Financial Services 2021 HSC exam pack

Students should:

• read the question carefully to ensure that they do not miss important components of the question
• have a clear understanding of key words in the question and recognise the intent of the question and its requirements
• engage with what the question is asking rather than presenting a pre-prepared response
• relate to the question throughout the response rather than just at the beginning
• demonstrate knowledge and understanding of the examinable units of competency from the syllabus
• communicate ideas and information using relevant workplace examples and industry terminology
• be prepared to address a range of industry issues
• demonstrate knowledge of employability skills relevant to various situations
• include relevant annotations when including a diagram
• review their response to ensure that it addresses question requirements
• present a logical and cohesive response that answers the question.

Question 16

In better responses, students were able to:

• demonstrate an understanding of the importance of personal presentation for a customer service officer
• give a positive effect to the business that results from personal presentation, for example, increased profits or strong branding or maintenance of reputation.

Areas for students to improve include:

• linking personal presentation to effects on the business
• identifying that personal presentation could include voice control, body language and grooming.

Question 17

In better responses, students were able to:

• refer to examples relevant to a work health and safety induction for a financial services institution employee
• provide relevant work health and safety examples, established and familiar and essential elements of work health and safety induction such as fire extinguishers, first-aid kits, types of alarms, emergency exits, signage and unauthorised areas.

Areas for students to improve include:

• providing relevant industry examples
• demonstrating knowledge of specific office environment examples with an office induction for a bank or insurance company, and not citing common factory or construction examples.

Question 18(a)

In better responses, students were able to:

• reconcile journals against the bank statement accurately
• insert correct figures into the bank reconciliation
• understand the link between the bank balance and the ledger balance.

Areas for students to improve include:

• understanding the bank reconciliation process, recognising the difference between outstanding deposits and unpresented cheques and their effects on the bank reconciliation
• identifying the closing balance of the bank statement as the beginning value of the bank reconciliation.

Question 18(b)

In better responses, students were able to:

• show how two separate procedures may lead to fewer errors occurring when recording cash handling
• clearly explain cash management procedures.

Areas for students to improve include:

• reviewing cash management procedures, for example, separation of duties, dealing with large volumes of cash, authorising payments and secure banking routines for handling cash.

Question 18(c)

In better responses, students were able to:

• refer to the correct account names as per the Chart of Accounts
• record Goods and Services Tax correctly
• use the correct format of journals with correct account names
• select ‘Services/Fees Received’ as the income account name for a service provider and not assume ‘Sales’ would be the default income account.

Areas for students to improve include:

• reviewing the process of recording general journal entries
• understanding account names, for example, the differences between Sales and Fees Received.

Question 19

In better responses, students were able to:

• demonstrate their understanding of differences between two employment types, for example, part time, casual and contract employees (a)
• demonstrate their understanding of ethical considerations such as privacy (b)
• show the difference between rights and responsibilities (c)
• describe two rights and two responsibilities, for example, the right to be paid correctly (c).

Areas for students to improve include:

• showing the differences between employment types, for example, part time, casual and contractors
• using relevant examples
• including relevant ethical considerations that the receptionist should consider when handling the tax return.

Question 20

In better responses, students were able to:

• demonstrate an understanding of source documents
• correctly identify two source documents with correct terminology, for example, 'Tax Invoice' rather than 'invoice'
• use relevant industry examples.

Areas for students to improve include:

• showing why it is important to check source documents before making payments to suppliers.

In better responses, students were able to:

• communicate the role of regulatory bodies such as Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) as enforcers of regulations found in specific legislation
• demonstrate an understanding of the role of businesses in develop policies and procedures that ensure regulatory compliance
• use specific workplace examples that relate to the finance industry
• refer to relevant legislation enforced by regulators
• describe how the enforcement of codes and regulations affect the policies and procedures of a financial service organisation.

Areas for students to improve include:

• showing an understanding of APRA, ASIC, and other regulatory bodies, avoiding generic explanations
• using specific industry terminology such as banking, superannuation, licences, and financial products.

Question 22(a)

In better responses, students were able to:

• understand a general ledger format
• prepare a disposal ledger, using correct ledger account names (a).

Areas for students to improve include:

• understanding how to prepare a disposal ledger (a)
• understanding the difference between a ledger and a journal (a).

Question 22(b)

In better responses, students were able to:

• explain the purpose of age debtors report and how the report will assist in recovery actions
• use specific examples on reducing debt such as credit checks, calling customers and placing the customer on hold.

Areas for students to improve include:

• understanding the various credit procedures that would reduce bad debts.

Question 22(c)

In better responses, students were able to:

• format the Income Statement to identify the Cost of Goods Sold, Gross Profit and Net Profit
• understand how to process Balance Day adjustments
• understand what accounts affect Cost of Goods Sold.

Areas for students to improve include:

• understanding accounts that affect Cost of Goods Sold, for example, stock variance and freight inwards
• understanding how to process Balance Day Adjustments and how they affect the income statement
• understanding account classifications relevant for preparing an Income Statement, for example, expense and income accounts.

Question 23

In better responses, students were able to:

• describe different ways the agency could deliver customer service for the bank and the agency
• understand how the agency upholds the required policies and procedures of the bank in relation to customer service and contact with them
• communicate the strategies agencies could use to meet its record-keeping obligations to the bank using industry examples
• understanding the importance of maintaining records
• link record-keeping requirements specifically to being an agency of the bank
• identify that agencies must model the record-keeping procedures of their governing institution
• identify transactional-based record-keeping requirements that may detect errors in the transaction records, for example, reconciliations, reports of daily takings and payments, above the familiar aspects of digital security, authorised access, passwords, safer storage, and disposal.

Areas for students to improve include showing:

• an understanding of how to act as an agent for the bank
• an understanding the importance of record management
• knowledge of a relevant agency and its operations
• an understanding record keeping obligations and the link between the bank and the agency.