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Thread: HSC 2017 Business Studies Marathon

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    HSC 2017 Business Studies Marathon

    Decided to open up a Business Studies Marathon for any current or former HSC students to discuss any content related to this subject.

    I've done some accounting and finance units before but hardly remember any of it as I did it a long time ago. Thought it would be good to brush up a few concepts along the way.
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    Re: HSC 2017 Business Studies Marathon

    This was the 1st question in last years HSC exam (2016)

    Q1. A red leather lounge was purchased from Lounge Ltd. After only 2 weeks of use, the legs of the couch fell off.

    What is the law that enforces the warranty in this situation?

    (A) Corporations Act 2001 (Cth)
    (B) Fair Trading Act 1997 (NSW)
    (C) Trade Practices Act 1974 (Cth)
    (D) Competition and Consumer Act 2010 (Cth)


    A reason would be good in supporting your answer. (I haven't actually heard of the Competition and Consumer Act 2010 (as I currently speak)).
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by davidgoes4wce View Post
    This was the 1st question in last years HSC exam (2016)

    Q1. A red leather lounge was purchased from Lounge Ltd. After only 2 weeks of use, the legs of the couch fell off.

    What is the law that enforces the warranty in this situation?

    (A) Corporations Act 2001 (Cth)
    (B) Fair Trading Act 1997 (NSW)
    (C) Trade Practices Act 1974 (Cth)
    (D) Competition and Consumer Act 2010 (Cth)


    A reason would be good in supporting your answer. (I haven't actually heard of the Competition and Consumer Act 2010 (as I currently speak)).
    The CCA was previously known as the Trade Practices Act.

    So you probably knew about the Trade Practices Act but didn't know it's replacement.
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    Re: HSC 2017 Business Studies Marathon

    Nice so I'm taking it you would pick D?
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    Re: HSC 2017 Business Studies Marathon

    Read a little interesting statistic.

    In the last 2 decades the number of enrolments in Business Studies has increased by up almost 40% from 2 decades ago.

    1996: 12,522
    2006: 16,029
    2016: 17,557
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by RivalryofTroll View Post
    The CCA was previously known as the Trade Practices Act.

    So you probably knew about the Trade Practices Act but didn't know it's replacement.
    The answer was D but this is the definition from wikipedia:

    "The Act is the legislative vehicle for competition law in Australia, and seeks to promote competition, fair trading as well as providing protection for consumers."

    I struggle to link that definition with the question, where the legs fell off the couch and why it would be selected over the other 2 . (Since we eliminated the Trade Practices act 1974)
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    Re: HSC 2017 Business Studies Marathon

    Q2. 2016 HSC

    Ruth observed that a work colleague was stealing and reported the theft to her supervisor.
    As a result, Ruth’s employment was terminated.
    What is this an example of?
    (A) Performance management
    (B) Redundancy
    (C) Retrenchment
    (D) Unfair dismissal
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    Re: HSC 2017 Business Studies Marathon

    Redundant to me means - when its duties are no longer needed to be done by anyone.

    Retrenchment- reduction of the workforce due to an economic downturn
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    Re: HSC 2017 Business Studies Marathon

    I'm probably leaning towards (D) just due to the fact that in her role in the company she was doing the ethical thing and reporting a bad action that occurred from within her company to her supervisor. She has every right to be hard done by. (I know that's not the most pleasant explanation but you get the general gist)
    Last edited by davidgoes4wce; 18 Feb 2017 at 12:47 AM.
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by davidgoes4wce View Post
    Q2. 2016 HSC

    Ruth observed that a work colleague was stealing and reported the theft to her supervisor.
    As a result, Ruth’s employment was terminated.
    What is this an example of?
    (A) Performance management
    (B) Redundancy
    (C) Retrenchment
    (D) Unfair dismissal
    D. It's an ethical challenge here whereby Ruth has reported someone doing something wrong but instead of the colleague getting impacted, Ruth has been dismissed unfairly even though she has not failed to meet her role/responsibility requirements.

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    Re: HSC 2017 Business Studies Marathon

    Q3. 2016 Exam Paper

    While developing a new marketing plan a business discovers that many customers think
    its website is boring and confusing.
    At what stage in the marketing process should this have been identified?
    (A) Identifying target markets
    (B) Developing marketing strategies
    (C) Conducting a situational analysis
    (D) Establishing marketing objectives
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    Re: HSC 2017 Business Studies Marathon

    I am leaning towards C as its important for the managers to identify and understand the organization's customers. One of the key attributes is what the customers motivations are for not using the website.
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    Re: HSC 2017 Business Studies Marathon

    @ Seremify what does BHHS in your signature stand for?
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by davidgoes4wce View Post
    @ Seremify what does BHHS in your signature stand for?
    His high school - Baulkum Hills High School
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by si2136 View Post
    His high school - Baulkum Hills High School
    Thanks
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by davidgoes4wce View Post
    Q3. 2016 Exam Paper

    While developing a new marketing plan a business discovers that many customers think
    its website is boring and confusing.
    At what stage in the marketing process should this have been identified?
    (A) Identifying target markets
    (B) Developing marketing strategies
    (C) Conducting a situational analysis
    (D) Establishing marketing objectives
    I'd lean towards C purely because the other options just don't sound right at all. It's not identifying targets, it's not developing a strategy, and we aren't defining any objectives... so by process of elimination, it must be C.

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    Re: HSC 2017 Business Studies Marathon

    Q4. 2016 Paper

    4
    Solvency is the ability of a business to
    (A) maximise its profits.
    (B) increase its market share.
    (C) meet its long-term financial commitments.
    (D) meet its short-term financial commitments.

    Not going to use a dictionary here or Google Search. From my time studying a bit of Accounting, solvency was the ability of businesses to be able to pay back their long-term commitments. If a business can't pay back their loans or have insufficient funds or assets, they are declared 'insolvent'. (Someone may want to correct me here). I am going to for C but wouldn't be surprised if D was right.
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by davidgoes4wce View Post
    Q4. 2016 Paper

    4
    Solvency is the ability of a business to
    (A) maximise its profits.
    (B) increase its market share.
    (C) meet its long-term financial commitments.
    (D) meet its short-term financial commitments.

    Not going to use a dictionary here or Google Search. From my time studying a bit of Accounting, solvency was the ability of businesses to be able to pay back their long-term commitments. If a business can't pay back their loans or have insufficient funds or assets, they are declared 'insolvent'. (Someone may want to correct me here). I am going to for C but wouldn't be surprised if D was right.
    I also wasn't 100% confident between C and D but I thought 'insolvent' is when you are unable to meet your debts as and when they fall due. I also assume C because usually people talk about solvency and liquidity ratios (the latter being for short term conversion to cash to meet obligatios). Maybe a current student can check?

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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by davidgoes4wce View Post
    Q4. 2016 Paper

    4
    Solvency is the ability of a business to
    (A) maximise its profits.
    (B) increase its market share.
    (C) meet its long-term financial commitments.
    (D) meet its short-term financial commitments.

    Not going to use a dictionary here or Google Search. From my time studying a bit of Accounting, solvency was the ability of businesses to be able to pay back their long-term commitments. If a business can't pay back their loans or have insufficient funds or assets, they are declared 'insolvent'. (Someone may want to correct me here). I am going to for C but wouldn't be surprised if D was right.

    I think c, given in Business Studies if I remember correctly we focused on liquidity being related to short term obligations, whereas solvency the focus was on meeting the longer term commitments.

    (The answers also confirmed this when I checked on the bostes website)
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by seremify007 View Post
    I also wasn't 100% confident between C and D but I thought 'insolvent' is when you are unable to meet your debts as and when they fall due. I also assume C because usually people talk about solvency and liquidity ratios (the latter being for short term conversion to cash to meet obligatios). Maybe a current student can check?
    Have run a business before and can understand why decisions like this are important. Important to know these terms when speaking to banks.
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    Re: HSC 2017 Business Studies Marathon

    Q5 2016 HSC

    5
    An employee is treated unfairly because she is pregnant. What legislation prohibits this behaviour?
    (A) Trade Practices Act 1974 (Cth)
    (B) Affirmative Action (Equal Employment Opportunity for Women) Act 1986 (Cth)
    (C) Sex Discrimination Act 1984 (Cth)
    (D) Competition and Consumer Act 2010 (Cth)

    This one a 'no brainer'? Can only be 1 choice. Must be C.
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    Re: HSC 2017 Business Studies Marathon

    Yep, think C too
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    Re: HSC 2017 Business Studies Marathon

    Q6.A global business has adopted a strategy which aims to lower the average cost of its product by increasing output. What is this strategy called?

    (A) Outsourcing
    (B) Global pricing
    (C) Global sourcing
    (D) Economies of scale

    Again I won't look at a book or Google. Thinking outsourcing is when you get people from outside your organization to do the hard work for you at a lower cost. (whether it be locally, or on an international scale). I'd rule out C) just due to the fact that it could be done from a business to business within the same city. Economies of scale is something I heard from economics back in the hey day and Global pricing seems like more of a world wide strategy for a particular item.


    So I am leaning towards A) without any confidence.
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    Re: HSC 2017 Business Studies Marathon

    Quote Originally Posted by davidgoes4wce View Post
    Q6.A global business has adopted a strategy which aims to lower the average cost of its product by increasing output. What is this strategy called?

    (A) Outsourcing
    (B) Global pricing
    (C) Global sourcing
    (D) Economies of scale

    Again I won't look at a book or Google. Thinking outsourcing is when you get people from outside your organization to do the hard work for you at a lower cost. (whether it be locally, or on an international scale). I'd rule out C) just due to the fact that it could be done from a business to business within the same city. Economies of scale is something I heard from economics back in the hey day and Global pricing seems like more of a world wide strategy for a particular item.


    So I am leaning towards A) without any confidence.
    D - Economies of Scale
    Untitled.png

    Economies of Scale is in both Business Studies and Economics. Basically by lowering the cost of a product, we increase output up to a certain point.
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    Re: HSC 2017 Business Studies Marathon

    I'd go D as well. Average cost comes down as fixed cost per unit decreases.

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