Secure exam success and maximise future employability! rnment
Role of gove
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for CSEC® Examinations
2nd Edition
Principles of Business for CSEC® Examinations
ss e n i s u b n f i o a e h r tu a n e s Supply c t h c e T p s a l a g e L Principles of Business
s s e n i s u b a g Establishin
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e c n a n Fi s Complete Legal aspect coverage of the CXC® syllabus
Finance
s s e n i s u b f o e The natur Full curriculum,uction
Prod
n o i y t g c o u l d o o n h Pr c Supply chain Te coursework and exam support
s s e n i s u b a g n i h s i l Estab
Marketing Supply chain
2nd edition
Includes case studies from Caribbean and global businesspeople to inspire entrepreneurship
y g o l o n chno e T Tech n o i t c u Prod Logistics g | Emmanuel | Guiness | McCloskey | Raghoo Bitu rketin| Budd MaBalliram Marketing
Finance
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Available Early 2020
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Available as both print and eBook
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9781380034229
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The new Principles
SEC® Examinations
100% match to the new syllabus with all the much-loved features of the first edition!
and designed to engage students in the
Author team: Riana Balliram (Trinidad)
ss and maximise future employability, the second
Peter Budd (China/UK) Edith Emmanuel (St Lucia)
les of Business provides complete coverage of
full curriculum, coursework and exam support.
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Alana Gadjahar (Trinidad) Kevin James (Jamaica) Roxanne Williams (St Vincent) Student reviewer: Seline Sundar (Trinidad)
s Credible and current insights into iewThought-provoking the subject area from Caribbean
business people and those in the and relevant learning global economic environment to inspire entrepreneurship. materials that fully engage students
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Critical t
g relate topics to the orld while building unication and oration skills through nt-led learning.
Marsha Guiness (Jamaica) James McCloskey (UK)
Rachael Raghoo Bitu (Trinidad) Advisors:
Pause points for students to digest what they have read and confirm comprehension.
Check
o mirror llabus d Specific grouped each unit.
Exercises to encourage students to think deeper by questioning, challenging and considering different perspectives or contexts.
Student-friendly layout, with text written in accessible language for all learning levels
Puzzles and activities to consolidate learning in a visual and active way.
CSEC® is a registered trade mark of the Caribbean Examinations Council (CXC). Principles of Business for CSEC® Examinations is an independent publication and has not been authorized, sponsored, or otherwise approved by CXC.
Find us on Facebook /macmillancaribbean
Find us on Twitter @MacCaribbean
2nd edition
Digital stimuli and ICT-centered activities integrated within the text ww.macmillan-caribbean.com
Principles of Business for CSEC® Examinations
s of Business of Business offers a
Principles of Business for CSEC® Examinations
2nd Edition
KEY FEATURES: OVERVIEW
Inspires entrepreneurship and showcases career possibilities
Balliram | Budd | Emmanuel | Guiness | McCloskey | Raghoo Bitu
I S B N 978-1-380-03422-9
9
A task-based approach to learning where scenarios, critical thinking tasks, comprehension questions and mini-research projects are interwoven into the core syllabus content
Students will build knowledge of modern business trends, concerns and practices in the Caribbean and the global economic environment
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HOW IS THE COURSE ORGANISED? The structure of the course mirrors the CXC® syllabus with comprehensive coverage of all the Specific Objectives. Each of the 10 main units is divided into sub-topics which group together related Specific Objectives from the syllabus, encouraging students to link topics and ideas.
Each unit opens with an overview to orientate students within the topic
An Exam Practice and Revision section at the end of every unit consolidates students’ understanding and offers exam practice opportunities
Each unit closes with a quick reference bulleted list summary of all the vital issues and themes covered in the unit
An extensive SBA guide at the back of the book gives clear guidance and step-by-step instructions for students
The key business concepts and terms are listed alphabetically in the Glossary at the back
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Free Online Teaching Resources
Macmillan Education Caribbean are proud to have worked on this book with authors, advisors and expert contributors from across the Caribbean and around the world!
Free online teaching resources for this course will be available to download for free via our website: www.macmillan-caribbean.com
Author team:
Advisors:
Riana Balliram, Acting Head of Business, Lakshmi Girls’ Hindu College (Trinidad)
Alana Gajadhar, SWAHA Hindu College (Trinidad)
Digital resources
Sample Lesson Plans One sample lesson plan for every unit
Answers: Answers provided for all of the end of unit exam style questions – both the multiple choice questions and essay style questions
Case Study Videos Case study videos bring to life the key topics covered
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Peter Budd, Senior Tutor, University of Nottingham (China/UK) Edith Emmanuel, Project Officer (Education), EQuIP (St Lucia) Marsha Guiness, Head of Business Education, KTHS (Jamaica) James McCloskey, Lead Consultant, Imperial College Business School (UK) Rachael Raghoo Bitu, Acting Dean, Bishop Anstey High School (Trinidad)
Kevin James, Kingston College (Jamaica) Roxanne Williams, St Vincent Grammar School (St Vincent) Student reviewer: Seline Sundar, Student, Lakshimi Hindu Girls College (Trinidad) Macmillan also worked with industry experts who share their knowledge throughout the book. Turn to page 5 of this brochure to find out more.
Scan the QR code or visit www.macmillan-caribbean.com/pages/ sample_pages_POB_2E to see sample pages from this book!
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KEY FEATURES: UNIT OPENERS
OVERVIEW Each unit opens with an overview to orientate students to the topic, framing the academic context in a way that is relatable for students and encourages links between wider business issues and the local context.
Additionally, the most vital issues and themes covered are condensed into quick reference bulleted lists at the end of each unit.
KEY CONCEPTS The key business concepts and terms covered in the CXCÂŽ syllabus are highlighted within each unit and listed alphabetically in the glossary at the back.
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EXPERT VIEW: ENHANCED FEATURE In this edition the expert views have been framed to actively encourage student participation.
EXPERT VIEW Each unit opens with an industry expert sharing their knowledge on Caribbean and global business topics, giving their view on modern business trends, concerns and practices. Students can see how business theory relates to the modern Caribbean context, and be inspired by real-life insights into business.
MEET THE EXPERTS: Paul Anderson, CEO, Trinidad and Tobago at Global Medical Response Wayne Dass, CEO, Caribbean Information and Credit Rating Services Limited (CariCRIS) Dr. Kamla Mungal, Director of the Leadership Institute, Arthur Lok Jack Graduate School of Business Dr. Carlisle Pemberton, President of the Caribbean Agro-Economic Society (CAES) Nadia Salamat-Ali, Programme Director, Arthur Lok Jack Graduate School of Business Kailashnath Maharaj, CEO of Massy Gas Products (Trinidad) Ltd and a director of Massy Gas Products (Jamaica) Find out more about the experts in pages iv – v in the book!
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KEY FEATURES: INSIDE PAGES
SCENARIO SCENARIO
HONG-FEI PROMOTIONS
A range of Caribbean and international Scenarios capture and bring to life wider business issues.
CHECK The Checks feature offers a variety of question formats to keep students interested and is designed to encourage students to cognitively process the information, rather than to simply repeat the text.
BRAINTEASER Each unit finishes with a quick puzzle or activity that targets key terms and concepts: these will especially benefit visual and active learners.
Imagine you are Hong Fei’s legal advisor. Analyse the case and explain to them the best course of action to follow.
The popular events company HongFei Promotions approached Waggy, a soca artiste, to perform at a fete. Waggy accepted and Hong-Fei Promotions marketed him as one of the key performers for the event. In December, Waggy was involved in a car accident in which he sustained a broken leg, requiring surgery, and was not recovered enough in time to perform at the fete. The managers of Hong-Fei Promotions were upset that Waggy did not perform, as disappointed attendees had begun to post negative comments on social media, claiming they paid especially to see Waggy perform and had been misled. The managers of Hong-Fei Promotions decided to seek legal advice before proceeding with a course of action.
CHECK Match the words to the definitions that relate to termination/discharge of contracts and remedies for breach of contract. The first one has been done for you. Performance
Breach of contract Agreement
Frustration Damages
Remedies for breach of contract There are a number of ways that affected parties can seek remedies for breach of contract:
Remedies for breach of contract
Explanation
Damages
The affected party can sue for damages, for example to recover a loss of income.
Specific Performance
The court can order that the party fulfil its contractual obligation by enforcing an order for specific performance.
Injunction
An injunction is a court order prohibiting a party from performing an action, for example an imposition by the court to discontinue production of a harmful product.
Restitution
Includes drama and song based activities which are effective teaching tools that aid student engagement.
Question
136
Injunction
Restitution
Restitution involves returning any money or property already given in the contract, so as to restore the affected party to their position before the formation of the contract.
A court order prohibiting a party from performing an action. The affected party can sue for damages: loss of income, etc. When a contractual obligation cannot be performed, due to circumstances beyond the parties’ control. Both parties have fulfilled their contractual obligations. Both parties mutually agree to end the contract before obligations are performed or before obligations are performed completely. Returning any money or property already given in the contract. When one party fails to perform a contractual obligation.
BRAINTEASER Group Activity Choose any case study from this section on contracts. Create and present a dramatization of the case study to your classmates. Can your classmates spot the key characteristics of a contract and how the contract was discharged?
UNIT 4 | LEGAL ASPECTS OF BUSINESS
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Specific Objectives
4.2 Business Documents Specific Objectives After studying this topic, you will be able to:
• explain why documentation is necessary in business transactions • prepare business documents for various purposes
INTRODUCTION Trade takes place when producers of goods and services supply them to customers in return for money or other goods and services. These exchanges or transactions may involve simple verbal or written contracts or speciality contracts.
It is therefore important for all businesses to record or document their transactions to provide evidence that their contractual obligations have been properly discharged. Business organisations are both producers and consumers of goods and services. They consume or use up materials, component parts, equipment, electricity, stationery and many other goods and services in their day-to-day operations. This means that running a business involves transactions. There are many documents involved in running a business; these can be related to record keeping or to transactions. Record keeping helps with decision making, accountability, retrieval of important information, evaluating performance and compliance with tax and auditing regulations. Business documents include invoice, pro forma invoice, purchase requisition and purchase order, statement of account, credit note and debit note.
Critical Thinking
Within each unit are sub topics which group together related Specific Objectives from the CXC® syllabus, enabling students to link topics and contextualize what they are going to learn.
Critical Thinking The Critical Thinking feature provides activities which provoke discussion and allow students to question and challenge.
Answer these quiz questions individually and then compare your answers with a partner. 1. Do you know how much money you spent yesterday? A. Yes, exactly B. Yes, roughly C. No idea 2. When you buy something from a shop or a vendor, and you pay with a larger bank note, do you always check your change? A. Yes, always
B. Sometimes
C. Never or almost never
Student reviewer Seline Sundar says:
3. Do you write ‘To Do Lists’ with all the things you need to do written down and then methodically tick them off as you do them? A. Yes, usually B. Sometimes C. Never or almost never 4. When you accompany your parents going food shopping, do they make a list of what they need to buy before going shopping? A. Yes, usually B. Sometimes C. Never or almost never 5. When you or your parents buy a number of items from a shop, do you make sure you get a receipt and check that it is correct? A. Yes, usually B. Sometimes C. Never or almost never
What do your answers tell you about you and your family’s attitude to record keeping and checking?
BUSINESS DOCUMENTS | UNIT 4.2
137
”I’ve had personal experience with making up songs in class for different topics and I found it very useful as I was able to retain a lot of information from it without studying. It’s also a fun way to learn and relieve some stress from students. Students will most likely remember a song they wrote, as opposed to reading and trying to memorise something.”
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KEY FEATURES: SCHOOL-BASED ASSESSMENT (SBA)
SCHOOL BASED ASSESSMENT (SBA)
An extensive SBA section guides students through their SBA, including a mark scheme, guidance on data collection methodology, how to write bibliographies, guidance on the alternative school-based assessment and much more. would encourage consumers to use clean l stamp. Currently they vary energy), and foodstuffs (such as milk and locally untry. For example, in Antigua, ed on both the buyer and the STUDENT produced vegetables), both are necessities and d both to the transfer of real RESEARCH encouraging local production. PROJECT al shares. • Special Consumption Tax (SCT): This is a tax on the purchase of certain goods and services. Student research projects s In Jamaica, SCT is on goods including petrol, appear in each of taxes known collectively as unit throughout s where the consumer pays athe book, tobacco and alcohol (with the tax rates varying to whether the item is manufactured communicationaccording and or certain goodsbuilding or services. collaboration s the relevant consumption taxskills through in Jamaica or imported). In this instance, a learning, whilst gher retail price)student-led which is then ‘special’ or additional tax is to discourage the the government.simultaneously equipping consumption of potentially harmful goods and students with the vital services and encourage healthier lifestyles. ax (VAT) is a tax research on goods skills they will need arged as a percentage of their for their SBA. me goods and services may CHECK potential homework wer rate (or evenThese zero-rated) tasks can be individualDecide or which of the following statements are ssities, and government want collaborative; they involve true or false: e on low incomes to buy exploring to ourage consumption acrosstopics online 1. Personal income tax is an indirect tax. practise using technology for . For example, in the UK, 2. friends, National Insurance is another name research or speaking to and prescription drugs do not for to VAT. family and local businesses ey are consideredground necessary the issues in their own 3. Corporation tax is a direct tax. dos, VAT is leviedexperiences. at the rate 4. VAT is charged at the same rate in all ods and services supplied or countries. T-registered businesses; the 5. Excise tax is an indirect tax. istering is an annual turnover , and some services are exempt ation, medical services, real ncial services). STUDENT RESEARCH mption Tax (GCT) is a tax on PROJECT a good or service. In Jamaica, most goods and services at Work in pairs or small groups. Use the internet zero-rated items and some to find out the current tax rates (income tax, ); but telephone services are corporation tax, GCT tax and one other of your m services are 10%. Jamaica choice) for the following countries: direct tax system in 1991, by ge of taxes with CGT (including • Jamaica RICOM duty, entertainment • Barbados sales tax). Goods and services • Trinidad and Tobago ted include animal feed and • Guyana ducts (such as fertiliser and Make a table to show your findings. 8 ch would help farmers and estic production of food). s include solar panels (which POB Blad.indd 8
TAXATION | UNIT 9.2
331
Students are given step-by-step instruction on completing their SBA.
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This new flow chart clearly illustrates all stages involved in completing a successful SBA.
An additional section provides guidance on the alternative SBA for private candidates who are studying a course in Principles of Business outside the regular secondary school system.
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n i a h c y l p p Su
rnment
Role of gove
ss e n i s u b f o e r The natu
Written for all learning levels and designed to engage students in the classroom, secure exam success and maximise future employability, the second edition of Macmillan’s Principles of Business provides complete coverage e ofcthe tsCXC® syllabus – including full curriculum, coursework and exam support.
l asp LegaPrinciples of Business for CSEC
s c i t s i og
e c n a n Fi
Examinations, Second Edition is packed full of fantastic features and content - check out the pages in this brochure for more information! ®
s s e n i s u b a g Establishin
t n e m n r e v o g f o e Rol Specific objectives
Check
Research projects
See page 7
See page 5
See page 8
usiness b a g in h s li b a t
Es
s
Legal aspect
e ncviews FinaExpert See page 7
s s e n i s u b f o e The natur
n o i t c u d o r P
n o i y t g c o u l d o o n h Pr c Supply chain Te Scenarios
Critical thinking
Digital resources
Brainteasers
s s e n i s u b a g n i h s i l Estab See page 5
See page 6
See page 2
See page 5
Marketing Supply chain
Principles of Business for CSEC® Examinations, Second Edition
Student’s Book
eBook
9781380034229
9781380039330
y g o l o n chno e T Tech n o i t c u Prod Logistics Also available from Macmillan Education:
CXC® past papers for Principles of Business and a free syllabus are available to download from
Worked Solutions Principles ting of Business arke2012-2016 M
Worked Solutions offer model answers for past papers from the years 2012 – 2016 and multiple-choice questions for essential practice.
Finance
ISBN 978-1-380-05146-2
Marketing
www.cxc-store.com
s s e n i s u b f o e r u t a en
Th
You can also purchase CSEC® print past papers in all good bookstores.
www.macmillan-caribbean.com /macmillancaribbean 9 781380 051462
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@MacCaribbean
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