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Subject Code : FNSTPB503
Country : Australia

Assignment Task

1. Carter is a sole trader. His gardening business is not doing well and has recorded very little profit. Unfortunately, he did not install a water fountain correctly and it caused a great deal of damage to his client’s garden. His client knows that the profits from the business will not cover the damage and is insisting Carter dig into his personal savings to pay for the damage. Does the client have the right to demand this?

2. Nai-Xun and Dorian want to start a non-profit organisation to raise money for medical research. All money raised will go into funding medical research and sustaining the organisation. Further, they want to buy some property in the organisation’s name, to build their headquarters. What type of business structure do you recommend?

3. Nick and Michael agree to put on a Golf Tournament. They call their business ‘The Mick N Nick Golf Event’. Nick is in charge of the administration and catering arrangements while Michael undertakes duties relating to the golf. Profit/losses are to be shared according to each separate activity. Each puts up their own capital to complete each of their tasks. The event is a success with the catering making $4,000 profit and the golf earns $3,000.

4. What risk management practices would you advise a client to put in place in their business to minimise the likelihood of negligence occurring? Include in your answer they type of information you would need from the client to ensure your recommendations were relevant and commercially useful.

5. Bao is interested in owning and operating a furniture business and seeks the advice of ‘Dependable Business Advisors’. Meng is appointed as her advisor and after some discussion and research Meng recommends Bao purchase ‘Fabo Furniture’ which already has two successful outlets and is poised for expansion and a very successful future. The purchase price is $800,000 and Bao excitedly proceeds. Sadly, after 6 months, Fabo Furniture is losing money and Bao has lost the purchase price and more. A new branch of Ikea has opened across the road to one of the shops and that is why the original owners were selling. Bao discovers that this was common knowledge in the furniture business market and that Meng should have known this at the time, and that further, he gave his advice relying on financial information which was incorrect and out of date. Bao is furious. Advise Bao of any action she may take, against whom she may take it, why she may take it and the consequences of that action.

6. Marc is considering entering into a mobile phone contract with GreedyGuts Phones. He is upset to find out that within the contract, there is a term stating that if Marc defaults on payment of his monthly statement, there is a default fee that increases by 10% every day of default. Marc considers this extreme, but the salesperson informs him that this contract is standard form, and its terms are non-negotiable. What argument could Marc make? Do you think he would be successful?

7. Rachel goes to the toy shop, Playstuff, to purchase a toy for her niece’s birthday. Rachel explains to the shop assistant that her niece is only five, but that she enjoys artistic activities. The shop assistant recommends a kit to make and paint plaster animals from moulds and reassures Rachel that such a toy is suitable for a five-year-old. Unhappily when the child attempts to paint the animal figures, she receives chemical burns from the paint. Rachel is horrified and seeks your advice as to what action she may take, against whom and the likely consequences.

8. Debra is a director of the innovative company Eternal Healing Pty Ltd which specialises in the production and promotion of alternative healing remedies. Their latest product line includes a highly popular range of crystals and healing guides called ‘Crystal Comfort’. The company is recognised as the market leader in this area and has grown rapidly to be a dominant participant in the alternative healing market nationally. Debra has asked you to prepare a report concerning the following commercial proposals having particular regard to the provisions and policies of the Competition and Consumer Protection Act 2010 (Cth)

9. Jacob is a stockbroker who, over the course of a year, sold 1 .5million shares in a company, ChemTex to people and other companies that he was affiliated with. He did this so that the ChemTex looked like a success and encouraged others to trade. Has Jacob done anything unlawful?

10. Boris seeks personal investment advice from Rory, a financial advisor and AFS licence holder. Boris, a 60-year-old client with an income of $60,000 per year, is considering investing his life savings of $300,000 in a new technology company. Rory uses accurate data to calculate that the company has a 50% chance of tripling his money and a 50% chance of going broke. Rory advises Boris to make the $300,000 investment. Has Rory fulfilled all his obligations as an AFS licensee?

1. Carter is a sole trader. His gardening business is not doing well and has recorded very little profit. Unfortunately, he did not install a water fountain correctly and it caused a great deal of damage to his client’s garden. His client knows that the profits from the business will not cover the damage and is insisting Carter dig into his personal savings to pay for the damage. Does the client have the right to demand this?

2. Nai-Xun and Dorian want to start a non-profit organisation to raise money for medical research. All money raised will go into funding medical research and sustaining the organisation. Further, they want to buy some property in the organisation’s name, to build their headquarters. What type of business structure do you recommend?

3. Nick and Michael agree to put on a Golf Tournament. They call their business ‘The Mick N Nick Golf Event’. Nick is in charge of the administration and catering arrangements while Michael undertakes duties relating to the golf. Profit/losses are to be shared according to each separate activity. Each puts up their own capital to complete each of their tasks. The event is a success with the catering making $4,000 profit and the golf earns $3,000.

4. What risk management practices would you advise a client to put in place in their business to minimise the likelihood of negligence occurring? Include in your answer they type of information you would need from the client to ensure your recommendations were relevant and commercially useful.

5. Bao is interested in owning and operating a furniture business and seeks the advice of ‘Dependable Business Advisors’. Meng is appointed as her advisor and after some discussion and research Meng recommends Bao purchase ‘Fabo Furniture’ which already has two successful outlets and is poised for expansion and a very successful future. The purchase price is $800,000 and Bao excitedly proceeds. Sadly, after 6 months, Fabo Furniture is losing money and Bao has lost the purchase price and more. A new branch of Ikea has opened across the road to one of the shops and that is why the original owners were selling. Bao discovers that this was common knowledge in the furniture business market and that Meng should have known this at the time, and that further, he gave his advice relying on financial information which was incorrect and out of date. Bao is furious. Advise Bao of any action she may take, against whom she may take it, why she may take it and the consequences of that action.

6. Marc is considering entering into a mobile phone contract with GreedyGuts Phones. He is upset to find out that within the contract, there is a term stating that if Marc defaults on payment of his monthly statement, there is a default fee that increases by 10% every day of default. Marc considers this extreme, but the salesperson informs him that this contract is standard form, and its terms are non-negotiable. What argument could Marc make? Do you think he would be successful?

7. Rachel goes to the toy shop, Playstuff, to purchase a toy for her niece’s birthday. Rachel explains to the shop assistant that her niece is only five, but that she enjoys artistic activities. The shop assistant recommends a kit to make and paint plaster animals from moulds and reassures Rachel that such a toy is suitable for a five-year-old. Unhappily when the child attempts to paint the animal figures, she receives chemical burns from the paint. Rachel is horrified and seeks your advice as to what action she may take, against whom and the likely consequences.

8. Debra is a director of the innovative company Eternal Healing Pty Ltd which specialises in the production and promotion of alternative healing remedies. Their latest product line includes a highly popular range of crystals and healing guides called ‘Crystal Comfort’. The company is recognised as the market leader in this area and has grown rapidly to be a dominant participant in the alternative healing market nationally. Debra has asked you to prepare a report concerning the following commercial proposals having particular regard to the provisions and policies of the Competition and Consumer Protection Act 2010 (Cth)

9. Jacob is a stockbroker who, over the course of a year, sold 1 .5million shares in a company, ChemTex to people and other companies that he was affiliated with. He did this so that the ChemTex looked like a success and encouraged others to trade. Has Jacob done anything unlawful?

10. Boris seeks personal investment advice from Rory, a financial advisor and AFS licence holder. Boris, a 60-year-old client with an income of $60,000 per year, is considering investing his life savings of $300,000 in a new technology company. Rory uses accurate data to calculate that the company has a 50% chance of tripling his money and a 50% chance of going broke. Rory advises Boris to make the $300,000 investment. Has Rory fulfilled all his obligations as an AFS licensee?

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  • Posted on : January 25th, 2024

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