Business Management and Enterprise s1

Sample Assessment Tasks

Business Management and Enterprise

General Year 11

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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)

(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) State three (3) issues regarding ethical practice in the business macro (external)
environment (3 marks)

(j) Explain how the entrepreneur dealt with one (1) issue regarding ethical practice.

(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

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.

Description / Marks
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.

Description / Marks
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.

Description / Marks
Lists idea/opportunity / 1–2
(1 mark each)
Answer could include, but is not limited to:
Any other product or service or process considered by the entrepreneur

Description / Marks
Reason 1
Clearly explains the reason for establishing the business / 2
States a reason for establishing the business / 1
Subtotal / 2
Reason 2
Clearly explains the reason for establishing the business / 2
States a reason for establishing the business / 1
Subtotal / 2
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

(d) Explain how the entrepreneur dealt with one (1) of the following issues affecting business success (or failure):

· cash flow

· market research

· business planning.

Description / Marks
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.

Description / Marks
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.

Description / Marks
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.

Description / Marks
Clearly explains the meaning of innovation / 2
States the meaning of innovation / 1
Answer could include, but is not limited to:
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.

(h) Explain the relationship between business growth and innovation.

Description / Marks
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 innovation / 1
Answer could include, but is not limited to:
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.

Description / Marks /
State issues regarding ethical practice in the business macro (external) environment. / 1–3
(1 mark each)
Answer could include, but is not limited to:
• 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.

Description / Marks /
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

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.

Description / Marks
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

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)

______

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:______

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)

______

(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.

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

$
Sales
Advertising expense
Interest income
Wages paid
Bank charges paid
Fees revenue
Cash at bank / 60,000
4,000
5,000
1,000
500
8,000
10,000

Workings:

Profit for the year ended 30 June 2016 ______

(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

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.

Description / Marks
Provides two relevant examples of source documents / 2
Provides one relevant example of a source document / 1
Subtotal / 2
Explains why each source document should be used by a business / 2
States why each source document should be used by a business / 1
Subtotal / 2
Total / 4
Answer could include, but is not limited to:
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.

Description / Marks
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
Subtotal / 2
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
Subtotal / 2
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
Subtotal / 2
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
Subtotal / 2
Total / 8
Answer could include, but is not limited to:
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.