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March 29, 2024, 08:52:00 am

Author Topic: HSC Business Studies Question Thread  (Read 221081 times)  Share 

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Deng

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Re: Business Studies Question Thread
« Reply #30 on: October 27, 2016, 04:53:03 pm »
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On a scale of 1 - 10, how prepared is everyone for business?
2.
English Advanced -89
Legal Studies - 90
Business Studies -92
Economics - 92
Mathematics - 88

isaacdelatorre

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Re: Business Studies Question Thread
« Reply #31 on: October 27, 2016, 05:13:55 pm »
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Hey guys, just gathering personal opinions. As there is likely to be multiple 4-6 mark questions tomorrow and they give us a measly 8-12 lines to write on, will you:
A -Generally write down as much quality knowledge as you can regarding the question and continue writing on extra writing paper.
Or B- Find its better to essentially answer the question on the recommended lines and keep your answer rather 'short and sweet' even though you know you can write heaps more?
I had this issue yesterday in pdhpe and I feel it will reoccur again tomorrow and I'm curious to see what you's all think.
Thanks!

Hey,

The exam is set out so that you will have adequate writing space to answer the question (taking into account larger writing and mistakes). The number of lines and the mark allocation, indicates how much and in what depth you write. There is no point writing all you know on a topic, you run the risk of losing clarity and confusing the marker.

You cannot get more than the allocated marks, so my advice is to just give a tiny bit more information than necessary; this is for a few reasons, sometimes a marker might be deciding on whether you get the full marks or not, you just need that bit extra to push you over the edge. As well as this, the short answer section is marked positively, meaning that if one of your points is incorrect, you don't lose marks if you have the correct answer later on. I.e. if you identify 4 limitations instead of 2 and 2 of yours are incorrect, you won't be penalised.

Hope this helps :)
HSC 2016:   ATAR: 99+
Mathematics - 97    Economics - 96     Legal Studies - 95     Advanced English - 91    Business Studies - 95

2017: B Commerce/B Law @ UNSW  

zachary99

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Re: Business Studies Question Thread
« Reply #32 on: October 27, 2016, 05:46:56 pm »
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On a scale of 1 - 10, how prepared is everyone for business?


8-9

itsAnuu

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Re: Business Studies Question Thread
« Reply #33 on: October 27, 2016, 06:24:18 pm »
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What is the difference between hedging and derivatives? I have everything in the syllabus under control except this confusing thing.. Pls detailed and examples of each :)
HSC 2016:   ATAR: 99.35
Mathematics - 98    Economics - 94     Chemistry - 94     Advanced English - 90    Business Studies - 95

Deng

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Re: Business Studies Question Thread
« Reply #34 on: October 27, 2016, 06:48:38 pm »
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There is natural hedging and financial instrument hedging
Hedging is essentially the process of minimising the risk of currency fluctuations

In regards to derivatives, derivatives are used by businesses to hedge as derivatives by definition are tools that help minimise the risk of exchange rate fluctuations. There are 3 types within the textbook ( Business Studies in Action ), forward contracts, options and swap contracts.
A forward option is when you agree to purchase a currency at a future time at a predetermined price 
Options contract is when you have the right but not obligation to purchase to buy or sell foreign currency e.g Qantas in 2013 had hedged its oil needs through the form of options, and since oil is volatile in price ( fluctuates ), they can take advantage if the price is lower than their option contract
A swap contract is used in the spot market is basically a currency swap, so one business will buy their own currency and another business will buy their own currency and then swap it

Hope i helped
What is the difference between hedging and derivatives? I have everything in the syllabus under control except this confusing thing.. Pls detailed and examples of each :)
English Advanced -89
Legal Studies - 90
Business Studies -92
Economics - 92
Mathematics - 88

fizzy.123

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Re: Business Studies Question Thread
« Reply #35 on: October 27, 2016, 06:51:37 pm »
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What is the difference between social responsibility and environmental sustainability? (Operations)

arsh.rampal

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Re: Business Studies Question Thread
« Reply #36 on: October 27, 2016, 06:53:02 pm »
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What is the difference between hedging and derivatives? I have everything in the syllabus under control except this confusing thing.. Pls detailed and examples of each :)

Hey,

Hedging helps reduce the level of uncertainty by minimising the risk of currency fluctuations as exchange rates during spot transactions, also known as spot exchange rates may not always be the best rate.

One method/ example of hedging is natural hedging in which businesses establish offshore subsidiaries. These allow for the business to arrange for import/export payments/receipts in the same foreign currency, but mainly insisting that  both import and export contracts are denominated in Australian dollars.

Derivatives on the other hand are financial instruments that are used to lessen exporting risks again brought about by currency fluctuations. Hence, they are basically hedging but through financial products. Three main examples of derivatives:

- Forward Exchange Contract:
Contracts to exchange currency at agreed future date at an agreed rate. A bank guarantees this exporter within the set time, and also sets a fixed rate of change for the money generated from the sale of exported goods.

- Options Contract:
These give the buyer the right, but not the obligation to, to buy or sell foreign currency at some time in the future at an agreed price. The options holder is protected from unfavourable exchange rate fluctuations but is allowed to 'gain' should exchange rate movement be favourable for them.

- Swap Contract:
This is an agreement to exchange currency in the spot market with agreement to reverse transaction later. This is mainly used when businesses need to raise finance in currency issued by another country in which they are not well known and are forced to pay higher interest rate than other locals.


Hope that helps!

arsh.rampal

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Re: Business Studies Question Thread
« Reply #37 on: October 27, 2016, 06:57:04 pm »
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What is the difference between social responsibility and environmental sustainability? (Operations)

Simply put, environmental sustainability, or acting in an environmental friendly way falls within the broader idea of social responsibility which also deals with the management of social, political and human consequences of actions!

isaacdelatorre

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Re: Business Studies Question Thread
« Reply #38 on: October 27, 2016, 07:23:19 pm »
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What is the difference between hedging and derivatives? I have everything in the syllabus under control except this confusing thing.. Pls detailed and examples of each :)


Hey there,
The others have already explained the difference, but here's my two cents on the topic.

Hedging is any action a business does to minimise fluctuations in the exchange rate. A business will usually want to do this as it could significantly increase costs if the exchange rate depreciated and we wanted to buy goods from another country.

A business can do this through natural hedging - i.e. within the business' control:
Natural hedging strategies normally surround the idea of having everything done in one currency so that the exchange rate doesn't affect the business - it may affect other firms that you are trading with though.

I.e. if you have everything done in USD, you buy $100 USD worth of goods, you will only pay that much; regardless of what the exchange is; same as if you are owed $100 USD, you will only receive $100USD even if the AUD is worth more.

Derivatives are a financial instrument that can be used to minimise the effects of exchange rate fluctuations. They are a form of hedging that a business can purchase. The types have already been explained.

Hope this helps!! :)
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 #39 on: October 27, 2016, 07:50:24 pm »
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Hey can someone help break this down for me

Right now ethical issue i got is environment , would the legal issue be production methods and outdated tech?
Would conflict resolution - grievance procedure/other forms of ADR be correct in satisfying the employee and employers conflict ( also bring in pay since there is over pay and plan to outsource )

And how would i answer the last bit ?
Would i take about increasing environmental conscience of the community and how the business' lack of regard for environment can damage their reputation and consequently sales ?

Thanks
English Advanced -89
Legal Studies - 90
Business Studies -92
Economics - 92
Mathematics - 88

isaacdelatorre

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Re: Business Studies Question Thread
« Reply #40 on: October 27, 2016, 08:27:55 pm »
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Hey can someone help break this down for me

Right now ethical issue i got is environment , would the legal issue be production methods and outdated tech?
Would conflict resolution - grievance procedure/other forms of ADR be correct in satisfying the employee and employers conflict ( also bring in pay since there is over pay and plan to outsource )

And how would i answer the last bit ?
Would i take about increasing environmental conscience of the community and how the business' lack of regard for environment can damage their reputation and consequently sales ?

Thanks

Hey Deng,

For this business - the main issue here is that they are considering relocating to a country with lower labour costs. This is your main ethical issue as well as legal. As people in the local community would lose jobs and view the business negatively; also people here would see Turbo's business as exploiting outsourced workers because labour costs are lower.

The main legal issues are labour laws and how turbo would be taking advantage of lower costs in another country. As well as environmental compliance - might be breaching some regulations surrounding ecologically sustainable development.

Make sure you are only recommending one strategy as this is what the question asks. But any of the workplace dispute resolution strategies can be used to satisfy the competing interests of employers and employees. Make sure you justify it though.

The last one, state the importance of environmental sustainability. Why is it good for the business to do that. What is the impact on sales, position, reputation, expenses - why is it important that they care about the environment? and also include the effects of ignoring it

Hope this helps :)
HSC 2016:   ATAR: 99+
Mathematics - 97    Economics - 96     Legal Studies - 95     Advanced English - 91    Business Studies - 95

2017: B Commerce/B Law @ UNSW  

itsAnuu

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Re: Business Studies Question Thread
« Reply #41 on: October 27, 2016, 08:39:09 pm »
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Isaac how many case studies are you doing for the essay tmrw? I did 1 in trial and got 20/20, but scared if I only use 1 tmrw and dont end up with 18+
HSC 2016:   ATAR: 99.35
Mathematics - 98    Economics - 94     Chemistry - 94     Advanced English - 90    Business Studies - 95

isaacdelatorre

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Re: Business Studies Question Thread
« Reply #42 on: October 27, 2016, 08:47:22 pm »
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Isaac how many case studies are you doing for the essay tmrw? I did 1 in trial and got 20/20, but scared if I only use 1 tmrw and dont end up with 18+

When you say you used 1? Do you mean you just talked about once business? or you only referred to it once?

To be perfectly honest with all of you, I have not memorised any, as I feel like I can make some up on the spot that would better suit whatever the question is. As a case study might not perfectly fit a curveball question. Although in my previous exams, I had trouble making up names of businesses that sounded legitimate. So I made a list of businesses that sound real ahaha. I have read some case studies in my last minute cramming just to see what kind of integration would be necessary. What is your case study anuu?
HSC 2016:   ATAR: 99+
Mathematics - 97    Economics - 96     Legal Studies - 95     Advanced English - 91    Business Studies - 95

2017: B Commerce/B Law @ UNSW  

fizzy.123

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Re: Business Studies Question Thread
« Reply #43 on: October 27, 2016, 08:54:10 pm »
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I don't understand price points, can someone please help

Deng

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Re: Business Studies Question Thread
« Reply #44 on: October 27, 2016, 08:56:24 pm »
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I don't understand price points, can someone please help

Price points is a pricing strategy that can be used by businesses to price their products and target a larget market. For example, a small coffee can cost 2$, a medium can cost 4$ and large 6$, this way, the business is able to target a larger market since not everyone would want a large coffee or a small coffee.
May not be the best explanation but hopefully you understand from this
English Advanced -89
Legal Studies - 90
Business Studies -92
Economics - 92
Mathematics - 88