HSC 2015-2016 Business Studies Marathon (archive) (3 Viewers)

[Crisium]

Re: 2015 Business Studies Marathon

Haha love the fact that everyone assumes I go to a selective school... my school is around 180 lol, nonetheless very proud of it

Cheers for the encouragement! I've got 6 whole days off before business, so there is no exception for me not smashing it... SR is gonna be all about the extended responses I think, but I've got a couple tricks up my sleeve

And Crisium, all the best as well - I think you're doing your HSC this year aren't you?

Thanks

Yeah I am

Haha you're so lucky you have that gap

I've got Extension 1 on Monday, then physics the following day and finally business :/

How are you going in terms of preparation (i.e. what past papers have you done, have you memorised the syllabus dot points, etc.)?

 

[swagmeister]

Re: 2015 Business Studies Marathon

Thanks

Yeah I am

Haha you're so lucky you have that gap

I've got Extension 1 on Monday, then physics the following day and finally business :/

How are you going in terms of preparation (i.e. what past papers have you done, have you memorised the syllabus dot points, etc.)?

Yeah that sucks, I had something similar last week with 4 exams...

I've got mind maps of the syllabus, and some more specific things (e.g. examples of all the finance institutions) on the wall for all topics except HR. Focusing on maths for the next 2 days, but I'll know the syllabus fully probably 2-3 days after my maths exam.

In terms of past papers, haven't done any since before trials. I have done a fair bit though, especially on finance and once I got my head fully around that it was a breeze.

Also, I've got 1-2 syllabus dot points left in my marketing notes (we were only halfway through the topic by trials) and I need to condense my operations ones down a bit. People say 'why haven't you finished all your notes' but I reckon the big thing is understanding, and when I go through and make them, I make sure I understand everything 100% and it tends to stick in my brain.

In terms of extended response prep, I've got a nifty little trick that I'm gonna spend a fair bit of time working on - PM me if you want to know haha, don't want to many people to do the same thing though so I won't post it up here

So, I should be able to do around 6 full additional past papers before the exam which will be sick (then again, it will probably end up being 2-3 realistically haha).

And then there are a few odds and ends I want to tie up, such as revision of the minutia in the current legal framework.

How bout you?

 

[Crisium]

Re: 2015 Business Studies Marathon

Yeah that sucks, I had something similar last week with 4 exams...

I've got mind maps of the syllabus, and some more specific things (e.g. examples of all the finance institutions) on the wall for all topics except HR. Focusing on maths for the next 2 days, but I'll know the syllabus fully probably 2-3 days after my maths exam.

In terms of past papers, haven't done any since before trials. I have done a fair bit though, especially on finance and once I got my head fully around that it was a breeze.

Also, I've got 1-2 syllabus dot points left in my marketing notes (we were only halfway through the topic by trials) and I need to condense my operations ones down a bit. People say 'why haven't you finished all your notes' but I reckon the big thing is understanding, and when I go through and make them, I make sure I understand everything 100% and it tends to stick in my brain.

In terms of extended response prep, I've got a nifty little trick that I'm gonna spend a fair bit of time working on - PM me if you want to know haha, don't want to many people to do the same thing though so I won't post it up here

So, I should be able to do around 6 full additional past papers before the exam which will be sick (then again, it will probably end up being 2-3 realistically haha).

And then there are a few odds and ends I want to tie up, such as revision of the minutia in the current legal framework.

How bout you?

Beast

I've been one of those people who literally study the morning before walking into the exam (The only other times I worked on business was note making) because I went along with the mentality of business doing nothing to my ATAR

BUT I made a promise to RivallryofTroll and I've started studying early (It feels so weird) - I did my first business past paper a few days ago LOL

I can recall the entire syllabus for marketing, finance and human resources (A further in depth version of the syllabus where for things such as Acquisition under HR Processes I would includes things such as analysing the internal and external environment, job design and job analysis, recruitment, employee selection and placement) - This helps with past papers so much, I never drift away from answering the question

If you could send me a PM of that technique that would be pretty sweet

 

[swagmeister]

Re: 2015 Business Studies Marathon

We've derailed this thread so much haha, here's a question that has stumped me (the example bit)
"Explain LIFO and give an example of a business that may choose to use it as an inventory management technique" 3 marks

 

[Crisium]

Re: 2015 Business Studies Marathon

We've derailed this thread so much haha, here's a question that has stumped me (the example bit)
"Explain LIFO and give an example of a business that may choose to use it as an inventory management technique" 3 marks

(A) FIFO . This inventory management strategy is used for perishable products. I.e. The earlier purchase will be used first

^ Going by this I guess you'd mention a business that sells a more durable / non-perishable goods ?

 

[Flop21]

Re: 2015 Business Studies Marathon

Describe the pricing strategy price points.

 

[aanthnnyyy]

Re: 2015 Business Studies Marathon

Describe the pricing strategy price points.

Price points refers to the pricing of a product by its suggested retail price. This will then fluctuate depending on the demand and is largely utilized by retailers. Also known as price lining since it sets out the price of key products at a certain amounts.

Q. Explain how 2 Human Resources strategies can effectively manage the downsizing of a business's workforce (6marks) (3 for each strategy)

 

[swagmeister]

Re: 2015 Business Studies Marathon

^ Going by this I guess you'd mention a business that sells a more durable / non-perishable goods ?

Yeah but why would they actually want to use LIFO though, like why would it be beneficial?

At first I was thinking wine cause older is better, but that's incorrect because you'll sell the older stuff first so the newer stuff can age more.

 

[Crisium]

Re: 2015 Business Studies Marathon

Yeah but why would they actually want to use LIFO though, like why would it be beneficial?

At first I was thinking wine cause older is better, but that's incorrect because you'll sell the older stuff first so the newer stuff can age more.

I came across some sample answer mentioning that it's beneficial because they can sell the newer, more expensive products first to generate a profit and then older stock (which was bought at a cheaper price) can be sold later

 

[Flop21]

Re: 2015 Business Studies Marathon

How do I do this

 

[RivalryofTroll]

Re: 2015 Business Studies Marathon

How do I do this

Hint:
- 'Purchased on credit' - are you paying any cash?

 

[BLIT2014]

Re: 2015 Business Studies Marathon

How do I do this

Is it A?

 

[Flop21]

Re: 2015 Business Studies Marathon

Oooh right, yeah I suppose it's A then!

 

[Examine]

Re: 2015 Business Studies Marathon

Just wanted to pop in and wish you guys all the best for the upcoming exam

 

[Crisium]

Re: 2015 Business Studies Marathon

Just wanted to pop in and wish you guys all the best for the upcoming exam

The business Gods have suddenly descended from their thrones and are blessing us

We're saved

 

[Khan.Paki]

Re: 2015 Business Studies Marathon

Can someone please explain to me the difference between polycentric, geocentric and ethnocentric approaches with examples? I'm having a really hard time understanding this concepts.

 

[Flop21]

Re: 2015 Business Studies Marathon

Can someone please explain to me the difference between polycentric, geocentric and ethnocentric approaches with examples? I'm having a really hard time understanding this concepts.

wtf is this? Is this the leadership styles??

Can someone list what leadership styles we NEED to know, as different notes have different styles, e.g. behavioural, delegation, contingency.

 

[Crisium]

Re: 2015 Business Studies Marathon

wtf is this? Is this the leadership styles??

Can someone list what leadership styles we NEED to know, as different notes have different styles, e.g. behavioural, delegation, contingency.

Just know about

1) Autocratic / Authoritarian

2) Democratic / Participative

The latest edition of Business Studies in Action doesn't make reference to geocentric, polycentric and ethnocentric so I guess they realised it wasn't necessary after including it in the 4th/previous edition

 

[aanthnnyyy]

Re: 2015 Business Studies Marathon

wtf is this? Is this the leadership styles??

Can someone list what leadership styles we NEED to know, as different notes have different styles, e.g. behavioural, delegation, contingency.

Geo poly and ethnocentric recruitment is not actually in the syllabus from my memory but it is a more in depth part of the *international* acquisition-recruitment process in h.r.

- ethnocentric: using only parent nation employees
- geocentric: recruiting most suitable (I.e the best all over the world - Google)
- polycentric: employees are from the host nation, but parent nation still in charge

 

[BLIT2014]

Re: 2015 Business Studies Marathon

Geo poly and ethnocentric recruitment is not actually in the syllabus from my memory but it is a more in depth part of the *international* acquisition-recruitment process in h.r.

- ethnocentric: using only parent nation employees
- geocentric: recruiting most suitable (I.e the best all over the world - Google)
- polycentric: employees are from the host nation, but parent nation still in charge

It's fairly useful to know for HR