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2014 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 2014 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:

Section II

Candidates showed strength in these areas:

  • demonstrating understanding of the advantages of different types of business ownership (Q.16 (b))
  • calculating income and tax (Q.19 (a))
  • demonstrating understanding of the bank reconciliation process (Q.21).

Candidates need to improve in these areas:

  • understanding the difference between a WHS right and a responsibility (Q.16 (a))
  • describing strategies to prevent cultural misunderstandings in the workplace (Q.17)
  • understanding the effects of poor ergonomics on both the employee and the employer (Q.18 (b))
  • demonstrating understanding of journals and the debit and credit rule, including the treatment of GST (Q.19 (b))
  • understanding the difference between conflict of interest and conflict (Q.20)
  • providing examples from the financial services industry (Q.20).

Section III

Candidates showed strength in these areas:

  • identifying technologies available
  • addressing all elements of the question
  • providing workplace examples from workplace experience.

Candidates need to improve in these areas:

  • familiarity with the range of products available in the financial services industry
  • incorporating specific financial services examples
  • using industry terminology and relevant legislation.

Section IV

Candidates showed strength in these areas:

  • understanding the purpose of an Accounts Receivable Ageing report (Q.23)
  • differentiating between income and expenses (Q.23)
  • understanding the importance of credit history (Q.25)
  • demonstrating knowledge of the purpose and effect of the Reserve Bank’s monetary policy (Q.25).

Candidates need to improve in these areas:

  • understanding the effect of inventory variance expense on cost of goods sold (Q.23)
  • explaining the effect of doubtful debts and bad debts on profitability and financial situation (Q.23)
  • understanding key components in regard to Gross Profit and Net Profit (Q.23)
  • understanding the positive and negative effects of debt on the Australian economy (Q.25).
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