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Author Topic: HSC Business Studies Question Thread  (Read 221053 times)  Share 

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isaacdelatorre

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HSC Business Studies Question Thread
« on: October 26, 2016, 08:43:51 pm »
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HSC BUSINESS STUDIES Q&A THREAD

To go straight to posts from 2018, click here.

What is this thread for?
If you have general questions about the HSC Business Studies course or how to improve in certain areas, this is the place to ask! 👌


Who can/will answer questions?
Everyone is welcome to contribute; even if you're unsure of yourself, providing different perspectives is incredibly valuable.

Please don't be dissuaded by the fact that you haven't finished Year 12, or didn't score as highly as others, or your advice contradicts something else you've seen on this thread, or whatever; none of this disqualifies you from helping others. And if you're worried you do have some sort of misconception, put it out there and someone else can clarify and modify your understanding! 

There'll be a whole bunch of other high-scoring students with their own wealths of wisdom to share with you. So you may even get multiple answers from different people offering their insights - very cool.


To ask a question or make a post, you will first need an ATAR Notes account. You probably already have one, but if you don't, it takes about four seconds to sign up - and completely free!

OTHER BUSINESS STUDIES RESOURCES

Original post.
I didn't realise what thread we were posting in, nor that there wasn't a question thread.

Hi everyone,

Could someone explain to me what a Modern Award is?

Thanks.

Hey Rikahs,
A modern award is a legally binding document containing minimum terms and conditions of employment for an industry. It is a kind of employment contracted that acts in addition to the 10 National Employment Standards - i.e. giving more rights and entitlements to employees.

They are the most basic kind of employment contract created by the Fair Work Commission which apply to all businesses within an industry e.g. fast food industry award or educational services (teachers) award. If an individual business wants to make their own employment contract between them and their employees through an enterprise agreement, it must be approved by the Fair Work Commission and pass the Better Off Overall Test, in that the proposed agreements surpasses the minimum terms of the award. Thus, modern awards are seen to underpin the creation of other employment contracts.

Hope this helps!!
« Last Edit: April 24, 2018, 12:57:59 pm by Joseph41 »
HSC 2016:   ATAR: 99+
Mathematics - 97    Economics - 96     Legal Studies - 95     Advanced English - 91    Business Studies - 95

2017: B Commerce/B Law @ UNSW  

isaacdelatorre

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Re: Business Studies Question Thread
« Reply #1 on: October 26, 2016, 09:00:57 pm »
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Can someone break down the mathematical aspects of FIFO and LIFO --> eg how to calculate inventory if they are given a scenario ( sorry i dont have an example to give )

I understand the definitions of each and how it works i guess, i just dont understand the maths behind it

Thanks

Hey Deng,

Tell me if this makes more sense to you!

Month 1:
We buy 1000 of Product X at $100 each

Month 2: inflation occurs so prices increase
We purchase another 1000 of Product X but at $110 each

Month 3: inflation occurs again so prices increase
We purchase 1000 of Product X for $120 each

At the end of the financial year, we have sold all 3000 of Product X for $200 each (to make a profit) giving us $600,000 revenue

Using LIFO

Calculating Gross Profit using LIFO principle:
600,000 - 3000 x 120 = 240,000

Using FIFO

Calculating Gross Profit using FIFO principle:
600,000 - 3000 x 100 = 300,000

Therefore, you can see that what LIFO is used, it can overstate COGS and understate profits leading to less tax being paid; hence it is illegal to use as a valuation method

Does this clear things up?
« Last Edit: October 26, 2016, 09:08:39 pm by isaacdelatorre »
HSC 2016:   ATAR: 99+
Mathematics - 97    Economics - 96     Legal Studies - 95     Advanced English - 91    Business Studies - 95

2017: B Commerce/B Law @ UNSW  

Deng

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Re: Business Studies Question Thread
« Reply #2 on: October 26, 2016, 09:06:25 pm »
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Yeah it does, i had an example a while back which my teacher said was correct but i didnt particularly understand and its different to yours which confused me

You buy 5000 books for 20
Sell 2000 for 50
Bought 2500 for 22
Sold 4000 for 55
Purchased 2000 for 25
Sold 3000 for 28

( total sales is 9000 sold )

Under FIFO
5000*20 =100000
2500*22 = 55000
(9000 - 5000 -2500) * 25 = 37500
COGS = 100 000 + 55 000 + 37500 + 192 5000

LIFO would work in the scenario
2000 * 25 =50,000
2500 * 22 = 55,000
(9k-2k-2,5k) * 20 = 90 000
COGS = 50 000 + 55 000 + 90 000 + 195 000

I didnt get why the prices was always changed but i understand how the COGS is lower and that affects profit
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Deng

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Re: Business Studies Question Thread
« Reply #3 on: October 26, 2016, 10:26:38 pm »
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If an essay question says evaluate the effectiveness of finance/ops/hr/marketing strats( or one of the others) what would our criteria be?
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isaacdelatorre

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Re: Business Studies Question Thread
« Reply #4 on: October 26, 2016, 10:32:48 pm »
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If an essay question says evaluate the effectiveness of finance/ops/hr/marketing strats( or one of the others) what would our criteria be?

Hey Deng,

Normally the criteria you would use are their objectives e.g. finance - profitability, liquidity, efficiency, growth, solvency
There are criteria for all the topics within the syllabus and you can also use whatever criteria, as long as it addresses the question. You could say it improves business performance, ensures viability, increases market share, satisfies stakeholders; as long as you back it up with a case study.

Hope this helps :D

HSC 2016:   ATAR: 99+
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2017: B Commerce/B Law @ UNSW  

itsAnuu

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Re: Business Studies Question Thread
« Reply #5 on: October 26, 2016, 10:40:00 pm »
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isaac mate you're state ranking that's for sure
HSC 2016:   ATAR: 99.35
Mathematics - 98    Economics - 94     Chemistry - 94     Advanced English - 90    Business Studies - 95

fizzy.123

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Re: Business Studies Question Thread
« Reply #6 on: October 26, 2016, 11:04:39 pm »
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Isaac how do you seem to know everything in so much detail? Its so hard to remember everything omg..

Also, can someone please explain to me the ethical part of marketing (influences) and price discrimination for the consumer laws?

aimbotted

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Re: Business Studies Question Thread
« Reply #7 on: October 26, 2016, 11:11:55 pm »
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Isaac how do you seem to know everything in so much detail? Its so hard to remember everything omg..

Also, can someone please explain to me the ethical part of marketing (influences) and price discrimination for the consumer laws?

it baffles me how someone can know so much

itsAnuu

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Re: Business Studies Question Thread
« Reply #8 on: October 26, 2016, 11:13:25 pm »
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Isaac how do you seem to know everything in so much detail? Its so hard to remember everything omg..

Also, can someone please explain to me the ethical part of marketing (influences) and price discrimination for the consumer laws?

Price discrimination refers to selling a product at different prices, i.e. giving preference to some customers  by providing them with products at lower prices than offered to others. This is illegal as these consumers are discriminated against by having to pay higher prices for an identical product. This is administered by the ACCC, being illegal, which makes it a consumer law.

Ethics on the other hand are a set of moral rules that govern a business's behaviour, however they are not LEGAL but are frowned upon by society if breached.
« Last Edit: October 26, 2016, 11:18:13 pm by itsAnuu »
HSC 2016:   ATAR: 99.35
Mathematics - 98    Economics - 94     Chemistry - 94     Advanced English - 90    Business Studies - 95

keithsimpson

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Re: Business Studies Question Thread
« Reply #9 on: October 27, 2016, 12:10:35 am »
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Hey I was wondering if you could help me with some points i'm struggling with :)

-balance between cost and quality in operations strategy
-government policies that affect operations
-how globalisation has affected marketing management
-influence of government and global market on financial management
-conflicts between short and long term financial objectives
-influence of gov on determining employment contracts
-advantages of a diverse, culturally competent workforce
-process of negotiating enterprise agreements v individual contracts

thanks so much :) :) :) sorry for so many questions!

Rikahs

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Re: Business Studies Question Thread
« Reply #10 on: October 27, 2016, 01:04:33 am »
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Could someone explain greenfield enterprise agreements?
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scarydeath25

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Re: Business Studies Question Thread
« Reply #11 on: October 27, 2016, 01:09:34 am »
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Can someone please explain Performance management as a human resource strategy, its confusing.

arsh.rampal

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Re: Business Studies Question Thread
« Reply #12 on: October 27, 2016, 01:34:55 am »
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Could someone explain greenfield enterprise agreements?

Hi Rikahs,

I'm not sure if it's something that is REALLY important, but in simple terms, a Greenfield enterprise agreement (can be single or multi enterprise agreement) is essentially just an agreement that is made between a relevant union and an employer (must be a genuine NEW enterprise/ business) that does not yet have employees (ie a new business may decide to establish an agreement before it goes upon hiring people).

The benefit of this for the employer is that:
- they do not require approval from any employees
- do not need to negotiate terms with any employees

Hope that somewhat answers your question! :)

arsh.rampal

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Re: Business Studies Question Thread
« Reply #13 on: October 27, 2016, 01:43:14 am »
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Can someone please explain Performance management as a human resource strategy, its confusing.

Hi there,

Performance management can be defined as the systematic process of evaluating and managing employee performance in order to achieve the best outcome for the business by evaluating individual performance and using that to develop an individual.

This can help a business in two ways:

1. Developmental:
This is a model focused on using data to develop individual skills and abilities and helps employees improve their effectiveness in roles, overcome weaknesses and essentially become prepared for promotion :)

2. Administrative:
Provide information which can be used by management for planning in HR
functions like training, development, rewards benefits.

Overall, it is beneficial for a business as it assists with HR planning, in addition to plan to overcome gaps or weaknesses in performance, evaluate rewards and benefits program and finally identify training and development needs.

For an individual, this can also be beneficial as it helps assess rewards and benefits linked to performance, identifies strengths and weaknesses and their initiative is recognised/rewarded!

Hope that somewhat answers your question! Let me know if you need more help! :)
« Last Edit: October 27, 2016, 01:51:06 am by arsh.rampal »

deni_renee

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Re: Business Studies Question Thread
« Reply #14 on: October 27, 2016, 08:41:40 am »
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Hi! Could someone please help me? I don't know how the critical path works! I keep getting different answers along the lines of "it's the shortest path" or "the longest path"... Someone even started a poll on Facebook, and it seems almost 50/50!

I would upload the photo of an example, but it won't let me unless it's in another format...