I need help with multiple choice (1 Viewer)

[Rawf]

Hey guys, so I just finished the EBE 2012 trial paper (Economics and business educators NSW)
I have the answers but I'm not sure if these answers are even right because I did a paper from EBE for economics and they've got some stupid mistakes in their sample answers.
Here's a questions I don't understand why I got wrong:

1) When an employee voluntarily leaves a business because there has been a decrease in customer demand and the job is no longer viable, this is an example of:
a) retirement
b) redundancy
c) retrenchment
d) relocation

I'd also like to know.. is there a difference between retrenchment and dismissal? and what is it?! My teacher keeps telling us retrenchment is when the job no longer exists and dismissal is if you've done something wrong.. but I don't think that's completely correct (according to the text book)

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Ok, now this is another question which I got correct (according to the sample answers) HOWEVER, in my school trials we had the exact same question.. I picked the same answer but at school they marked me wrong:

2) The business "Brown Pty Ltd" has acquired the business "Azure Pty Ltd" and produced fnancial reports showing the process undergone when estimating the market price of the new company
Which of the following limitations of financial reports might this fall under?
a) Normalised earnings
b) capitalised expenses
c) valuing assets
d) notes to the financial statements

I picked C, and according to the answers it's C.. however I picked C in trials and I got it wrong... apparently it's D? Why?!

And I don't understand what 'notes to the financial statement' really means.. does that mean you cant attach notes to a statement and that's why it's a limitation? or is it because say... a balance sheet doesn't have the info of a revenue statement?

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Lastly, this is a question from another test (which I dont have the answers to unfortunately)

3) Andrew has been stopping people in the shopping mall and asking them to taste a new soft drink and complete a short survey.
What marketing process is andrew engaging in?
a) Sugging
b) collecting primary data
c) collecting secodnay data
d) personal selling

4) Which of the following statements from job advertisements is an example of illegal discrimination?
a) must be prepared to work overtime
b) must be mature
c) must have experience
d) must not be a member of a trade union <-- I picked this one but wtf...


If you guys could help me out I'd appreciate it heaps!

 

[zb123]

1B, 2C - your school was wrong, notes to financial statement is a limitation because it is hard to see the true financial position based on balance sheets and revenue statements, and thus you need notes to the financial statement which can be countless of pages. 3B, 4D - you can't discriminate against people for being part of a union, perfectly reasonable question...?

edit - but notes to financial statement is not a limitation in this example. and voluntary redundancy for q1..

 

[Mr Slick]

lol

 

[Rawf]

1B, 2C - your school was wrong, notes to financial statement is a limitation because it is hard to see the true financial position based on balance sheets and revenue statements, and thus you need notes to the financial statement which can be countless of pages. 3B, 4D - you can't discriminate against people for being part of a union, perfectly reasonable question...?

edit - but notes to financial statement is not a limitation in this example. and voluntary redundancy for q1..

Thanks for the answers
In the answers however, the answer to question 1 is "a" retirement.. and I have no idea why. You cant assume they retire once they leave a job?

Dang I could've pocketed another mark in my trial exams argh. I asked my teacher about that question and she said no... valuing assets is wrong and she gave me some weird ass reason why which I didn't understand.
She said something about it being the "process undergone".... lol I feel like she doesn't really know but she didn't wanna seem like a teacher that didn't know how to do a question so she made something up.

 

[Examine]

Thanks for the answers
In the answers however, the answer to question 1 is "a" retirement.. and I have no idea why. You cant assume they retire once they leave a job?

Dang I could've pocketed another mark in my trial exams argh. I asked my teacher about that question and she said no... valuing assets is wrong and she gave me some weird ass reason why which I didn't understand.
She said something about it being the "process undergone".... lol I feel like she doesn't really know but she didn't wanna seem like a teacher that didn't know how to do a question so she made something up.

She might be talking about the accounting procedures undergone. Also 1 is not (should not) be retirement, it's as zb pointed out, voluntary redundancy.

 

[Rawf]

She might be talking about the accounting procedures undergone. Also 1 is not (should not) be retirement, it's as zb pointed out, voluntary redundancy.

So it cant possibly be notes to the financial statement? Or it could be? o-o
And could you point out the main differences between redundancy, retrenchment and dismissal for me?

 

[Examine]

Redundancy and retrenchment is when they fire employees as they no longer need their service. For redundancy the person receives redundancy payments.

Dismissal is where staff are fired because they act with misconduct.

 

[Rawf]

Redundancy and retrenchment is when they fire employees as they no longer need their service. For redundancy the person receives redundancy payments.

Dismissal is where staff are fired because they act with misconduct.

In the Jacaranda textbook (P441-442 if you have it) it says "Dismissal can also be based on poor performance or redundancy due to organisational restructuring, a downturn in the business or technological change making the job redundant"
So.. they're saying redundancy is also dismissal.. but dismissal is when staff act with misconduct? That's a bit... confusing o___o

 

[Examine]

In the Jacaranda textbook (P441-442 if you have it) it says "Dismissal can also be based on poor performance or redundancy due to organisational restructuring, a downturn in the business or technological change making the job redundant"
So.. they're saying redundancy is also dismissal.. but dismissal is when staff act with misconduct? That's a bit... confusing o___o

I was giving the main example of why employees are fired.

 

[Rawf]

I was giving the main example of why employees are fired.

So dismissal is just when the business separates from the employee? it can be for everything including redundancy, retrenchment and misconduct?
Or is dismissal just for people who break the rules and have poor work performance?

 

[Examine]

So dismissal is just when the business separates from the employee? it can be for everything including redundancy, retrenchment and misconduct?
Or is dismissal just for people who break the rules and have poor work performance?

The latter (at least I think so)

 

[Rawf]

The latter (at least I think so)

I had a chat to one of my university friends and he said that dismissal is basically just when the employer and employee separate but the employee doesn't want to.
retrenchment is when the employee doesn't wish to leave but is forced to, and they are dismissed o-o
Are you using the jacaranda textbook like me? It says "summary dismissal is an instant form of dismissal that applies to employees involved in gross or serious misconduct"..
So 'summary' dismissal is one where they are in misconduct, however there are other types of dismissal too? Such as the business under financial pressures, restructuring etc?