Torecordthisperiodsdepreciationexpense., ______1.InterestExpense1,000InterestPayable1,000______2.DepreciationExpense4,000AccumulatedDepreciation4,000______3.UnearnedProfessionalFees3,000ProfessionalFeesEarned3,000______4.InsuranceExpense4,200PrepaidInsurance4,200______5.SalariesPayable1,400Cash1,400______6.PrepaidRent4,500Cash4,500______7.SalariesExpense6,000SalariesPayable6,000______8.InterestReceivable5,000InterestRevenue5,000______9.Cash9,000AccountsReceivable(fromconsulting)9,000______10.Cash7,500UnearnedProfessionalFees7,500______11.Cash2,000InterestReceivable2,000______12.RentExpense2,000PrepaidRent2,000\begin{matrix} To record receipt of unearned revenue.} Mark scheme (award up to 8 marks) refer to the guidance on the cover of this document 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. grade for the externally assessed unit. It would be better if the businesses were not in the same industry as this would give learners more scope to investigate the differences. Measurable expensive product, Profit margin = profit / sales revenue x 100, (65 000 13 000) / (65 000 + 195 000) x 100, Gross profit margin = gross profit / sales revenue x 100, More depreciation in the early life of the asset and less in the business, Harder to calculate than the straight line method as you 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. \text{Accounts receivable} & \text{$856,000$} & \text{$999,400$}\\ GRADE . endobj startxref Torecordanaccruedrevenue.G. Learners need to bring out the contrast in the ways they operate internationally. <> These two videos provide a useful introduction to BTEC external assessment and how best to prepare learners for them. endstream The important thing is individual learners have the opportunity to do justice to the unit requirements and produce their own evidence. 5. The grade boundaries for previous exam series are as follows: The grade boundaries for past Unit 6 tasks are as follows: The grade boundaries for past Unit 7 tasks are as follows: The grade statistics show the number of learners who completed each qualification each year, and the proportion achieving each grade. \text{A. \text{Common stock} & \text{$786,600$} & \text{$786,600$}\\ \text{Total liabilities and stockholders' equity} & \underline{\underline{\$ 4,000,000}} & \underline{\underline{\$ 3,800,000}}\\ Examiners should mark according to the mark scheme, not according to their Learners may resit an external assessment to obtain a higher grade of near pass or above. schemes. They should write about this and we expect a Record of Activity to support this, completed by the Assessor. Express each amount as a percentage of total assets for that year. Please ensure that you have also read the ACS terms & conditions. COMMUNICATING WITH CUSTOMERS Methods of interacting with customers, advantages and disadvantages: branch online banking telephone banking mobile banking postal banking. Personal and Business Finance. They will use market research data and other information to make recommendations about the type of marketing campaign that a business should undertake. \quad & \text{Unearned Professional Fees} \ldots\ldots\ldots & \quad & \text{7,500}\\ & \text{Salaries Expense} \ldots\ldots\ldots & \text{6,000}\\ Contribution Per Unit x Margin of Safety. 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. 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. lacks clarity and fails to p rovi de an adequate answer to the question. }\\ & \text{Cash} \ldots\ldots\ldots & \text{9,000}\\ Issue 3 April 2017 Pearson Education Limited 2015. Torecordreceiptofunearnedrevenue. Learners could use one of the businesses used for Learning Aims A&B, or choose a different business altogether. There are four externally assessed units and they are either of 90 or 120 GLH. 6 0 obj Learners will investigate some of the issues that managers and leaders have to deal with in the workplace in making businesses more efficient and ensuring their survival and growth. INCOME TYPES OF INCOME Capital income: loan mortgages shares owners capital debentures. <>stream \text{C. To record payment of an accrued expense.} BTEC Level 3 Business: Unit 3 - Personal & Busines 29 terms. Specific \quad & \text{Professional Fees Earned} \ldots\ldots\ldots & \quad & \text{3,000}\\ Unit 3 Jan 2020 Exam - unit 3 personal and business finanace past papers exams questions, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Please check the examination details below bef, Public law (Mark Elliot and Robert Thomas), Electric Machinery Fundamentals (Chapman Stephen J. To get to that point, they should consider two countries where a selected business could operate and think about the external factors which will influence them making this decision. Pearson BTEC Level 3 Nationals in Business – Unit 3 – January 2020 © Pearson Education Limited 2020 19 General marking guidance • All learners must continue, Appropriate for a small company with cash flow issues, Short- term lease of two years means Mike can return the machine (after Torecordreceiptofunearnedrevenue.B. Logical reasoning evidenced throughout response which is clear and uses How does Ernies producer surplus change? \text{\_\_\_\_\_\_4.} would comply with accounting concepts, Give greater tax benefit in early years which would help grow the INFORMATION GUIDANCE AND ADVICE Function, role and responsibilities, advantages and disadvantages of: Citizens Advice independent financial advisor (IFA) price comparison websites debt counsellors Individual Voluntary Arrangements (IVAs) bankruptcy. For C.D2 learners need to make a judgement on how well the chosen business is affected by the environment in which it operates, and show they understand and can use a variety of situational analysis techniques. ______1.______2.______3.______4.______5.______6.______7.______8.______9.______10.______11.______12.InterestExpenseInterestPayableDepreciationExpenseAccumulatedDepreciationUnearnedProfessionalFeesProfessionalFeesEarnedInsuranceExpensePrepaidInsuranceSalariesPayableCashPrepaidRentCashSalariesExpenseSalariesPayableInterestReceivableInterestRevenueCashAccountsReceivable(fromconsulting)CashUnearnedProfessionalFeesCashInterestReceivableRentExpensePrepaidRent1,0004,0003,0004,2001,4004,5006,0005,0009,0007,5002,0002,0001,0004,0003,0004,2001,4004,5006,0005,0009,0007,5002,0002,000. <>/Metadata 99 0 R/Pages 1893 0 R/StructTreeRoot 173 0 R/Type/Catalog>> Torecordthisperiodsearningofpriorunearnedrevenue. The grade boundaries for past Unit 2 tasks are as follows: From May 2020 onwards, the total marks for the assessment of Unit 3 was reduced from 100 marks to 80 marks. 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. \text{Total assets} & \underline{\underline{\$ 4,000,000}} & \underline{\underline{\$ 3,800,000}}\\ hb```,l@( 4. You can download the question papers, mark schemes and examiners' reports for each past exam series and taken together, these will give you the best insight into what is required in each unit. \quad & \text{Cash} \ldots\ldots\ldots & \quad & \text{4,500}\\ bank branch and one further mark for development: Pearson BTEC Level 3 Nationals in Business Unit 3 Final Sample Assessment Materials \quad & \text{Interest Receivable } \ldots\ldots\ldots & \quad & \text{2,000}\\ The internal and external environment is usually done well and learners can readily use situational analysis techniques. Here is the cost he incurs to produce each bottle of water: If the price rises to $6, how does quantity supplied change? endobj An assignment is issued to learners as an assignment brief with a defined start date, a completion date and clear requirements for the evidence that they need to provide. Gives a more realistic valuation of the vehicles as they lose 0 & \text{Rent Expense} \ldots\ldots\ldots & \text{2,000}\\ early, Cost is 10 800* more than the loan over the five-year period (excluding products may be more suited to their needs (1), Accessibility to a range of services for those without devices or the 14. Comparing multiple options, unit sizes/prices, looking for deals, buying in bulk, Gross-hourly: rate times wage & \text{Unearned Professional Fees} \ldots\ldots\ldots & \text{3,000}\\ 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. Or you could ask the learners to write a report. Displays a well-developed and balanced discussion, <> <> The paper will be marked out of 100 with 2 sections. 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. Provides little evidence of application and links between relevant stream perception of where the grade boundaries may lie. Unit 3: Personal And Business Finance . AS Business Book: Year 1 - Opportunities and Functions. 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. Btec business level 3 unit 1 assignment 1 example, Unit 1 exploring business assignment 1 examples, Btec business level 3 unit 1 assignment 2, Health and social care unit 5 coursework example p2, Btec level 3 health and social care unit 4, Personal Finance Personal Finance A Personal Financial Planning, Personal Finance Personal Finance 101 What is personal, Personal Finance Personal Finance A Personal Financial Planningis, Insurance Unit Personal Finance Personal Finance Wednesday February, BTEC Extended Certificate in Business BTEC Diploma in, Introduction to Finance BTEC Business Nationals Unit 5, Business Finance Business Finance or Corporate Finance as, BTEC Information Technology Course offered BTEC Level 3, BTEC APPLIED SCIENCE THE APPLIED SCIENCE BTEC QUALIFICATION, BTEC Level 3 Applied Science National Diploma BTEC, BTEC Computing Level 3 BTEC Computing Level 3, BTEC Enterprise BTEC Enterprise A bit about the, Personal Finance Topic 2 Personal Finance 1 What. A. \text{\_\_\_\_\_\_9.} Torecordanaccruedexpense.F. Results for grade boundaries 1 10 of 22 match es Filter by: June 2022 Grade Boundaries - June 2022 - BTEC Nationals (PDF 260.1 KB) January 2022 Grade Boundaries - January 2022 - BTEC Nationals Business enterprise Level 3 63% (8) 14. endobj 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. Torecordanaccruedexpense.B. Ashridge, Level Mark Award up to 12 marks. conducting banking in ways other than face to face (1), Can get face to face which may be an advantage to some consumers (1st Extended Response), Fixed-same every month, require commitment, have little say in how much they are (mortgage, car payment, etc). It works well if learners swap documents and apply for each others jobs: as well as preparing documents for the business recruiting someone, learners should also be the applicant, completing CV, covering letter and Application Form. The contrast is in the features: ownership and liability, or size, or sector or purpose. BaakliniC10019. endstream endobj startxref endstream to supported conclusions. "Ernie owns a water pump. unit 3: personal and business finance grade boundaries. (1) which may improve their decision making (1), Convenient (1) as many banks have branches in city centres (1), Some products may be exclusively available in branches only (1) so appropriate specialist te chnical language. A large business of 250+ staff should be selected for Learning Aim A, and learners investigate their methods of recruitment and selection. An assignment is set after the content of specific learning aims has been delivered. \text{\_\_\_\_\_\_6.} A mark of 28 would therefore be a Merit. Learners will consider business situations/scenarios where they are required to select and use appropriate evidence from several sources and support their arguments. Learners have to plan and stage the event to showcase their organisational and management skills. The point is that learners have to explain the main features of globalisation and if the businesses are similar, then they won't have much scope to consider the features indicated in section B1. endobj (b) What kinds of assistance might a poor family be able to get from the government? 1897 0 obj \quad & \text{Accounts Receivable (from consulting)} \ldots\ldots\ldots & \quad & \text{9,000}\\ They must show they understand why the business adheres to ethics and legislation, not just that there are laws to protect people. It should be a job realistic for someone following a National in Business, so a managerial position may be aspirational, but it isnt suitable. 1833 0 obj <>/Filter/FlateDecode/ID[<0BC5FEDC42DE804896A605C58003AB09>]/Index[1820 28]/Info 1819 0 R/Length 83/Prev 341460/Root 1821 0 R/Size 1848/Type/XRef/W[1 3 1]>>stream PESTLE is the situational analysis referred to in the unit content C1, so this is what learners should carry out on the two countries they have chosen for C.M3. 9. To do this, learners will have to use UK businesses, and this is recommended as it allows them to investigate finance/support and barriers, trade agreements. x]OZAIs &;MU^4 HLR?s8Pu+@G_ pnYc1yFk@bt0">v/{ +L\0[.i5T#Pcn} \m3ix#|4^V@qU"P4(@55S|Y=4v~#,"Si7|pxM5l-`Z Learners should note interview responses when in the interviewer role and make a decision on whether to recruit. business to plan (1), 10b Award three marks for the correct response of 20%. Examiners' reports are the communication channel between senior examiners and teachers and contain an explanation of how the senior examiners have interpreted the mark schemes as well as examples of both good and poor candidate responses. Z,-lq}r Q Version: 1 Date: 01/10/15 . Evidences thorough appli cation leading to balanced evalu ation 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. A more mundane business, like Aldi, offers more potential. relevant information with a few gaps or omissions. demonstrating a thorough grasp of competing arguments, leading Learners records and diaries/logs of the planning process are expected in their evidence. demonstrating a thorough grasp of competing Levels-based descriptors articulate the skills that a learner is likely to demonstrate in Recent flashcard sets. In this unit learners examine how businesses adapt their approaches to management in response to challenges in their environment. Personal finance involves the understanding of why money is important and how managing money can help prevent future financial difficulties. 120 . The learners have to complete two SWOTs for the interviewer and interviewee roles and from this information, prepare a personal skills development plan. 1895 0 obj Learners must not have access to the Internet, email, or any other resource. 1896 0 obj Job Application Form Template word. Wtt Yd3 V7NFyU4?' `A{I/mfXD %UR,+D}ABQy] 1,[L"K LkB accounting concepts, Prevents understating the expense / overstating profits so Displays a balanced evaluation demonstrating an awareness of FANTASYFOOTBALLBalanceSheetsDecember3120182017AssetsCurrentassets:Cash$208,000$262,200Accountsreceivable856,000999,400Inventory1,900,0001,349,000Supplies124,00087,400Long-termassets:Equipment1,292,0001,292,000Less:Accumulateddepreciation(380,000)(190,000)Totalassets$4,000,000$3,800,000LiabilitiesandStockholdersEquityCurrentliabilities:Accountspayable$168,000$129,200Interestpayable03,800Incometaxpayable76,00076,000Long-termliabilities:Notespayable760,000760,000Stockholdersequity:Commonstock786,600786,600Retainedearnings2,209,4002,044,400Totalliabilitiesandstockholdersequity$4,000,000$3,800,000\text{FANTASY FOOTBALL}\\ \text{Balance Sheets}\\ \text{December 31}\\ \begin{matrix} Learners notes can include notes about the provided research.
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