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Sample Assessment Tasks

Business Management and Enterprise

General Year 11

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School Curriculum and Standards Authority, 2014

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Sample assessment taskBusiness Management and Enterprise General Year 11Task 3 Unit 1

Assessment type: Business research

Conditions

Period allowed for completion of the task: 3 weeks

Some class time will be used.

Task weighting

10% of the school mark for this pair of units

__________________________________________________________________________________

1. Select a newspaper or other article that focuses on a successful entrepreneur and that addresses the questions below. Acknowledge the source of the article. (2 marks)

2. Read the article you have selected and answer the following questions which focus on entrepreneurship, innovation, business growth and success.

(a) Describe the business idea/opportunity on which the entrepreneur acted.(2 marks)

(b) List two (2) other ideas/opportunities considered by the entrepreneur.(2 marks)

(c) Explain two (2) reasons for establishing the business.(4 marks)

(d) Explain how the entrepreneur dealt with one (1) of the following issues affecting business success (or failure):

cash flow

market research

business planning. (3 marks)

(e) List four (4) common sources of business finance.(4 marks)

(f) Describe the main source of finance used by the entrepreneur.(2 marks)

(g) Explain the meaning of innovation.(2 marks)

(h) Explain the relationship between business growth and innovation.(3 marks)

(i) State three (3) issues regarding ethical practice in the business macro (external) environment(3 marks)

(j) Explain how the entrepreneur dealt with one (1) issue regarding ethical practice.

(3 marks)

3. Compare your answers for your entrepreneur with those of another class member who has selected a different entrepreneur. Identify and explain two (2) findings which are similar.(6 marks)

Total = 36 marks

Marking key for sample assessment task 3 Unit 1

1. Select a newspaper or other article that focuses on a successful entrepreneur and that addresses the questions below. Acknowledge the source of the article.

Description

Marks

Provides a relevant article and acknowledges source

2

Provides a relevant article

1

2. (a)Describe the business idea/opportunity on which the entrepreneur acted.

Description

Marks

Clearly describes the idea/opportunity

2

Names the idea/opportunity

1

Answer will vary depending on the article selected but could include, and is not limited to:

identifies the potential for developing or providing a product or service or process that was not currently available

focusses on a product or service or process that existed but which could be improved

(b) List two (2) other ideas/opportunities considered by the entrepreneur.

Description

Marks

Lists idea/opportunity

12

(1 mark each)

Answer could include, but is not limited to:

Any other product or service or process considered by the entrepreneur

(c) Explain two (2) reasons for establishing the business.

Description

Marks

Reason 1

Clearly explains the reason for establishing the business

2

States a reason for establishing the business

1

Subtotal

2

Reason 2

Clearly explains the reason for establishing the business

2

States a reason for establishing the business

1

Subtotal

2

Total

4

Answer will vary depending on the article selected but could include, and is not limited to:

using skills and knowledge for own advantage not another employer

making use of possible tax advantages depending on the type of business and structure

protecting the environment by engaging in ethical environmental business practices

engaging in a challenging and interesting type of employment

seeking recognition for creating a new business

job security

creating jobs for others

(d) Explain how the entrepreneur dealt with one (1) of the following issues affecting business success (or failure):

cash flow

market research

business planning.

Description

Marks

Clearly explains how the business dealt with the issue

3

States how the business dealt with the issue

2

States the issue but doesnt make the link to how the business dealt with it

1

Answer will depend on the article selected

cash flow: for a business to function effectively and succeed it needs to ensure that there always is sufficient cash flow to allow it to cover expenses and repayment and unexpected situations such as when creditors dont pay on time and fluctuations in sales or revenue

market research: before starting the business the owner needs to know if there is a market for what is going to be provided because if there isnt its very unlikely the business will be successful

business planning: planning is needed to ensure the businesss proposed activities can be carried out profitably and that there is sufficient capital to establish and maintain the business. Research indicates that the biggest factor contributing to business failure is poor planning

(e) List four (4) common sources of business finance.

Description

Marks

Lists appropriate sources of finance

14

(1 mark each)

Answer could include but is not limited to:

personal savings

finance from friends and relatives

credit cards

short-term loans, such as loans for 12 months or less, from banks or lending institutions

long-term loans, such as mortgages, from banks or lending institutions

bank overdrafts

(f) Describe the main source of finance used by the entrepreneur.

Description

Marks

Clearly describes the main source of finance used by the entrepreneur

2

Names the source of finance used by the entrepreneur

1

Answer will depend on the article selected

Form of internal source or external source of finance

(g) Explain the meaning of innovation.

Description

Marks

Clearly explains the meaning of innovation

2

States the meaning of innovation

1

Answer could include, but is not limited to:

Innovation refers to the creation or formulation of an idea for something new, or something that can be improved, that can satisfy a need or a want and can be provided in a cost effective way. Generally, innovation is associated with being creative and using initiative in the provision of a product or service.

(h) Explain the relationship between business growth and innovation.

Description

Marks

Clearly explains the relationship between business growth and innovation

3

States the relationship between business growth and innovation

2

States the terms but does not describe the relationship between business growth and innovation

1

Answer could include, but is not limited to:

A business that promotes innovation i.e. recognises the potential of new ideas for products and services that can be provided in a cost effective way, is more likely to encourage its employees to be creative and engage in the business, thereby growing the business. The link between business growth and innovation is that the innovation leads to increased productivity and increase in the share of a particular market i.e. business growth.

(i) State three (3) issues regarding ethical practice in the business macro (external) environment.

Description

Marks

State issues regarding ethical practice in the business macro (external) environment.

13

(1 mark each)

Answer could include, but is not limited to:

economic issues such as, consumer spending, interest rates, inflation

government regulations, laws and policies such as, trading hours, minimum wages, OSH

new and changing technologies such as, digital technologies

consumer trends such as, organic foods