Failed Cash Management today

kazcrawkazcraw Feels At HomeRegistered Posts: 34
After passing both the practice online assessments, doing the green light tasks, the other e-resources and practice papers I went in for the exam today and found it really hard and failed! Got my feedback, got 4 Exceeded, 5 Borderline and 3 Did not meet. Got stuck on one question and spent far too much time on it but couldn't answer it in the end then got myself on a downward spiral. Got Indirect Tax next friday which will be last exam in L3 for this term until my last exam on PE in November. Don't know if I want to carry on with it - am worried......:001_unsure:

Comments

  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,526
    Don't give up :) Sure you feel pretty fedup and worried at the moment - but you CAN and you will do it! Look at everything you have achieved so far... so dust yourself down and move on. Do you know when you can resit this module?

    If you can't resit until next term you have lots of time to practice, practice and practice some more... and ask questions on the forum for anything you have a query on.

    Good luck :D
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • kazcrawkazcraw Feels At Home Registered Posts: 34
    Thanks Jo.

    The question I got stuck on really confused me. went like this......

    Chemical X - Month 5 - 20000 litres @ £22, Month 6 - 22000 litres @ £22.
    35% is paid one month after purchase and 65% is paid 2 months after purchase

    Also, there are balances which still need to be paid for month 3 and month 4.

    What I didn't know was whether I needed to include the balances in months 3 & 4 and if so whether I just added in those balances or I needed to apply the 35% and 65%.

    Chemical Y - Month 5 7000litres @ £45, Month 6 8000 litres @ £45.
    30% paid in month of purchase, 40% in following month with balance in 2 months.
    Also balances still to be paid in month 3 & 4

    Chemical Z - (can't remember the figures), but 100% to be paid 2 months in arrears. - balances still to be paid in month 3 & 4

    ???????????????????????????
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,526
    I think you understand how the process works.

    I quickly drew a table up in Excel and am guessing you had a table for this question in the exam?

    For example, In month 5, you had purchased 20,000 litres at £22 = £440,000

    35% = £154,000 - This would be paid in month 6 (one month after purchase)
    65% = £286,000 - This would be paid in month 7 (two months after purchase)

    The balances for months 3 and 4 would be on the same basis, so month 3 you would pay 35% in month 4 and 65% in month 5 and for month 4 balances you would pay 35% in month 5 and 65% in month 6... there is an overlap/pattern.

    I hope my written explanation has not confused you. Try writing it out on a piece of paper or on a spreadsheet application.

    If you still have problems with it, let me know and I'll try and email my spreadsheet to you. Were there any practice questions like this which you struggled with?


    JC :o
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,526
    kazcraw wrote: »
    After passing both the practice online assessments, doing the green light tasks, the other e-resources and practice papers I went in for the exam today and found it really hard and failed! Got my feedback, got 4 Exceeded, 5 Borderline and 3 Did not meet. Got stuck on one question and spent far too much time on it but couldn't answer it in the end then got myself on a downward spiral. Got Indirect Tax next friday which will be last exam in L3 for this term until my last exam on PE in November. Don't know if I want to carry on with it - am worried......:001_unsure:


    How did you find questions 1.5 Fortnum Ltd and 2.1 Inzyz Ltd in the practice assessment? I think they are similar to the question you had in your exam. I'm happy to work through them with you if you need any help :)
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Jo ClarkJo Clark Font Of All Knowledge Registered Posts: 2,526
    kazcraw wrote: »
    Chemical Y - Month 5 7000litres @ £45, Month 6 8000 litres @ £45.
    30% paid in month of purchase, 40% in following month with balance in 2 months.
    Also balances still to be paid in month 3 & 4

    Chemical Z - (can't remember the figures), but 100% to be paid 2 months in arrears. - balances still to be paid in month 3 & 4

    ???????????????????????????

    Chemical Y
    Purchased in Month 5
    7,000 litres @ £45 = £315,000

    Chemical Y
    Purchased in Month 6
    8,000 litres @ £45 = £360,000

    Month 5 - Pay 30% of £315,000 (month 5) and balance from month 3
    Month 6 - Pay 30% of £360,000 (month 6) and 40% of £315,000 (month 5) and balance from month 4
    Month 7 - Pay balance of £315,000 (month 5)
    Month 8 - Repeat process as above ....

    Does this help?
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • kazcrawkazcraw Feels At Home Registered Posts: 34
    That's great Jo thanks very much, I get it now. The bit I didn't know was whether I was to include the balances that were outstanding for months 3 & 4 or not. I guess the exam just confused me with the amount of information in it and not really knowing whether it was relevant or not. Thanks again.
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