MINISTRY OF EDUCATION AND HUMAN RESOURCE DEVELOPMENT

SISC - BUSINESS

Marking Schedule 2012

National Examination and Standards Unit (NESU)

Curriculum Bldg, Panatina Campus
P.O. Box G28
Honiara
SECTION A: MULTIPLE CHOICE (30 MARKS)

1. A 11. D 21. B
2. C 12. A 22. D
3. C 13. C 23. D
4. A 14. D 24. A
5. D 15. B 25. B
6. C 16. C 26. A
7. D 17. A 27. C
8. B 18. A 28. A
9. D 19. B 29. B
10. B 20. B 30. C

SECTION B: SHORT ANSWER QUESTIONS (50 MARKS)

31. The economic problem faced by all economies is about

making choices on how to satisfy unlimited wants with
limited resources. Every economies face scarcity of 2 marks
resources.
32. i) Primary production 1 mark

ii) Catching fish at its raw stage 1 mark

1
 iii)

Factors of Example Reward

production

Land sea Rent

4 marks
Labour Two men in the Wages
boat

Capital Boat & the fishing Interest

net
The fishermen,
Enterprise boat, nets. Profit
Paddles,
altogether is
called enterprise.
33. i) tertiary
ii) primary
iii) tertiary
iv) secondary 4 marks
34. i) Economic decisions were based on central planning.
Under the planned economic system, the government makes
all the decisions to answer the four basic economic questions 2 marks
in allocating the scarce resources.

ii) Under mixed economic system, the government and the

private sectors all play a part in answering the four basic
economic questions in allocating the scarce resources. It is 2 marks
an economics system where there are mix of Gov. economic
activities and economic activities by the business sector.

35. i) Productivity is the output per unit of input per unit of time. 2 marks

ii) To increase OUTPUT in a given time period in order to

increase PROFIT. 2 marks
36. i) Price: $10.00
2
 Quantity: 10 textbooks 2 marks

ii) There is an excess supply at the price level of $18.00.

Supply is greater than demand. 1 mark

iii) Total cost: $100.00 1 mark

37. i) Net Trade: $780.6 – 820.2 = -39.6 1 mark

ii) Net Service: $400.3 – 460.1 = -59.8 1mark

iii) Net current Acc: $-39.6 + 59.8 = -99.4 1 mark

iv) Net Capital Acc. $220.4 + 140.2 = 360.6 1 mark

v) BOP: $360.6 + -99.4 = 261.2 2 marks

38. i) Financial institutions such as Commercial Banks help

people to save money to start a new business or increase
production. 2 marks

ii) Carry people to work places. Carry people and goods to

the market. Transportation makes the production process
quick and easier. It also makes trading easier as it lessens
time. 2 marks

iii) A service protecting a business from risk of loss by fire,

accident and damage thus, continue in production and trade.
2 marks
iv) Communication mediums such as telephone, newspapers,
letters – provides information to both consumers and
suppliers about goods in stock and their prices. It also
provides information for allocation of resources.
2 marks
v) Provide information to consumers about a good or a
Service available in stock.
(2 marks)
39.

3
 Characteristics Business Organization
Members need to sign up a Partnership Business
deed
Cannot sell shares on a stock Private Limited Company
market.
(6 marks)
Made up of people with Cooperative Business Society
common interest
Publish a prospectus to raise Public Company
funds through issue of new
shares.
Business which are run Joint venture company
together by a local and a
foreigner
Makes decision by himself or Sole trader business
herself

40. i) Cost Push Information

ii) Demand Pull inflation

iii) Cost push inflation

iv) Demand Pull Inflation (4 marks)

4
SECTION C: LONG ANSWER QUESTIONS (40 marks)

41. Date Journal Entry

June 01 Purchase Journal
03 Sales Journal
04 General Journal
05 Purchase Journal
06 General Journal
07 Purchase Returns Journal
08 Sales Returns Journal
10 Cash Receipts Journal
11 Cash Payments Journal
13 Cash Payments Journal
15 Cash Payments Journal
18 Cash Receipts Journal
23 Cash Payments Journal
25 Sales Journal
26 Sales Journal (8 marks)
28 Cash Payments Journal

42. SALES JOURNAL OF QUEEN BEE JUNE 2012

DATE PARTICULARS F INV.NO. AMOUNT
Jun 03 Barak store 390 5,000 (2 marks)
25 Kala trading 391 2,000
26 Barak Store 392 4,000

30 Sales A/c Cr. 11,000

5
 GENERAL JOURNAL OF QEEN BEE TRADING FOR 2012 (4 marks)
43.
DATE PARTICULARS Folio DEBIT CREDIT
(i) Yr. 1 Depreciation 30,000
Provision for Depreciation 30,000
(Depreciation written off on
Motor vehicle)

Yr. 2 Depreciation 24,000

Provision for Depreciation 24,000
(Depreciation written off on
motor vehicle)

(ii)
DEPRECIATION ON MOTOR VEHICLE A/C
Yr. 1 Motor vehicle 30,000

Yr. 2 Motor vehicle 24,000

(2 marks)

MOTOR VEHICLE A/C

Yr. 1 Depreciation 30,000

Yr. 2 Depreciation 24,000

(2 marks)

44.
6
 PETTY CASH BOOK OF F. TIONE FOR THE MONTH OF JUNE 2012
Date Particulars Vou Rec. Payment Station Travel Phone Sundries
No No
2012
Jun 01 Imprest Cheque 2450 100.00

Tea
02 Stationary 01 5.00 5.00
03 Top up 02 10.00 10.00
04 Bus fare 03 5.00 5.00
06 Stationary 04 6.00 6.00
07 Bus fare 05 15.00 15.00
08 Soft Drink 06 6.00 6.00
09 Top up 07 8.00 8.00
10 Bus fare 08 10.00 10.00
11 Roll Tissue 09 12.00 12.00
12 Top up 10 3.00 3.00
13 11 5.00 5.00

85.00 25.00 24.00 20.00 16.00

Balance 15.00

100.00 100.00
Balance
Reimbursement 15.00
Cheque # 2455 85.00

4 marks

7
45. Lau Lau Trading (10 marks)
Revenue Statement for the year ended 30th June 2012

Sales…………………………………………….150,000
Less sales
Returns………………………………….………8,5000……………………….……..…141,500

LESS COST OF GOODS SOLD

Opening Stock…………………………………18,000
Purchases……………………….8,500
Less purchase Returns 5,450………79,550
Cartage inward…………………………………5,000

Goods available for sale………………..102,550

Less closing Stock……………………………...8,000…………………………………94,550

GROSS PROFIT…………………………………………………………………………… 46,950

Add revenue
Commission revenue……………………………………………………………………. 500

47,450

LESS ANY OTHER OPERATING EXPENSE

Selling and distribution
Advertisement…………………………………… 2,000
Wages… ……………………………………………. 7,500
Communication…………………………………. 5,500

General admin expenses

Electricity…………………………………………….6,000
Rent……………………………………………………..3,500
Cartage outward…………………………………..1,300
Depreciation…………………………………………6,000…………..….....1,800

NET PROFIT…………………………………………………………………………………..15,650

8
46.
Lau Lau Trading
Balance Sheet as at 30th June 2012 (8 marks)
Proprietorship
Capital………………………………………………………………..........42,400
Add Net Profit……………………………….15,650
Less Drawing……………………………………2,200………………..13,450
……………………………………………………………………………………55,850

This is presented by:

Current Assets
Cash at Bank…………………………………………10,000
Debtors…………………………………………………10,650
Closing Stock………………………………………..…8,000
Prepaid rent……………………………………………2,500
Accrued commission revenue…………………….500
……………………………………………………………...31,650

Less Current Liabilities

Creditors…………………………………………………9,500
Accrued wages…………………………………………..300
……………………..……………………………………………9,800 ………………………...21,850

Fixed Assets
Land……………………………………………………..25,000
Vehicle…………………………….30,000
Less provision for depreciation. ……................6,000………..24,000……………………….49,000

Less Long term Liabilities

Mortgage on building……………………………………………………..15,000………………………….34,000

………………………………………………………………………………………………………………………………55,850

THE END