An overview of principles of business
Yvonne Harvey, Contributor

Montego Bay High School fifth form students keenly looking on during class. - Claudine Housen Photo

GREETINGS. YES friends, another summer holiday has come to its end. It is time therefore for me to welcome you to the 2005-2006 principles of business series of lessons. Many of you sat various examinations in May/June 2005 and I hope you were satisfied with the results. If you were not satisfied, then my advice to you is for you to try again ­ do not give up.

This lesson is introductory in its nature and as such, it is designed to give you an overview of principles of business, at the basic and general levels.

I will begin by outlining the general objectives of the principles of business syllabus and then look at what is involved in the course at the basic and general proficiencies.

The general objectives of the principles of business syllabus are as follows:

1. To help candidates gain insight in, and develop an understanding of business practices.

2. To help candidates develop an understanding of the role of business practices in the socio-economic systems of the Caribbean.

3. To expose candidates to a perspective which is intended to help them appreciate how their own subsequent career roles or functions will contribute to the economic structure of their territory.

4. To enable candidates to make sound decisions as consumers of goods and services through insight gained into business practice.

5. To provide the candidates with the necessary background for study in specialised areas of business.

As noted earlier, principles of business is examined at two levels, the Basic Proficiency and the General Proficiency. The General Proficiency examination requires a greater depth of knowledge and analysis than the Basic Proficiency examination and is therefore usually attempted by students whose aim is to proceed to advanced business courses, such as CAPE management of business and CAPE economics. At both levels, the syllabus is extensive; therefore much serious work needs to be done.

The principles of business syllabus is divided into 13 units, under THREE sections as follows:

PROFILE 1 (Section A) Organisational Principles (units1-4)

PROFILE 2 (Section B) Production and Marketing (units 5-7)

PROFILE 3 (Section C) Finance and Introduction to Economics (units 8-13)

You are advised to obtain your personal copy of the syllabus; it will indicate the topics under each section/profile and the specific or learning objectives that pertain to these areas.

At the end of your course, you will be examined in three separate papers as follows:

PAPER 1 ­ The multiple-choice paper. There will be 60 multiple-choice questions for both basic and general proficiencies. The syllabus will explain the exact breakdown of these questions under each proficiency. You will be given one hour to complete this paper.

PAPER 2 ­ The essay paper. This paper is divided into two sections. Section One has three compulsory questions, one from each profile/section mentioned above. There will be six questions in Section Two; two under each of the profile headings. You are required to answer one question from each profile, that is, three questions in all. You will be given two hours for the basic proficiency and two hours for the General Proficiency. I will discuss the marks given for each question under each section and profile as we approach the time of the examinations.

PAPER 3 ­ The School Based Assessment (SBA) or Case study examination. Paper Three consists of the SBA project or for private candidates it will consist of answering questions on a case given in the examination. This paper, for all candidates, whether Basic or General proficiency will account for 20 per cent of the final marks. Your teacher/lecturer will guide you at an early stage regarding this paper. Further guidance is also given in many of the principles of business textbooks, for example, CXC Principles of Business, by Karlene Robinson and Sybile Hamil. Additionally, economics textbooks may provide some more detail, especially for Profile 3 of the syllabus.

The total requirements of both proficiencies means that students should aim to complete the ENTIRE syllabus before attempting the examination.

So, are you ready? I hope so. Next week I will begin a topic that is very interesting, but from which many candidates shy away. The topic is 'The Balance of Payments'. It is linked to the subject of international trade. In preparation for this lesson you may wish to do some reading on international trade and balance of payments. See you next week.

* Yvonne Harvey teaches at Glenmuir High School.