SOLUTION: Managing Financial Resources | My Assignment Tutor

ASSESSMENT BRIEF 2- (AS2) Examination PROGRAMME TITLE:Foundation Degree in Business MODULE TITLE:Managing Financial Resources MODULE CODE:BA4F04GN INTAKE/SEMESTER:September 2020 / Spring 2021 MODULE LEADER: Milon Mahmud MODULE LECTURER Milon Mahmud ASSESSMENT TYPE:Examination(Open book) ASSESSMENT TITLE:ExaminationWEIGHTING:50%WRITTEN BY:Milon MahmudMODERATED BY: Sheikh Ziaul HaqueEXAMINATION DATE: 14.05.2021DURATION:Two-hour duration Learning Outcomes Covered: LO3: Demonstrate understanding of the use of cost information, for business performance. LO4: Analyse an organisation’s budget by using variance analyses. Maximum word length: Two-hour duration open book examination. Assessment Descriptions Students should sit for an open book examination (essay style questions in two-hour duration). Assessment Submission Guidance: Students should sit for an open book examination (essay style questions in two-hour duration). In case of worse Covid- 19 situation college may ask (with permission from LMU) to provide a completed assessment cover sheet (cover slide for Presentation) with all essential details and submit via turn it in. All assessments should be submitted in electronic format via college systems on or before the submission deadline. The e-submission system will not allow late submissions. Examination Questions: Question 1 UK Tools Ltd, produces standard vacuum cleaner. It can produce a maximum of 100 units of machines each week. Experience shows that a price of £100, no units of the machine would be sold. For every £5 below this price, the business is able to sell 10 more units. For example, at a price of £95, 10 units would be sold, at £90, 20 units would be sold, and so on. The business’s fixed cost total £2,500 a week. Variable costs are £20 a unit over the entire range of possible output. The market is such that it is not feasible to charge different prices to different customers. Required: What is the most profitable level of output of the product? (LO3, 30 marks) Question 2 It appears from research evidence that a cost-plus approach influences pricing decisions in practice. What is meant by cost-plus pricing and what are the problems of using this approach? (LO3, 30 marks) Question 3 The balance sheet of Fortune trading shown below. (LO4, 30 marks) Question 4 Analyse with example: Financial Budget of an organisationVariance analysisAdverse Variances · Favourable variances Positive varianceNegative varianceDirect labor variances (LO4, 30 marks) You should answer any THREE questions out of FOUR. All questions carry equal marks. Note that 10% of the marks will be allocated for report style and presentation including spelling, grammar and punctuation. Examination Rubric Please enter your student ID not your name on all scripts.You should answer any THREE questions out of FOUR. All questions carry equal marks.You are allowed to bring up to four A4 sides of typewritten notes of no less than 10-point font. These will be collected in along with the examination answer scripts.A fresh Examination Scenario will be issued to you with the examination paper. Assessment Format Guidance Title page – Please use the submission cover page format given to your VLE. Contents page – All topics with page numbers. Introduction – The background, the context and the aim of the report. Starts on Page 1. Key Sections – As many as necessary in line with the tasks/Questions required of you. Students should use paragraphs and subheadings. Summary and Conclusion – Overall findings of the investigation: the overall picture that has emerged and the implications. References – Identification of literature and other sources used and referred to in the text. Ensure that all references are quoted at the end of any quotations, definitions and web-sourced materials. Submission of a report without references will not be allowed. *Do not provide appendices, unless asked by the tutor/research supervisor. Marking Criteria University Grading Scheme for Undergraduate Programmes: 2020/2021Marking criteriaLetter gradeMark recordedWork showing evidence of:Excellent coverage of the topic with justification. Work of distinguished quality which is based on a rigorous, comprehensive and detailed knowledge base, including awareness of the provisional nature of knowledge and its theoretical, ethical and conceptual dimensions, together with its wider context and implications. Work will demonstrate sustained ability to engage in analysis of new/abstract data and situations, synthesise data and concepts to design novel solutions, critically evaluate evidence and its contradictions, and confidence in application to define and propose resolutions to complex problems relevant to the field of study or assessment task. This will be the basis for authoritative arguments and judgements and work which meets professional standards in relation to a full range of key skills. There will be strong evidence of competence across a range of specialised skills using them to plan, develop and evaluate problems solving strategies, to challenge received opinion and develop reflective judgements and reports. Clear evidence of capability to operate autonomously with minimal guidance in complex and unpredictable contexts using a wide range of innovative and standard techniques will be demonstrated. Outputs will be communicated effectively, accurately and reliably. A+ 95 A 85 A- 75Work showing evidence of:Work of commendable quality based on a strong comprehensive/detailed knowledge base for the field of study, including an assured grasp of concepts, principles and major theories, and demonstrating some awareness of the provisional nature of such knowledge and understanding together with its wider implications. There will be evidence of considered and confident analysis of new/abstract data/situations, synthesis of data/concepts, critical evaluation of evidence and effective application of knowledge skills to address complex problems. The ability to work effectively within professional contexts with minimum direction to meet objectives and take responsibility for quality of outputs and criticize them will also be evident. There will be evidence of capability in all relevant subject based and key skills, including the ability to self-evaluate and work autonomously with minimal direction to use effectively a range of innovative and standard techniques in complex and unpredictable contexts. B+ 67 B 63Work showing evidence of: Work of sound quality based on a firm detailed/comprehensive knowledge base for the field of study and its developing and provisional nature, including a good grasp of current theories and issues both abstract and practical, together with the ability to organise and communicate effectively. The work may be rather standard and limited in its insight/theoretical grasp or depth, but will be mostly accurate and provide some evidence of the ability to analyse the new or abstract, synthesise data/concepts, critically evaluate and apply appropriate methods/techniques, with minimal guidance. There will be no serious omissions or inaccuracies and there will be capability in professional contexts. There will be good evidence of ability to take responsibility for own learning, some capability to challenge received opinion and make use of a range of resources to form judgements. Evidence of the ability to operate with autonomy in complex and unpredictable situations, selecting and applying appropriate techniques will be demonstrated within limits. There will be competence in relevant key skills. C+ 57 C 53Work showing evidence of:Work of broadly satisfactory quality based on a knowledge base which is coherent and of appropriate depth/detail for the field of study, including an awareness of current theories and issues and some key theories, appropriately presented and organised. However, work will be primarily derivative, with limited evidence of autonomous/creative analysis, synthesis, and evaluation or application. Although there will be limits to knowledge and intellectual skills, such that work may contain omissions, there will be some evidence of an ability to deploy established techniques of analysis and enquiry, sound conceptual understanding and capacity to manage own learning and communicate effectively and appropriately. There will be some evidence of operating with autonomy in predictable contexts, but less evidence of ability to operate in more complex or unpredictable situations. However, an ability to select and apply a variety of standard and possible innovative techniques, and to meet threshold standards of competence in relevant key skills, will be demonstrated. D+ 47 D 43Work showing evidence of:Work which indicates some evidence of a systematic and coherent engagement with key aspects of the field of study, including familiarity with current scholarship, and evidence of ability to utilise specialised skills, but which also contains significant limitations in understanding or knowledge, such that there is insufficient evidence of e.g. the ability to sustain valid argument, critically evaluate evidence from a range of sources, effectively communicate complex ideas to different audiences, transfer or apply skills to solve problems in relation to threshold standards of competence. F1 37Work that falls well short of the threshold standards in relation to one or more areas of knowledge, intellectual, subject based or key skills. It may address the assessment task to some extent or include evidence of successful engagement with some of the subject matter, but such satisfactory characteristics will be clearly outweighed by major deficiencies across remaining areas. F2 23 Fail (non-submission or submission of work which cannot be given any credit (e.g., blank submission, incorrect assessment) F3 0