𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝟐 Flashcards

Question

When does the national budget release

Answer 1

Around october each year

Answer 2

The national budget is released in october for the upcoming year.

Answer 3

minister of finance

Answer 4

All the governments have a national budget which includes the amount of money it has and how it plans to spend that money in a given year on goods, services, and transfer payments.

Answer 5

Enterprise is any attempt to start or do something new. Enterprise is about turning ideas into actions, using creativity and willingness to try new things

Answer 6

helping out with keeping the house clean/tidy babysitting cooking for the family taking the initiative to live a healthier lifestyle

Answer 7

being a part of the student council organising a litter pick starting a petition to change something that isn’t working

Answer 8

Local organisations - operate in a specific local area National organisations- operate or have branches all over ireland Global organisations- are very large and have operations all over the world

Answer 9

baker butcher hairdresser local shop

Answer 10

O’Neills Elverys Super value Centra Supermacs

Answer 11

Penneys Mc donald’s Smyths

Answer 12

A financial enterprise is setup up to make a profit by selling a product or service

Answer 13

provides goods and services provides employment boosts economic growth

Answer 14

Not for profit enterprises include charities and voluntary organisations that provide a range of services and benefits to communities

Answer 15

Thirty one local enterprise offices across the country offer a range of support and services to people interest in starting up a new business

Answer 16

A social enterprise is one that puts people and community ahead of private and personal gain

Answer 17

Social entrepreneurs ireland Credit unions

Answer 18

Provides services Creates and supports employment A society that encourages people to be enterprising and take the initiative

Answer 19

a cultural enterprise provides local or national consumers with access to the arts and cultural activities and events

Answer 20

Promotes arts and culture Creates employment (e.g summer jobs) Support the local economy (spend money in the local economy) Entertainment

Answer 21

The some trader owns and runs their own business. The sole trader is the one who makes all decisions and provides the money in their business. They take all the risk and gain all the reward

Answer 22

decide what type of business you want to go in to find a suitable premises register your business with the register of businesses. However, if you want to use your own name you do not have to register and can begin trading immediately apply for a license if you need one

Answer 23

Full control can make all decisions quickly can open and close when they like keeps all the profit- don’t have to share with anyone easy and cheap to set up- a license may/may not be needed

Answer 24

Unlimited liability- can lose your own property to pay debts the sole trader provides all finances to start the business the owner makes all big decisions, alone cant be an expert in everything hard to compete with larger business long working hours business does not survive its owner

Answer 25

Financial responsibility or any money the business owes. Anything the business if financially responsible for

Answer 26

A partnership is a business where between 2 and 20 people come together to set it up and share control of the business. The owners have unlimited liability Partnerships are common in types of businesses such as private medical practices and solicitors A set of rules and responsibilities for the company are agreed and written down in a partnership deed

Answer 27

How profits are to be shared How capital will be provided Duties and tasks of each person in within the partnership Rules for new partners What happens if the business closes down/ someone leaves

Answer 28

Easy set up Extra money access in comparison to sole trader more expertise and i make decisions Financial and information is confidential A confidential type of business Final accounts and Balance Sheets dont have to be published meaning business model not easily copied

Answer 29

unlimited liability profits are shared rather than kept to one individual like sole traders decision making can be slow since all partners have to be consulted When a partner leaves, a new deed has to be drawn up, no continuity of existence

Answer 30

A share of the profits given to share holders as a return for investment

Answer 31

Formed when between 1 and 149 people put together money to start a new business. The people who put money in are called shareholders. If the company makes a profit, shareholders receive a dividend. The dividend received depends on the amount of shares you invest. 1 share = 1 vote Shareholders have limited liability and the words ltd come after the company name

Answer 32

Limited liability only lose what you put into the business can raise money by selling shares when a shareholder dies the business keeps going as the company expands it can employ more experts

Answer 33

Profits are to be shared more expensive to set up many legal requirements the original founders can lose control if bought out

Answer 34

A public limited company has 7+ shareholders and has directors who are voted by shareholders. These shareholders have limited liability. they must follow many laws, rules , regulations a lot more than private limited companies. a shares can be bought and sold in the Stock Exchange. The name of the company will end with PLC

Answer 35

Limited liability- only lose what you put into the business Can raise money by selling shares Generally have a good credit rating when a shareholder dies the business keeps going as the company expands it can employ more experts corporation tax 12.5%

Answer 36

Profits are shared More expensive selling shares to the public many legal requirements the original founders can lose control if bought out

Answer 37

Formed by the dáil and owned by the state with a board of directors appointed to run them When a government sells a state- owned company it is called privatisation if the government takes over a company it is called nationalisation

Answer 38

RTE An post Bord bía Solas Vhi

Answer 39

employment provide essential services profit-income for state keep control over natural resources

Answer 40

lack of funding which in turn leads to borrowing more from government especially if business is not making a profit the directors of some forms lack appropriate knowledge in the firms particular area, this is because they are appointed through political contacts the lack of profit making sometimes leads to lack of motivation in the work place

Answer 41

co-operatives pool resources to achieve common goals, which as individuals they may not achieve alone. The people who set it up are called members and all profits go to the members Go-operatives have limited liability which means only lose what has been invested each member has one vote regardless of the amount of shares they own

Answer 42

Limited liability all members have an equal say create employment achieve more collectively than individually

Answer 43

usually too small to compete with large companies less of an incentive for to invest because one vote is one share managerial appointments sometimes based on popularity rather than ability

Answer 44

Franchising is a business arrangement whereby one person sells the right to use their name, idea or business to others and allows the to set up and exact replica of that business

Answer 45

proven business model on-going support cost saving bulk buying

Answer 46

little control licence agreement must follow does not encourage entrepreneurship royalties and fees go back to main franchise

Answer 47

employment

Answer 48

volunteerism

Answer 49

is any productive activity that requires effort

Answer 50

work for which a person receives a payment

Answer 51

are people who work for employers in return for payment

Answer 52

someone who pays another person to work for them

Answer 53

The higher the risk the higher the cost

Answer 54

creativity entrepreneurship leadership communication

Answer 55

full time employment part time employment fixed term employment casual employment self-employment job sharing flexitime teleworking

Answer 56

many people are employed in a fixed term basis. Their temporary employment finishes when the contract ends

Answer 57

casual employees are on standby to do work as required without fixed hours

Answer 58

In job sharing, two employees together make up one working week in a particular role. They share the hours, workload and pay associated with the job

Answer 59

flexitime means that an employee can start and finish work at any time that suits them each day, as long as they do the hours stated in their contract

Answer 60

teleworking the employer works from home and carries out the duties as if they were working on the business premises

Answer 61

(both) Help achieve goals (both) develop Talents and skills (both) sense of satisfaction/ personal achievement (work x employment) important for self esteem

Answer 62

the labour force refers to all those people of working age who are willing and able to work for payments t

Answer 63

members of the labour force who cannot find paid work are classified as unemployed

Answer 64

tidy towns goal svp (st. vincent de paul)

Answer 65

volunteering is when people carry out some work or activity without payment for their time and effort

Answer 66

learning new skills/using skills shoes initiative/personal enterprise enhances personal satisfaction/wellbeing

Answer 67

new range of skills/ ideas to organisation benefit from passionate and highly motivated people volunteers may act as ambassadors for the organisation the wider the community

Answer 68

communities improve as members work together many voluntary organisations play and important role in reducing social isolation volunteering gets things done!

Answer 69

a right is something you are entitled to receive, for example be treated fairly or to receive at least the minimum wage

Answer 70

a responsibility is a duty or something you should do, such as treat others with respect

Answer 71

these are rights and responsibilities set out in law

Answer 72

A responsibility is to respect the rights of others, and to act in the best interest of society as a whole

Answer 73

Insuring that the actions of individuals and organisations do not damage the environment

Answer 74

Doing what we believe to be right, such as treating employees fairly

Answer 75

Protection of Young Persons (Employement) Act 1996 Employment Equality Acts 1998-2015 Unfair Dismissals Acts 1977-2015

Answer 76

See a copy of the employees birth certificate Get a letter of consent from the child’s parent/ guardian if the employee is under 16 Keep records of the employees details, such as date of birth and the hours worked

Answer 77

These laws outline discrimination on nine grounds: Age Gender Race Sexual orientation Religion Family status Marital status Disability Member of the travelling community

Answer 78

These laws define discrimination as ‘the treatment of one person in a less favourable way than another person is, has been or would be treated’.

Answer 79

Age Becoming pregnant Religious beliefs Political beliefs Race Sexual orientation Being a member of the travelling community Being a member of the trade union Taking part in official strike Taking legal actions against an employer

Answer 80

Incompetence (not doing work) Misconduct (broken rules) Redundancy (job no longer needed) Unqualified (doesn’t have necessary skills for the job) incapability (unable to do job because lateness/absences)

Answer 81

Recurve at least minimum wage Receive a written contract of employment Receive the correct amount of paid holidays Work in a workplace that is safe and healthy Recurve proper rest breaks during work Be provided with all information about them that is held by their employer

Answer 82

2023- €11.30 2024- €12.70

Answer 83

Employees are legally entitled to a contract of employment from their employer. This must be signed by both parties within 2 month of the start date

Answer 84

A probationary period is a specified trial period at the start of the employment to see if the employee is suitable for the position

Answer 85

To work in a safe and respectful atmosphere To a join a trade union if they choose to do so

Answer 86

A trade union is an organisation that represents workers, protects their right and negotiates with employers on pay and conditions of work

Answer 87

To have a safer and healthy working environment To be provided with necessary safety equipment and protective clothing Not to be asked to carry out work that breaches environmental regulations

Answer 88

to receive a fair days pay for a fair days work to have their religious and cultural beliefs respected not to be asked to do anything unethical or illegal

Answer 89

carry out their duties as stated in their contract of employment follow workplace rules and safety instructions respect their employer's property wear protective clothing and equipment provided by employer attend all training provided by the business not discriminate against or bully other employees

Answer 90

treat customers, co-workers and the employer with respect work with and support fellow workers in order to achieve the aims of the business be loyal to their employer and not disclose confidential business information

Answer 91

follow all environmental regulations and procedures

Answer 92

A financial institution provides financial services for it customers, including storing their money, managing payments and providing loans

Answer 93

Commercial banks Credit union Building societies An post

Answer 94

A commercial bank is a bank that’s offers financial services to the general public and go businesses

Answer 95

used for day to day spending, they are offered by commercial banks, credit unions and building societies

Answer 96

Are used to save money, are offered by commercial banks, building societies, and post and credit unions

Answer 97

Day to day spending Storing money safely Paying for goods and services Pay bills and transfer money to others

Answer 98

Amounts paid into an account

Answer 99

Amounts paid out of the account

Answer 100

Direct debit Used for utility bills, where you give permission to a business or a person to take money from your account, used to pay bills where the amount and date vary

Answer 101

Point of sale meaning time and place of which a transaction has been made

Answer 102

Photographic proof of identity Proof of address Personal public service number (PPSN)

Answer 103

Automatic teller machine

Answer 104

Electronic funds transfer

Answer 105

an employer transfers wages or salary directly into the account, this is called a paypath

Answer 106

Personal identification number

Answer 107

Withdrawing cash at a bank using a withdrawal slip using an ATM to withdraw cash using a card Paying for items using a debit card using a digital wallet

Answer 108

Allow consumers to pay for goods and services without using cash. The money is withdrawn electronically from the buyers account and paid into the sellers account

Answer 109

A digital wallet is an online service that allows you to make electronic transactions

Answer 110

Standing order is an instruction to a financial institution to pay a fixed amount to a specific person or organisation on a certain date

Answer 111

A current account holder gives permission to another person or business to withdraw variable amounts from their account, used when the date and amount are likely to change

Answer 112

Credit transfer is a once off instruction from a current account holder to their bank to transfer an amount of money to another account

Answer 113

A cheque is a written instruction from an account holder to their bank to pay a specific amount of money to a named person or business

Answer 114

Some financial institutions charge customers for their services, some accounts have annual fees and chargers per transactions

Answer 115

a current account holder receives a statement from their bank on a regular basis. the statement shows all transactions that have taken place during that time period

Answer 116

Are useful and convenient ways for customers to pay bills, check their account balance, order statements and transfer money to other accounts

Answer 117

Convenience - 24/7 access Higher interest rates on savings

Answer 118

lack of wifi may limit access for some customers security risks- hacking

Answer 119

when criminals use fake emails and fake websites as a way of tricking people to give away passwords and bank details

Answer 120

Has a spending limit and is set up by the bank, the spending limit is based on the customers income and ability to repay

Answer 121

The statement sets out. all the items purchased during the month as well as any balance due from previous months

Answer 122

Is the price at which one currency can be exchanged for another

Answer 123

short term loans medium term loans long term loans

𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝟐 Flashcards

(151 cards)