Mock exam paper D P1 Higher Level Marking Scheme

PRE - JUNIOR CERTIFICATE EXAMINATION, 2014

_____________________

BUSINESS STUDIES

HIGHER LEVEL

MARKING SCHEME

Paper 1

SECTION A

(80 marks)

Answer all 20 questions. Each question carries 4 marks

  1. The following initials are used in Business Documents. What do they stand for?

E&OE

Errors & Omissions Expected

1m

CWO

Cash With Order

1m

VAT

Value Added Tax

1m

COD

Cash on Delivery

1m

  1. List one advantage of each of the following types of market research.

Desk Research

  • Not very expensive
  • Large amount of information available on the internet already.

2m

Field Research

  • Information can be more specific to your product.
  • Views of consumer of your good are considered.
  • Results are more accurate than desk research.

2m

  1. Complete the Trading Profit & Loss Appropriation (extract) below by filling in the four shaded areas, numbered (i)- (iv) - @ 1 mark each

Profit & Loss Appropriation Account

For year ending 31-01-2014

Net Profit

75,225

Opening Profit & Loss Balance

(i)

-5,175

1m

70,050

Less appropriation:

Dividends

(ii)

15,000

1m

(iv)Closing Reserve Balance 1m

(iii)

55,050

1m

  1. The Managing Director is the most senior person in the company (aka CEO) and is in charge of the day to day running of the company. @4 Marks
  2. 2012 /2013 answer – @ one mark each – workings @ one mark & Increased @ one mark.

Answer

2012

2013

12.5 %

14 %

1 mark

1 mark

Workings:

15,000/120,000 * 100/1 = 0.125 12.5%

17,500 / 125,000 *100/1 = 0.14 14%

1 mark for workings

(ii) Using the information calculated above, circle the correct word highlighted in bold: - Total 1 Mark

The profitability of this company based on this ratio alone has Increased / Decreased from 2012 to 2013.

  1. The Labour force is anyone who is currently working and able to work in a country at the present wage rate. (2 marks)

(ii) Which of the following is not included in the labour force?

Tick () the appropriate answer:

Employed

Unemployed

Student...

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