Looking at Exam Papers
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Development of the exam: background
The Government’s agenda for vocational learning:
‘we should be offering young people a wide range of options’
‘we need to better prepare young people for the world of work’
‘we expect all schools to offer work-related opportunities to their pupils, often in partnership with local colleges’
The exam
The exam is untiered and is targeted at students across the full ability range A* - G.
It contains both short and extended answer compulsory questions totalling 90 marks, answered in 1½ hours.
All topics of the Unit are tested in each Series.
The exam:topic weightings
Specification topic Marks %A Documents and
B Make/receive payments
19-27 21-30
C. Costs of a new product or service 1-9 1-10
D. Cash Flow Forecasts and E. Budgets 10-18 11-20
F. Break-even 10-18 11-20
G. Profit & Loss and H. Balance Sheet 10-18 11-20
I. Importance of accounts 1-9 1-10
J. Sources of finance and K. Financial planning
10-18 11-20
The exam: nature of the questions (1)Theme: a ‘single business’ for the first three
papers:Rainfree and Fighting Fit - both are partnershipsMM Sounds - a sole traderproduct (umbrella) or service (gym and ‘Gift Rap’)
New approach in June 2005: a ‘single location’ themean airport – the airport owners plus 3 shops providing
goods (stationery etc) and services (food, car hire)Applied: a Scenario with information introduced Q
by QTrend towards the scenario being a ‘story’ only with the Q
stems introducing key information
The exam: nature of the questions (2)
Templates are used: eg Profit & Loss + Cash Flownote adaptation January 2005 (cash flow)this approach will continue to discourage ‘rote’/give greater Q
flexibilitySelect from alternatives: eg documents, payment
methodsWill continue to avoid ‘write all you know about’ Qs
Simple to complex: eg ‘Incline of difficulty’ + developed answers at end, targeted at A*
This is adapted in practice to ensure a ‘realistic’ approach (eg influence of chronology)
Grading questions and awarding marks
Assessment objectives:AO1: Demonstrate and apply knowledge
60 – 75% (54 – 67 marks) - name, state, explain, describe
AO2: Gather, select, record and analyse evidence10 – 15% (9 – 13 marks) - explain, select, analyse
AO3: Evaluate evidence and present conclusions15 – 20% (14 – 18 marks) - explain, evaluate, give reasons why
Papers are now marked ‘on-line’ with EPEN
Question 1
Similar style to all past papers: alternatives based on scenario business, from which candidates select one
Improving performance?(well answered/easy [only three alternatives] )use past papers for practiceensure candidates give only 1 answer to a part (NB past
questions, there may be two right answers)(General) rehearse selecting and classifying costs for a
wide range of businesses –Public and private; primary, secondary, tertiary
Improving performance
Use past papers for practiceEnsure candidates give only 1 answer to a
part (when using past questions, recognise that there may be two correct alternatives but only one should be chosen)
Rehearse selecting and classifying costs for a wide range of businesses –Public and private;primary, secondary, tertiary
Improving performance Methods of payment
Usually required to explain advantage/disadvantage from the seller’s or the buyer’s viewpoint – this is often overlookedSome candidates are content to state and
not explain/ develop their answer
Improving performance Methods of payment
‘State and explain’ – so some expansion of a ‘basic’ point is expected
Where ‘one’ is in bold candidates must not state two advantages/disadvantages – only one will be marked
Provide practical experience – e.g. of credit/debit cards
Candidates must be able to distinguish between questions/situations that focus on the seller, and those that focus on the buyer: an understanding of the buyer-seller relationship is crucial to success
Improving performance Budgeting
Topic of Budgeting – not well understood
Better answers would be based on explanations such as‘budget = plan;actual occurs, compare against plan;take corrective action’
Improving performance Budgeting
Concentrate on the planning and control aspects of budgeting
‘Variance’ is not stated in Specification but understanding the ‘concept’ of variance is valuable
Practise both written and calculation answers Past paper questions on budgeting should be used
Candidates should know main types – eg sales, production, cash, capital expenditure
Improving performance Balance Sheets and Costs
Review structure, use real examples from public/private sector, from primary/secondary/tertiary industry, practise selecting and classifying from a list
Candidates must follow instructions –may be asked to use a given letter or number coding or name the cost
Continue practising the identification and selection of (eg) fixed and variable costs in specific contexts
Improving performance Break-even:
Table completion (costs and revenues)
and Chart to be constructed Explain changes to breakeven – formula
given to help
Improving performance Breakeven
Full labelling needed on diagramCandidates must be familiar with a variety of
approaches .They must also understand how a change in one item will affect both the lines on the chart and break-even position
This topic may test candidates’ understanding of how ICT helps efficiency, so they may benefit from using a spreadsheet to calculate break-even
Although candidates need not memorise the formula they may benefit from discussing the concept of ‘contribution’
Improving performance Business documents
Main difficulty arises in differentiating between Invoice and Statement of Account
Continuing use of ‘real’ documents will help
Use past papers to meet variety of questions formats
Improving Performance Business documents
Study documents or complete Marks are lost because of:Poor knowledge of what happens to
documents, or answers too brief for both marks (eg ‘File it’)
Lack of precise statements eg ‘wrong quantity’ mean many lost one or both marks
Good knowledge of VAT is essential
Improving performance Business documents
Candidates must use - complete, calculate, store – the full range
Clear understanding of the different positions and roles of buyer and seller regarding documents is needed
VAT calculations are neededCorrection of errors and effect of errors on both
buyer and seller:a question may involve finding the error, correcting it,
explaining its effect
Improving performance Cash Flow Forecast
Similar situation/template to most CFF questions:single inflow; specific outflows; total and balance
(b) Applied focus – ‘information in the CFF’Not well answered if not well applied
NB: the mark structure will ensure candidates still achieve marks if some answers to are incorrect, through application of OFR (‘own figure rule’)
Improving performanceCash Flow Forecast
Labelling of rows (usually 1 mark)Practise ‘netting’ balances in CFFsCandidates must be aware of effects on
businesses that have negative cash flowsCandidates must be able to apply their
answers, interpreting the results of their CFF or interpreting CFF balance figures that will be given to them:E.g. what is the likely meaning of the high or
negative/low balance to the business?
Improving performanceCash Flow Forecast
Practise on Excel – not just Cash Flow Forecast but also budget, P&L, break-even
Anticipate specific ICT questions based on specification topics such as these
Candidates should meet a range of ICT-based and ‘traditional’ situations that allow them to explore how different errors affect sales, profits, cash, balances, willingness to trade . . .
Improving performanceProfit and Loss
Similar templatesP&L date required (full date expected)
Templates and related information can vary on occasion – eg
Use of ‘cost’ and ‘revenue’ columnsInformation in a form other than a bulleted list
‘Difficult’ expense (depreciation) is pre-entered to assist
‘Net profit’ or ‘Net loss’ expected as descriptor (‘Net profit’ needing to be shown as negative)
Improving performanceProfit and Loss
Understanding needed of stakeholdersBasic knowledge is often shown but
not applied –– few score full marks‘Using the information above . . .’
Expect similar questions that require candidates to apply given situations/figures
Improving performanceProfit and Loss
Candidates should practice profit/loss calculations using given templates and in other (e.g. list) formats
Revenues and expenses from a wide variety of businesses should be covered:Public/private; primary/secondary/tertiary
Stress the importance of the date of financial statements
Practise relating answers to specific situations: limited value in giving ‘textbook’ answers about interests of different stakeholder groups
Improving performanceExtended last question
Always an extended answer at AO2/AO3.
Likely to test key financial concepts (see past papers)
Decisions will be involved: ‘Explain why’ ‘Select’ ‘Recommend’ ‘Justify’ ‘Evaluate’
Improving performance Extended last question
Obey the rubric, e.g.note words in bold,Explain to candidates the importance of the ‘trigger’ words
(action verbs) such as ‘Justify’Apply the Specification topics to real businessesApply the answer to the given businessPractise writing extended answersSimple phrases/answers (e.g. the ‘quick’ and ‘easy’
approach) without context or explanation receive few or no marks
Delivering the unit
Influence/availability of resources:Textbooks – these include
Barrett (Nelson Thornes)Carysforth and Neild (Heinemann)Denby and Thoma (Hodder & Stoughton)Fardon, Nuttall, Prokopiw (Osborne)Jones, Raffo and Hall (Pearson)Surridge (Collins)
Delivering the unitInfluence of JCQ Performance Descriptors
Internet sitesEg vocationallearning.org.uk
Developing vocationalism, sample assignments and scheme of work, critical success factors in delivering . . .
Other resources
Helping the studentsVariety of approaches
Preferred learning styles: an active (vocational) approach is encouraged
ReinforcementTests, quizzesPast papers
Edexcel Candidate Kit