So learning the formulas is important. 71 Table 3: Advantages and disadvantages of different types of borrowing. But it must be stressed that a good piece of work will apply to the specific business, rather than generic PESTLE, SWOT, 5Cs and Porters 5 Forces which is abundantly available on many websites. information; there may be major gaps or omissions. What is the difference between fixed/constant income and variable income? CONSUMER PROTECTION IN RELATION TO PERSONAL FINANCE Function, role and responsibilities of: Financial Conduct Authority (FCA) Financial Ombudsmen Service (FOS) Financial Services Compensation Scheme (FSCS) legislation consumer credit. Displays a well-developed and balanced discussion, Learners must not have access to the Internet, email, or any other resource. would comply with accounting concepts, Give greater tax benefit in early years which would help grow the 35 : 22 . They must show they understand why the business adheres to ethics and legislation, not just that there are laws to protect people. Before a person can make a budget they must know __________. Commercial bank, Investment bank, Insurance company, Brokerage, Takes deposits, makes loans, facilitates wire transfers and trade between countries, Serve as underwriters, initial public offerings, private share offerings, some banking between governments, Pool together money and risk from people through premiums to assist them in times of financial hardship, An intermediary that facilitates transactions of securities between buyers and sellers for a commission, Speed of transactions, personal safety of transactions, convenience of transactions, Process of explaining differences between a person's check register and a bank statement. \text{Current assets:} & \text{ } & \text{ }\\ Mark Scheme (Results) January Enterprise and Entrepreneurship Unit 3 Personal and Business Finance (31463 H) BTEC Level 3 National in Business Mark Scheme (Results) January Enterprise and Entrepreneurship Unit 3 Personal an. They should write about this and we expect a Record of Activity to support this, completed by the Assessor. . hb```,l@( Evaluate external sources of finance which Wattam Grove could use to fund Option 2 - Camping and caravan site. Measuring performance. vegan tattoo ink pros and cons . The Unit 7 task booklet (called Part S) must only be made available to learners at the beginning of the supervised assessment period and centres must not discuss the details of the task contents with learners directly. Unit 3: Personal and Business Finance Revision Booklet 1 Learning Aim A: Understand the importance of managing personal finance, including: Functions and Role of Money (A1) Different ways to pay (A2) Current Accounts (A3) Managing Personal Finance (A4) Note: Unit 3: Personal and Business Finance covers both personal and business finance. }\\ unit 3 personal and business finanace past papers exams questions University University of Bedfordshire Module personal and business finance unit 3 Uploaded by al aj lane Academic year2020/2021 Helpful? All of the forms required for assessment and verification can be downloaded from the web site. A more mundane business, like Aldi, offers more potential. On a circle graph , how many degrees should be used to show the sales of each department? Pearson BTEC Level 3 Nationals in Business &ndash; Unit 3 &ndash; January 2020 &copy; Pearson Education Limited 2020 19 General marking guidance &bull; All learners must <> 7. They consist of two parts: indicati ve content and levels-based descriptors. Where some judgement is required, mark schemes will provi de the principles by information. At no more . learners response, the team le ader must be consulte d. Crossed-out work should be marked UNLESS the learner has replaced it with an Would you like me to send them to you? In order to access the ACS, you will need to complete the form using the following options: You can then complete the rest of the online form providing all the information relevant to your case, attach the assignment brief once you have submitted the case. The guidance below is largely taken from Senior Standards Verifier (SSV) Reports. 0 Learners will consider business situations/scenarios where they are required to select and use appropriate evidence from several sources and support their arguments. It is not necessary to have one for-profit and one not-for-profit business as required by the previous QCF qualification suite. Giving back is not always possible, but you can always pay forward, A corporation that invests money for individuals in portfolios managed by the corporation, Chapter 4: Schizophrenia Spectrum Disorders a, Earth Science Chapter 14 Section 1(Weathering, Totalliabilitiesandstockholdersequity. . 4 Award one mark for identification of an advantage to the consumer of using a Pearson BTEC Level 3 Nationals in Business - Unit 3 - January 2020 . }\\ (c) What combination of personal action and good fortune could help a person rise out of poverty? Learners must be re warded for what Personal and Business Finance. Explain what fixed and variable taxes are and how they are different. to the question. Issue 3 April 2017 Pearson Education Limited 2015. w``yCKd+)>Y BTEC Level 3 Business: Unit 3 - Personal & Busines 29 terms. Evidence of application demonstrating some linkages and DIFFERENT WAYS TO PAY The use of money as a payment method, advantages and disadvantages of: cash debit card credit card cheque electronic transfer direct debit standing order pre-paid cards contactless cards charge cards store cards mobile banking Bankers Automated Clearing Services (BACS) Faster Payments Service (FPS) Clearing House Automated Payment System (CHAPS). In this unit learners examine marketing aims and objectives for existing products/services and understand the importance of relevant, valid and appropriate research in relation to the needs and wants of customers. Make you wealthy, The number of times interest is calculated against principle, The amount of money you owe someone or that you have saved. hVmo6+>$@Im@ M(AMG-e~V,;Z+-'sB Tr'A@ This also applies to organisation structure and aims and objectives. Learners could therefore choose a different business to ones already used, or use one already researched for the other LAs. 200 x (12 x 5) = 12 000 (difference in cost over 5 years) June 10, 2022 . Outlook - free personal email and calendar from Microsoft. Budget 12523 Comments Please sign inor registerto post comments. The event itself must be sufficiently complex. \quad & \text{Accounts Receivable (from consulting)} \ldots\ldots\ldots & \quad & \text{9,000}\\ As with any role play, it is strongly recommended to record the interviews (audio or visually) for a number of reasons. Preparation for the interview should be researching suitable questions, what to wear, travelling, demeanour etc and the role plays should be as realistic as possible. A. Section B the part with all formulas is 2/3 of the marks for the WHOLE paper. Logical reasoning evidenced throughout response which is clear and uses Planning tools, such as cash flow forecasts and break-even, will be prepared and analysed and measuring the financial performance of a business will require learners to prepare and analyse statements of comprehensive income and statements of financial position. 3 Grade Boundaries - BTEC Level 3 Nationals - June 2018 Understanding external assessment grade . Q6 - You now need to carry out research about the different universities/colleges you are interested in applying to by finding the answers to the areas you have outlined in your responses to questions 3 and 5 above. they have evidenced each of the descriptor bullet points. \text{B. \quad & \text{Professional Fees Earned} \ldots\ldots\ldots & \quad & \text{3,000}\\ A raw mark is the actual mark awarded by our examiners for an assessment. BTEC Business Level 3 - Exam Questions & Answers - Unit 3 - Personal and Business Finance - RevisionOther Videos You Must Watch! endstream \quad & \text{Prepaid Insurance} \ldots\ldots\ldots & \quad & \text{4,200}\\ understanding of relevant inf ormation; any gaps or omissions Please ensure that you have also read the ACS terms & conditions. Part B is a three-hour supervised assessment taken on the timetabled date set by Pearson. It works best if the business is not already operating globally as learners have to carry out situational analysis on two countries it might consider trading in. If Stefani can get a 0% card, Many providers offer additional incentive to encourage balance transfers, Put the money saved from 0% interest into a savings account and earn money on it, Consolidate any other debts into one payment, May get an increased limit by switching provider which could positively impact on her credit, May encourage excessive borrowing if credit limits are increased, Inability to find a 0% balance transfer offer could prove very expensive, Transfer limit usually applies so she can only transfer so much, Credit card provider might try and encourage the purchase of additional products, which she, Other purchases made on the card may be charged at the standard rate of interest, Increasing her credit card balance may affect Stefanis credit rating/score, which could affect, Given recent lockdown issues it might mean Stefani has been unable to go on holidays. business to plan (1), 10b Award three marks for the correct response of 20%. . 1847 0 obj <>stream interrelationships between factors leading to a supported accounting concepts, Prevents understating the expense / overstating profits so \text{Retained earnings} & \underline{2,209,400} & \underline{2,044,400}\\ BTEC National Business | Livestream | Unit 3 (Jan 2022) Personal Finance Live Revision tutor2u 200K subscribers Subscribe 375 Share 13K views Streamed 1 year ago #btecbusiness Join Jim. document for how to a pply levelsbased mark schemes. <> The specification states on the first page: Learners study how UK businesses develop strategies to trade globally. Mark scheme (award up to 8 marks) refer to the guidance on the cover of this document All the units can be sold for p=100xp=100-xp=100x Torecordpaymentofaprepaidexpense.I. 1905 0 obj BTEC business level 3 unit 3 personal business and finance - Page 2 - The Student Room log insign up Home Forums Forums by section Chat Life and style Entertainment Debate and current affairs Study help University help and courses Universities and HE colleges Careers and jobs Introduce yourself Help and announcements Popular university forums So, this unit works best if learners choose contrasting businesses which originate in the UK. C.Torecordpaymentofanaccruedexpense. Provides little evidence of application and links between relevant Summer 2023 Series: English Language A2 Unit 3 Examination: 17 Aug: AS/A Level Results Day : Get the latest subject updates \quad & \text{Cash} \ldots\ldots\ldots & \quad & \text{4,500}\\ grade for the externally assessed unit. 50 terms. Th 2016 OSCA materials include an example of learner work for Learning Aims B-E. As well as investigating ideas for an event, learners should consider actual big events theyve had experience of; they must consider the factors which these events have in common to make them successful to meet B.P3. Employers are required to give details of an employee's deductions and taxes taken from them in _____________. The detailed plan they produce must use more than one planning tool and remember this must include a budget, contingency plan and risk assessment, all completed individually. The cost (in dollars) of producing these units is given by the joint-cost function C(x,y)=x2+xy+y2C(x, y)=x^2+x y+y^2C(x,y)=x2+xy+y2. Which is more important to budgeting: income or cash flows? Contribution Per Unit x Margin of Safety. 11d Award two marks for the correct answer of 20 units, Award one mark for the formula in either words of figures, Margin of safety = expected output break-even quantity \quad & \text{Interest Receivable } \ldots\ldots\ldots & \quad & \text{2,000}\\ Whilst Yasin is cancelling the insurance Shirevale could make a \text{Income tax payable} & \text{$76,000$} & \text{$76,000$}\\ endobj <>/Metadata 99 0 R/Pages 1893 0 R/StructTreeRoot 173 0 R/Type/Catalog>> B. Torecordpaymentofaprepaidexpense.I. Learners are permitted to resit external assessments twice during their programme. This includes, but is not limited to offline versions of: Learners are not permitted to take notes or any other materials into the Part S supervised assessment period but they may have access to blank paper and pens to jot down ideas or sketch out plans. Part A introduces learners to the context and consists of a research pack released on the afternoon before the Part B is taken. & \text{Cash} \ldots\ldots\ldots & \text{7,500}\\ https://www.cleevepark-tkat.org/assets/Documents/Sixth-Form-Documents/Transition-2020/Business-BTEC-Transition-Pack.pdf Exam Timetable - Summer 2022 - The Flagpole BTEC Level 3 Nationals 31463H. Logical reasoning evidenced throughout response which is clear and will need to recalculate the expense each year figure based 128 endobj -salary: salary divided by pay periods endobj BTEC National Certificate in Business (180 GLH) arguments/pros and cons in context; discussion likely to Learners should use the same businesses for LAs A and B and choose one of them for AB.D1. Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Fundamentals of Financial Management, Concise Edition. Actual Sales - Break-Even Level of Output. 4662 0 obj specialist technical language consistently. & \text{H. To record payment of a prepaid expense. Conclusions may be p resented, but are li kely to be generic A small sole trader might not allow learners the opportunity to do justice to the requirements of the assessment criteria - for example, complex relationships with stakeholders, organisation structure and functional areas might be limited with a sole trader. Unit 1 - Finance, the Individual and Society (R/505/4681) Students will understand the role of the citizen in the UK, the values held by citizens, and the impact they have on personal finance. Torecordthisperiodsdepreciationexpense.\begin{matrix} number specialist technical language. \end{matrix} All learners must receive the same treatment. The Accounting minor provides students with a comprehensive accounting background; admission is competitive and based on overall UCLA grade-point average, grade-point average in pre-admission courses, and grades in Management 1A and 1B. BTEC BUSINESS Unit 3: Personal and Business Finance HOMEWORK Unit 3 is an external examination worth 35% of your final qualification The exam is in May 2020 This is a essential part of the course success and marks in this unit will have a HUGE impact on your overall achievement in the course. Discussion is partially developed, but will be imbalanced. beebusinessbee. Prepare a horizontal analysis of Fantasy Football's 2018 balance sheet using 2017 as the base year. 100 marks available You will get a calculator EVERY mark counts!! \text{D. To record receipt of an accrued revenue.} 39 : 25 . Evaluation is presented leading to conclusions but some may be continue, Appropriate for a small company with cash flow issues, Short- term lease of two years means Mike can return the machine (after to supported conclusions. Torecordreceiptofunearnedrevenue.B. Examiners should mark according to the mark scheme, not according to their To record receipt of unearned revenue.} Different rows Fixed/constant- same pay each pay period (salary). 10. A set of slides produced by a group of learners is not appropriate evidence here as it is not possible to perceive individual contribution and understanding. \text{Long-term assets:} & \text{ } & \text{ }\\ But, remember group evidence is not acceptable, and learners must produce their own, individual evidence of their contribution and participation. endobj 31463 MARK Scheme JAN 2021 - Pearson BTEC Level 3 Nationals in Business - Unit 3 - 19 Unit 3: - Studocu nice work thank you unit personal and business finance mark scheme general marking guidance all learners must receive the same treatment. Each assessment is taken under specified conditions, then marked by Pearson and a grade awarded. They should also show they know how to use situational analysis techniques and apply to a business: PESTLE, SWOT, Porter's Five Forces and 5 C's. It is a practical unit which requires learners to produce their own recruitment documents and participate in two interviews. 0 The updated course will be fully complete by Feb half-term 2022. Who it's for \quad & \text{Accumulated Depreciation} \ldots\ldots\ldots & \quad & \text{4,000}\\ To record this periods earning of prior unearned revenue} & \text{F. To record an accrued revenue. \quad & \text{Cash} \ldots\ldots\ldots & \quad & \text{1,400}\\ UNDERSTAND THE IMPORTANCE OF MANAGING PERSONAL FINANCE Role of money is affected and influenced by a number of factors: personal attitudes towards risk and reward, borrowing, spending and saving life stages (childhood, adolescence, young adult, middle age, old age), key features of each stage, financial needs and implications at each stage culture, including religious and ethical beliefs life events can vary the personal life cycle from individual to individual external influences/trends and the financial-related effects interest rates, cost of borrowing versus reward of saving. GRADE BOUNDARIES (JULY 2019) UNIT 3 Personal and Business Finance DISTINCTIO N MERIT PASS 73 55 39 THEREFORE YOU ARE LOOKING AT GETTING 75 (meaning you can lose 25 marks ONLY! \text{Notes payable} & \text{$760,000$} & \text{$760,000$}\\ 1923 0 obj unit 3: personal and business finance grade boundaries. The business finance aspects of the unit introduces learners to accounting terminology, the purpose and importance of business accounts and the different sources of finance available to businesses. Grade boundaries Jan 2023; AQA Politics Paper 1 25 May 2022 Exam chat; OCR Classical Civilisation A2 World of the Hero Paper 2022; unit 3: personal and business finance grade boundaries. understanding of relevant inf ormation; any gaps or omissions are \text{\_\_\_\_\_\_4.} Revenue income: cash sales credit sales rent received commission received interest received discount received.