SACE Stage 2 Business Innovation flashcards

31 cards. Read the term and the definition here. The deck at the top of this page is optional.

Performance standards

Descriptions of five levels of achievement, from A to E, used to grade student work against criteria such as knowledge, application, analysis and evaluation, and communication.

School assessment weighting

The school-assessed component of SACE Stage 2 Business Innovation contributes 70 percent of the final subject grade, with the remaining 30 percent from external assessment.

External assessment weighting

The externally marked component contributes 30 percent of the final SACE Stage 2 Business Innovation grade and is assessed by the SACE Board, not the school.

Moderation purpose

Moderation checks that school grades are comparable across schools by reviewing assessment plans, task sheets and student work samples, and may adjust results where comparability is not shown.

Assessment plan role

A school document listing each assessment task, its type, weighting and timing, and the performance-standard criteria it addresses, used to ensure coverage and consistency.

Folio assessment

A collection of tasks assessed as a body of evidence, judged holistically against performance standards rather than by summing marks from individual pieces.

Business model elements

The components describing how an enterprise creates and captures value: value proposition, customer segments, channels, customer relationships, key resources, activities, partners, revenue streams and costs.

Value proposition

A statement of the specific benefit an enterprise offers a customer segment and why that offer is preferable to alternatives available to those customers.

Analysis versus description

Description states what is; analysis breaks material into parts and shows relationships, causes and effects, which performance standards reward at higher achievement bands.

Evaluation criterion

The performance-standard demand that students weigh evidence, consider strengths and limitations, and reach a justified judgement rather than merely presenting information.

Authenticity declaration

A student statement that submitted work is their own and that all sources and collaboration are acknowledged, required for every school assessment task.

Business plan purpose

A document setting out a venture's concept, market, operations, marketing, finances and risks, used both to guide implementation and as evidence for assessment.

Feasibility evidence

Data or reasoning showing a proposed venture can work in practice, including market demand, cost estimates, resource availability and identification of key risks.

Feedback cycle

The process of receiving formative feedback on draft work, revising against performance standards, and resubmitting, which improves the quality of the final evidence.

Group work accountability

The requirement that individual contributions be identifiable and verifiable when tasks are completed collaboratively, so each student's achievement can be judged separately.

Supervised conditions

Assessment completed under school or SACE Board supervision with restricted materials, meaning prepared notes cannot be used unless the task rules explicitly permit them.

Command word explain

An instruction requiring the student to show how or why something occurs, including reasons and relationships, rather than simply naming or listing features.

Command word analyse

An instruction requiring the breakdown of a situation into components and examination of how those components relate, interact or produce an outcome.

Command word evaluate

An instruction requiring judgement about worth or effectiveness, supported by weighing strengths against limitations and reaching a conclusion consistent with the evidence.

Stimulus material

Unfamiliar business information provided in the examination, such as a scenario, data set or case description, to which concepts must be applied rather than recalled generically.

Extended response structure

A written answer organised as a stated position, supporting evidence, consideration of counterpoints and a conclusion that follows logically from the argument presented.

Break-even formula

Break-even quantity equals fixed costs divided by the difference between selling price per unit and variable cost per unit, expressed in units.

Mark-up versus margin

Mark-up is profit as a percentage of cost, while gross margin is profit as a percentage of selling price; the same dollar profit gives different percentages.

Cash flow versus profit

Cash flow records timing of money in and out, while profit matches revenue to expenses; a profitable business can still fail from poor cash timing.

Marks-to-time allocation

Distributing examination time in proportion to marks available, so a higher-value question receives correspondingly more planning, writing and checking time.

Justified recommendation

A suggested course of action supported by evidence from the scenario, with trade-offs acknowledged and a clear link between reasoning and the recommendation made.

SWOT application

Using strengths, weaknesses, opportunities and threats to organise evidence about a business situation, then drawing implications rather than merely listing the four categories.

Stakeholder impact

The effect of a business decision on parties such as owners, employees, customers, suppliers and the community, used to evaluate competing options in a scenario.

Ethical consideration

A judgement about right and wrong conduct in business decisions, such as honesty in marketing, fair treatment of workers and environmental responsibility, weighed against profit.

Showing working

Presenting each step of a calculation with figures and units so that method is visible and partial credit can be awarded where a final answer is wrong.

Scenario application

Linking each concept or theory used to the specific facts of the given business case, which distinguishes applied answers from memorised definitions.