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FNSINC602 Interpret and use financial statistics and tools: Assessment Task 1

Assessment Task 1: Written Questions 

Task summary 

This is an open book test, to be completed in the classroom.

A time limit of 2 hours to answer the questions is provided.

You need to answer all of the written questions correctly.

Your answers must be word processed and sent to the assessor as an email attachment. 

Required

  • Access to textbooks/other learning materials
  • Computer and Microsoft Office
  • Access to the internet
  • Timing

Your assessor will advise you of the due date of this assessment.

Submit

  • Answers to all questions 

Assessment criteria

All questions must be answered correctly in order for you to be assessed as having completed the task satisfactorily. 

Re-submission opportunities

You will be provided feedback on their performance by the Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task. 

If any parts of the task are not satisfactorily completed, the assessor will explain why, and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date. 

You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.

You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

Written answer question guidance

The following written questions use a range of “instructional words” such as “identify” or “explain”, which tell you how you should answer the question. Use the definitions below to assist you to provide the type of response expected. 

Note that the following guidance is the minimum level of response required. 

Analyse – when a question asks you to analyse something, you should do so in in detail, and identify important points and key features. Generally, you are expected to write a response one or two paragraphs long. 

Compare – when a question asks you to compare something, you will need to show how two or more things are similar, ensuring that you also indicate the relevance of the consequences. Generally, you are expected to write a response one or two paragraphs long.

Contrast – when a question asks you to contrast something, you will need to show how two or more things are different, ensuring you indicate the relevance or the consequences. Generally, you are expected to write a response one or two paragraphs long.

Discuss – when a question asks you to discuss something, you are required to point out important issues or features and express some form of critical judgement. Generally, you are expected to write a response one or two paragraphs long.

Describe – when a question asks you to describe something, you should state the most noticeable qualities or features. Generally, you are expected to write a response two or three sentences long.

Evaluate – when a question asks you to evaluate something, you should do so putting forward arguments for and against something. Generally, you are expected to write a response one or two paragraphs long.

Examine – when a question asks you to examine something, this is similar to “analyse”, where you should provide a detailed response with key points and features and provide critical analysis. Generally, you are expected to write a response one or two paragraphs long.

Explain – when a question asks you to explain something, you should make clear how or why something happened or the way it is. Generally, you are expected to write a response two or three sentences long.

Identify – when a question asks you to identify something, this means that you are asked to briefly describe the required information. Generally, you are expected to write a response two or three sentences long.

List – when a question asks you to list something, this means that you are asked to briefly state information in a list format. 

Outline – when a question asks you to outline something, this means giving only the main points, Generally, you are expected to write a response a few sentences long.

Summarise – when a question asks you to summarise something, this means (like “outline”) only giving the main points. Generally, you are expected to write a response a few sentences long.

Assessment Task 1 Instructions

Provide answers to all of the questions below: 


  1. Explain measure of central tendency and the main measures of central tendency.
  2. Review the following set of data. Explain which measure of central tendency is most appropriate for identifying the company’s most popular product as per the number of items purchased per product? Calculate the measure of central tendency using the data below and show your workings.  
ProductsProduct 1: SkirtProduct 2: JumperProduct 3: DressesProduct 4: ScarvesProduct 5: HatsProduct 6: Rings
Number of items purchased 363032241210


3. Calculate the mean of the following sales data for 2013 – 2017.Show your workings. 

Year20132014201520162017
Sales revenue $350,000$375,000$400,000$420,000$450,000


4. Explain the use of the median as a measure of central tendency. Then calculate the median number of skirts sold per day at Sue’s Clothing Supplies.

ProductsMondayTuesdayWednesdayThursdayFridaySaturdaySunday
Skirts 4432225474418


5. Explain correlation and why this statistical method may be useful for a company. 

6. A consultancy company is reviewing its expenditure on advertising against its sales revenue over the last two years. The correlation coefficient calculated is 0.2. Explain the relationship between advertising expenditure and sales revenue and how might the company use this finding to inform its actions.

7. Explain the product moment correlation coefficient. Then apply the formula to calculate the correlation coefficient between advertising and sales as shown below. 

Year201220132014201520162017
Advertising spend ($000)151617181920
Sales revenue ($000)300345375405420450


8. Explain regression analysis and its application. 

9. Describe three statistical analysis ratios that are commonly used by accountants. 

10. Outline two sources of information that an accountant could use to access statistical data relevant to the financial services industry. Your answers should outline the type of data that can be sourced from each. 

11. What type of chart is shown below? Explain three key features of this type of chart.

12. What type of chart is shown below? Explain three key features of this type of chart.

ine Graph

13. What type of table is shown below? Explain three key features of this type of chart.

MarkTally Frequency
4III3
5IIIII5
6III3
7I1
8II2
9III3


14. What type of diagram is shown below? Explain three key features of this type of diagram.

15. Explain two key principles of statistical standards and provide an example of one standard. 

Answer

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