SECTION A
\nThis multiple choice section is worth 30 marks (3
\nmarks per question). Choose ONE answer only from each question.<\/p>\n
1. The master budget will comprise:<\/p>\n
a. All the production, selling and cost budgets for
\nthe organisation<\/p>\n
b. The cash budget, the budgeted profit and loss
\naccount, and the budgeted balance sheet<\/p>\n
c.The budgeted profit and loss account, and the
\nbudgeted balance sheet <\/p>\n
d. The cash budget.<\/p>\n
2. Which of the following will not appear in a cash
\nbudget? <\/p>\n
a. Wages<\/p>\n
b. Sales revenue <\/p>\n
c. Depreciation of machinery <\/p>\n
d. Machinery bought on hire purchase.<\/p>\n
3. A company has sales of 2,600 units. There are 1,400
\nunits of opening stock while the closing stock is planned to be 1,800 units.
\nWhat production level is needed to satisfy sales?<\/p>\n
a. 2,437 units <\/p>\n
b. 2,600 units <\/p>\n
c. 3,000 units <\/p>\n
d. 2,200 units.<\/p>\n
4. An example of a semi-variable cost would be: <\/p>\n
a. The salaries of supervisors in a department <\/p>\n
b. The costs of material to be used in production <\/p>\n
c. Electricity costs <\/p>\n
d. The costs of insuring assets.<\/p>\n
5. A business makes 2,000 units of a particular
\nproduct. It spent \u00c2\u00a324,000 on material and it paid its operatives \u00c2\u00a340,000. Other
\ncosts of running the factory were \u00c2\u00a350,000. The sales force was also paid
\n\u00c2\u00a318,000 and the head office costs were \u00c2\u00a3100,000. In order to break even the
\nselling price per unit will have to be:<\/p>\n
a. \u00c2\u00a332 <\/p>\n
b. \u00c2\u00a384 <\/p>\n
c. \u00c2\u00a366 <\/p>\n
d. \u00c2\u00a3116<\/p>\n
6. A new machine costs \u00c2\u00a3120,000 to purchase and will
\ngenerate the following cash flows:
\nYear 1 \u00e2\u0080\u0093 \u00c2\u00a315,000
\nYear 2 \u00e2\u0080\u0093 \u00c2\u00a325,000
\nYear 3 \u00e2\u0080\u0093 \u00c2\u00a340,000
\nYear 4 \u00e2\u0080\u0093 \u00c2\u00a340,000
\nYear 5 \u00e2\u0080\u0093 \u00c2\u00a335,000
\nYear 6 \u00e2\u0080\u0093 \u00c2\u00a330,000
\nUsing a discount rate of 20%, which of the following
\nanswers correctly describes how long the discounted payback period would be?<\/p>\n
a. Four years <\/p>\n
b. Five years <\/p>\n
c. Six years <\/p>\n
d. The investment does not pay back.<\/p>\n
7. Which of the following best describes a fixed cost?<\/p>\n
a.Remains constant irrespective of the level of
\nactivity <\/p>\n
b. Represents a fixed proportion of total costs <\/p>\n
c. Increases proportionately with output <\/p>\n
d. Has a direct relationship with output.<\/p>\n
8. Which one of the following is true for a sole
\ntrader in the building industry? <\/p>\n
a. Fixed assets are bought with the intention of
\nresale <\/p>\n
b. Fixed assets tend to change constantly in amount
\nand composition <\/p>\n
c. The term fixed asset cannot be applied to items
\nwhich can be moved <\/p>\n
d. Fixed assets are normally used in the business on a
\nlong-term basis.<\/p>\n
9. A piece of machinery held by a construction company
\nfor continued use in the business would usually be stated in the balance sheet
\nat: <\/p>\n
a. Its current replacement cost<\/p>\n
b. Its net book value (historical cost minus
\ndepreciation) <\/p>\n
c. A realistic second-hand or scrap value <\/p>\n
d. Its current value to the business.<\/p>\n
10. Which one of the following items is relatively
\nunimportant in decision making?<\/p>\n
a. Opportunity costs <\/p>\n
b. Relevant costs <\/p>\n
c. Accruals and prepayments <\/p>\n
d. Net cash flow.<\/p>\n
900 words<\/p>\n
SECTION B
\nThis section is compulsory and is worth 30 marks.
\nScenario:
\nThe Board of Directors of PNJ Ltd, a subsidiary of SEG
\nLtd have been worried for some time about their manufacturing equipment in
\ntheir production units and they have decided that these need to be replaced.
\nEstimates have been arranged with companies and the following has been received
\nconcerning the equipment in Unit 13 of the Caxham Industrial Estate:<\/p>\n
Firm: Murray Perry Wade Jones
\nYear (\u00c2\u00a3000) (\u00c2\u00a3000) (\u00c2\u00a3000) (\u00c2\u00a3000)
\n0 (100) (150) (175) (200)
\n1 25 50 5070
\n2 22 40 50 60
\n3 20 40 4060
\n4 15 20 40 30
\n5 16 10 40 20<\/p>\n
At the end of the project, the equipment will be sold
\nand replaced with the following being received (\u00c2\u00a3000s):
\nMurray 20
\nPerry 5
\nWade 15
\nJones 10<\/p>\n
11. In report format, explain to the Board of PNJ
\nwhich project they should be endorsing. Your report should show full
\ncalculations of relevant data and should include the net present value (NPV)
\nand the payback period for the above projects. In your advice, include any risk
\nissues that you think are relevant.
\nThe company can borrow at 7% per annum.
\n(30 marks) 900 words<\/p>\n
SECTION C
\nThis section is compulsory and each is equally
\nweighted for assessment purposes.<\/p>\n
12. The largest business organisations in most parts
\nof the world are public limited companies.<\/p>\n
a. Explain the advantages of such organisations.
\n(12 marks) 350
\nwords<\/p>\n
b. If such advantages exist, discuss why there are so
\nmany very small firms in the built environment sector of industry.
\n(8 marks) 300 words<\/p>\n
13. Define the term \u00e2\u0080\u0098work study\u00e2\u0080\u0099 and explain the value
\nof this activity to a manager engaged in the built environment sector of
\nindustry.
\n(20 marks)<\/p>\n
14. Describe four business risks that confront limited
\ncompanies in the built environment sector and explain how these companies can
\nmitigate the problems associated with such risks.
\n(20 marks) 600
\nwords<\/p>\n
15a.Organisations require fixed assets to achieve
\ntheir objectives. Explain the four alternative ways in which such assets may be
\nacquired and the financing arrangements that may be entered into to secure
\nthem.
\n(12 marks) 350
\nwords<\/p>\n
b. Describe the differences between short- and
\nlong-term financing required by firms in the construction and property sector.
\n(8 marks) 300
\nwords<\/p>\n","protected":false},"excerpt":{"rendered":"
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