ACCA

FM
Financial Management

Final Mock – March 2024

Questions

Time allowed 3 hours

ALL questions are compulsory and MUST be attempted

DO NOT OPEN THIS PAPER UNTIL YOU ARE READY TO START UNDER
EXAMINATION CONDITIONS

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 Get into good exam habits now!
Take a moment to focus on the right approach for this exam.

Effective time management

 Watch the clock, allow 1.8 minutes per mark. Work out how long you can spend on each question
and do not exceed that time.
 Take a few moments to think what the requirements are asking for and how you are going to
answer them.

Effective planning
 This exam is in exactly the same format as the real exam. You should read through the exam and
plan the order in which you will tackle the questions. Always start with the one you feel most
confident about and take time to choose the questions you will answer in sections with choice.
 Read the requirements carefully: focus on mark allocation, question words (see below) and
potential overlap between requirements.
 Identify and make sure you pick up the easy marks available in each question.

Effective layout
 Present your numerical solutions using the standard layouts you have seen. Show and reference
your workings clearly.
 With written elements try and make a number of distinct points using headings and short
paragraphs. You should aim to make a separate point for each mark.
 Ensure that you explain the points you are making ie why is the point a strength, criticism or
opportunity?
 Give yourself plenty of space to add extra lines as necessary, it will also make it easier for the
examiner to mark.

Common terminology
State Express, fully or clearly, the details of/facts of
Define Give the exact meaning of
Describe Communicate the key features of
Distinguish Highlight the differences between
Explain Make clear or intelligible/state the meaning of
Identify Recognise, establish or select after consideration
Illustrate Use an example to describe or explain something
Calculate/compute To ascertain or reckon mathematically
Demonstrate To prove with certainty or to exhibit by practical means
Prepare To make or get ready for use
Analyse Examine in detail the structure of
Compare and contrast Show the similarities and/or differences
Discuss To examine in detail by argument
Produce To create or bring into existence
Advise To counsel, inform or notify
Evaluate To appraise or assess the value of
Recommend To advise on a course of action

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Formulae sheet
Present value table
Present value of 1 ie (1+r)–n
where r = discount rate
n = number of periods until payment
Discount rates (r)
Periods
(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909
2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826
3 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751
4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683
5 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621

6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564
7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513
8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467
9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424
10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386

11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.350
12 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.319
13 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290
14 0.870 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.263
15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239

11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833
2 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694
3 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.579
4 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.482
5 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402

6 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335
7 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279
8 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233
9 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194
10 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162

11 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.135
12 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112
13 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093
14 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.078
15 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065

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 Annuity table
1  (1  r)n
Present value of an annuity of 1 ie
r
where r = discount rate
n = number of periods
Interest rates (r)
(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909
2 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736
3 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487
4 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170
5 4.853 4.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791

6 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355
7 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868
8 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335
9 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759
10 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145

11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495
12 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814
13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.103
14 13.004 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.367
15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606

11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833
2 1.713 1.690 1.668 1.647 1.626 1.605 1.585 1.566 1.547 1.528
3 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.106
4 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589
5 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.991

6 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.326
7 4.712 4.564 4.423 4.288 4.160 4.039 3.922 3.812 3.706 3.605
8 5.146 4.968 4.799 4.639 4.487 4.344 4.207 4.078 3.954 3.837
9 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 4.163 4.031
10 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.192

11 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 4.486 4.327
12 6.492 6.194 5.918 5.660 5.421 5.197 4.988 4.793 4.611 4.439
13 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.533
14 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 4.802 4.611
15 7.191 6.811 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675

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Economic Order Quantity

2Co D
=
Ch

Miller-Orr Model
Return point = Lower limit + ( 13  spread)
1
 3 × transaction cost × variance of cash flows  3

Spread = 3  4 
 Interest rate 

The Capital Asset Pricing Model

E(ri)= Rf + i (E (rm) – Rf )
The Asset Beta Formula

 Ve   Vd (1  T) 
a =  βe  +  β 
 (Ve  Vd (1  T))   (Ve  Vd (1  T)) 
d

The Growth Model

Do 1+ g Do 1+ g
Po = Re = +g
Re  g Po

Gordon's Growth Approximation

g = bre
The Weighted Average Cost of Capital
 Ve   Vd 
WACC =   ke +   kd(1–T)
 Ve  Vd   Ve  Vd 
The Fisher Formula
(1 + i) = (1 + r)(1 + h)
Purchasing Power Parity and Interest Rate Parity

(1+ hc ) (1+ i c )
S1 = S0  F0 = S0 
(1+ hb ) (1+ i b )

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 Section A

This section of the exam contains 15 objective test (OT)

questions.

Each question is worth 2 marks and is compulsory.

This exam section is worth 30 marks in total.
1 In relation to hedging interest rate risk, which TWO of the following statements are correct?
Matching is where liabilities and assets with a common interest rate are combined

An interest rate futures contract grants the buyer the right but not the obligation to complete the
contract
Forward rate agreements are exchange-traded contracts

Interest rate options allow the buyer to take advantage of favourable interest rate movements
2 M Co is evaluating an investment project; M Co uses a 10% cost of capital.
$'000
Initial Investment 450
Incremental cash flows: Year 1 130
Year 2 130
Year 3 130
Year 4 130
Year 5* 150
Net present value 55
*includes $20,000 residual value
What is the discounted payback period of this investment?
 3.31 years
 3.46 years
 4.41 years
 4.47 years
3 Identify, by clicking on the relevant box in the table below, whether each statement is true or false.

True False
1. An analysis taking a chartist approach in an efficient
market would not be able to make any statistically
significant gains.
2. If a market is efficient, of any type, share prices are said
to follow a random walk.

4 Which TWO of the following are likely results of an increase in interest rates in the short-term?
An increase in the spot exchange rate
An increase in consumer expenditure
An increase in the forward exchange rate
Lower inflation

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5 Which TWO of the following statements concerning shareholder wealth are correct?
Wealth of shareholders is increased by dividends received and capital gains on shares owned
Share prices may increase irrespective of the decisions of managers
A rise in earnings per share will cause an increase in shareholder wealth
Aiming for increases in shareholder wealth will create a culture of short-termism
6 In not-for-profit businesses and state-run entities, a value-for-money audit can be used to measure
performance. It covers three key areas: economy, efficiency and effectiveness.
Which of the following could be used to describe effectiveness in this context?
 Avoiding waste of inputs
 Achieving agreed targets
 Achieving a given level of profit
 Obtaining suitable quality inputs at the lowest price
7 Identify, by clicking on the relevant box in the table below, whether each statement is true or false.

True False
1. A company can use the money market to manage
exposure to foreign currency risk.
2. Options are interest-bearing instruments where the
investor receives face value plus interest at maturity.
3. Certificates of deposit are non-negotiable.

8 Identify, by clicking on the relevant box in the table below, whether each statement is true or false.

True False
1. Financial gearing refers to the variability of returns
caused by debt interest and therefore financial risk is
often measured by the debt to equity ratio.
2. Operational gearing refers to the variability of returns
caused by the fixed costs of the business operation,
and therefore business risk is best measured by
operating profit to sales.
3. Preference shares can increase financial gearing but
have no impact on operating gearing.

9 SK sells bathroom fittings throughout the country in which it operates. In order to obtain the best price,
it has decided to purchase all its annual demand of 10,000 shower units from a single supplier. RR has
offered to provide the required number of showers each year under an exclusive long-term contract.
Demand for shower units is at a constant rate all year. The cost to SK of holding one shower unit in
inventory for one year is $4 plus 3% of the purchase price.
RR is located only a few miles from the SK main showroom. It has offered to supply each shower unit at
$400 with a transport charge of $200 per delivery. It has guaranteed such a regular and prompt delivery
service that SK believes it will not be necessary to hold any safety inventory (that is buffer inventory) if it
uses RR as its supplier.
What is the optimal order size, assuming that RR is chosen as the sole supplier of shower units
for SK?
 632 units
 500 units
 985 units
 1,000 units

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 10 Which of the following problems could result from a company having a weak understanding of the
key principles of financial management?
 Failure to predict short-term exchange rate fluctuations
 Errors in the company's statement of profit or loss
 Failure to use relevant costing to guide long-term decision-making
 Neglect of short-term financial objectives
11 HP Co has 12 million shares in issue and has just paid an ordinary dividend of $3.6 million.
Last year HP Co implemented a 1 for 2 rights issue (ie 1 new share for 2 existing shares).
Three years ago the dividend was $1.6 million.
What is the geometric average dividend growth rate per share for HP Co over this period
(to 1 decimal place)?
%
12 B Co has a cost of equity of 10%.
The equity risk premium is estimated to be 6% and B Co's equity beta is 1.2.
B Co has a debt beta of 0.2.
The rate of corporation tax is 20%.
What is B Co's post-tax cost of debt?
 2.8%
 3.2%
 2.2%
 4.0%
13 C&H Statement of profit or loss for the year ended 30 June 20X4:
$'000
Revenue 280
Cost of goods sold 140
Gross profit 140
Assume all sales and all purchases are on credit and that there are no returns or discounts. All trade
payables relate to cost of sales.
C&H Statement of financial position as at 30 June 20X4 (extract):
$'000
Current assets
Inventory 77
Trade receivables 56
Cash 25
158
Current liabilities
Trade payables 42
Accrued interest 23
Income tax 86
151
Inventory balance at 30 June 20X3 was $77,000.
Assume a 365 day year.
What is the length of the working capital cycle in 20X4 (to 1 decimal place)?
 104.3 days
 105.0 days
 164.3 days
 383.3 days

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14 The following statements relate to the money markets and capital markets.
Identify, by clicking on the relevant box in the table below, whether each statement is true or false.

True False
1. Money market instruments are only traded over the
counter between institutional investors.
2. Capital markets are markets for medium term and long
term finance.

15 Five investment projects are being considered with the following details:
Project Initial outlay Net Present Value
$'000 $'000
A 1,000 400
B 750 265
C 1,200 720
D 1,800 756
E 1,500 525
Due to management reluctance to raise new finance, capital for investment in the above projects is
currently restricted to $5.2m. Projects A, C and E are all independent, but projects B and D are mutually
exclusive.
All of the above projects are divisible and none can be delayed or repeated.
Given the capital constraint, calculate the net present value resulting from the optimum
investment combination (to the nearest $'000).
$
(Total = 30 marks)

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 Section B

This section of the exam contains three OT cases.

Each OT case contains a scenario which relates to five

OT questions.

Each question is worth 2 marks and is compulsory.

This exam section is worth 30 marks in total.
The following scenario relates to questions 16–20
FKP is a wholesale distributor of non-perishable grocery items to a range of retailers. The following statement of
financial position information is available for the last two years.
Year ended 31 December
Year 1 Year 2
(most recent year)
$ $
Current assets
Trade payables 650,000 595,000
Trade receivables 700,000 750,000
Cash and cash equivalents 250,500 275,500
Inventory 400,000 468,000
During Year 2 sales averaged $270,000 per month and cost of sales averaged $210,000 per month.
All sales are on credit.
FKP's operating cycle is 55 days; this is 5 days shorter than it was in the previous year.
Sales are forecast to rise in Year 3 by 20%; this is slightly below the industry average.
The industry average operating cycle is 50 days.
Assume a 365 day year.
16 What are the trade receivables and trade payables days for Year 2, using average balances?
Receivables Payables
 84 days 86 days
 105 days 70 days
 108 days 67 days
 82 days 90 days
17 Assuming that the relationship between FKP's sales and working capital (excluding cash) remains
unchanged, how much extra working capital finance will be required to support the increase in
sales in Year 3?
 $124,600
 $179,700
 $400,100
 $55,100

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18 FKP's cash operating cycle is longer than the industry average.
What might this indicate?
 FKP pays its suppliers more quickly than the industry average.
 FKP holds less inventory than the industry average.
 FKP is undercapitalised.
 FKP's debtors pay more quickly than the industry average.
19 FKP is concerned about overtrading in the future.
Changes in which of the following at FKP indicate the possibility that the company could suffer
from overtrading?
 Operating cycle.
 Cash balance.
 Sales forecast.
 Inventory
20 FKP decides to offer a 5% early settlement discount that 75% of customers take up – the impact of this
discount is that these customers will pay a month earlier than they are currently paying. FKP pays 8% per
annum for its overdraft facility.
What impact will this discount have on the cash operating cycle and reported profits?
Cash operating cycle Reported profits
 Unaffected Increase
 Reduce Reduce
 Unaffected Reduce
 Reduce Increase
The following scenario relates to questions 21–25
GSF, a company based in Westland, has agreed a sale to a company in Germany. The currency in Westland is
the Westland dollar (W$), and the currency in Germany is the Euro (€). The sale is on three months' credit terms
and has a value of €1,650,000.
Assume that the date is currently 15 June.
Currency Market Rates on 15 June
Spot rate (€ per W$) 1.2552 – 1.2564
Three months forward rate (€ per W$) 1.2533 – 1.2601
Expected spot rate in three months' time 1.2516 – 1.2606
Money Market Rates (per annum) on 15 June
Borrowing Deposit
Westland $ 4.0% 2.6%
Germany 1.4% 1.0%
21 GSF is concerned that the cash it is due to receive from overseas credit sales will not be as expected
over the next quarter, due to exchange rate movements.
What type of risk is this?
 Translation risk
 Economic risk
 Business risk
 Transaction risk
22 Calculate the amount in W$ that GSF will expect to receive if a forward contract is used (to the
nearest W$).
W$

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 23 Which TWO of the following statements are true of forward contracts?
They are a binding contract
They can be sold on to someone else
They fix the rate for a future transaction
They are flexible once agreed
24 Which theory can be applied to calculate forward exchange rates using nominal interest rates?
Purchasing power parity theory
 Fisher theory
 Interest rate parity theory
 Expectations theory
25 Calculate the amount in W$ that GSF will expect to receive if a money market hedge is used.
 W$ 1,317,831
 W$ 1,317,202
 W$ 1,342,721
 W$ 1,303,562
The following scenario relates to questions 26–30
HSD is a well established unlisted services company with a strong reputation for the quality of its staff. The four
directors (and only shareholders) are considering selling the company and have had enquiries from several
interested parties.
One of these enquiries is from VVS Co, a similar listed services company with branches across the country.
The following information is available on both VVS and HSD.
VVS HSD
Number of shares issued (millions) 25 1.2
Earnings per share (cents) 45 60
Dividend per share (cents) 25 30
Net book value of non-current assets ($m) 24 3.5
Current assets 4 1.25
Current liabilities ($m) 2 0.5
Share price (cents) 450
Expected annual rate of growth in earnings (%) 3 2.5
Expected annual rate of growth in dividends (%) 2 3
Cost of equity (%) 13
Notes
1 Forecast annual growth rates for HSD have been internally generated, based on HSD current policy
of reinvesting 50% of its earnings. The forecast rates for VVS have been estimated by independent
third parties.
2 HSD has non-current assets of $2m which are valued at $0.75m below net realisable value.
3 HSD has $0.25m of receivables which are now not thought to be recoverable.
26 On a realisable value basis, what is the net asset valuation of HSD Co?
 $5.25m
 $3.25m
 $4.25m
 $4.75m

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27 Using estimated annual earnings next year, and applying the P/E multiple that currently applies to
VVS, what is the valuation of HSD?
 $7.38m
 $13.284m
 $3.6m
 $7.20m
28 Why is it not appropriate to value a company such as HSD based upon its asset values alone?
 The market values of assets are likely to increase before a deal can be finalised.
 A large part of a service company's value lies in the skill and knowledge of its personnel.
 Shareholders will be unwilling to sell a company for its asset value alone.
 Market values of assets rarely bear a close relationship to their earning capacities.
29 What is the valuation of HSD using the dividend valuation model (in $ million to 2 decimal
places)?

$ million
30 The use of the dividend valuation model to value HSD is based upon a number of assumptions.
Which of the following is NOT one of these assumptions?
 The current year dividend (D0) does not vary significantly from the trend.
 Future dividends will continue to grow at the same rate as they have done in the past.
 The cost of equity for HSD can be reliably estimated.
 Investors act rationally.
(Total = 30 marks)

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 Section C

This section of the exam contains two constructed

response questions.

Each question contains a scenario which relates to one

or more requirement(s).

Each question is worth 20 marks and is compulsory.

This exam section is worth 40 marks in total.
31 PLK Co is considering investing in new machinery as part of a launch of a new product, the 'Quago'. The
new machine is expected to have a useful life of four years and could be bought for $1,000,000, half of
which would be paid immediately with the rest payable in a year's time. The scrap value of the machine
after four years would be $30,000. Sales revenue and variable costs for the Quago in each of the four
years are expected to be as follows. Inflation has been included.

Year 1 2 3 4
Production and sales 35,000 53,000 75,000 36,000
(units/year)
Sales revenue 1,081,500 1,686,990 2,458,500 1,215,720
Variable cost 588,000 934,920 1,389,000 700,200
Fixed costs relating to the project will be $10 per unit in the first year. The fixed cost is expected to remain
unchanged in price terms throughout the project, and no inflation is expected.
Producing and selling the Quago will mean increased investment in working capital is required, but this
will be recovered at the end of the project. The requirement at the beginning of each year is as follows.
Year 1 2 3 4
Working capital requirement 100,000 120,000 150,000 110,000
PLK Co pays tax one year in arrears at an annual rate of 30% and can claim tax-allowable depreciation
on a 25% reducing balance basis. The first claim for tax allowance on the purchase cost will occur at the
end of the first year, and will relate to the full purchase cost of the machinery. A balancing allowance is
claimed at the end of the final year of operation.
PLK Co uses a nominal (money terms) after-tax cost of capital of 15% for investment appraisal purposes.
Required
(a) Calculate the following values for the proposed investment in the new machinery, and comment
upon your findings:
(i) Net present value (8 marks)
(ii) Internal rate of return (3 marks)
(b) What are the strengths and weaknesses of the internal rate of return method as a basis for PLK's
investment appraisal? (5 marks)

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 (c) Some members of the board of PLK are wondering why ROCE and payback period have not been
considered for this investment proposal. Discuss the reasons why net present value is
theoretically preferred to these other investment appraisal methods. (4 marks)
(Total = 20 marks)
32 FlyHi operates a low-cost airline and is a listed company. In comparison to its major competitors it is
relatively small, but it has expanded significantly in recent years. The shares are held mainly by large
financial institutions.
The following are extracts from FlyHi's budgeted Statement of Financial Position at 31 May 20X2.
$m
Ordinary shares of $0.50 50
Reserves 20
Bank loan 30
9% loan notes 20X5 (at nominal value) 200
300
Dividends have grown in the past at 3% a year, resulting in an expected dividend of $1 per share to be
declared and paid on 31 May 20X2. Dividends are expected to grow at 4% a year from 1 June 20X2 for
the foreseeable future. The price per share is currently $10.40 ex div, and this is not expected to change
before 31 May 20X2.
The existing loan notes are due to be redeemed at par on 31 May 20X5. The market value of these loan
notes at 1 June 20X2 is expected to be $100.84 (ex interest) per $100 nominal. Interest is payable
annually in arrears on 31 May and is allowable for tax purposes. Tax is payable on profits at a rate of
30%. Assume taxation is payable at the end of the year in which the taxable profits arise.
The bank loan costs 10% and is repayable in 10 years' time.
Required
(a) Calculate the expected weighted average cost of capital of FlyHi at 31 May 20X2. (8 marks)
(b) Using the concept of the creditor hierarchy, explain why FlyHi's different sources of finance have
different levels of risk and return. (6 marks)
(c) Discuss three advantages to FlyHi of using convertible loan notes as a source of finance.
(6 marks)
(Total = 20 marks)

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 Student self-assessment
Having completed this exam take a few minutes to consider what you did well and what you found difficult. Use
this as a basis to focus your future study on effectively improving your performance.

Common problems Future emphasis if you answer Yes

Timing and planning for all Sections

Did you miss out any questions? Y/N Attempt all questions.
For multiple choice questions in Sections A and B, it is worth
making a guess at the correct answer.
Did you finish too early? Y/N Make sure you deal with all the information given in the
questions.
Use the extra time to go back over your answers.
Did you overrun? Y/N Focus on allocating your time better.
Practise questions under strict timed conditions.
If you get behind leave space and move on.

Content in all Sections

Did you struggle with:
Interpreting the questions? Y/N Learn the meaning of question words (inside front cover).
Learn subject jargon (Workbook glossary).
Read questions carefully noting all the parts.
Practise as many questions as possible.
Understanding the subject? Y/N Review your notes/Workbook.
Work through easier examples first.
Contact a tutor for help.
Remembering the notes/Text? Y/N Quiz yourself constantly as you study. You need to develop your
memory as well as your understanding of a subject.

Layout in Section C
Was your answer difficult to follow? Y/N Use headings and subheadings.
Use numbering sequences when identifying points.
Leave space between each point.
Did you fail to explain each point? Y/N Show why the point identified answers the question set.
Did you include irrelevant information? Y/N Focus on developing a logical structure to your answer.
Were some of your workings unclear? Y/N Give yourself time and space to make the marker's job easy.

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 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted, in
any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written
permission of BPP Learning Media Ltd.
The contents of this book are intended as a guide and not professional advice. Although every effort has been
made to ensure that the contents of this book are correct at the time of going to press, BPP Learning Media
makes no warranty that the information in this book is accurate or complete and accept no liability for any loss or
damage suffered by any person acting or refraining from acting as a result of the material in this book.

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