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Bussines Test 2 > Third Year Christmas Tests > Flashcards

Third Year Christmas Tests Flashcards

1
Q

Name 2 ways that a culture enterprise play in society

A

Inspire other entrepreneurs: it can encourage other businesses to start a similar enterprise
Community: it brings people together and allows people to connect and form relationships and bonds

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2
Q

Name 1 law which protects consumers from false or misleading advertising

A

Consumer protection Act 2007

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3
Q

Define the term global company

A

Global company is a company who is known all over the whole world. They would have many branches in different countries and its headquarters would be in one. Eg,Googles headquarters is in California but has a branch in Dublin. They sell products all around the world and treated it as one big market.

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4
Q

Explain two challenges facing global companies such as Kelloggs

A

Language barriers: countries speak all different languages and trying to converse they could accidentally set a bad public image
Current issues: the delays of importing wheat from Ukraine leads to uncertainty,scarcity or delays in distribution

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5
Q

Define the term sustainable development

A

Sustainable development means to be able to meet their present needs without destroying the needs for future generations. Companies need to balance production against economic social and environmental needs for example recycling.

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6
Q

Outline two factors a new company should consider for deciding the price

A

Cost of production: the business should consider how much it cost to produce/manufacture their product
Stage in the product life cycle : products behind demand can cost more than ones in decline

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7
Q

Identify two benefits of membership of the European union for Ireland

A

EU social policy has improved the rights of workers by improving health and safety and setting minimum wage levels

Foreign direct investment: many foreign businesses have located their European headquarters in Ireland so that they can access the single European market

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8
Q

Discuss 2 roles that a social enterprise plays in society

A

Provide services: provide services and support their communities by meeting community needs that are not served by the state or by commercial enterprises.
Employment: while social enterprise often rely on the work of volunteers some help to create employment in their local communities.

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9
Q

What is interest

A

Interest is the reward given by a financial institution for saving money with them

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10
Q

Explain why low interest rate are good

A

Low interest rates encourage boring as there’s some of money to pay back will be lower

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11
Q

Explain two ways change in age profile will increase government expenditure

A

The government will have to invest more hospitals and medical equipment due to the greater demand on services

There will be a greater demand on pensions as more and more people will retire

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12
Q

Define the term industrial relations

A

Industrial relations refers to the relationship and exist between employees and their employers in a workspace

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13
Q

Outline two benefits of international trade for Irish businesses

A

Spread risk: a business can spread risk by not only relying on the Irish market
Increased profit: the Irish mortgage is quite small by exporting it will increase sales

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14
Q

What would be two advantages of PayPal for an employee?

A

It is environmentally friendly as there is no paper in involved and reduces carbon footprint.
It is safer than cash as it is guaranteed to go straight into a bank account and won’t get lost.

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15
Q

Explain one economic benefits of using solar panels as an alternative to burning fossil fuels

A

Cost savings: to get an installed solar panels is even cheaper than buying cold or oil so you can save your money

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16
Q

Explain one environmental benefit of using solar panels as an alternative to burning fossil fuels

A

There will be less carbon emissions in the air and better air quality will improve peoples lungs and breathing

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17
Q

Define the term resource

A

A resource is anything we can use in order to meet our needs or help us to achieve our goals. Resources include your textbook, pens, computers, people, knowledge, money and time.

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18
Q

Define the term digital technology

A

Digital technologies are a set of technological tools and resources used to communicate and create, distribute, store and manage information, for example mobile phones, apps, tablets and computers.

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19
Q

Explain 3 opportunities associated with using digital technology

A

› Production: The increased use of technology in production allows for standardisation and mass production, resulting in increased output and reduced costs.
› Sales and marketing: Using digital technology in sales and marketing allows businesses to see what consumers are buying and to pick which sector of the market to focus on.
› Travel and meetings: A business can use email and video conferencing to reduce the costs of travel and meetings.

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20
Q

Explain 3 ways digital technology can crest a cost for the business

A

Capital costs: There will be capital costs when installing new technology.
› Recruitment and training: Cost of recruiting and training specialist staff along with the loss of working time while staff are being trained.
> Website: Cost of designing, maintaining and hosting a website.

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21
Q

Name 5 benefits of a business using digital technology

A

> Recruiting and managing staff
Market research and marketing
Finance
› Administration.
• Production

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22
Q

List 5 ways in which organisations use technology

A

› To design and produce products
> To conduct market research
› To prepare financial budgets and accounts
› To communicate with suppliers, customers and employees
• To promote and sell their products and services online.

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23
Q

What is a cash flow forecast

A

estimates the expected flow of cash coming in and out of your business, across all areas, over a given period of time

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24
Q

Why would you pay a car with a medium term loan

A

A medium-term source of finance is suitable for the purchase of a new sales vehicle as this is a medium-term need and it will be repaid between 1-5 years.

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25
Q

List the 7 types of income

A

Wages
Pension
Child benefit
Job seekers benefit
Bonus
Overtime
Interest

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26
Q

Name 2 types of advertising

A

General advertising and information advertising

27
Q

Name 3 advantages of desk research

A

> Quick to gather
Easy to obtain, as it uses information that is already available
Cheaper than field research, as it does not require trained interviewers

28
Q

Name 3 disadvantages of desk research

A

> As the information gathered is not for the specific needs of the business, it may not be as useful or relevant as primary research
› Information may be outdated
› The researcher may have to read a lot of information to find what they need

29
Q

List 2 advantages of field research

A

› Up-to-date information is gathered
› Relevant information is gathered for the specific needs of the business

30
Q

List 3 disadvantages of field research

A

> Time-consuming
› Expensive
› Requires skill to conduct

31
Q

Define the term a government budget surplus

A

the amount of money by which a government’s income is greater than the money it spends

32
Q

List two direct taxes

A

Income tax and corporate taxes

33
Q

List 2 indirect tax

A

VAT and excise duties

34
Q

Name 2 sources of government income

A

EU grants and profit from selling state companies

35
Q

What agency should you if you need help? If you order from a business online in the European union and your product has not arrived?

A

European consumer centre Ireland

36
Q

State one way in which a large increase in the rate of inflation may affect consumers in an economy

A

Inflation increases the prices of goods and services and reduces the purchasing power of money that consumers have to spend; therefore, consumers will not be able to buy as many goods and services as they did previously. This will result in a lower standard of living

37
Q

What law is is that makes sure all consumer goods are of merchantable quality

A

Sale of Goods and Supply of Services Act 1980.

38
Q

Explain one social benefit if Irelands EU membership

A

EU social policy has strengthened the rights of Irish consumers and employees. Eg.now workers must get paid at least the minimum wage.

39
Q

Advantages of a trade union

A

If you’re part of a trade union you can negotiate better pay.
If you are part of a trade union it will also lead to furnace in a workplace as you can complain to your staff Stewart if unfairness is being shown.

40
Q

Identity two examples of social protection payments

A

Jobseekers benefit and child benefit

41
Q

Identity one risk of taken out a long term loan

A

One risk of a long-term loan is that it may be more expensive overall. As you’ll be paying interest for longer so it can end up being costly even if interest rate seems low. This may not suit your financial situation in the future.

42
Q

List the four factors of production

A

Land,labour,capital,entrepreneurship

43
Q

One factor that should be taken into consideration when deciding what price to charge consumers

A

Factor in the price of competition to try and price match with them so they are not blown out of the market.

44
Q

Define the term assurance

A

financial coverage that provides remuneration for an event that is certain to happen.eg while life insurance

45
Q

State one ethical reason why the government imposes tax

A

Redistributing wealth and income for the common good: A major purpose of taxation is to transfer money from those on high incomes to those on lower or zero incomes.

46
Q

Outline 2 social benefits of the European Union

A

You are able to study and go on holiday in any European country without needing a visa and there is now improved rights for workers like they have to be paid at least the minimum wage

47
Q

Outline 2 economic benefits of the European Union

A

Single market access:removal of custom barriers meaning that less cost on importing and exporting goods and services. Increased sales:larger market to sell goods and services to, increasing sales and profits too.

48
Q

List 5 barriers to trade

A

Tarifas
Embargo
Quota
Subsidy
Administration

49
Q

Outline 2 benefits of globalisation

A

Increased profits and sales and the economy is a scale meaning the more goods made the more the cost goes down.

50
Q

Outline 2 challenges of globalisation/international trade/European Union

A

Increased competition and environmental impact as an increase in consumerism leads to an increase in waste produced.

51
Q

Define the term a living wage

A

Living wage is the amount of pay per hour employees should be paid to keep up with the inflation. So they can provide all their goods and services for their families e.g. able to pay for groceries.

52
Q

What does APR stand for

A

Annual Percentage Rate

53
Q

Define the term liquidity

A

Liquidity refers to the ability of a company or an individual to settle short-term liabilities easily and on time

54
Q

What does Leo stand for

A

Local enterprise office

55
Q

Explain how am increase in interest rates can cause a decrease in inflation

A

If interest rates increase it makes the cost of borrowing money more expensive. This makes consumers spend less

56
Q

Explain 2 ways in which economic growth can negatively impact the environment

A

Pollution, such as oil drilling spills and polluted waste water from mining.
Deforestation from forestry and to make new farmland

57
Q

Explain an exception to the law of demand

A

Necessary or basic goods: People will continue to buy necessities such as medicines or basic staples such as sugar or salt even if the price increases. The prices of these products do not affect their associated demand

58
Q

List two Advantages of selling on credit

A

When a company sells on credit, it attracts new customers who would otherwise not buy from the company. This is mostly true for companies that sell expensive items.

Selling on credit increases the volume of sales a company makes since the number of customers will increase.

59
Q

Explain the term USC

A

The Universal Social Charge is a tax you pay on gross income, including notional pay (notional pay is a non-cash benefit, such as benefit-in-kind), after any relief for certain capital allowances

60
Q

Impact of Brexit on Ireland

A

The effects of Brexit on Ireland is that foreign direct investment will increase as businesses will come to Ireland as they can no longer trade freely while operating in the UK. Another effect is the restricted movement of Irish people into and out of the UK.

61
Q

What is the European Union trading block?

A

European Union trade block is a group of countries who agreed to free trade = the single European market

62
Q

How much did Ireland export to the US in 2023?

A

54 billion

63
Q

How much did Ireland import from the US in 2023?

A

23 billion

Bussines Test 2 (17 decks)

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