve + Profit reserve + Profit and loss according to the balance sheet = = thousand HUF Liabilities: Liabilities = Long term liabilities + Short term liabilities = = thousand HUF Total value of liabilities: Total value of liabilities = Shareholder s equity + Liabilities = = thousand HUF Answer the following questions on the basis of the company's data. What does it mean that the registered capital of the company is HUF thousand? írásbeli vizsga / május 20.

10 At the time of the foundation of the company, the owners registered HUF 8200 thousand as registered capital, because that is what they had stipulated in the company's Articles of Association. Write two more items, apart from the ones already provided, that can be classified as short term liabilities. Loans received for a period of less than one business year, loan repayments on long term loans due in the next year, advances received from customers, trade payables, liabilities on bills of exchange, tax liabilities. The owners of the company want to know if the principle of liquidity is observed during financing. Which data provided in a statement of assets and liabilities should be examined in this case? (You should not only choose from the items already provided!) The principle of liquidity tries to answer the question of which funds can a company use to satisfy its liabilities. This means that both liabilities and funds must be taken into account. Based on the data provided, the company was granted a 2-year grace period on its loan repayment. Based on this, does the company have to make principal and interest repayments in the next two years? During the grace period no principal repayments have to be made, but the company has to pay interest. Define the difference between the long and short term liabilities of the company. Long term liabilities will become due in a period that exceeds one business year, whereas short term liabilities will become due in a period that is less than one business year. Determine how the company s profit and loss according to the balance sheet influenced the company s wealth. The wealth of the company will increase by HUF 1,100 thousand. írásbeli vizsga / május 20.

11 2. Price calculation 14 points Precise calculation, evaluation of results, solving the question: Illustration and interpretation of correlations: 10 points 4 points An entrepreneur, whose core activity includes the production of pre-packaged cold meals, receives two orders. The entrepreneur s capacity is only enough to satisfy one of the orders, so the entrepreneur must choose. The entrepreneur makes calculations before making his choice. The orders contain the following data: The 24-hour grocery store would buy 50 portions of pre-packaged salad every day of the week. The owner has also asked for delivery. The cafe of the local university would want to order 100 portions of pre-packaged salad every day but only from Monday to Friday. The operator of the cafe would come to pick up the goods with his own car, but wants a 5% discount from the net sales price in exchange. In order to perform the calculation, the entrepreneur has compiled the following table on the pre-packaged salad product: Name HUF/portion Gross purchase price of raw materials 140 Net purchase price of raw materials 110 Price margin 25 Net sales price 135 Gross sales price 171 Based on the calculations of the entrepreneur, the unit cost is HUF 15/portion, while the unit profit is HUF 10/portion. The calculations are based on a 27% value added tax. The entrepreneur has checked and the 24-hour grocery store is 4 km away (8 km to and from), therefore, the cost of delivery that can be charged (with fuel, depreciation and wages) is HUF 100/km. Round the data to whole numbers. írásbeli vizsga / május 20.

12 Questions: 1. Calculate the data missing from the table. 4 points Net purchase price = gross purchase price /1.27 = 140/1.27 = HUF 110 Price margin = cost + profit = = HUF 25 Net sales price = net purchase price + price margin = = HUF 135 Gross sales price = Net sales price * 1.27 = 135 * 1.27 = HUF Calculate how much profit (in HUF) the entrepreneur can generate on a weekly basis, if he supplies the 24-hour grocery store or the university cafe points = 6 points 24-hour grocery store: Profit without cost of delivery= profit on one portion * quantity * number of days = 10* 50 * 7 = HUF Cost of delivery = km * number of days * per km charge = 8 * 7 * 100 = HUF 5600 Profit with delivery cost taken into account: = -HUF University cafe: Profit without the discount = profit on one portion *quantity *number of days = 10*100*5 = HUF 5000 Weekly discount: = 135 * 0.05 * 100 * 5 = HUF 3375 Profit generated with discount price = HUF = HUF 1625 Or: Discount price: 135 * 0.95 = = 128 HUF/portion Margin: = 18 HUF/portion of which profit: = 3 HUF/portion Profit generated with discount price = 3 * 100 * 5 = HUF 1500 írásbeli vizsga / május 20.

13 3. Write down what your recommendation would be to the entrepreneur. Explain your answer. The entrepreneur should choose the university cafe, because he ll make a profit on the deal, even if he gives the owner the requested discount. The deal with the 24-hour grocery store would be loss-making due to the delivery charge. 4. Determine the difference between the cost of packaging and the cost of delivery in terms of their relationship with income. The cost of packaging changes in proportion with the income, whereas the cost of delivery can be considered fixed up to the point when the quantity of deliverable goods increases to the extent that an additional vehicle has to be used to deliver the goods. 3. Headcount and payroll management calculations 17 points Precise calculation, evaluation of results, solving the question: Illustration and interpretation of correlations: 8 points 9 points We are examining the data of a given enterprise from 2010 and 2011: Name Annual net sales revenue (HUF million) Average headcount (persons) Wages (thousand HUF/year) Average salary (HUF/person/month) Productivity (thousand HUF/person/month) Wage share (%) Calculate the data missing from the table and answer the questions. Round all % data to 1 decimal point and all other data to round numbers. Calculation of data: 6x 2010 data: Total wages = average salary * headcount * 12 = 124 * 13 * 12 = thousand HUF Productivity = annual net sales revenue /headcount/12 = /13/12 = thousand HUF/person/month Wage share = Total wages /annual net sales revenue = / = % írásbeli vizsga / május 20.

14 2011 data: Average salary = Total wages /headcount /12 = /14/12 = HUF/person/month Productivity = Annual net sales revenue /headcount/12 = /14/12 = thousand HUF/person/month Wage share = Total wages/annual net sales revenue = / = % Explain what the calculated wage share indicators express. The wage share indicators represent the % of the net sales revenue of a company that it uses to compensate its employees, i.e., the company's wage cost on HUF 100 of income. This value was HUF 9.9 in 2010 and HUF 7.8 in Explain what it means that the average salary was HUF in The average salary represents the amount of the average monthly salary paid to an employee. Therefore, in 2010 the 13 employees of the company received a salary of HUF 124 thousand on average every month. Calculate the percentage of change in productivity from 2010 to Change in productivity = 2011 productivity /2010 productivity = 1696/1250= = 135.7%. Change in productivity: % What is the ratio called that expresses changes in productivity over time? Dynamic ratio of productivity. According to the data given in the table, income increased from HUF 195 million to HUF 285 million, while the headcount increased from 13 to 14 persons. Determine how the increase in income and headcount influenced productivity. (The effects of the two factors do not necessarily have to be proven mathematically.) 4 points Productivity expresses per capita income. Therefore, it is directly proportional to changes in income and inversely proportional to changes in headcount. In this case, the increase in income increased productivity, whereas the increase in the headcount reduced productivity. Considering that income changed to a greater extent, productivity increased overall. írásbeli vizsga / május 20.