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Leaving Certificate Business Units 1-4 > keywords units 1-4 > Flashcards

keywords units 1-4 Flashcards

1
Q

stakeholders -what is an entrepreneur

A

spots a gap uses initiative, takes personal/ financial risk to make a profit

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2
Q

stakeholders -what is an investor

A

gives capital to fund a business for a return on their investment

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3
Q

stakeholders -what is an employer

A

hires employees to carry out work, paying them wages

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4
Q

stakeholders -what is an employee

A

gets paid wages to carry out work for their employer

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5
Q

stakeholders -what is a manager

A

runs a business or part of (department) for the entrepreneur

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6
Q

stakeholders -what is a producer

A

manufactures goods from raw materials using factors of production

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7
Q

stakeholders -what is a supplier

A

sells a business goods (stock) or a partly finished good( raw materials)

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8
Q

stakeholders -what is a service supplier

A

offers a business services like electricity, internet, legal, banking

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9
Q

stakeholders -what is a consumer

A

buys goods/ services for their own consumption

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10
Q

stakeholders -what is an interest group

A

represents and promotes the interests of a group with a common interest- uses lobbying, negotiation, protests, information campaigns to influence decision makers

eg IBEC, ICTU , IFA

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11
Q

types of relationships between stakeholders - competitive

A

win-lose , one party benefits at the expense of another

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12
Q

types of relationships between stakeholders - co- operative

A

win-win, mutual benefit for both parties

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13
Q

elements of a legally binding contract - agreement

A

offer & acceptance must exist, agreement of terms offered

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14
Q

elements of a legally binding contract - consideration

A

something of value must be exchanged between parties

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15
Q

elements of a legally binding contract - legality of form

A

some need to take on certain form
eg sale of house must be written

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16
Q

elements of a legally binding contract - consent to contract

A

party cant be forced to agree a contract through threats

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17
Q

elements of a legally binding contract - capacity to contract

A

legal ability to agree, cant be bankrupt, insane, a minor

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18
Q

elements of a legally binding contract - legality of purpose

A

illegal contracts like a drug deal aren’t enforceable by law

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19
Q

elements of a legally binding contract - intention to contract

A

awareness that the agreement is legal, not just social/ domestic

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20
Q

termination of a legal contract - frustration

A

event occurs ( death/bankruptcy ) making a contract impossible

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21
Q

termination of a legal contract - breach

A

party breaks an essential element (condition)

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22
Q

termination of a legal contract - performance

A

both sides have carried out their contractual obligations

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23
Q

termination of a legal contract - agreement

A

parties decide to end contract early by mutual consent

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24
Q

remedies for breach of a legal contract - specific performance

A

court orders party to fulfil the agreed terms of the contract

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25
Q

remedies for breach of a legal contract - financial compensation

A

court orders guilty party to pay damages

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26
Q

remedies for breach of a legal contract - rescind the contract

A

court orders parties to return to the initial starting position

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27
Q

the sale of goods and supply of services act 1980 - provision for goods

A

1.merchantable quality - reasonable durability/ standard for price of item
2. fir for purpose - should preform it’s intended function
3. conform to sample - should match example used to sell it
4. as described- should match on advertisement/ description used

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28
Q

the sale of goods and supply of services act 1980 - provisions for services

A
  1. necessary skill - qualified provider
    2.due care - service is not rushed/ poorly delivered
  2. merchantable quality - all tolls used/ goods given with service
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29
Q

the sale of goods and supply of services act 1980 - guarantees

A

additional protection given to the consumer on top of legal rights

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30
Q

the sale of goods and supply of services act 1980 - signs limiting consumer rights

A

“No refunds” is illegal - can’t display a sign reducing legal rights

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31
Q

the sale of goods and supply of services act 1980 - unsolicited goods

A

goods sent to a person without them ordering them

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32
Q

the sale of goods and supply of services act 1980 - right to cancel

A

right to cancel within 14days when a product is not bought in a physical shop. right to full refund, called a “cooling- off” or withdrawal period

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33
Q

the sale of goods and supply of services act 1980 - retailer is responsible

A

retailer not manufacturer is responsible to the consumer

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34
Q

the sale of goods and supply of services act 1980 - redress available

A

refund - cash refund for complaining promptly
repair - retailer has product fixed
replacement - new or similar model given

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35
Q

the consumer protection act 2007 - a business cannot make a false claim about their product

A

can’t sell counterfeit items as real items ; lie about the origin ; lie about an award received; lie about previous usage

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36
Q

the consumer protection act 2007 - a business can’t use misleading advertising for the product

A

when advertising, it should be clear what the use is/ what can be expected from the product, can’t mislead by comparing not like for like products

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37
Q

the consumer protection act 2007 - advertising of prices

A

truthful about the actual price, previous price and recommended retail price when comparing to the current selling price.

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38
Q

the consumer protection act 2007 - price displays

A

must price all goods for sale, some items must be shown per kg.

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39
Q

the consumer protection act 2007 - aggressive selling practices

A

prohibits harassment, coercion, or exercising undue influence to get someone to purchase an item

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40
Q

the consumer protection act 2007 - pyramid schemes

A

bans schemes where people buy in at a level and recruit more people to buy in below them in order to make a profit

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41
Q

the consumer protection act 2007 - price controls

A

government can impose maximum price on certain goods in an emergency situation

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42
Q

CCPC- competition and consumer protection commission (functions) - informing the consumer

A

provide information on ccpc.ie and it’s social media accounts

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43
Q

CCPC- competition and consumer protection commission (functions) - enforcing consumer law

A

issue compliance notices & on the spot fines, uses “name and shame”

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44
Q

CCPC- competition and consumer protection commission (functions) - conducting research into consumer issues

A

research consumer behaviour and outcomes to help consumers realise possible savings/ improvements available

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45
Q

CCPC- competition and consumer protection commission (functions) - educating the consumer to make informed choices

A

financial calculators, mortgage comparisons and suggest law changes

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46
Q

CCPC- competition and consumer protection commission (functions) - advising the government

A

highlights issues facing consumers and suggests law changes

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47
Q

CCPC- competition and consumer protection commission (functions) - protecting consumers from firms dominating the market

A

monitors potential mergers & acquisitions, reduce likelihood of monopolies that prevent fair competition

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48
Q

small claims court/ small claims procedures - types of claims

A

faulty goods, bad workmanship or damages to property

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49
Q

small claims court/ small claims procedures - compensation

A

can award compensation to a maximum of €2000

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50
Q

small claims court/ small claims procedures - affordable/ accessible

A

it costs €25

51
Q

small claims court/ small claims procedures - convenience

A

don’t need to hire a solicitor, online application system

52
Q

small claims court/ small claims procedures - speed

A

retailer given 2 weeks to respond or district court hearing set

53
Q

ombudsman for public services - types of claims

A

if a public service body has given you wrong information or your complaint hasn’t been dealt with properly

54
Q

small claims court/ small claims procedures - last resort

A

will only investigate complaints if the person has tried to resolve the problem themselves first

55
Q

small claims court/ small claims procedures - investigations

A

preliminary - informal interview, gathers information

formal - in private/ in writing, demand files, documents, formal interview to aid the investigation

56
Q

what are the factors that lead to industrial disputes ?

A

-changes to working conditions
-redundancy
- disputes over pay
-discrimination
- trade union recognition
- unfair dismissal
- new technology
-demarcation issues

57
Q

types of pay claims employees can make - cost of living

A

relation to inflation/ rising rents, maintain standard of living

58
Q

small claims court/ small claims procedures - comparability

A

similar jobs in different sectors/ industries ( private vs public)

59
Q

small claims court/ small claims procedures - productivity

A

request for higher pay to reward higher output of worker

60
Q

small claims court/ small claims procedures - relativity

A

traditional/ historic link between certain jobs ( public sector jobs)

61
Q

non legislative solutions to industrial conflict - meet and talk

A

discuss, clarify, communicate issues around the disput

62
Q

non legislative solutions to industrial conflict - negotiation

A

bargaining, counter offers, compromise to reach a solution

63
Q

non legislative solutions to industrial conflict - mediation

A

unbiased 3rd party encourages parties to talk (facilitator) in a meeting, doesn’t offer any solutions/ recommendations

64
Q

non legislative solutions to industrial conflict - conciliation

A

facilitator of 2 parties to get them to reach an agreement themselves, doesn’t offer a recommendation but may suggest potential solutions to help the parties resolve their conflict

65
Q

non legislative solutions to industrial conflict - arbitration

A

listens to 2 parties then issues a recommendation( solution ) which can be binding or not binding if agreed beforehand

66
Q

what is a trade union ?

A

an organisation of employees that promote and protect the interests of their members like seeking pay increases through negotiation with employers

67
Q

industrial relations act 1990 - trade disputes

A

dispute over employment or non-employment or the terms of conditions of employment ( pay, discrimination, unfair dismissal ). cant be for managerial/ political decisions

68
Q

industrial relations act 1990 - secret ballot and one week’s notice

A

confidential vote by union members ( all must get a chance to vote ), majority needed (>50%) for action to take place, employer must receive minimum 7 days notice of the action

69
Q

industrial relations act 1990 - primary and secondary picketing

A

primary - peaceful protest outside workplace with placards

secondary - peaceful protest outside another workplace if their actions are frustrating the resolution of the original strike

70
Q

industrial relations act 1990 - immunity

A

if action is official/ sanctioned, employer can sue employees for lost sales/ profits during the industrial action

71
Q

types of industrial action that is legal - official strike

A

employees protest peacefully outside their work’s premises with placards and do not enter work or do their work

72
Q

types of industrial action that is legal - work-to-rule

A

do exact job written in their contract, with out any flexibility

73
Q

types of industrial action that is legal - overtime ban

A

workers refuse to work extra hours outside their contracted hours to frustrate the employer who may be trying to fulfil orders

74
Q

types of industrial action that is legal - token stoppage

A

brief stoppage to worker, carries threat of further types of action

75
Q

unfair dismissals act 1977/2015 - fair dismissal

A

incapable - persistently late or absent prevents work being done.
incompetent - not meeting required standards continuously.
qualifications - lied about qualifications to get a job/ fails to upskill
misconduct - eg caught taking drugs at work
redundancies - bs can prove position is no longer required
contravening law - illegal to continue job eg work permit expired

76
Q

unfair dismissals act 1977/2015 - steps for dismissal

A
  1. counselling - advise on how to improve/ what the issues are
  2. formal verbal warning - recorded o employees record
  3. written warning - precedes dismissal
    , may also have a suspension
  4. inform them of dismissal in writing - within 14 days
  5. offer right of appeal
77
Q

unfair dismissals act 1977/2015 - unfair dismissal

A

steps weren’t followed, insufficient evidence exist, were discriminated against, constructive dismissal, incorrectly chosen for redundancy

78
Q

unfair dismissals act 1977/2015 - redress for unfair dismissal

A

compensation - up to 2 years of pay
re-engagement - employee contributed to the dismissal, but it still wasn’t deemed unfair, a job, no back pay
re- instalments - put back in their job, with pay increases/ back pay

79
Q

employment equality act 1998/2015 - employment discrimination

A

definition - an employee is treated in a less favourable way than another person is, has been or would be treated

grounds - gender, disability, civil status, family status, sexual orientation , religion, age, race, membership of the traveller community

80
Q

unfair dismissals act 1977/2015 - illegal ads

A

advertising that is discriminatory is illegal “young staff wanted”

81
Q

unfair dismissals act 1977/2015 - role of WRC in discrimination cases

A

mediation - equality mediation officer would facilitate parties to reach a mutually acceptable agreement

adjudication - adjudication officer can investigate, view evidence the give parties a written decision on the dispute to them

82
Q

work place relations commission (WRC) - advisory service

A

promote good practice, help review/ develop grievance procedures

83
Q

work place relations commission (WRC) - conciliation

A

makes IRO ( industrial relations officers) available to offer neutral/ impartial third party steering of the parties to reach a voluntary resolution, informal , represent self

84
Q

work place relations commission (WRC) - mediation

A

a mediation officer comes in at an early stage to get parties to arrive at a solution together themselves. if not successful, they will notify the Director General and it’ll be referred for adjudication. voluntary process.

85
Q

work place relations commission (WRC) - adjudication

A

statutorily independent in their decision making duties. they hold a hearing, hear evidence then decide on the matter and give a written decision

86
Q

the labour court - a court of last resort

A

hears appeals/ cases that haven’t been resolved in the WRC

87
Q

the labour court - arbitration

A

not a court of law - offers a recommendation to solve hearings

88
Q

the labour court - code of practices

A

investigates breaches/interprets workplace codes of practice

89
Q

the labour court - register agreements

A

hold a registrar of decisions that can be referred to during grievance procedures by employers/employees

90
Q

what is an entrepreneur ?

A

they spot a gap in the market and use innovation to create a new good/service in order to make a profit, while taking on the personal and financial risk of failure

91
Q

what is the difference between enterprise and management ?

A

enterprise - starting something new
management - achieving goals with and through people

92
Q

why become an entrepreneur - to earn more income

A

not be limited to asset wage/ salary, keep all profits

93
Q

why become an entrepreneur - to be their “own boss”

A

responsibility/ control over decisions, self- directed

94
Q

why become an entrepreneur - limited career path

A

may be limited in potential growth in a profession

95
Q

why become an entrepreneur - see a gap in the market

A

capitalise on an opportunity they think could make

96
Q

why become an entrepreneur -government support

A

grants/ training from local enter prices offices (LEO’s)

97
Q

why become an entrepreneur - they were made redundant

A

job no longer needed/ vacancies/ necessary

98
Q

why become an entrepreneur - inspired by entrepreneurs

A

energised/ encouraged from other’s success stories

99
Q

entrepreneurial skills & characteristics - innovative

A

create new ideas/ processes

100
Q

entrepreneurial skills & characteristics - human relations

A

communicate, energise, network , negotiate well

101
Q

entrepreneurial skills & characteristics - flexible

A

respond to changing environments, adapt

102
Q

entrepreneurial skills & characteristics - reality perception

A

see things how they are, not how they wish they were

103
Q

entrepreneurial skills & characteristics - proactive

A

don’t wait to react, use initiative in advance

104
Q

entrepreneurial skills & characteristics - future focused

A

anticipate future trends, spot gaps

105
Q

entrepreneurial skills & characteristics - decisive

A

act quickly and confidently under pressure

106
Q

entrepreneurial skills & characteristics - risk taking

A

take on personal and financial risk of decisions

107
Q

entrepreneurial skills & characteristics - determined

A

confident in their ability to preserve through tough times, resilient

108
Q

what is intrapreneurship ?

A

an employee within a business being innovative to create a new product/ process, without taking on financial risk of failure

109
Q

types of intrapreneurship - new product idea

A

creating new products/ adding new USP’s to existing ones

110
Q

types of intrapreneurship - reduce costs

A

streamlining production, reducing waste/ costs of production

111
Q

types of intrapreneurship - improved morale

A

job satisfaction increases as staff feel their input is valued

112
Q

methods to promote intrapreneurship - allocate resources

A

give funding for R&D, reduce workload to facilitate time

113
Q

methods to promote intrapreneurship - incentivize ideas

A

offer bonuses, profit sharing for new ideas

114
Q

methods to promote intrapreneurship - use teamwork

A

brainstorming, cross- departmental teams, shared responsibility

115
Q

methods to promote intrapreneurship - train staff

A

provide training for managers ( to lead change ) & employees

116
Q

what is leading ?

A

the ability to influence staff to follow strategies that meet the company’s aims, using directing and delegating

117
Q

what is delegation - definition

A

superior passes down authority of a task to a subordinate to complete, the accountability for the task is also given to subordinate

118
Q

what is delegation - benefits

A

frees up manager for strategic planning - less overload

shows trust - staff become more motivated

better decisions - workers close to customer make decisions

employees gain experience/ skill - become management material

119
Q

what is delegation - implications of not delegating

A

manager overworked/stressed; employees don’t feel trusted- may lead to low morale/ high turnover ; employees don’t develop

120
Q

leadership styles - autocratic

A

keep control, don’t consult, use bribes/ threats/ money to motivate

should be used during a crisis (quick decisions needed), workers that have low job attachment

121
Q

leadership styles - democratic

A

seek opinions/ feedback ; consult in decision making ; delegate work

use by most businesses - creates a bond, inclusivity , teamwork helps

122
Q

leadership styles - laissez faire

A

low supervision, allow employees to make decisions

used with creative employees that are very engaged with their profession

123
Q

what is motivating ?

A

a manager energising and inspiring employees / towards a goal

124
Q

implications of using McGregor theory X

A

-demotivated staff- feels workers dislike work so will be autocratic/ no delegation
-manager will become overloaded/ stressed/ can’t prioritise ( wont delegate to staff)
-no intrapreneurship/ low quality of work, lack of incentives

Leaving Certificate Business Units 1-4 (14 decks)

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