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February 25, 2020, 06:06:40 pm

Author Topic: HSC Business Studies Question Thread  (Read 89042 times)  Share 

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Dezzel

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Re: HSC Business Studies Question Thread
« Reply #750 on: October 31, 2019, 09:11:07 pm »
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Hey!
Would I lose marks in the hsc report if the question asked for 2 strategies and I misread and wrote 4?

LoneWolf

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Re: HSC Business Studies Question Thread
« Reply #751 on: January 20, 2020, 11:21:19 am »
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(@Dezzel No, however you would be wasting your time.)

Hey, Im stuck on this question. can anyone tell me why it is FIFO not JIT?
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Grace0702

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Re: HSC Business Studies Question Thread
« Reply #752 on: January 20, 2020, 02:01:24 pm »
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Hey LoneWolf!

I recall doing this question myself and asking the exact same question. They key is to carefully read the question. It is asking us to find the most appropriate valuation method for inventory rather than just an inventory management style. The only two valuation methods we are taught are FIFO and LIFO. JIT is just a style of management rather than a valuation method. So based on this we know the only two possible solutions are FIFO and LIFO.

Now the business is seeking to show maximum profits for the current financial period, and since cost of stock is increasing choosing a FIFO method is necessary. In doing so businesses will use the initial purchase price of stock (which will be lower than the current costs) to calculate profits and other values, this allows them to overestimate profits such that they look more favourable to competitors and potential investors.

(If a business were to choose a LIFO method they would overstate costs and understate profits so they will have to avoid paying large amounts on tax on these profits)

I hope that made sense. Inventory management is one of the most confusing topics in the syllabus, so let me know if you have any other questions!  :)
HSC 2019: Advanced Maths 92 || Standard English 89 || Physics 80 || Business Studies
95 || Information Processes and Technology 94 || Studies of Religion 1 45

ATAR: 96.05

2020: B Engineering/B Commerce @USYD

LoneWolf

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Re: HSC Business Studies Question Thread
« Reply #753 on: January 21, 2020, 07:41:13 pm »
+1
Thanks.
Arrrrrrr its those small things which catch me... grrrr
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Travis Scott

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Re: HSC Business Studies Question Thread
« Reply #754 on: February 01, 2020, 03:49:08 pm »
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I am doing this assessment and I am doing IKEA, I want to mention what kind of inventory strategy they use, is it JIT, FIFO, LIFO INCLUDING REFERNCES. I can't find any info that gives that out please help and quick.

LoneWolf

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Re: HSC Business Studies Question Thread
« Reply #755 on: February 02, 2020, 06:46:24 pm »
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Firstly, check out this: https://atarnotes.com/forum/index.php?topic=178864.0  ;D

https://www.tradegecko.com/inventory-management/inventory-valuation-methods
https://smallbusiness.chron.com/advantage-fifo-inventory-method-23485.html
https://strategiccfo.com/lifo-vs-fifo/

Also, any textbooks would be great for general material I would not recommend referencing them.
Try out content from universities or tafes' on business.

trust this helps?
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LoneWolf

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Re: HSC Business Studies Question Thread
« Reply #756 on: February 13, 2020, 09:28:08 am »
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Hey people,
struggling with this short-answer.

 how short-term and long-term financial objectives may conflict each other?

thanks in advance : )
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tscgrad2020-ms

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Re: HSC Business Studies Question Thread
« Reply #757 on: February 16, 2020, 12:00:03 pm »
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Hey, I was wondering if anyone could help me with the following short answer and extended response questions? My new teacher refuses to help me respond to them and my old teacher didn't teach us anything in the first term of HSC, nor did he teach us anything the whole of the prelim year.

Short-Answer
Define the term ‘operations’. (2 marks)
Distinguish between inputs, transformations processes and
outputs in operations processes (6 marks)
What is meant by total quality management? (2 marks)
Demonstrate the main differences between quality control and quality assurance. (6 marks)
Identify the main advantages and disadvantages of holding stock. (3 marks)
What is the importance of inventory management? (5 marks)
Examine three examples of ethically and socially responsible issues that may arise in operations management. (6 marks)
Identify the main types of layout. (3 marks)
Deduce what an operations manager needs to consider when selecting the optimum facilities design and layout. (6 marks)
------
Define operations management (2 marks)
Explain why CSR is a key concern in operations management (4 marks)
Explain how one operations strategy can help a business sustain its competitive advantage (4 marks)
Discuss how improving operational processes may lead to better customer service (5 marks)
With reference to a business, analyse the relationship between cost and quality in the operations of a business. (6 marks)

Extended Response
Analyse the effect of globalisation on operations management (20 marks)

I've gone through all my study notes for operations and the Business in Action 6th Ed Text and none of it is getting me any closer to results.
All and Any Help will be appreciated!!!

Grace0702

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Re: HSC Business Studies Question Thread
« Reply #758 on: February 16, 2020, 09:21:03 pm »
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Hey, I was wondering if anyone could help me with the following short answer and extended response questions? My new teacher refuses to help me respond to them and my old teacher didn't teach us anything in the first term of HSC, nor did he teach us anything the whole of the prelim year.

Short-Answer
Define the term ‘operations’. (2 marks)
Distinguish between inputs, transformations processes and
outputs in operations processes (6 marks)
What is meant by total quality management? (2 marks)
Demonstrate the main differences between quality control and quality assurance. (6 marks)
Identify the main advantages and disadvantages of holding stock. (3 marks)
What is the importance of inventory management? (5 marks)
Examine three examples of ethically and socially responsible issues that may arise in operations management. (6 marks)
Identify the main types of layout. (3 marks)
Deduce what an operations manager needs to consider when selecting the optimum facilities design and layout. (6 marks)
------
Define operations management (2 marks)
Explain why CSR is a key concern in operations management (4 marks)
Explain how one operations strategy can help a business sustain its competitive advantage (4 marks)
Discuss how improving operational processes may lead to better customer service (5 marks)
With reference to a business, analyse the relationship between cost and quality in the operations of a business. (6 marks)

Extended Response
Analyse the effect of globalisation on operations management (20 marks)

I've gone through all my study notes for operations and the Business in Action 6th Ed Text and none of it is getting me any closer to results.
All and Any Help will be appreciated!!!

Hey!

These are quite a few questions. While I won't answer them for you I will try to help. One thing my teacher always told me to do when given any question in business studies is identify where it comes from in the syllabus. In doing so understand the exact sub-topic you are struggling with and then you can search for resources/read the textbook accordingly.

So lets take the first question. Define the term ‘operations’. (2 marks)
This is a pretty general question so really it could fit anywhere in the operations topic. But with definitions we are being asked what it is and what its role it. So now we can deduce that it comes under role, more specifically the strategic role of operations. And just like that we understand what specific dot point we need to look into.

Lets try another. Distinguish between inputs, transformations processes and outputs in operations processes (6 marks)
So this is still in the operations topic. The question kinda gives away the subtopic which is processes. Now this question is broad in a sense that we can talk about any point under either inputs, transformation processes and outputs, as long as we include at least one point about each.

Nailing business comes down to three key things in my opinion:
1. Knowing the syllabus. As stated above it is SOOO important to know it. It lets you see where questions come from and gives you a specific list of what you can include in questions.
2. Knowing the actual content. Once you know the syllabus, knowing the content that goes with it becomes second nature. This is what you need to actually get marks when answering questions.
3. Finally, understanding the directive term. You may have the correct content in a question but lack the correct wording or comparison to get full marks (i have been there  :'( ) so it is important to always look at the form the question is asking you to write in and also the mark value of the question so you don't waste precious exam time

I suggest you go through this list of questions and identify their dot points. From there I suggest you find the related content. Once you have the content you need to look at what the directive term is asking and then you can answer the question. I'll admit business isn't exactly an easy subject because of all the pure content you need to know, but study and practice enough and hopefully answering these questions will become like second nature.

Hope this is of some help :)
HSC 2019: Advanced Maths 92 || Standard English 89 || Physics 80 || Business Studies
95 || Information Processes and Technology 94 || Studies of Religion 1 45

ATAR: 96.05

2020: B Engineering/B Commerce @USYD

LoneWolf

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Re: HSC Business Studies Question Thread
« Reply #759 on: February 19, 2020, 05:16:25 pm »
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I was reading some finance content notes and under 'company tax', under the 'influences on financial management' read this;

•   Increase in company tax  decrease consumer demand due to increase in $.

can some1 please explain this?
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LoneWolf

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Re: HSC Business Studies Question Thread
« Reply #760 on: February 24, 2020, 04:55:03 pm »
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Hello People
under matching the terms and sources of fiance to business purpose dotpoint, what do i need to be focusing on?
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