SAMPLE ASSESSMENT TASKS BUSINESS MANAGEMENT AND ENTERPRISE GENERAL YEAR 11

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1 SAMPLE ASSESSMENT TASKS BUSINESS MANAGEMENT AND ENTERPRISE GENERAL YEAR 11

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3 1 Sample assessment task Business Management and Enterprise General Year 11 Task 3 Unit 1 Assessment type: Business research Conditions Period allowed for completion of the task: 3 weeks Some class time will be used. Task weighting 10% of the school mark for this pair of units 1. Select a newspaper or other article that focuses on a successful entrepreneur and that addresses the questions below. Acknowledge the source of the article. (2 marks) 2. Read the article you have selected and answer the following questions which focus on entrepreneurship, innovation, business growth and success. (a) Describe the business idea/opportunity on which the entrepreneur acted. (2 marks) (b) List two (2) other ideas/opportunities considered by the entrepreneur. (2 marks) (c) Explain two (2) reasons for establishing the business. (4 marks) (d) Explain how the entrepreneur dealt with one (1) of the following issues affecting business success (or failure): cash flow market research business planning. (3 marks) (e) List four (4) common sources of business finance. (4 marks) (f) Describe the main source of finance used by the entrepreneur. (2 marks) (g) Explain the meaning of innovation. (2 marks) (h) Explain the relationship between business growth and innovation. (3 marks) (i) (j) State three (3) issues regarding ethical practice in the business macro (external) environment Explain how the entrepreneur dealt with one (1) issue regarding ethical practice. (3 marks) (3 marks) 3. Compare your answers for your entrepreneur with those of another class member who has selected a different entrepreneur. Identify and explain two (2) findings which are similar. (6 marks) Total = 36 marks

4 2 Marking key for sample assessment task 3 Unit 1 1. Select a newspaper or other article that focuses on a successful entrepreneur and that addresses the questions below. Acknowledge the source of the article. Provides a relevant article and acknowledges source 2 Provides a relevant article 1 2. (a) Describe the business idea/opportunity on which the entrepreneur acted. Clearly describes the idea/opportunity 2 Names the idea/opportunity 1 Answer will vary depending on the article selected but could include, and is not limited to: identifies the potential for developing or providing a product or service or process that was not currently available focusses on a product or service or process that existed but which could be improved (b) List two (2) other ideas/opportunities considered by the entrepreneur. Lists idea/opportunity 1 2 (1 mark each) Any other product or service or process considered by the entrepreneur (c) Explain two (2) reasons for establishing the business. Reason 1 Clearly explains the reason for establishing the business 2 States a reason for establishing the business 1 Reason 2 Clearly explains the reason for establishing the business 2 States a reason for establishing the business 1 Total 4 Answer will vary depending on the article selected but could include, and is not limited to: using skills and knowledge for own advantage not another employer making use of possible tax advantages depending on the type of business and structure protecting the environment by engaging in ethical environmental business practices engaging in a challenging and interesting type of employment seeking recognition for creating a new business job security creating jobs for others

5 3 (d) Explain how the entrepreneur dealt with one (1) of the following issues affecting business success (or failure): cash flow market research business planning. Clearly explains how the business dealt with the issue 3 States how the business dealt with the issue 2 States the issue but doesn t make the link to how the business dealt with it 1 Answer will depend on the article selected cash flow: for a business to function effectively and succeed it needs to ensure that there always is sufficient cash flow to allow it to cover expenses and repayment and unexpected situations such as when creditors don t pay on time and fluctuations in sales or revenue market research: before starting the business the owner needs to know if there is a market for what is going to be provided because if there isn t it s very unlikely the business will be successful business planning: planning is needed to ensure the business s proposed activities can be carried out profitably and that there is sufficient capital to establish and maintain the business. Research indicates that the biggest factor contributing to business failure is poor planning (e) List four (4) common sources of business finance. Lists appropriate sources of finance 1 4 (1 mark each) Answer could include but is not limited to: personal savings finance from friends and relatives credit cards short-term loans, such as loans for 12 months or less, from banks or lending institutions long-term loans, such as mortgages, from banks or lending institutions bank overdrafts (f) Describe the main source of finance used by the entrepreneur. Clearly describes the main source of finance used by the entrepreneur 2 Names the source of finance used by the entrepreneur 1 Answer will depend on the article selected Form of internal source or external source of finance (g) Explain the meaning of innovation. Clearly explains the meaning of innovation 2 States the meaning of innovation 1 Innovation refers to the creation or formulation of an idea for something new, or something that can be improved, that can satisfy a need or a want and can be provided in a cost effective way. Generally, innovation is associated with being creative and using initiative in the provision of a product or service.

6 4 (h) Explain the relationship between business growth and innovation. Clearly explains the relationship between business growth and innovation 3 States the relationship between business growth and innovation 2 States the terms but does not describe the relationship between business growth and 1 innovation A business that promotes innovation i.e. recognises the potential of new ideas for products and services that can be provided in a cost effective way, is more likely to encourage its employees to be creative and engage in the business, thereby growing the business. The link between business growth and innovation is that the innovation leads to increased productivity and increase in the share of a particular market i.e. business growth. (i) State three (3) issues regarding ethical practice in the business macro (external) environment. State issues regarding ethical practice in the business macro (external) environment. 1 3 (1 mark each) economic issues such as, consumer spending, interest rates, inflation government regulations, laws and policies such as, trading hours, minimum wages, OSH new and changing technologies such as, digital technologies consumer trends such as, organic foodstuffs, local produce natural environment such as resource (water and land) usage (j) Explain how the entrepreneur dealt with one (1) issue regarding ethical practice. States the issue and clearly explains how the entrepreneur dealt with it 3 States the issue and gives a general description of how the entrepreneur dealt with it 2 States the issue but doesn t indicate how the entrepreneur dealt with it 1 Answer will depend on the entrepreneur selected

7 5 3. Compare your answers for your entrepreneur with those of another class member who has selected a different entrepreneur. Identify and explain two (2) findings which are similar. Common finding 1 Identifies a common finding and provides a detailed explanation 3 Identifies a common finding and describes it 2 Identifies a finding and provides no explanation 1 Subtotal 3 Common finding 2 Identifies a common finding and provides a detailed explanation 3 Identifies a common finding and describes it 2 Identifies a finding and provides no explanation 1 Subtotal 3 Total 6 Common findings may relate to: innovation for similar types of product or service types of finance used reasons for establishing the business ethical practice issues in the macro environment cash flow issues market research business planning

8 6 Sample assessment task Business Management and Enterprise General Year 11 Task 10 Unit 2 Assessment type: Response Conditions Time for the task: 50 minutes In class, conducted under test conditions. Task weighting 10% of the school mark for this pair of units 1. Name two (2) examples of source documents and explain why businesses should use each source document. (4 marks) Document 1: Document 2: 2. Explain how each of the following methods can be used to monitor business activities: customer databases sales data debt cash. (8 marks)

9 7 3. List two (2) examples of simple cash records kept by a business and provide the purpose of each one. (4 marks) Record 1: Purpose: Record 2: Purpose:

10 8 4. Explain four (4) main aspects of the role of a manager in operating a business. (8 marks) Aspect 1: Aspect 2: Aspect 3: Aspect 4: 5. (a) Explain the concept of risk management in the context of the operation of a small to medium enterprise (SME). (2 marks)

11 9 (b) Select from the following list the two (2) most effective risk management strategies for a SME business: (2 marks) recruiting predicting losses employee training calculating profits insurance forecasting. (c) Justify your choice of strategies. (4 marks) Strategy 1: Justification: Strategy 2: Justification: 6. (a) Calculate the profit for the period using the appropriate items in the financial extract below. Show all workings. (7 marks) Income statement (extract) for the year ended 30 June 2016 Workings: Sales Advertising expense Interest income Wages paid Bank charges paid Fees revenue Cash at bank $ 60,000 4,000 5,000 1, ,000 10,000 Profit for the year ended 30 June 2016

12 10 (b) Did you include all items in the financial extract to calculate profit? Justify your answer. (1 mark) Yes, all items were included No, all items were not included Justification: Total = 40 marks

13 11 Marking key for sample assessment task 10 Unit 2 1. Name two (2) examples of source documents and explain why businesses should use each source document. Provides two relevant examples of source documents 2 Provides one relevant example of a source document 1 Explains why each source document should be used by a business 2 States why each source document should be used by a business 1 Total 4 Source documents provide evidence that a transaction took place contain details of the transactions, for example, date, amount, the reason, from whom, to whom protect a business from paying twice for items because there is evidence Examples of source documents order forms tax invoice 2. Explain how each of the following methods can be used to monitor business activities: customer databases sales data debt cash. Customer databases Explains how the item is used to help monitor business activities 2 States how the item is used to help monitor business activities 1 Sales data Explains how the item is used to help monitor business activities 2 States how the item is used to help monitor business activities 1 Debt Explains how the item is used to help monitor business activities 2 States how the item is used to help monitor business activities 1 Cash Explains how the item is used to help monitor business activities 2 States how the item is used to help monitor business activities 1 Total 8

14 12 Customer databases are digital and contain records of customer details and characteristics such as demographics, geographic locations help to determine spending patterns of customers Sales data records what customers purchased and when the information can be used to develop advertising and marketing strategies to attract current and future customers sales data allows a business to target customers who may need additional products and services to support their purchases, for example, customers who purchased clothing may be interested in accessories to match Debt debt allows the business to acquire assets over time and can be advantageous to the business income provided the debt level is controlled and monitored debt repayment should be manageable and pre-empted wherever possible to avoid increasing levels of accumulated debt Cash a healthy cash flow enables the business to meet debts when they fall due if creditors are slow in repaying their accounts, cash allows the business to cope with the shortfall in the short term 3. List two (2) examples of simple cash records kept by a business and provide the purpose of each one. Lists examples of simple cash records 1 2 (1 mark per example) Provides the correct purpose of the cash record listed 1 2 (1 mark per purpose) Total 4 Examples of simple cash records and their purpose: receipts purpose is to have a record of all amounts received by a business bank deposit slips purpose is to have a record of all amounts deposited into the business bank account simple business bank reconciliation purpose is to check the bank records against the business records and to correct any discrepancies 4. Explain four (4) main aspects of the role of a manger in operating a business. Aspect 1: planning Explains the aspect 2 States a fact about the aspect 1 Aspect 2: organising Explains the aspect 2 States a fact about the aspect 1 Aspect 3: leading Explains the aspect 2 States a fact about the aspect 1

15 13 Aspect 4: controlling Explains the aspect 2 States a fact about the aspect 1 Total 8 Planning planning the operation and/or function of the area over which the manager is responsible setting goals and timelines so that business goals for which the manager is responsible are achieved Organising organising items such as the work, workforce, training, and resources necessary, so that the business goals are met Leading leading people, being responsible for leadership and providing direction for a segment of work, or a sub-section or a functional area of the business to achieve business goals Controlling controlling activities, setting standards, foreseeing possible hurdles, measuring the actual performance and taking corrective action so that standards are maintained and business goals achieved 5. (a) Explain the concept of risk management in the context of the operation of a small to medium enterprise (SME). Explains the concept of risk management 2 States a fact about risk management 1 Having a risk management strategy ensures that the business has strategies in place and is safeguarded against any actions or decisions or events caused by the business itself or others that could adversely affect the business. (b) Select from the following list the two (2) most effective risk management strategies for a SME: recruiting predicting losses employee training calculating profits insurance forecasting. Identifies the most effective risk management strategies 1 2 (1 mark for each strategy) Answer employee training insurance

16 14 (c) Justify your choice for each selected strategy. Strategy 1 Explains a reason for selection and links to risk management 2 States a reason for selection but does not link to risk management 1 Strategy 2 Explains a reason for selection and links to risk management 2 States a reason for selection but does not link to risk management 1 Total 4 Justification for employee training enables employees to work more efficiently and more productively, thereby contributing to business productivity and reducing risk of loss of income for the business improves employee self-esteem and self-confidence to undertake their work so employees can more confidently perform their tasks, which in turn contributes to business security and productivity Justification for insurance business is protected against any unforeseen event or circumstance that could negatively impact on the business financially or otherwise, and could receive compensation if such events or circumstances occur 6. (a) Calculate the profit for the period using the appropriate items in the financial extract below. Show all workings. Calculates the profit amount (as shown in workings below) 1 7 (1 mark for each item shown in the workings) Sales $60,000 (1) Add Interest income 5,000 (1) Add Fees revenue 8,000 (1) $73,000 Less Advertising expense $4, 000 (1) Wages paid 1,000 (1) Bank changes 500 (1) 5,500 PROFIT $67,500 (1) (b) Did you include all items in the financial extract to calculate profit? Justify your answer. Identifies that not all items were included and provides a justification 1 Cash at Bank was not included because profit is calculated by considering income and expenses. All relevant expenses (payments, charges) for the period are deducted from all forms of income (sales, fees, revenue) for the period, resulting in either a profit or a loss and excludes Cash at bank because it is neither an income nor an expense, it is classified as a current asset.