ÉRETTSÉGI VIZSGA május 18

ÉRETTSÉGI VIZSGA ● 2006. május 18.

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KÖZGAZDASÁGI ALAPISMERETEK (ÜZLETI GAZDASÁGTAN) ANGOL NYELVEN THE BASICS OF ECONOMICS (BUSINESS ECONOMICS) 2006. május 18. 14:00

KÖZÉPSZINTŰ ÍRÁSBELI VIZSGA STANDARD LEVEL WRITTEN EXAMINATION Az írásbeli vizsga időtartama: 180 perc Duration of the written examination: 180 minutes Pótlapok száma Number of additional pages Tisztázati / Final copies Piszkozati / Drafts

OKTATÁSI MINISZTÉRIUM MINISTRY OF EDUCATION

Közgazdasági alapismeretek (üzleti gazdaságtan) angol nyelven

középszint — írásbeli vizsga 0611

Közgazdasági alapismeretek (üzleti gazdaságtan) angol nyelven — középszint

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Important information Dear examinee,

We suggest that you read through the whole test sheet before you start working on it. Make sure you read the questions attentively. Please, think your answers through before you answer multiple choice questions. When answering accounting questions, use the attached list of invoices, if necessary. You are allowed to use a non-programmable calculator and a ruler. Please make sure that you write legibly, provide a clear and easy-to-follow layout for your answers and correct any errors, mistakes according to the rules. Write your answers in the space provided, do not write outside the provided space! Please, make sure your sub-calculations are easy to follow.

Good luck!

írásbeli vizsga 0611

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Part 1 (50 points) Question 1. (8 points) Complete the table identifying a number of taxation terms below. Case no. 1: K.L. paid HUF 10 000 for a lunch in the “Aranylakat” restaurant (operator: “Aranylakat” Kft.). The price was inclusive of 13.04% value added tax. Case no. 2: K.L’s income for the month of January was HUF 450 000 and in terms of annual income this amount belongs to the first tax bracket (up to HUF 1 500 000). Case no. 3: The first quarter profit of “Aranykakas” Bt amounted to HUF 10 000 000 and HUF 600 000 in taxes is payable on the profit. Case no.1 VAT Type of tax Taxpayer Person/entity responsible for tax burden Tax base (rounded

Case no.2

Case no.3

K.L.

Aranykakas Bt. Aranykakas Bt.

HUF 450 000

HUF 10 000 000

to HUF)

18%

Extent of tax Question 2 (8 points) T 123. Buildings (…..) 24 000 000 (86) 6 000 000 (…..) 32 000 000

K

T 129. Planned loss in value of buildings K (86) 5 300 000 (…….) 13 000 000

a) Put the above two accounts into the trial balance below. Account number and name Turnover T K

Balance T

K

b) Which property elements (the value thereof) are shown in the above ledger account and what are the corresponding exact amounts? …………………………………………………………………………………………………... …………………………………………………………………………………………………... c) Complete the content of the general ledger accounts by putting down the numbers of missing counter accounts, provided that the asset in question was also marked off on the opening balance sheet. d) Answer the following question, based on the content of the invoices. Were there any losses (damages)? (Yes or no?)………………………..


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e) Calculate the extent of the wear and tear of the asset. …………………………………………………………………………………………………... …………………………………………………………………………………………………... Question 3 (4 points) List at least 4 of the characteristics based on which securities can be grouped. • …………………………………………………………………………………………... • …………………………………………………………………………………………... • …………………………………………………………………………………………... • ………………………………………………………………………………………....... Question 4 (12 points) The wage costs of 50 employees employed by the enterprise under identical conditions amounted to a total of HUF 10 000 000 in the last month of 2005. a) Differentiate between the wage burdens that burden the enterprise and the employee in the following table. Use the following values when determining the extent of the taxes and contributions: 29% 3% 1% 12.5% Personal income tax is set at 18% up to HUF 1 500 000 and at 38% for incomes above 1 500 000. (Average PIT tax rate: 18%) Employer burden Employee burden Name Amount Name Amount

……………….. Total:

………………….. Total:

b) Indicate in the last line of the table, which of the values are costs and wage deductions by putting in the underlined text. Question 5 (8 points) Define the form of financing on the basis of the cases described below and write the appropriate letter on the dotted lines. (The cases should be indicated in 2 places and every group should include 2 cases) Case A The enterprise procured one piece of equipment from its profit on the previous year. Case B The enterprise settles an outstanding debt to its raw material supplier from an amount on its bank account reserved to cover a tax liability due at a later date—in the hope of being able to collect an outstanding claim by the time the tax liability is due. Case C The enterprise wishes to realize a capital expenditure project by increasing registered capital and brining in new investors. Case D The only remaining option for the enterprise to settle an outstanding debt to its raw material supplier is to take out a short-term working capital loan.


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Own financing: Cases ……………………………………….……….……. External financing: Cases............................................................... and Internal finance: Cases .................................................................. Outside financing: Cases ............................................................... Question 6 (10 points) a) Decide whether the names corresponding to the product descriptions below are correct. Correct the names that are incorrect and put them on the dotted lines. 1) Services: Not tangible, not distinct, not retained and cannot be changed. Decision:.................... Name, if correction is necessary: .............................................................. 2) Daily mass-produced article: Minimal energy is used to procure them, they are easily available. Decision:.................... Name, if correction is necessary: .............................................................. 3) Durables: Assets used to produce new products. Decision:.................... Name, if correction is necessary: .............................................................. 4) Investment goods: Products that are used for a long period of time on multiple occasions. Decision:.................... Name, if correction is necessary: .............................................................. b) Our sample enterprise assigns different product-related services according to the position it takes in the various countries (substituting purchase, pre-, post-purchase, and while purchasing activity is underway) Name which groups of services are characteristic of the following case descriptions. • • • •

On the domestic market leasing is an option, machinery is leased to the customers On-the-job-training, service and maintenance and spare parts supply are the most important in Austria. Italy can be characterized by cooperation to overcome financing difficulties, counting in used machinery and visiting new reference plants. We represent ourselves on the Canadian market via exhibiting on and attending trade fairs and exhibitions and for these occasions we make prospectuses, catalogues and reference films.

Services on the domestic market:........................................................................... Services on the Austrian market: ........................................................................... Services in Italy:..................................................................................................... Services on the Canadian market: ..........................................................................


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Part 2 (50 points) Question 1 (10 points) Fill out the internal change-in-inventory vouchers attached below based on the data indicated for October 8 and October 10 in the next question (Part 2, question 2). Name of business organization: Vállalkozási Kft. Warehouse mark: A Storage keeper: Levente Nagy The material was delivered by truck upon order no. 322/04 of the main plant. Material was used to produce finished products (Code: 71) in the main plant. Remitter: Mrs. Kiss The data of the stock withdrawn and required are identical.


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Question 2 (10 points) Fill in the missing data into the following summary consignment on the changes in material inventory of Vállalkozás Kft. for October 2004. The following vouchers are available with respect to the missing values: Inventory taken of 1000 pcs of material with a value of HUF 743 000. Inventory entry dated October 8 of 2100 pcs of material with a unit price of HUF 610. Voucher of release from inventory dated October 10 on the release of 1800 pcs of material. The total amount of 2400 pcs indicated on the supplier invoice dated October 26 issued by Anyagellátó Rt., which is also inclusive of a 16.67% sales tax is 1 728 000. The enterprise always procures the material from this particular supplier. Use is calculated on the basis of rolling average price (accuracy: 2 decimals). Analytical note on the changes in warehouse material inventory: Material: VTSZ 465 Paint (red) Date Business Amount Unit price Value transaction (pcs) (HUF/pc) (HUF) October 1 Opening inventory October 8 October 10 October 14 Procurement 2 200 640 October 26 October 30 Use Ending inventory 900 Calculations:


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Question 3 (9 points) The following information is available on the periodic production activity of the enterprise: • At the beginning of the period there are HUF 600 000 worth of finished products and HUF 180 000 worth of unfinished products in the warehouse. • During the period HUF 820 000 worth of material was used and an additional HUF 1 100 000 was accounted as gross wages and HUF 300 000 as wage contributions. Depreciation accountable as tangible asset costs incurred in the course of production • amounted to HUF 975 000. • By the end of the period costs incurred and accounted in respect of the products that remained unfinished amounted to HUF 275 000. • The enterprise managed to sell its opening inventory of finished products and the customer has already transferred HUF 960 000 in exchange for these products. The enterprise has already found a buyer for half of this year’s output. Amount invoiced: HUF 2 100 000 + 20% VAT. a) Calculate the cost price of the products produced during the period.

b) Calculate the changes in self-produced inventories.

c) Calculate the amount of net sales revenue that increases the profit of the enterprise. Indicate calculation results in HUF thousand.


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Question 4. (6 points) The enterprise manufactured the same products in 2003 and 2004. After doing the calculations answer the following questions by evaluating the results of your calculations. Name Value of 2003 output calculated at current cost Value of 2004 output calculated at current cost Value of 2004 output calculated at base price

Product 1 HUF 1 220 000 HUF 1 625 000 HUF 1 525 000

Product 2 HUF 1 680 000 HUF 1 560 000 HUF 1 456 000

Production value at corporate level:

The effect of change in volume on production value:

The effect of price-level changes on production value:

Question 5 (15 points) a) Do the accounting entries for the following business transactions chronologically. We recommend that you account for the changes continually after setting the opening balances on the inventory accounts. At the beginning of the period there are HUF 600 000 worth of finished products and HUF 180 000 worth of unfinished products—retained from the previous period—in the warehouse. 0. Registering opening unfinished production. 1. Material that is worth HUF 900 000 + 20% VAT was procured for the purpose of production. 2. Material worth HUF 820 000 was used for production. 3. HUF 1 100 000 was accounted as gross wages and HUF 300 000 as wage contributions. 4. Depreciation of production was HUF 975 000. 5. Finished products were entered into the warehouse inventory with a value of HUF 3 100 000. 6. Sales revenue on products sold: HUF 2 900 000 + 20% VAT. The cost price of products sold: HUF 2 150 000 7. Cost accounted for unfinished products by the end of the period: HUF 275 000 8. Period costs are carried over to profit. 9. In the course of the period the enterprise received an interest of HUF 750 000 on its bank assets and paid an interest of HUF 600 000 on its temporary loans.


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Item

Text

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T inv.

Log…………………………… K inv. T amount K amount

b) Describe the content and balance of the no. 581 changes in stock of self-produced inventory stocks invoice. 581 STKÁV


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List of invoices 1. Fixed assets 11. Intangible assets 12–15. Tangible assets 12. Real property 129. Planned loss in value of real property 13. Technical equipment, machines, vehicles 139. Planned loss in value of technical equipment, machines, vehicles 14. Other equipment, fittings, vehicles 149. Loss in value of other equipment, fittings, vehicles 16. Capital expenditure, renovation 17–19 Financial assets 2. Inventories 21. Raw materials 22. Other materials 23. Unfinished and semi finished products 25. Finished products 3. Receivables, current assets, accruals and deferrals 31. Trade receivables (Customers) 32. Receivables from associated companies 33. Receivables from other related companies 34. Bills receivable 361. Receivables from employees 37. Securities 38. Current assets 381. Cash 384. Settlement deposit 389. Transit account 4. Sources 41. Equity 411. Registered capital 412. Capital reserve 413. Retained earnings 419. Balance sheet profit/loss 42. Provisions 43. Subordinated liabilities 44. Long-term liabilities 444. Investment loans 45-47. Short-term liabilities 451. Short-term credits 454. Accounts payable (Suppliers) 455. Investment suppliers 46. Taxes paid


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461. Corporate taxes paid 462. Personal income taxes paid 463. Budget payables 464. Settlement of budget payables 466. Pre-charged value added tax 467. Value added tax payable 471. Payroll 473. Social security liabilities 49. Settlement accounts 491. Opening balance sheet account 492. Closing balance sheet account 493. After tax profit account 5. Cost types 51. Material costs 52. Services rendered 53. Other services 54. Wage costs 55. Other staff benefits 56. Wage contributions 57. Depreciation 581. Changes in self-produced inventories 8. Costs of sales 81. Material-type costs 82. Staff costs 83. Depreciation 86. Other expenditures 87. Financial expenditures 88. Extraordinary expenditures 9. Sales revenues and income 91–93. Net sales revenue 96. Other income 97. Financial income 98. Extraordinary income


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Topic

Short answer questions

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Question number

Maximum points

1. 2. 3. 4. 5. 6. 1. 2. 3. 4.

8 8 4 12 8 10 10 10 9 6

Questions requiring calculations, filling out vouchers and editing items 5. TOTAL Points of written examination

15 100 100

Points scored

Maximum points awardable for the topic

Points scored in topic

50

50

100

Correcting teacher

__________________________________________________________________________

Programba Elért pontszám beírt pontszám Points Points entered into programme scored Rövid választ igénylő feladatsor Short answer questions Számítást, bizonylatkitöltést, tételszerkesztést igénylő feladatsor Questions requiring calculations, filling out vouchers and editing items

Javító tanár / Correcting teacher


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Jegyző / Notary

2006. május 18.

ÉRETTSÉGI VIZSGA május 18

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