MTH173 202260 Assessment 3 Marking Rubric Student Name: Add your name hereStudent ID: Add your SID here
MTH173 202260 Assessment 3 Marking Rubric Student Name: Add your name hereStudent ID: Add your SID here
Criteria High Distinction
85-100% Distinction
75-84% Credit
65-74% Pass
50-64% Fail
<50% Mark
Question 1
Apply mathematical knowledge and skillsto identify problems with familiar contexts
(2 marks) Five or more mathematical issues identified in the case and concisely defined. Four or more mathematical issues identified in the case and clearly explained. Three or more mathematical issues identified in the case and described. Two or more mathematical issues identified in the case with sketchy descriptions. Case issues inadequately identified and/or described. /2.0
Question 2
Model financial situation using appropriate tools and represent information in symbolic, graphical and tabular forms
(5 marks) Correct financial modelling using the appropriate mathematical notation and reasoning with correct results.
Complete and faultless worked solutions provided, with immaculate diagrams/tables and mathematical code excerpts where appropriate. Correct financial modelling using the appropriate mathematical notation and reasoning with correct results.
Near completely worked solutions provided that are clear and legible with diagrams/tables and mathematical code excerpts where appropriate. Correct financial modelling with complete working and correct results. Includes legible diagrams/tables and appropriate mathematical notation. Correct financial modelling with incomplete working which lacks the appropriate notation or reasoning leading to correct or partially correct results. Includes legible diagrams/tables. Financial modelling and solutions are inappropriate and/or incorrect.
Inadequate or no working to support answers or conclusions where multiple steps are required. Diagrams/tables missing or unclear. /5.0
Question 3
Model financial situation using appropriate tools and represent information in symbolic, graphical and tabular forms
(5 marks) Correct financial modelling using the appropriate mathematical notation and reasoning providing correct results. Completely worked solutions provided that are clear, legible and with neat diagrams and mathematical code excerpts where appropriate. Correct financial modelling using the appropriate mathematical notation and reasoning with correct results. Near completely worked solutions provided that are clear and legible with diagrams and mathematical code excerpts where appropriate. Correct financial modelling with complete working and correct results. Includes legible diagrams/tables and appropriate mathematical notation. Correct financial modelling with incomplete working which lacks the appropriate notation or reasoning leading to correct or partially correct results. Includes legible diagrams/tables. Financial modelling and solutions are inappropriate and/or incorrect.
Inadequate or no working to support answers or conclusions where multiple steps are required. Diagrams/tables missing or unclear. /5.0
Question 4
Model financial situation using appropriate tools and represent information in symbolic, graphical and tabular forms
(5 marks) Correct financial modelling using the appropriate mathematical notation and reasoning providing correct results.
Completely worked solutions provided that are clear, legible and with neat diagrams and mathematical code excerpts where appropriate. Correct financial modelling using the appropriate mathematical notation and reasoning with correct results.
Near completely worked solutions provided that are clear and legible with diagrams and mathematical code excerpts where appropriate. Correct financial modelling with complete working and correct results. Includes legible diagrams/tables and appropriate mathematical notation. Correct financial modelling with incomplete working which lacks the appropriate notation or reasoning leading to correct or partially correct results. Includes legible diagrams/tables. Financial modelling and solutions are inappropriate and/or incorrect.
Inadequate or no working to support answers or conclusions where multiple steps are required. Diagrams/tables missing or unclear. /5.0
Question 5
Model financial situation using appropriate tools and apply mathematical knowledge and skills to solve problems with a familiar context
(5 marks) Correct financial modelling using the appropriate mathematical notation and reasoning providing correct results.
Completely worked solutions provided that are clear, legible.Insightful application of mathematical knowledge and skills in discussion of the results. Correct financial modelling using the appropriate mathematical notation and reasoning with correct results.
Near completely worked solutions provided that are clear and legible.Detailed application of mathematical knowledge and skills in discussion of the results. Correct financial modelling with complete working and correct results.Application of mathematical knowledge and skills in the discussion covers the key points relating to the results. Correct financial modelling with incomplete working which lacks the appropriate notation or reasoning leading to correct or partially correct results.Limited application of mathematical knowledge and skills in discussion of the results. Financial modelling and solutions are inappropriate and/or incorrect.
Inadequate or no working to support answers or conclusions where multiple steps are required.Inadequate application of mathematical knowledge and skills in discussion of the results. /5.0
Question 6
Apply mathematical knowledge and skills to solve problems with a familiar context
(2 marks) Insightful application of mathematical knowledge and skills in discussion of the results arising from the mathematical analysis. Detailed application of mathematical knowledge and skills in discussion of the results arising from the mathematical analysis. Application of mathematical knowledge and skills in the discussion covers the key points relating to the results arising from the mathematical analysis. Limited application of mathematical knowledge and skills in discussion of the results arising from the mathematical analysis. Inadequate application of mathematical knowledge and skills in discussion of the results. /2.0
Overall presentation
of information in symbolic, graphical and tabular forms
(1 mark) Presentation of information is set out in an astutely structured manner and concisely reflects reasoning and process using an appropriate mix of text, mathematical notation, neat diagrams and tables. Presentation of information is set out in a well-structured manner and suitably reflects reasoning and process using an appropriate mix of text, mathematical notation, neat diagrams and tables. Presentation of information is set out in a structured manner and clearly reflects reasoning and process using a mix of text, mathematical notation, neat diagrams and tables. Presentation of information is set out in a manner that is demanding on the reader to follow. It reflects most reasoning and process using a mix of text, mathematical notation, diagrams and tables. Presentation of information is set out in a manner that is arduous to follow and/or missing key details. /1.0
Comments:
Marker: Total Marks /25
MTH173 202260 Assessment 3 Marking Rubric Student Name: Add your name hereStudent ID: Add your SID here
Criteria High Distinction
85-100% Distinction
75-84% Credit
65-74% Pass
50-64% Fail
<50% Mark
Question 1
Apply mathematical knowledge and skillsto identify problems with familiar contexts
(2 marks) Five or more mathematical issues identified in the case and concisely defined. Four or more mathematical issues identified in the case and clearly explained. Three or more mathematical issues identified in the case and described. Two or more mathematical issues identified in the case with sketchy descriptions. Case issues inadequately identified and/or described. /2.0
Question 2
Model financial situation using appropriate tools and represent information in symbolic, graphical and tabular forms
(5 marks) Correct financial modelling using the appropriate mathematical notation and reasoning with correct results.
Complete and faultless worked solutions provided, with immaculate diagrams/tables and mathematical code excerpts where appropriate. Correct financial modelling using the appropriate mathematical notation and reasoning with correct results.
Near completely worked solutions provided that are clear and legible with diagrams/tables and mathematical code excerpts where appropriate. Correct financial modelling with complete working and correct results. Includes legible diagrams/tables and appropriate mathematical notation. Correct financial modelling with incomplete working which lacks the appropriate notation or reasoning leading to correct or partially correct results. Includes legible diagrams/tables. Financial modelling and solutions are inappropriate and/or incorrect.
Inadequate or no working to support answers or conclusions where multiple steps are required. Diagrams/tables missing or unclear. /5.0
Question 3
Model financial situation using appropriate tools and represent information in symbolic, graphical and tabular forms
(5 marks) Correct financial modelling using the appropriate mathematical notation and reasoning providing correct results. Completely worked solutions provided that are clear, legible and with neat diagrams and mathematical code excerpts where appropriate. Correct financial modelling using the appropriate mathematical notation and reasoning with correct results. Near completely worked solutions provided that are clear and legible with diagrams and mathematical code excerpts where appropriate. Correct financial modelling with complete working and correct results. Includes legible diagrams/tables and appropriate mathematical notation. Correct financial modelling with incomplete working which lacks the appropriate notation or reasoning leading to correct or partially correct results. Includes legible diagrams/tables. Financial modelling and solutions are inappropriate and/or incorrect.
Inadequate or no working to support answers or conclusions where multiple steps are required. Diagrams/tables missing or unclear. /5.0
Question 4
Model financial situation using appropriate tools and represent information in symbolic, graphical and tabular forms
(5 marks) Correct financial modelling using the appropriate mathematical notation and reasoning providing correct results.
Completely worked solutions provided that are clear, legible and with neat diagrams and mathematical code excerpts where appropriate. Correct financial modelling using the appropriate mathematical notation and reasoning with correct results.
Near completely worked solutions provided that are clear and legible with diagrams and mathematical code excerpts where appropriate. Correct financial modelling with complete working and correct results. Includes legible diagrams/tables and appropriate mathematical notation. Correct financial modelling with incomplete working which lacks the appropriate notation or reasoning leading to correct or partially correct results. Includes legible diagrams/tables. Financial modelling and solutions are inappropriate and/or incorrect.
Inadequate or no working to support answers or conclusions where multiple steps are required. Diagrams/tables missing or unclear. /5.0
Question 5
Model financial situation using appropriate tools and apply mathematical knowledge and skills to solve problems with a familiar context
(5 marks) Correct financial modelling using the appropriate mathematical notation and reasoning providing correct results.
Completely worked solutions provided that are clear, legible.Insightful application of mathematical knowledge and skills in discussion of the results. Correct financial modelling using the appropriate mathematical notation and reasoning with correct results.
Near completely worked solutions provided that are clear and legible.Detailed application of mathematical knowledge and skills in discussion of the results. Correct financial modelling with complete working and correct results.Application of mathematical knowledge and skills in the discussion covers the key points relating to the results. Correct financial modelling with incomplete working which lacks the appropriate notation or reasoning leading to correct or partially correct results.Limited application of mathematical knowledge and skills in discussion of the results. Financial modelling and solutions are inappropriate and/or incorrect.
Inadequate or no working to support answers or conclusions where multiple steps are required.Inadequate application of mathematical knowledge and skills in discussion of the results. /5.0
Question 6
Apply mathematical knowledge and skills to solve problems with a familiar context
(2 marks) Insightful application of mathematical knowledge and skills in discussion of the results arising from the mathematical analysis. Detailed application of mathematical knowledge and skills in discussion of the results arising from the mathematical analysis. Application of mathematical knowledge and skills in the discussion covers the key points relating to the results arising from the mathematical analysis. Limited application of mathematical knowledge and skills in discussion of the results arising from the mathematical analysis. Inadequate application of mathematical knowledge and skills in discussion of the results. /2.0
Overall presentation
of information in symbolic, graphical and tabular forms
(1 mark) Presentation of information is set out in an astutely structured manner and concisely reflects reasoning and process using an appropriate mix of text, mathematical notation, neat diagrams and tables. Presentation of information is set out in a well-structured manner and suitably reflects reasoning and process using an appropriate mix of text, mathematical notation, neat diagrams and tables. Presentation of information is set out in a structured manner and clearly reflects reasoning and process using a mix of text, mathematical notation, neat diagrams and tables. Presentation of information is set out in a manner that is demanding on the reader to follow. It reflects most reasoning and process using a mix of text, mathematical notation, diagrams and tables. Presentation of information is set out in a manner that is arduous to follow and/or missing key details. /1.0
Comments:
Marker: Total Marks /25
Instructions
Read the below case study and answer the six questions. You need to include all of your workings for each question. You may wish to hand write your calculations, if so please scan them and paste them as images into their respective locations in your submission. Please submit this document with the headings, questions and marking criteria as it is. Start each question on a new page.
Case study (Read carefully)
Two years ago, when they finished their CSU Business degree, Damian and Melissa decided to set up a shirt and hat printing shop. They chose Batemans Bay on the NSW south coast as the location due to the high holiday traffic from Canberra, a couple hundred kilometres inland. They spent the first year raising funds, choosing a shop, buying equipment, and setting up their business Damsel Motifs. During their first year of trading, Damian and Melissa ran the business on their own. To their delight the business has proved a great success but at the cost of them both working very long hours. During busy peak periods (eight weeks of the year), they struggled to meet customer demand and believe they missed out on sales as a result.
The current holiday rush is over, Damian and Melissa have chosen to close the business for a week and assess the situation. During these discussions they agree on the following:
They need to hire staff and are thinking one permanent fulltime junior. However, they have no experience with paying wages;
To alleviate the pressure during busy peak times (eight weeks per year) they need a casual sales person for four hours a day Monday to Saturday but are unsure as to whether they should pay casual rates or a sales commission;
To cover the extra costs of these employees they feel that they should be able to purchase the unprinted shirts and hats cheaper than currently due to the increased sales volume; and
Given the success of Damsel Motifs they feel a modest increase in shirt and hat sales prices are justified.
You have kept in touch with Damian and Melisa since university and they have asked you to assist them resolving the mathematics behind these issues. To assist you, they have provided you with the information and data sheet below.
Information and data sheet
Shirts and hats:
Shirts Hats
Current cost of unprinted item: $5.00 $7.00
Current selling price: $25.00 $30.00
Last years sales volume (pieces): 12,000 9,000
Employee rates:
Junior Casual
Hourly rate: $14.00 $22.00
Saturday rate (time and half): $21.00 $33.00
PAYE tax schedule:
Taxable Income Tax payable
$0-$18,200 Nil
$18,201- $45,000 19 cents for each $1 over $18,200
$45,001-$120,000 $5,092 plus 32.5 cents for each dollar over $45,000
$120,001 - $180,000 $29,467 plus 37 cents for each dollar over $120,000
Other direct employee costs:
Rate
Employer superannuation contribution (SGC): 9.5% (only applies to normal hours worked)
Annual leave loading: 17.5% (only applies to normal hours worked)
Questions
Mathematical issues (2 marks)
List and briefly describe five issues that you expect to resolve for Damian and Melissa using your mathematics skills.
Employing a junior (5 marks)
Damian expects that a fulltime junior will work 35 hours during the week and 4 hours on Saturdays. Damian would like to know, for a normal week, how much he needs to pay for:
Wage
Tax to the Tax Office on the juniors behalf
Superannuation
Damian would also like to have details of the calculations such that he can do them himself in future. Set out your calculations clearly so that Damian can follow them, note specifically where the required data has come from. Set out the results in a manner that they can be included in the employees weekly pay packet for their information.
Juniors wage
Add detailed calculations here
Tax
Add detailed calculations here
Superannuation
Add detailed calculations here
Junior Weekly Payslip
EARNINGS Unit Rate Total
Ordinary hours $0.00 $0.00
Saturday $0.00 $0.00
GROSS PAYMENT $0.00
DEDUCTIONS
Taxation (PAYE) $0.00
NET PAYMENT $0.00
EMPLOYER SUPERANNUATION CONTRIBUTION Total
CONTRIBUTION $0.00
Employing a casual (5 marks)
During peak times Damian estimates he can sell around eight garment sets an hour, where a set comprises one shirt and one hat. The question is, which payment option would be most cost effective for them if they pay the casual a casual rate or a commission?
Assume they offer a casual sales person a 10% commission on sales the casual makes using current selling prices. Assume the casual sells the same garment sets an hour as Damian can in peak times which is when the casual will be working.
Calculate comparisons in the below table for weekdays (Monday to Friday), Saturday, and for a week overall.
Show all steps of your calculations, be specific about each number used in the calculations.
Add calculations here then add the answers into the table for Damian and Melissa to make a quick comparison.
Wage comparison
Casual wage Commission
Weekday (Mon- Fri) $0.00 $0.00
Saturday $0.00 $0.00
Weekly total $0.00 $0.00
Add a sentence with your final answer to the question.
Estimate annual employee costs (5 marks)
Before deciding to employ staff, Damian and Melissa need to know the annual costs of employing a junior and a casual. Remember:
The juniors total annual cost must include 4 weeks of leave loading.
The casuals costs should include ONLY the relevant components for the pay method you recommended in question 3.
Show all working out for your calculations in the table.
Junior Casual (payment method from question 3)
Weekly pay Leave loading (4 weeks) Total annual income Superannuation Total cost (annually) Add a sentence with your final answer to the question.
Negotiations with supplier (5 marks)
Melissa has spoken with their suppliers who, based on current Damsel Motif purchase volumes, is prepared to offer a 20% discount on the purchase price of shirts and 1/3rd off the price of hats.
Damian and Melissa would like to compare the financial benefit of these discounts with the financial gains should they increase the selling prices of printed shirts by 20% and printed hats by 10%.
Set out the four results in a table, showing all calculations, for easy comparison by Damian and Melissa of their annual total costs and sales revenue.
Discount (Annually)
Current price New price (with discount) Saving
Shirts Put all workings in the table Hats Total $0.00
Sales (Annually)
Current selling price New selling price Revenue difference
Shirts Put all workings in the table Hats Total $0.00
Add a concluding sentence to state/summarise your answer i.e. what are the total savings with the discount and the sales?
Employee affordability (3 marks)
Provide your final recommendation (with calculations) for Damian and Melissa including:
Whether or not the financial gains (discount and price increase), derived in Question 5, are sufficient to cover the costs of the two new employees, estimated in Question 4.
Whether Damian and Melissa can consider a smaller increase in selling prices?
Add calculations and a concluding sentence. Ensure you answer both parts of the question.
