Keywords - Paper 2

Question 1

What insurance must companies have by law?

Answer 1

Motor vehicle insurance

Question 2

What is adequate insurance

Answer 2

Insurance protection that covers the replacement cost of an insured asset

Question 3

Average clause

Answer 3

A condition set up by an insurance company that a payment for damage or loss will be in proportion to the value insured

Question 4

Quarterly national household survey

Answer 4

Survey that measures level of unemployment

Question 5

Live register

Answer 5

List of all people who sign a register each week claiming for social welfar

Question 6

Salary

Answer 6

Non dependent payment to employees for number of hrs worked

Question 7

Wages

Answer 7

Payment to employee that depends on hours

Question 8

Industrial relations

Answer 8

Term used to describe the relationship between management and workers in a firm

Question 9

Trade union

Answer 9

Set up to protect and improve working conditions for workers

Question 10

Shop steward

Answer 10

Elected by fellow workers to repersent a trade union ina place of work

Question 11

Shop steward jobs…

Answer 11

Recruit mew members

Represents workers in talks to managers

Question 12

Name an irish trade union

Answer 12

Irish congress or trade union

Question 13

Common industrial disputes

Answer 13

Wages
Conditions
Disputes
Redundancy policy

Question 14

Resolving industrial disputes

Answer 14

Supervisors

Discuss problem with manager

Question 15

Cpv

Answer 15

Central processing unit

Question 16

Eg of software

Answer 16

Spreadsheet

Desktop

Question 17

Eg of hardware

Answer 17

Keyboard

Screen

Question 18

Excise duties

Answer 18

Tax people put on products because they don’t want people to use them eg cigarettes, alcohol and petrol

Question 19

Fixed expenditure

Answer 19

Regular spending and the amount does not change

Eg. Mortgage

Question 20

Irregular expenditure

Answer 20

Spending were amount changes depending on uses

Eg. Electricity

Question 21

Limited liability

Answer 21

Less of a risk and it cannot be personal

Question 22

Franchise

Answer 22

An already existing and successful business

Question 23

Private limited company

Answer 23

Owned by anyone who buys shares in the business

Question 24

Co operatives

Answer 24

A business run for the benefit of others. The members vote

Question 25

Ltd

Answer 25

Shareholders own company eg. Dunnes stores

Question 26

Memorandum of association

Answer 26

Relationship between a business and the outside world

Question 27

Certificate of incorporation

Answer 27

Makes company a separate legal company and gives shareholders limited liability

Question 28

Longterm loan

Answer 28

Eg. Equipment and machinery. Requires collateral and is usually paid back over twenty years or more

Question 29

Vdu

Answer 29

Visual display unit

Question 30

Cpu

Answer 30

Central processing unit

Question 31

Why stocktaking essential for businesses

Answer 31

Used to find value of closing stock | Stocktaking help find goods that are ordered

Question 32

Asset

Answer 32

Own

Question 33

Liability

Answer 33

Owe

Question 34

*total - ? + ?*

Answer 34

Total - discount + vat

Question 35

Soletrader

Answer 35

Most common type of business person

Question 36

Closing cash

Answer 36

Netcash + opening cash

Question 37

A post

Answer 37

A limited company owned by the government that offers various saving schemes

Question 38

What is dirt (meaning)

Answer 38

Interest earned on money in the account