HSC BUSINESS REVISION DAY - Torrens University · HSC BUSINESS REVISION DAY BEST METHOD TO STUDY IN...

HSC BUSINESS REVISION DAY

HOW TO PREPARE FOR THIS HSC BUSINESS STUDIES


APPROACH TO THE HSC STUDY PERIOD

• Reflect on the past and do not allow the negative to set the environment

• Successful people use below expectations to pursue new challenges

• Set new goals in the exam preparation period and when the going becomes difficult keep referring to these goals

• Anxiety will occur and is a natural part of facing a big task ahead. Everyone has feelings of concern and inadequacy. Focus on the end goals and keep working at these and this reduces the time to dwell on negative possibilities

• Disappointing results in the previous exams does not necessarily mean the HSC will also be disappointing. You have the time to make improvements

• Obviously look after your health, fitness and well-being. Balance the program, although you can lift the work rate as there will be four months of fun after the main event.


BEST METHOD TO STUDY IN PREPARATION FOR HSC BUSINESS STUDIES

• Revisit the BOSTES syllabus. It may appear a lame document and is only 8 pages. This document is your guide to having an understanding of the platform for all questions

• Compile your own brief notes on the syllabus ensure you understand each point and where it fits into each topic

• The next stage is to include business cases to support this area. Additionally cases make it more meaningful and hence more likely to remember this section.

• Reading over notes and or the text book may appear a positive approach. Then some students reread the same material in the week before the exam and feel they are well prepared. Ask yourself does reading engage the topic and does this strategy actually improve the ability to answer a variety of questions.

• Reading is known as passive study. It is the first section forgotten in a stressful period such as exams. Positive study requires practice the type of questions faced in the main event, in this case the HSC.



• Develop a training paddock or study zone. This is where students should enter and immediately undertake HSC mode. This means quiet area, clear desk, no interruptions and above all NO TECHNOLOGY.

• Verbal discussions over the topic area is both dynamic and challenging. Discussing issues with another person forces the student to know only have a definition but also actually an understanding and hence can explain its operation.

• Look at how others perform. Peer marking is always of great benefit to both the writer and the reviewer. You will get feedback on how you can improve but also the reviewer will get a different approach to a same question.

• Copyright is always considered both unethical and illegal in education. It is the use of others ideas without acknowledgement. In the HSC study there is one area copyright is an excellent tool. BOSTES publishes previous sample answers. These are often a good sample of outstanding answers and not necessarily the best. Read these copy things such as format, language, type of cases uses, method of utilising cases, reinforcement of key points and suggested length. After reading these ask a simple question, Why can’t I do this? And of course you can.



• Continually engage in self-evaluation and looking ahead at the goals.• Use BOSTES directive words in the study program. These will soon become second -nature and hence the quality of the

answers will jump accordingly.• The type of language used throughout the study program cannot be underestimated. The continued use of business

language throughout the period will result in this becoming common and almost natural. Markers look for language and expect to be greeted with various key terms. This is the only way to get into the higher level of grades

• Use a variety of options to write and collate notes, cards, songs, acronyms, post cards. Ones you can refer to and are visually attractive


COMMON ERRORS AND TOP TIPS


MULTIPLE CHOICE

• Not comprehending (and/or reading) the question properly. There is always a sting in the tail that is deliberately written to increase the level of differentiation.

• Failing to eliminate incorrect responses. There should always be one answer that acts as a good distractor. Otherwise they are too easy.

• Not referring or addressing the stimulus and items such as date, season, chronological order

Common errors


MULTIPLE CHOICE

• Complete all working on the examination paper. This will enable you to recheck answers

• Do not rush through even though especially at the opening page if questions appear easy. There always is a few that are basic, however other questions will have sections relevant to the answer.

• Underline key words. This will direct you to the essential part of the question

• Often your first response is correct, do not change your answer on a whim.

• Reward when the correct syllabus term is used in that area of the question

• If you really have no idea, then guess! Remember you have a 25% chance of getting it right.

Top tips


EXAMINATION OF PREVIOUS HSC QUESTIONS


2015 HSC

4. At which stage of the marketing process would a business examine its internal and external influences?

a. When identifying target marketsb. When conducting a situational analysisc. When establishing its marketing objectived. When developing its marketing strategies

This requires the student to not only understand the marketing process but to calculate which area is the most suitable.


6. What is source of new capital for a public company?

a. Primary market of the ASXb. Secondary market of the ASXc. Primary market of ASICd. Secondary market of ASIC

This requires knowledge of financial terms and then in particular a type of equity funding. This is very specific.

7. When pricing a potential job, a plumber considers how long the job will take and how difficult it will be. Which pricing method is being used?

Cost-basedMarket-basedCustomer-basedCompetition based

This is the use of a scenario that is very broad and refers to actual typical business decisions. The student must then select the appropriate answer from the syllabus.


10. What is a characteristic of external equity finance?

a. Specific maturity dateb. Low interest paymentsc. Fixed returns to ownersd. Diluted business ownership

In this question students are again not asked a direct question regarding the syllabus. There is a question on a feature of equity finance and choices are not obvious.


2014 HSC

5. Which of the following are all examples of operations performance objectives?

a. Choice, flexibility, profit, speedb. Cost, dependability, quality, speedc. Customisation, flexibility, profit, qualityd. Choice, customisation, dependability, profit

This question requires a choice from three terms and all are covered in the syllabus. Three choices is not easy.

7. A car assembly plant had to shut down operations for a day because tyres had not been delivered. What inventory management strategy at the car assembly plant may have caused this situation?

a. Just in caseb. Just in timec. First in first outd. Last in first out

This question is from a scenario and offers a typical business issue found in a large operation of a manufacturing business. It offers three terms from the operations topic.


13. What is the reason for a business to use a democratic leadership style?

a. It has a project with a tight deadlineb. It has experienced, highly skilled staffc. There is a need for more standardised productsd. There is a potentially dangerous work situation

The student requires more than knowledge of this aspect of leadership style (first covered in Year 11). They are given a scene where they apply and make choices.

15. What is the most likely result of a business achieving economies of scale?

a. Greater flexibilityb. Higher sales price per unitc. Greater efficiencies in productiond. Higher average costs of production

This is the same style of question as in 13 just a different issue. Students must predict possible outcomes.


Common errors

• Not responding to the directive term such as assess, discuss and instead only focusing on content. This type of question is designed to create a spread of marks. If students are not aware of this they are giving away marks every question.

• Repeating the question and or using an introductory statement in the answer. This wastes time, writing lines and adds no value.

• Not all questions have a stimulus, where there is one it is there for a purpose. You should refer to this every response where there is one provided.

• Just as was stated in the multiple choice not reading the last few words in the question. Full marks will not be awarded if the whole question is not examined.

• Adopting a descriptive approach. Be conservative with your use of words and ensure there is an inclusion of business studies syllabus terms.

• Writing about the topic and assuming you have done well and finish early.

SHORT ANSWER


Top Tips

• Read every section in every question to train yourself into what topic is being examined and hence which terms and language is going to add value. Write these on the side of the paper.

• Take the time to read the whole question and circle the directive words given.

• Ensure the stimulus section is clearly read a few times, there are deliberate hints provided into what the markers are looking for.

• Expect the unexpected. BOSTES want students to be flexible thinkers and be able to apply knowledge rather than “rote learn”. They may ask very specific sections and could mix up marks. They have in the past made section b the most valuable.

• Observe the number of lines given, this is a guide from the examiners.

• Unless stated do not introduce other cases in this section.

• There is not enough lines and the marker will not give it value

• Try and write neatly and clearly, even breaking up a section into two parts

• Include linking phrases to emphasise important relationships eg. “As a result of”.

SHORT ANSWER


Question 21

A producer of gourmet ice-creams chooses selective distribution for her products.

a) Why might the producer have chosen selective distribution for her products? 2 m

2015 HSC

2m States a reason for the producer to use selective distribution

1m Provides some relevant information

2m Sketches one physical distribution issue1m Identifies one physical distribution issue

b) Outline ONE physical distribution issue that will need to be considered. 2m


2015 HSC

a. Recommend ways that packaging could be used to maximise sales of the products. 4m

_______________________________________________________________________________________________________

_______________________________________________________________________________________________________

_______________________________________________________________________________________________________

_______________________________________________________________________________________________________

_______________________________________________________________________________________________________

4 Provides reasons in favour of this producer can use packaging to max sales of her products

3 Provides characteristics and features of how the producer can use packaging to max sales

2 Sketches in general terms packaging the producer can use

1 Provides some relevant information on packaging


2015 HSC

A 2014 2015Absenteeism per empl 10 days 18 daysAccidents per 1000 empl 20 25Number of strike days 20 10Training expend per empl $2000 $500Staff turnover 10% 5%Fixed costs $1m $800 000Expense ratio exp/sales 20% 10%

Question 25

a. To what extent is human resources management effective in this business? Support your answer with examples from the data. 4m


A 2014 2015Absenteeism per empl 10 days 18 daysAccidents per 1000 empl 20 25Number of strike days 20 10Training expend per empl $2000 $500Staff turnover 10% 5%Fixed costs $1m $800 000Expense ratio exp/sales 20% 10%

Question 25

a. To what extent is human resources management effective in this business? Support your answer with examples from the data. 4m

c Makes a judgement that HRM is partially effective and clearly supports this with data evidence

3 Makes a judgement that HRM is effective/not effective with examples from the data2 Makes a limited judgement with references to the data1 Provides some relevant information on HRM


b) Using the data, analyse the interdependence between HRM and profitability management in this business. 6m_______________________________________________________________________________________________________

_______________________________________________________________________________________________________

_______________________________________________________________________________________________________

_______________________________________________________________________________________________________

_______________________________________________________________________________________________________

6 Using the data draws out and relates interdependence between HRM and PM in this business

4-5 Using the data provides how HRM and PM can impact and how PM and HRM can impact

3 Using the data gives an example of how HRM and PM are linked

2 Sketches a link between HRM and PM1 Provides some relevant information


2014 HSC

4 Marks Demonstrates a DETAILED understanding of why MANAGERS may resist change Cost and Inertia

3 Marks Demonstrates an understanding of why managers may be resistant to change

Question 21

a) Explain why managers may be resistant to change. 4 marks

6 Marks Draws out and relates implications from S and S to improve Op of business5 Marks Shows relationship between S and S and improve business operations4 Marks Provides characteristics % features and some link to business operations

b) Analyse the use of sequencing and scheduling to improve business operations.


BUSINESS REPORT


• Not allocating time adequately to the directive terms. These provide a guide to how the marker wants to see the greatest depth.

• Ensure all sections are completed and generally the greatest emphasis should be given to the last section.• Poor businesses report structure. Reports have titles and headings. Underline these to ensure that they stand

out. Leave a line between the heading and the paragraph. Remember to include an executive summary and a final recommendation. Finding and or conclusion.

• Not incorporating the stimulus into the report. Some students feel if they add a line that refers to the stimulus this satisfies this requirement. It should be incorporated.

• Not using the relevant syllabus dot points (and terminology). General language will limit the report to a d range. It must reflect the two years of work/study.

COMMON ERRORS


• Take 3-5 minutes to plan your response, and write down how much time you should allocate to each part of the report. Keep to this schedule/plan.

• Be “militant” with moving on to the next part of the report. Remember the back end is often the most valued. All students tend to do quite well in an outline section.

• Selectively underline key headings and sub-headings (with other aspects of a Report Format).

• Take care with your executive statement and answer the specific question asked. This also acts as a guide for the whole report.

• Ensure that you incorporate information from the stimulus into your report. Use your knowledge of the syllabus to show the marker that this report will assist in addressing the case and its issues.

TOP TIPS


Question 26

Sally has just bought Fit Fast Bikes, a business which sells exercise bicycles. Its advertising states that a customer who uses the bike for 10 minutes per day is guaranteed to lose 20 kg in one month. The sales staff are paid on a commission only basis. In order to maximise their sales, the sales staff promise a full refund to customers if they are not 100% satisfied. However, the business does not provide refunds or repairs under any circumstances. The quality of the bikes is poor. There are many customer complaints

Sally wishes to improve the performance of the business and she has asked you to write a business report.

In your report:

• describe the consumer laws that Fit Fast Bikes may be breaking

• propose human resource strategies to manage the current sales staff more effectively

• explain how marketing and human resource management are interdependent at Fit

Fast bikes

2015 HSC Report Questions


For 17-20

Provides detailed characteristics and features of the consumer laws that Fit Fast Bikes may be breaking

• Puts forward for consideration appropriate human resources strategies to manage the sales staff more effectively

• Provides how and/or why marketing and human resources management are interdependent

• Makes effective use of the information provided, demonstrating extensive knowledge and understanding relevant to the question

• Presents a sustained, logical and cohesive business report integrating relevant business terminology and concepts

2014 Report Question

Emu Uniform Manufacturers Pty Ltd are a successful business based in NSW. They currently supply a range of school, sport and work uniforms to a large number of customers throughout Australia. They are known for their outstanding customer service and high quality products. Sales have been increasing for many years and they have recently received a large long-term contract to supply uniforms to a major company. This will require them to significantly expand their output. To do this,the business will have to outsource overseas or spend $5 million to expand its existing factory in NSW.



You have been hired as a consultant to write a report to the management.In your report: • recommend a source of finance for the factory expansion • discuss outsourcing overseas compared with the factory expansion• explain the global factors that need to be considered if they decide to use outsourcing as an operations strategy.



Common errors

Poor allocation of time, last question and may be rushed.

Insufficient and/or poor use of case study material. It must refer to at least a case otherwise it is less than a ten.

Lack of business terminology and very descriptive

Prepared response and not on the question

Notes on the topic and not on the question. This is a classic c.

Top tips

Complete a hybrid version of a report (part essay, part business report). This can include the use of subheadings if that suits your style.

Introduce a case/case studies in the introduction or ensuing paragraph. This ensures you connect to the question.

Integrate/synthesise case study material to add value (not just including material).

Answer the question (not what you want to inform the marker).

Extended Response (Choice of 1 of 2)


Markers want to see

Sustained quality work that address the needs of the question

Cases like Qantas incorporated into the answer and SPELT correctly

All twists and turns addressed even if they appear obscure

Work that is thoughtful and displays the skill and knowledge of a Year 12 student

Addresses the question and is not just notes, an essay when a report is required and short answers that refer to the actual stimulus

Students who plan and organise their thoughts and interpretations and show a link between material, question and case

Responses that can be read without having to reread parts because it is confusing, difficult to follow or includes words that just cannot be understood. Had writing is very important.

Extended Response (Choice of 1 of 2)


Question 27 (20 marks)

Evaluate the importance of operations strategies in achieving competitive advantage.OR

Question 28

(20 marks)Evaluate the importance of financial management strategies in improving business performance.

2015 HSC Extended Responses

QUESTIONS

HSC BUSINESS REVISION DAY - Torrens University · HSC BUSINESS REVISION DAY BEST METHOD TO STUDY IN...

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