business studies - tsfx - the school for excellence 3: finance topic 4: human resources a key part...

Business Studies

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succeeding in the exams, 2017

important notes

Our policy at TSFX is to provide students with the most detailed and comprehensive set of notes that will maximise student performance and reduce study time. These materials, therefore, include a wide range of questions and applications, all of which cannot be addressed within the available lecture time i.e. Due to time constraints; it is possible that some of the materials included in this booklet will not be addressed during the course of these lectures. Where applicable, fully worked solutions to the questions in this booklet will be handed to students on the last day of each subject lecture. Although great care is taken to ensure that these materials are mistake free, an error may appear from time to time. If you believe that there is an error in these notes or solutions, please let us know asap ([email protected]). Errors, as well as clarifications and important updates, will be posted at www.tsfx.com.au/hsc-updates. The views and opinions expressed in this booklet and corresponding lecture are those of the authors/lecturers and do not necessarily reflect the official policy or position of TSFX.

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author(s)

These materials represent the collective effort of many teachers across the state. The principal authors of this booklet are:

Mr John Gippel, B. Commerce. Dip Ed (Head Teacher, HSIE, Hurlstone Agricultural High School)

Mr Greg Hannelly, Masters of Commerce (Employment Relations) (HSIE Coordinator – St. Edwards College, Gosford)

lecturer(s)

To ensure that students are afforded every possible advantage in their examinations, our lectures are prepared and delivered by qualified, currently practising HSC teachers and official HSC exam markers who possess the knowledge and experience to demonstrate the means by which students can achieve the higher ATAR scores. Further details regarding our teachers (including qualifications and experience) may be obtained at http://www.tsfx.com.au/what-is-tsfx/ourteachers/.

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© The School For Excellence 2017 Succeeding in the Exams – Business Studies Page 1

EXAM REVISION LECTURE

“Whether you think you can or think you can’t, you’re right.” Henry Ford

HOW TO PERFORM TO YOUR POTENTIAL IN THE HSC

BUSINESS STUDIES EXAM? • Memorise the syllabus (use flash cards, acronyms, pneumonic, peer testing, rote

learning).

• Support each syllabus area (RIPS) with some case study.

• Understand the interdependence between business functions (topics).

• Know how to respond to each of the key directive BOS words.

• Spend 3-4 minutes planning for questions from Section 3 and Section 4 in past papers (ideally 20 or 30) in the lead-up to the HSC Examination. These will need to be rewritten by your teacher.

• Practise your paragraph writing, beginning with a clear topic sentence. A word on using past papers – they are very useful but limited due to syllabus change. Start on the specimen paper.

• case study of ethical reporting• case study of ethical practices• case study of effectiveness of HR and interdependence• case study of negotiation

• case study of marketing plan• case study of global marketing• Case study of a tertiary business• Case study of relationships in two businesses Topic 1Operations Topic 2marketing

Topic 3FinanceTopic 4Human Resources


KEY THEMES IN THE HSC BUSINESS STUDIES COURSE Each of the FOUR topics has a common theme whereby Role, Influences, Processes and Strategies (RIPS) are covered. Slightly different in Human Resources – who knows why?? Topic 1: Operations Topic 2: Marketing Topic 3: Finance Topic 4: Human Resources

A key part of the syllabus is interdependence between business functions. This is specifically mentioned in the syllabus in Topic 1 and Topic 4. Complete the table below. How do the functions depend upon each other? What happens if the relationship is dysfunctional?

Operations Marketing Finance Human Resources

Operations

Marketing needs operations to produce high quality products on time to meet customer expectations

Marketing

Operations needs marketing to sell products to avoid large stock holding and allow for efficient scheduling

Finance

Human Resources


TOPIC 3: FINANCE Two key parts of the syllabus do not ignore any of them!

Students learn to:Skills - what you have to be able to do in the HSCExplain

Analyse

Identify

Compare

Calculate

Assess

Recommend

Examine

Case studies:

ActualContemporaryHypothetical

Students learn about:Content - what you have to know and understand in the HSCRole of Financial

management

Influences on Finance

Processes of Financial management

Financial Managament Strategies


ROLE OF FINANCIAL MANAGEMENT

WHAT IS FINANCIAL MANAGEMENT? Financial management is the planning, monitoring and controlling of a business’ financial resources (funds, money, all things of value) to enable the business to achieve its goals. Financial management will involve tasks such as: • Determining the business’ financial needs in the long and short term • Raising finance • Budgeting the cash flow • Monitoring the financial performance (profitability, liquidity, etc.) • Writing reports (Balance Sheet and Revenue Statement) • Auditing • Credit control • Payments • Investing • Analysing costs Strategic Role of Financial Management Strategic planning is the big picture and answers questions such as: • Where will the business be in 3-5 years? • How will the business get there? • What markets will the business be in? The role of finance is to make sure that the business can realise this vision by providing adequate financial resources. The strategic plan is the long-term plan of the business – looking at where the business is going and how it plans to get there. The strategic plan must encompass all the strategies that a business will use to achieve its goals as well as a means to track the success of the plan – monitoring and controlling. It is critical to business success that businesses plan and monitor their financial situation – to ensure that business objectives are being met. Strategies are the steps the business will adopt to achieve its goals in the short term and the long term. Strategies for monitoring the monitoring financial resources are incorporated into the strategic plan and will include: • Monitoring cash flows • Paying debts • Interpreting financial reports • Developing financial controls • Auditing accounts and making profits


OBJECTIVES OF FINANCIAL MANAGEMENT

Objective Definition

Profitability

Earnings of the business from its operations. Shown in the revenue statement as net profit.

Growth

The increase in value of the business over time. Shown in the Balance Sheet as the value of total assets.

Efficiency

Another word for the productivity of financial assets. If a business is efficient it will be using its assets to make profit at the lowest possible cost.

Liquidity

This is a short-term objective relating to the ability of the business to meet its cash commitments.

Solvency

A longer-term objective. It indicates the level of borrowing in the business and will affect the ability of the business to access funds in the future.

SHORT-TERM AND LONG-TERM FINANCIAL OBJECTIVES Short-term financial objectives are contained in the tactical (1-2 year) and operational (day to day) plans e.g. to buy a new machine so that production can be more efficient to meet profit goals for the year. Long-term financial objectives are contained in the strategic plans of the business and are determined for a set period of time e.g. to achieve 10% market share by the end of 2017. Many business objectives complement each other and meet me at the needs of a broad range of stakeholders. However, sometimes-potential conflicts rise between short-term and long-term financial objectives. For example, a common financially long-term objective is growth. The decision to expand would have the support of managers, employees, supplies the community and the economists. However expansion is often associated with increased costs and gearing (i.e. borrowing money) which relates to lower short-term profits. This decision may therefore cause conflict with the business owners, shareholders as well as investors. However, in the long run most business owners would be pleased to support an expansion if it increases the overall value of the business. The conflict between short-term versus long-term results is critical in business. This is because in order to achieve long-term profitability businesses need to invest in capital (physical) and human resources. Many of these resources cost money and take a long time to pay off, therefore minimising the businesses ability to meet their short-term obligations. Reconciling these conflicting goals is not always easy and managers who adopt the short-term thinking run the risk of impacting long term risks, which may lead to lower profits and lower growth. Financial managers must constantly assess the achievement of specific objectives and attempt to satisfy as many goals as possible.


QUESTION Examine ONE potential conflict that arises between short and long term financial objectives?

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INTERDEPENDENCE WITH OTHER KEY BUSINESS FUNCTIONS

All the business functions are interdependent – which means that each function (finance, marketing, human resources and operations) must interact with all the others to achieve the goals of the business. Financial management involves: • Budgeting

• Financing

• Financial analysis

• Financial reporting And makes it possible to hire employees, purchase machines and supplies and finance marketing so that the business can achieve its objectives with respect to: liquidity, profitability, efficiency and growth. Clearly the finance function is critical since it is the function that ensures that the resources are on hand to achieve all the other objectives – but financial management must be adapted to the different stages of the business life cycle.

Business Success depends on

Finance

Marketing

Operations

Human Resources


Masters Hardware – Financial Failure (a) http://www.smh.com.au/business/retail/is-this-masters-store-the-most-shortlived-retail-

outlet-in-history-of-shopping-20160119-gm9bef.html

(b) http://www.smh.com.au/business/retail/what-went-wrong-at-woolworths-masters-20160118-gm8fge.html

QUESTION What financial problems could a business face if the marketing function fails to meet the sales targets in the business’ budget?

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Use the information below to answer Question 1.

The financial manager of a gift shop business has decided that improving the turnover of accounts receivable is a goal for the coming year.

1. Which of the following objectives of financial management are they addressing?

A Solvency and liquidity B Profitability and liquidity C Growth and profitability D Liquidity and efficiency

Use the information below to answer Question 2.

The financial manager of a gift shop business has decided that improving the turnover of accounts receivable is a goal for the coming year.

2. Which of the following objectives of financial management are they addressing?

A Solvency and liquidity B Profitability and liquidity C Growth and profitability D Liquidity and efficiency

3. Which of the following provides the best indicator of a business’ long term financial

stability?

A Expense ratio B Current ratio C Gross profit ratio D Gearing ratio


INFLUENCES ON FINANCIAL MANAGEMENT

SOURCES OF FUNDS

Retained profits

Owners’ equity

Internal Sources of Funds

Equity

• Ordinary shares • New issues • Rights issues • Placements • Share purchase plans • Private equity

EXTERNAL SOURCES OF FUNDS

Short-Term • Overdrafts • Commercial bills • Factoring

Long-Term • Mortgage • Debentures • Unsecured Notes • Leasing


• Internal sources – retained profit. This is the profit that the business keeps and does not give to the owners (shareholders). It is an influence because the greater the availability of retained profit the less the business needs to borrow and the better its solvency.

• External sources. These are sources that the business accesses from outside i.e. not retained profit. These sources can be debt or equity. They are an influence because they have different costs associated with them and therefore affect financial efficiency and profitability.

• Debt sources – must be repaid with interest (usually but not always). Can be short term

(repaid within 1 year and are current liabilities) or long term (paid back over a term longer than a year and are non-current liabilities. These are an influence because they impact on LIQUIDITY.

• Equity sources – these are funds that come from owners (new or existing) and are

commonly raised through selling shares on the primary market. These are an influence because they affect SOLVENCY (debt:equity)

You will need to know the definitions of these terms. How many do you know already? SHORT TERM Overdraft:

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Commercial Bills:

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Factoring (think about this one for a second – Is it really a debt instrument?)

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LONG TERM Mortgage:

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Debentures:

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Unsecured Notes:

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Leasing:

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EQUITY Ordinary Shares:

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New issues:

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Rights issues:

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Placements:

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Share purchase plans:

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Private Equity:

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Venture – Capital

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FINANCIAL INSTITUTIONS Why are financial institutions an influence on financial management? Because they lend to business at different cost (interest) and for different purposes so a financial manager must seek the correct and most cost effective way of borrowing. For each of the following institutions you must know its role in business finance. They are all mentioned in the syllabus and could be the subject of a multiple-choice question in Section I of the examination.

Institution Role in business finance

Bank

Credit cards, overdrafts, mortgages Main supervisor/regulator = APRA (Australian Prudential Regulatory Authority) e.g. – NAB, Westpac, CBA, ANZ, St George, Citi Bank, HSBC

Investment bank

Deal with companies and offer investment advice, money market dealings and arrange long term, project, and overseas finance. E.g. Macquarie Bank, ING, ABN AMRO Australia Ltd, JP Morgan.

Finance company

Non-bank. Involved in leasing assets E.g. AGC, GE Finance, Esanda Finance

Superannuation funds

Long-term debt and equity due to nature of their funds. E.g. MLC, HESTA Super Fund, CBUS, AGEST

Life insurance companies

Large equity or debt finance

Unit Trusts Invest funds on behalf of clients.

Australian Securities Exchange

Primary market for equity and secondary market for investing. Also debt funds through debentures.


ROLE OF THE AUSTRALIAN STOCK EXCHANGE (ASX) AS A PRIMARY MARKET

Initial Public Offerings (IPOs) are a key vehicle for incorporated companies to increase their capital in the form of equity financing. Billabong floated on the ASX in 2000 for an initial capital of $600 million. ASX acts as primary market, this enables company to raise new capital through issue of shares and through receipts of proceeds from sale of securities. Also operates as secondary market, where pre-owner or secondhand securities, such as shares, traded b/w investors (individuals, businesses, governments, financial institutions)

GOVERNMENT INFLUENCES

ROLE OF AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (ASIC)

This is a ‘watchdog’ and enforces the Corporations Act 2001. Its role is to protect consumers by reducing fraud and unfair practices in companies. Overview: • Independent statutory commission but accountable to Commonwealth parliament.

• Protects consumers in areas of investment, life and general insurance, superannuation,

banking (except lending).

• Ensures companies adhere to law.

• Collects info about companies and makes available to public (incl. financial info disclosed in annual reports).

• Supervision of retail investments industry.

• In 2010 assumed responsibility for supervision of trading on Aust.’s domestic licensed equity, derivatives and futures markets.

COMPANY TAXATION The company tax rate is 28.5% of net profit for businesses that have a turnover of $2 – $10 million as of 1st July 2016. This was announced in the 2016/17 Federal Budget. For all other cooperate entities the tax rate is still 30%. However, the government is aiming to reduce this rate over the next few years. This is an influence because companies might decide to relocate to other parts of the world where the tax rates are lower.


GLOBAL MARKET INFLUENCES The syllabus identifies three global market influences on financial management and you need to be able to describe the influence and explain how it influences financial management in an Australian business. Global Market Influences • Financial risks associated with global markers > domestic risk and volatility.

• Risk = necessary for business strategy to be implemented.

• Largely uncontrollable financial influences = availability of funds, interest rates, global

economic outlook.

• ‘Uncontrollable’ means influences are part of external business environment and may not be significantly controlled by business.

• Business can put in place appropriate financial management strategies to minimise negative effects.

• Globalisation has created more interdependence between economies, businesses and the financial sector, which relies on trade for expansion and increased profits. Contagion effects.

Global Economic Outlook • Refers specifically to projected changes to level of economic growth throughout world.

• If the global outlook is positive, this leads to an increase in world economic growth and

positive impacts on financial decisions of business. This may include:

• Increasing demand for products and services businesses need to increase production to meet demand require funds to purchase equipment, employ/train staff, expand business size.

• Increased domestic and global interest rates.

• If the lookout is negative the opposite of the above occurs.


Availability of Funds • Refers to ease with which business can access funds for borrowing on international

financial markets. When making such decisions businesses need to take into account the level of AUD against foreign country and interest rates (see interest rates).

• International Financial Markets are made up of range of institutions, companies and governments prepared to lend money to individuals, companies, and governments.

• Various conditions and rates that apply based primarily on: • Risk

• Demand and supply

• Domestic economic conditions Interest Rates

• Cost of borrowing money.

• Higher level of risk in lending = higher interest rates.

• Traditionally Australian interest rates are higher than other countries (US and Japan).

• Australian businesses may borrow finance overseas to take advantage of lower interest

rates.

• Risky as exchange rate moves.

• Adverse currency fluctuation can diminish the advantage of cheaper interest.


5 STEPS TO FINANCIAL HEAVEN The following steps relate to the “financial ratios” section of the topic. These areas of the syllabus have been a common feature of the short-response section of the HSC Examination. Steps 1 to 5, or one or more of these steps, have been asked regularly from 2001-2014. Step 1: • Identify the relevant financial ratio, with formula Step 2: • Calculate the ratio (show working) Step 3: • Interpret: What does the ratio mean for the business? Step 4: • Comparative ratio analysis

• Over time

• With similar businesses

• Against common standards

• Limitations of financial statements (E.g. Historical costs, intangibles) Step 5: • Control measures

• Effective working capital management

• Effective cash flow management (including cash flow statements)

• Effective profitability management


QUESTION (10 marks) Use the information in these financial Statements to answer the following questions.

Income Statement for Arthurs Enterprises Ltd for years ended 30th June 2014 and 30th June 2015

2014 2015

($) ($) ($) ($) Sales

150 000 150 000 Less cost of goods sold

Opening stock 45 000 48 000 Purchases 85 000 87 000

130 000 135 000 Less closing stock 48 000 82 000 45 000 90 000

Gross profit 68 000 60 000 Less selling expenses

Advertising 11 000 11 000 Salaries 34 000 45 000 38 500 49 500

Less administrative expenses Telephone 3 000 3 500 Rental 5 000 8 000 5 500 9 000

Net profit 15 000 1 500


Balance Sheet for Arthurs Enterprises Ltd as at 30th June 2014 and 30th June 2015

2014 2015 2014 2015 ($) ($) ($) ($) ($) ($) ($) ($)

Current Assets

Current Liabilities

Cash 3000 2000 Overdraft 100000 150000

Inventory 48000 45000 Accounts payable

50000 150000 90000 240000

Accounts Receivable

85000 136000 95000 142000

Non Current Liabilities

Non Current Assets

Mortgage 350000 350000 320000 320000

Buildings 800000 805000

Equipment 250000 1050000 250000 1055000 Owners Equity

Shareholders funds

616000 570500

Retained Profit

55000 65000

Net Profit 15000 686000 1,500 637000

Total Assets

1186000

1197000

Total Liabilities and Equity

1186000

1197000

(a) Calculate and comment on the change in ONE liquidity ratio for Arthurs Enterprises between 2014 and 2015. (b) Calculate and comment on the change in ONE profitability ratio for Arthurs Enterprises between 2014 and 2015. (c) Calculate and comment on the change in ONE efficiency ratio for Arthurs Enterprises between 2014 and 2015. (d) Calculate and comment on the change in ONE gearing ratio for Arthurs Enterprises between 2014 and 2015. (e) Outline TWO limitations of using this financial information to obtain an accurate Indication of the financial position of Hurlstone Enterprises.


Financial Ratio's – Test Your Knowledge

Instructions: For each entry complete the required details in all columns

Name Formula Source Classification Basic Accounting

Relationship

Opening stock + Purchases + Freight In -

Closing Stock

Current Assets

Current Liabilities

Debt to Equity

Balance Sheet

Gross Profit Ratio

Profitability

Net Profit x 100 Sales

Balance Sheet Profitability

Expense Ratio

Efficiency

ART = Credit Sales

Accounts Receivable

Current Assets – Current Liabilities


COMPARATIVE RATIO ANALYSIS • Financial information can best be interpreted and understood for decision making when

compared to past performance, industry benchmarks, other businesses in the same industry and budgeted or planned performance.

• Figures, percentages and ratios do not on their own, provide a complete picture for

analysis – they must be compared to other similar businesses, forecast performance and/or common industry standards – to get a true picture of how they are doing and to identify problems that the business must overcome.

• Comparative ratio analysis can involve:

• Comparisons over time – to see trends although external factors must be considered.

• Comparisons with similar businesses and industry averages – to show comparisons against competitors in the same industry and demonstrate weaknesses and strengths compared to other businesses in same industry.

• Comparisons against industry standards and benchmarks – which allows

comparison against ‘best practice’ in the industry which may vary considerably from industry to industry.

• Comparisons against budget/forecasts.


USING FINANCIAL INFORMATION — ETHICAL ISSUES AND LIMITATIONS

Limitations of Financial Reports • Normalised Earnings • Capitalising Expenses • Valuing Assets • Timing Issues • Debt Repayments • Notes to financial statements

Ethical Issues • Corporations Act 2001 (Cwth) • Professional accounting bodies (e.g. CPA

Australia) • Responsibilities of directors • Audited accounts (internal, management,

external) • Misuse of funds, inappropriate cut off

periods • AAS – Australian Accounting Standards • Accurate record keeping • Annual financial reports • ASIC • Introduction of GST and BAS to reduce tax

avoidance

The Accounting Framework (a) Financial statements:

Revenue statement Balance sheet Cash flow statements

(b) The Accounting equation and relationships

Types of Financial Ratios (c) Liquidity – current ratio (d) Solvency – gearing (debt to equity) (e) Profitability – gross and net profit rations, return on owners’ equity (f) Efficiency – expense ratio, accounts receivable, turnover ratio

Comparative Ratio Analysis (g) Overtime (h) With similar businesses (i) Against common standards


MULTIPLE CHOICE QUESTIONS QUESTION 1 (HSC 2015, Q2) Which of the following occurs during the acquisition stage of the human resources management process? A Training B Induction C Developing a job description D Conducting performance management QUESTION 2 (HSC 2015, Q11) Which of the following is an example of a business using performance pay? A Emily is paid penalty rates for working on a public holiday. B Mike receives a gift voucher from his supervisor for Christmas. C Jamie is paid 5% above the level set in his enterprise agreement. D Sally’s department receives a bonus for meeting its sales target. QUESTION 3 (HSC 2007, Q4) Which of the following is an employment contract negotiated by an individual? A A federal award B A collective agreement C An enterprise bargaining award D A verbal agreement with an employer QUESTION 4 (HSC 2007, Q9) Damien has been asked to operate heavy machinery for which he has not been trained. He refuses to operate the machinery and, as a result, his employment is terminated. What workplace issues are involved in this situation? A Workers compensation and anti-discrimination B Occupational health and safety and unfair dismissal C Occupational health and safety and anti-discrimination D Equal employment opportunity and working conditions QUESTION 5 (HSC 2007, Q17) What are two obligations of employees in the workplace?

A Duty of care and provision of sick leave B Duty to disclose relevant information and to act in good faith C Duty to work with skill and to provide promotion opportunities D Duty to obey lawful instructions and provide on-the-job training


QUESTION 6 (HSC 2011, Q14) Courtney works 20 hours per week. She is entitled to sick leave and holiday pay. What type of employment contract is this? A Casual full-time B Casual part-time C Permanent full-time D Permanent part-time QUESTION 7 (HSC 2011, Q16) Riley has 150 employees. She is preparing a report outlining her company’s plans to ensure women have better access to senior positions. Which workplace issue is Riley addressing? A Anti-discrimination B Equal employment opportunity C Occupational health and safety D Workers compensation QUESTION 8 (HSC 2009, Q20) Which of the following includes both government and employers in the employment relations process?

A A drive by unions to increase membership B The Retail Employers Association releasing a media statement C The introduction of new Occupational Health and Safety legislation D Workers negotiating with management to increase salary and improve conditions QUESTION 9 (HSC 2010, Q2) Which of the following is a breach of anti-discrimination legislation?

A Constantly making fun of a new employee B Offering discounts to holders of senior citizens’ cards C Advertising a job that requires fluency in an Asian language D Paying a man a higher wage than a woman doing the same job QUESTION 10 (HSC 2010, Q7) Under occupational health and safety (OHS) legislation a retail store employee is obliged to:

A Apply for long service leave. B Do a fair day’s work for a fair pay. C Ensure that customers are satisfied. D Be mindful of the wellbeing of other employees.


SOLUTIONS Page 7: Question 1 Answer is D Question 2 Answer is B Question 3 Answer is D

MULTIPLE CHOICE QUESTIONS

QUESTION 1 (HSC 2015, Q2) Answer is C QUESTION 2 (HSC 2015, Q211) Answer is D QUESTION 3 (HSC 2007, Q4) Answer is D QUESTION 4 (HSC 2007, Q9) Answer is B QUESTION 5 (HSC 2007, Q17) Answer is B QUESTION 6 (HSC 2011, Q14) Answer is C QUESTION 7 (HSC 2011, Q16) Answer is B QUESTION 8 (HSC 2009, Q20) Answer is C QUESTION 9 (HSC 2010, Q2) Answer is D QUESTION 10 (HSC 2010, Q7) Answer is D

business studies - tsfx - the school for excellence 3: finance topic 4: human resources a key part...

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