Customer types =
Individuals/Households, Firms, Gov (Public Sector), Clubs and societies, Educational institutions, Religious groups.
Financial planning cyle =
1. Determine current financial position of business
2. Determine financial objectives in the business plan
3. Develop budgets - financial tools to allocate resources to different areas of the business
4. Predict cash flow to determine times of cash shortfalls and surplus for the business
5. Prepare financial reports to summarise progress
6. Interpret financial reports to reveal whether financial goals will likely be achieved
7. Maintain record systems to store all financial information of business
8. Planning financial controls, which are systems to reduce errors in records, identify where the business has not reached its targets and reduce losses due to theft, fraud and lost assets.
9. Minimising financial risks and losses such as insurance against fire and theft.
:| CRAPPPP CUSTOMER TYPES I COMPLETELY FORGOT THEM I was going on about Qantas' like luxury customers compared to their low cost customers + business customers etc. I linked it to the marketing strategies and the financial planning cycle well though. Fuck I knew I answered something wrong there...
ahh i didn't exactly mention them but I sort of referred to it if you get me.. damn 10/20 for that one
and qn 26! trials were like so much easier...no revenue statement either! I dunno I think it was poorly set out TBH.
A business using factoring to pay creditors --> liquidity or solvency????
I asked my teacher after, it was liquidity.
And also, could interest rates by a financial influence for exporting?
Which question was this for? Total mind blank here...if it's the short answer I'm thinking of, interest rates are correct. I also put exchange rates.
Eugh.. just out of curiosity what did people put for qn 26?
I think I completely went on the wrong track for the first two. (socially ethic) ... I answered for E.R not management
so stupid.. I went back to fix it and in brackets I wrote (environmental responsibility) for like illegal dumping. I know I was completely off track.
For differentiation, I just put market research - went into a bit of detail with primary and secondary info overseas... then the last two I wrote govt. and union influences...they were pretty easy if i answered the right thing! That's all I'm worried about! Hope I was on the right track
I stuffed up the extended responses in the trials too, not my strong point (unfortunately) but short answers and multi's helped me...so fingers crossed! Short answers were pretty much common sense.
In conclusion I'll be lucky to get an early band 4/5
Edit: jeeze you'd think I'd be sick of writing essays by now