Task In Detail 1. Simple numerical calculations, using a formula provided. 2. A written summary of a newspaper article.

1

Student name:

Date submitted:

Yes

No

ď&#x201A;ˇ

If yes, was it an enjoyable part of study at school?

Yes

No

ď&#x201A;ˇ

If yes, did it support you in your work and support you

Yes

No

2. How many of the subjects you studied at school had coursework? 3. How many vocational (non GCSE) subjects did you achieve?

4. Are you happy to study a subject that is examined only by an examination? Yes

No

5. Do you prefer to have coursework as part of your study of business studies at college? Yes No 6. Have you achieved a business qualification in school, if so, what course was it and what grade did you achieve? 7. What grade did you achieve in the following: GCSE Mathematics GCSE English Language

2

Section B – Calculations This requires you to complete the profit table below, using the following information. When you have completed the table, make a brief comment on the changes between 2013 and 2014. Company information Jazzy Jumpers is a small business creating individually knit jumpers selling through an on-line web site. As part of the accounting process the business must calculate its revenues, costs and profits for the year and then comment on the changes which have taken place between 2013 and 2014. Financial information Use the following information to make the calculations to complete the table overleaf. There are a. Calculate Sales Revenue for 2014. The sales revenue is the income earned from selling jumpers. To calculate this you must use the formula: Number of jumpers x selling price 4000 jumpers sold at a price of £30 each Sales revenue is: b. Calculate the costs Costs are the expenses a business incurs to make and sell the jumpers. Cost of Sales – this is how much it costs to make the actual jumper sold (materials and time). It is calculated using the following formula Number of jumpers sold x cost of making the jumper. 4000 jumpers were sold and it cost £12 to make each jumper Cost of sales is: Other/ Fixed Costs – these are the other costs of running a business, not directly linked to making each jumper and include costs such as rent, web site fees, bills and marketing. These other / fixed costs are £3,000 higher than the figure for last year. Total Costs – This is the total of all running costs for the business and is calculated by using the following formula: Cost of Sales plus Other Fixed Costs. Show workings for your calculation. Total costs are: Please turn over 3

c. Calculate the profit or loss for 2014. This is the aim of the business, to make a profit. A profit exists when the sales revenue is higher than the total costs. A loss exists, when the sales revenue is lower than the total costs. it is calculated by the formula below. Sales Revenue minus Total Costs. Show workings for your calculation.

Sales revenue is:

If the answer is positive it is a profit; if the answer is negative it is a loss. Profit Summary for Jazzy Jumpers In the table below, add the answers from your calculations. In the comments at the side, summarise the key change for each section. In the table below, write a summary of the financial performance of Jazzy Jumpers.

Sales Revenue

2013 ÂŁ 105,000

2014 ÂŁ

42,000

Other (Fixed) Costs

40,000

Total Costs

82,000

Profit

23,000

Summary of overall performance.

Section C â&#x20AC;&#x201C; Reading and Writing Assessment Current Affairs