Patrician Brothers College Fairfield

Assessment Task Cover Sheet

Student Name: Subject: COMMERCE Teachers Name: Mr. Bill Bourke, Ms Saba KLA Coordinator: Mr. Michael Bilton Assessment Task Title: Research Assignment Assessment Task 2 Assessment Weighting: 12.5% Due Date: Friday 12th August 2011 Outcomes: Research and Communication, Problem Solving and Knowledge and Understanding. I have retained a copy of this assessment task. A 10% reduction will apply if this sheet is not attached to your assignment. Any assignments that are handed in late will incur 20% penalty off the total mark for every day. Declaration of Originality:
In accordance with the College Assessment Policy, I hereby declare that this submission is my own work and that to the best of my knowledge and belief, it contains no material previously published or written by another person or myself nor material which to a substantial extent has been accepted for another assessment task except where due acknowledgement has been made.

Student Year: 9

Date Received:

Student Signature: _______________________ Mark: /65

Comment:__________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________ __________________________________________________________________________

PART A: Multiple Choice (10 marks)

1. What type of income is paid for selling goods? a. Wage b. Salary c. Commission d. Rent 2. What is the definition of income? a. Money received on a regular basis from work b. When a person is unable to pay debts c. An organisation that keeps records of customers d. A person who owes money 3. What is superannuation? a. Something deposited as a guarantee to fulfill the payment of a loan b. A sum paid to authors c. Money paid to others for their services d. A way of saving so an employee has some money at retirement 4. What is the GST? a. A tax on imports b. A tax on income c. A tax on goods and services d. A tax on company profits 5. Why do people save money? a. To pay for major purchases b. To borrow money c. To earn a wage d. To get unemployment benefits 6. Which of the following is a reason for NOT borrowing money? a. To use the item now and pay later b. The cost of borrowing is very high c. For the convenience of not carrying cash d. To acquire more assets

7. Which of the following is NOT a financial institution? a. Banks b. Finance companies c. Credit unions d. Coles 8. Which of the following insurances protect against ill health? a. Car insurance b. Health insurance c. Third party property and damage d. Professional indemnity insurance 9. What is investing? a. Putting money into something in order to make a profit b. Money paid to others for their services c. A sum paid to authors d. Something deposited as a guarantee to fulfill the payment of a loan 10. What is the current official cash rate of the Reserve Bank of Australia? e. 4% f. 4.5% g. 4.75% h. 5.5% Multiple Choice Answer Sheet 1. 6. 2. 7. 3. 8. 4. 9. 5. 10.

PART B: Short Answer (10 marks) Name: ___________________

Answer the following questions in the spaces provided. 1. Distinguish between a wage and a commission. (2 marks) ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ 2. Outline 4 different types of Fringe Benefits associated with employment. (4 marks) ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ 3. Outline TWO types of insurance a person may have. (2 marks) ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ 4. Explain how insurance premiums are calculated. (2 marks) ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________ ______________________________________________________________________________________

PART C: CALCULATIONS (15 marks)

1. A person is paid according to the following rates of pay. Standard rate of pay Per hour $20 Overtime rate of pay 1.5 x standard rate Penalty rate per hour 2 x standard rate

Calculate the gross income received working: a. A standard 40-hour week. (1 mark) b. A 45-hour week, (40 hours standard) with 5 hours at the overtime rate. (2 marks) c. A 50-hour week, (40 hours standard) with 4 hours at the overtime rate and 6 hours at the penalty rate. (2 marks) 2. Use the following information to draw up a budget (may use a spreadsheet document) Kobe Bryant earns $200 per week at Coles working part-time. He receives $30 weekly mowing Mr. Bourkes lawn. He has to pay his mother $20 board and gives her another $10 a week to help her pay bills. He spends $5 a day on food, $4 a day on entertainment and $7 a week playing basketball and Bankstown on a Friday night. Draw up his weekly budget. (10 marks) PART D: EXTENDED RESPONSE (10 marks) Discuss the impacts of using credit instead of cash. (1 page) PART E: NEWSPAPER ARTICLE (10 marks) Collect ONE newspaper article on personal finance. (5 marks) In about 10 lines explain how the article relates to the topic you have studied. (5 marks) PART F: POSTER (10 marks) A successful businesswomen has $250 000 to invest. Create a computer generated COLLAGE that shows the types of investment options available to her. Select ONE option and account for this selection (1/2 page on why this is a good option)

 MARKING CRITERIA PART A MULTIPLE CHOICE (10 marks) 1 Mark for each correct answer PART B SHORT ANSWERS (10 Marks)
1. Distinguish between a wage and a commission. (2 marks)

MARKS 2 1
2. Outline 4 different types of Fringe Benefits. (4 marks)

CRITERIA Correctly accounts for the differences between a wage and a commission. Gives a limited reason for the differences

MARKS
4 3

CRITERIA
Clearly sketches in general terms 4 types of fringe benefits Clearly sketches in general terms 3 types of fringe benefits OR Clearly sketches 2 types of fringe benefits and identifies 2 types of fringe benefits Clearly sketches in general terms 3 types of fringe benefits. OR Identifies 4 types of fringe benefits Clearly sketches in general terms 1 fringe benefit. OR Identifies 2 types of fringe benefits

3. Outline TWO types of insurance. (2 marks)

MARKS
2 1

CRITERIA
Clearly sketches in terms TWO types of insurance States TWO types of insurance

4. Explain how insurance premiums are calculated. (2 marks)

MARKS
2 1

CRITERIA
Clearly states the reasons for how insurance premiums are calculated Gives limited reasons on how insurance premiums are calculated

PART C: CALCULATIONS (15 Marks) A. MARKS CRITERIA 1 Correctly calculates the answer B. MARKS CRITERIA 2 Correctly calculates the answer and shows working out 1 Correctly calculates the answer with no working out C. MARKS CRITERIA 2 Correctly calculates the answer showing working out 1 Correctly calculates the answer with no working out
b. Use the following information to draw up a budget (may use a spreadsheet document)

MARKS 6 1 2 1

CRITERIA Correctly places the 7 entries into the budget Correctly gives the heading Draws up budget Correctly gives the amount saved

PART D (10 Marks) EXTENDED RESPONSE (10 marks)

Discuss the impacts of using credit instead of cash. (1 page)

MARKS
9-10 7-8 5-6 2-4 1

CRITERIA
Extensively details a number of points for and/or against the use of credit instead of cash. Uses a range of examples Detailed use of language, key terms and concepts Soundly details a number of points for and/or against the use of credit instead of cash. Uses a range of examples Sound use of language, key terms and concepts Gives a number of points for and/or against the use of credit instead of cash. Uses some examples Use of some key terms and concepts Gives some points on the use of credit instead of cash. May use some examples and key terms A very limited answer

MARKS 5 MARKS 4-5 2-3 1

PART E: NEWSPAPER ARTICLE (10 marks)

CRITERIA Includes a relevant newspaper article from the newspaper or the internet CRITERIA Extensively explains how the article is related to the topic of personal finance Briefly explains how the article relates to the topic of personal finance Limited explanation of how the article relates to the topic of personal finance

PART F: POSTER (10 marks)

MARKS
1-5 1-5

CRITERIA
Design, initiative and computer skill in generating the Collage Selects ONE-option and details extensive reasons why this option was chosen