2013 Notes from the Marking Centre – Financial Services
Introduction
This document has been produced for the teachers and candidates of the Stage 6 Financial Services course. It contains comments on candidate responses to the 2013 Higher School Certificate examination, highlighting their strengths in particular parts of the examination and indicating where candidates need to improve.
This document should be read along with:
- the Financial Services Curriculum Framework Stage 6 Syllabus
- the 2013 Higher School Certificate Financial Services examination
- the marking guidelines
- advice for candidates attempting VET examinations
- Advice for HSC students about examinations
- other support documents developed by the Board of Studies, Teaching and Educational Standards NSW to assist in the teaching and learning of Financial Services in Stage 6.
Section II
Candidates showed strength in these areas:
- understanding WHS procedures (Q.16)
- using workplace examples in their responses
- understanding sustainable work practices (Q.19)
- knowledge of security measures when preparing to bank receipts (Q.21)
- using skills and knowledge to complete a petty cash book and cash receipts journal (Q.21).
Candidates need to improve in these areas:
- understanding the difference between rights and obligations (Q.18)
- using industry terminology
- knowledge of cultural diversity and its benefits in the workplace (Q.17).
Section III
Candidates showed strength in these areas:
- giving relevant advice related to staff working together and workplace procedures
- providing a range of industry-specific examples and terminology relating to staff working together and workplace procedures
- presenting information in a logical manner with subheadings.
Candidates need to improve in these areas:
- answering all elements of the question
- incorporating the question scenario in their response
- knowledge and understanding of accounting and bookkeeping procedures.
Section IV
Candidates showed strength in these areas:
- producing a fully classified balance sheet (Q.23)
- understanding how to depreciate a non-current asset (Q.23)
- using workplace examples to demonstrate an understanding of meeting customers’ needs (Q.24)
- the advantages and disadvantages of businesses obtaining credit (Q.25).
Candidates need to improve in these areas:
- understanding subsidiary ledgers and their purpose (Q.23)
- knowledge of financial services procedures when acting as a retail agency for a bank (Q.24)
- knowledge of the regulatory roles of ASIC and APRA (Q.25)
- understanding the differences between business and individual taxation issues (Q.25).