Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > Unit 1 > Flashcards

Unit 1 Flashcards

1
Q

commercial business

A

provides goods/services with the aim of making a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

non-commercial business

A

NFP; puts people and the community ahead of profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

business

A

organisation that buys and sells goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

stakeholders in business

A
  1. entrepreneur
  2. investor
  3. employer
  4. employee
  5. producer
  6. consumer
  7. manager
  8. supplier
  9. service provider
  10. government
  11. local community
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

interest group

A

group of people that meet and campaign for a common goal, e.g. through boycotting and lobbying

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

IBEC

A

Irish business and employers confederation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

ISME

A

Irish small and medium enterprises association

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

SIMI

A

society of the Irish motor industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Trade union

A

represents the views and interests of employees in particular industries. aims to protect workers and improve pay and working conditions for members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

IFA

A

Irish farmers association

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

co-operative relationship

A

win-win

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

competitive relationship

A

win-lose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

dependent relationship

A

need each other for success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

dynamic relationship

A

changes constantly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

relationships between stakeholders

A
  1. entrepreneur/investor
  2. consumer/producer
  3. employer/employee
  4. producer/producer
  5. business/government
  6. business/local community
  7. business/business
  8. producer/interest group
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

contract

A

a legally binding agreement between two or more parties which is enforceable by law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

elements of a valid contract

A
  1. agreement
  2. intention to contract
  3. capacity to contract
    4.consent to contract
  4. consideration
  5. legality of purpose
  6. legality of form
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

agreement

A

for agreement to exist, there must be a clear, unconditional and complete offer made by one party and accepted by the other party to a contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

invitation to treat

A

invitation to another person to make an offer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

intention to contract

A

both parties intend to create contract. contract law assumes that all business agreements are intended to be legally binding/ all social agreements are not intended to be legally binding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

capacity to contract

A

everyone has the legal ability to enter into a contract except anyone under 18, and anyone mentally incapacitated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

consent to contract

A

you must enter into a contract voluntarily; invalid if you are under physical pressure or threat, there is a genuine mistake made by either party, either party is dishonest or gives false info

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

consideration

A

each party in the contract must give something of value to the other party e.g. money or goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

legality of purpose

A

legally binding contract must be for legal purpose e.g. cannot have contract to purchase illegal drugs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

legality of form

A

contract must be drawn up in the correct legal format e.g. property contract must be in writing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

termination of contract

A
  1. performance
  2. agreement
  3. frustration
  4. breach of contract
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

performance

A

contract ends if both parties complete their side of the contract exactly as set out in the contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

agreement

A

both parties mutually agree to end contract even if the purpose is not completed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

frustration

A

contract ends when unforeseen event arises that prevents the completion of the contract e.g. bankruptcy/ extreme weather

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

breach of contract

A

ends if one party breaks condition (essential element) of contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

remedies for breach of contract

A
  1. compensation
  2. rescind contract
  3. specific performance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

non-legislative ways of resolving consumer conflict

A
  1. negotiation
  2. letter of complaint
  3. assistance from 3rd party
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

negotiation

A

if consumer is unhappy with a good/service;
1. return to retailer with PoP
2. ask to speak with manager
3. tell retailer how they would like the problem to be solved. retailer can accept or reject or offer alternative

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

letter of complaint

A
  1. outline problem with good/service
  2. explain how they’d like the problem to be resolved
  3. include PoP
    -retailer can accept, reject or offer alternative
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

assistance from 3rd party

A

e.g. CAI, EEC Ireland

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

CAI

A

consumer’s association of Ireland; interest group on behalf of consumers. aims to make consumers aware of their rights and receive quality goods at a reasonable price
-operates website
-lobbies the government to improve legislation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

ECC Ireland

A

European consumer centre Ireland; part of EU network of consumer centres

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

legislative methods of resolving consumer conflict

A
  1. sale of goods and supply of services act 1980
  2. CPA 2007
  3. CCPC
  4. ombudsman
  5. small claims procedure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

rights when purchasing a good (SGA)

A

goods must:
1. be of merchantable quality
2. fit purpose intended
3. be as described
4. match sample shown

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

rights when purchasing a service (SGA)

A

right to expect that:
1. supplier is qualified and has skills needed
2. supplier will use proper care and diligence
3. materials used are sound and fit for purpose intended
4. goods provided with service are of merchantable quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

remedies for breaches of the act (SGA)

A
  1. refund
  2. repair
  3. replacement
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

retailer’s responsibility (SGA)

A
  1. under the act, when a consumer buys goods they have a contract with the seller; seller must resolve issue
  2. retailer can’t put signs up in their business that gives consumers the impression that they have reduced or limited consumer rights
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

guarantees (SGA)

A

states they will repair/replace faulty item within certain time period after purchase. legally binding and enforceable by law. must state goods covered, time frame, claims procedure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

second hand goods

A

should fit purpose intended, but should not be expected to be the same quality as new goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

inertia selling/unsolicited goods

A

goods sent to someone with a demand for payment, even though the person did not order the goods. this is illegal. person can keep them without payment if the seller has not collected within 6 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

evaluation of SGA

A

protects consumers, ensures they get valid remedy if good is faulty or does not meet legal standard.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Consumer protection act 2007 (functions)

A
  1. misleading descriptions
  2. aggressive practices
  3. prohibited practices
  4. price display regulations
  5. price controls
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

misleading descriptions (CPA)

A

should not advertise goods/services in deceiving way e.g. deliberately misleading/withholding info

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

aggressive practices (CPA)

A

cannot harass/coerce consumers into buying a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

prohibited practices

A

false claims that product can cure illness, promotions/competitions where it costs money to claim prizes, claiming business is closed when it isn’t.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

price display regulations (CPA)

A

gives minister for jobs, enterprise and innovation power to require that price of certain products must be displayed in a particular manner e.g. must include VAT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

price controls

A

can be introduced in emergency situations if approved by government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

evaluation of CPA

A

good for consumers as they receive honest info from retailer, and ensures that they know what they are buying and the price of the item

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

CCPC

A

Competition and consumer protection commission: independent body that enforces competition and consumer protection law in Ireland

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

functions of CCPC

A
  1. Informs consumers of rights
  2. investigates breaches of consumer law
  3. advises government
  4. personal finance info and education
  5. enforces product safety regulations
56
Q

informs consumers of their rights (CCPC)

A

-website + telephone helpline
-newspaper/social media campaigns to raise awareness
-info on how to manage money

57
Q

investigates breaches of consumer law (CCPC)

A

-can issue on the spot fines for breaches of price display legislation
-prosecute traders who breach consumer laws

58
Q

advises the government (CCPC)

A

researches to identify areas where consumers need more protection. informs govt. on impact of new laws and changes to existing laws on consumers

59
Q

personal finance information (CCPC)

A

provides financial info and education to consumers; public awareness campaigns + financial education programmes

60
Q

enforces product safety regulations (CCPC)

A

ensures producers/retailers obey relevant product safety regs. Shares info about dangerous products across EU

61
Q

ombudsman

A

if consumer cannot resolve complaint with org. they can make a complaint to relevant ombudsman (If they have already gone through org’s complaints procedure).
Free of charge.

62
Q

FSPO

A

financial services and pensions ombudsman: deals with complaints from individuals against financial institutions and pension providers.
-aims to solve issue through mediation and find mutually acceptable solution
-makes legally binding decision if agreement not reached
-can award compensation if complaint upheld

63
Q

office of the ombudsman

A

investigates complaints from people who think they have been treated unfairly by a public body e.g. HSE, govt. departments.
-may request files from public body or demand to meet employees of govt. dept.
-issues recommendation on how they think it should be solved

64
Q

small claims procedure

A

if unable to resolve complaint, small claims procedure at district court. claims of up to $2000 can be made for
-faulty goods
-poor quality production
-damage to property

65
Q

Steps of the SCP

A
  1. application
  2. small claims registrar
    3.referral to district court
  3. appealing a decision (to circuit court)
66
Q

evaluation of the SCP

A

-cheap, fast method of resolving consumer complaints
-housed in local district court

67
Q

industrial relations

A

refers to the relationship between the employer and the employee in an organisation

68
Q

benefits of positive industrial relations

A
  1. recruitment and retention
  2. employee motivation
  3. intrapreneurship
  4. change
  5. industrial action
69
Q

causes of industrial relations conflict

A
  1. pay
  2. working conditions
  3. technology
  4. redundancy
  5. unfair dismissal
70
Q

pay claim

A

a demand made by employees to their employer for an increase in pay

71
Q

types of pay claims

A
  1. cost of living claim
  2. comparability claim
  3. productivity claim
  4. relativity claim
72
Q

trade union

A

organisation that aims to protect and improve the pay and working conditions of its members. members pay yearly subscription

73
Q

ASTI

A

association of secondary teachers Ireland

74
Q

shop steward

A

elected by trade union members in workplace and acts as union’s representative in that workplace.
-provides feedback to union on views of members
-gives advice and support to members on workplace issues
-helps resolve disputes between employees and management

75
Q

benefits of trade union membership (employees)

A
  1. protects employee rights
  2. information and support
  3. better pay and working conditions
  4. national level (raises awareness through media)
76
Q

benefits of trade union membership (employers)

A
  1. faster negotiations
  2. introducing change
  3. improved health and safety
77
Q

ICTU

A

Irish congress of trade unions: umbrella body that represents and campaigns on behalf of trade union members in Ireland.
-provides training and info
-resolves disputes
-negotiates on behalf of TUs

78
Q

bargaining

A

managers and employees meet to discuss wide range of issues including pay and working conditions

79
Q

bargaining types

A
  1. individual
  2. collective
  3. national collective bargaining/ social partnership
80
Q

social partners

A

groups that work together with govt. to achieve agreed goal that benefits all involved, e.g. IBEC

81
Q

types of industrial action (legal)

A
  1. official strike
  2. all out strike
  3. work to rule
  4. token stoppage
  5. overtime ban
82
Q

official strike

A

employees refuse to enter the workplace and perform normal duties. requires:
-secret ballot
-7 days notice
-approved by trade union
Members may receive strike pay from TU

83
Q

all out strike

A

all employees go on strike, including ones not involved directly in the dispute:
-secret ballot
-week’s notice
-ICTU approval

84
Q

work to rule

A

employees carry out duties exactly as stated in contract/job description - no extra duties

85
Q

token stoppage

A

employees refuse to work for short period of time e.g. a day. gives employer warning that more serious action may be taken if agreement not reached

86
Q

overtime ban

A

employees refuse to work overtime - puts employer under pressure to resolve complaint quickly

87
Q

types of industrial action (illegal)

A
  1. unofficial strike
  2. wildcat/lightning strike
  3. political strike
88
Q

unofficial strike

A

strike action but does not meet all or some of the requirements for official strike. members do not receive strike pay

89
Q

wildcat/lightning strike

A

employees take strike action without any warning to employer

90
Q

political strike

A

employees go on strike to protest against the government’s actions

91
Q

impact of industrial action on stakeholders

A
  1. employer
  2. investors
  3. employers
  4. suppliers
  5. government
  6. consumers
92
Q

non-legislative ways of resolving consumer conflict

A
  1. meeting and talking
  2. negotiation
  3. conciliation
  4. mediation
  5. arbitration
93
Q

meeting and talking

A

meeting arranged to discuss issue. shop steward may represent employee and HR manager may represent employer

94
Q

negotiation

A

both parties meet and bargain; offers and counter offers made until compromise reached

95
Q

conciliation

A

dispute referred to independent conciliator who listens to both parties and tries to get them to come to an agreed solution

96
Q

conciliator

A

person who brings disputing parties together to try resolve dispute

97
Q

mediation

A

independent mediator hears both sides of dispute and outlines how they think the dispute should be solved. encourages both parties to solve the dispute togther

98
Q

mediator

A

independent person who tries to get both parties in a dispute to reach an agreement by acting as a go-between

99
Q

arbitration

A

independent arbitrator listens to both parties and makes decision on how problem should be resolved -legally binding, can be rejected by one or both parties.

*binding arbitration if both parties agree to accept decision beforehand

100
Q

arbitrator

A

independent person that examines issue and makes recommendation on how it should be solved

101
Q

legislative methods of resolving industrial relations conflict

A
  1. industrial relations act 1990
  2. workplace relations commission
  3. labour court
  4. unfair dismissals acts 1977-2015
  5. employment equality acts 1998-2015
102
Q

industrial relations act 1990

A
  1. trade disputes
  2. secret ballot
  3. minimum notice
  4. picketing
  5. immunity
103
Q

trade disputes (IRA)

A

any dispute between employer/employee regarding employment/non-employment, terms and conditions of employment.

legal: pay/working conditions, discrimination, dismissal.

illegal: running of the firm, discontentment with government, closed shop agreements

104
Q

secret ballot (IRA)

A

confidential vote in which employees decide whether to take industrial action. if majority agrees trade union decides most effective type of action

105
Q

minimum notice (IRA)

A

minimum of 7 days notice before industrial action

106
Q

picketing (IRA)

A

primary: takes place at the employee’s workplace. involves employees walking outside the workplace carrying placards indicating that they’re taking strike action.
secondary: protesting outside the workplace of another employer - legal if they believe the employer is helping to break their strike

107
Q

immunity (IRA)

A

employer cannot sue TU or members for losses incurred due to official strike action

108
Q

WRC

A

workplace relations commission

109
Q

functions of the WRC

A
  1. information
  2. advisory service
  3. conciliation
  4. mediation
  5. adjudication services
  6. codes of practice
110
Q

information (WRC)

A

provides info on employment law and industrial relations to employers/employees through website/phone service

111
Q

advisory service (WRC)

A

works with businesses to maintain/develop positive industrial relations. can visit firms and provide workshops and training.

112
Q

conciliation (WRC)

A

independent conciliator hears disputes and helps parties reach mutually acceptable solution.

113
Q

mediation (WRC)

A

mediation officer tries to get parties to reach agreement; if successful, he records it in writing and it becomes legally binding. If failed, adjudication offer

114
Q

adjudication services

A

adjudication officer investigates cases of unsuccessful mediation. Hears both sides and makes decision - can be appealed to labour court

115
Q

codes of practice

A

written rules that define how people/orgs. must act in particular situations, e.g. bullying/discrimination procedures.

116
Q

labour court

A

court of last resort: industrial relations tribunal. aims to resolve and adjudicate on industrial relations disputes quickly, fairly and informally.

117
Q

functions of the labour court

A
  1. investigates disputes
  2. hears appeals
  3. establishes JLCs
  4. registers EROs
  5. interpretation of codes of practice
118
Q

investigates disputes (LC)

A

investigates trade disputes and issues decision on case - can be appealed to the High Court

119
Q

hears appeals (LC)

A

decisions made by WRC adjudication officer can be appealed - LC issues binding judgement

120
Q

Establishes JLCs (LC)

A

joint labour committees: improves pay and working conditions for staff in certain sectors, e.g. hairdressing.

used in sectors with low TU membership. made up of equal number of employee/employer reps. appointed by LC and chairperson. sets min. pay and working conditions

121
Q

registers EROs (LC)

A

employment regulation orders; drawn up by JLC and fixes min. rate of pay and working conditions for certain industries - adopted by LC and becomes legally binding

122
Q

Interpretation of codes of practice (LC)

A

gives its opinion on the interpretation of codes of practice made by the WRC. also investigates complaints about breaches of codes.

123
Q

unfair dismissals acts 1977-2015

A

prevents employees being dismissed from their jobs for unfair reasons. under the acts, all dismissals are deemed unfair and the burden of proof lies with the employer, i.e. must prove it’s fair. only applies after one year of continuous employment

124
Q

fair dismissals

A
  1. redundancy
  2. incompetence
  3. qualifications
  4. employee misconduct
  5. legal reasons
125
Q

procedure for dismissal

A
  1. counsel employee
  2. verbal warning
  3. first written warning
  4. final written warning
  5. suspension
  6. dismissal
126
Q

unfair dismissals

A
  1. age
  2. religious/political beliefs
  3. race
  4. TU membership
  5. pregnancy
  6. gender
127
Q

redress for unfair dismissals

A
  1. reinstatement
  2. re-engagement
  3. compensation
128
Q

reinstatement

A

-get old job back
-entitled to back pay
-entitled to any improvements in conditions of employment

129
Q

re-engagement

A

-may get old job back or alternative approved by WRC
-not entitled to back pay

130
Q

compensation

A

-up to two years salary if financial loss suffered
-up to four weeks salary if no financial loss

131
Q

constructive dismissal

A

occurs when employee resigns due to employer’s conduct towards them
-burden of proof lies with employee to show resignation is justified
-should have tried every other way before resigning

132
Q

employment equality acts 1998-2015

A

prohibits discrimination in the workplace. applies to temporary/part-time employees in all sectors. also applies to:
-equal pay
-training
-promotion

133
Q

illegal discrimination

A

-age
-gender
-disability
-sexual orientation
-traveller
-family status
-civil status
-race
-religious beliefs

134
Q

non-legislative ways of resolving discrimination

A
  1. meet with management
135
Q

legislative ways of resolving discrimination

A
  1. mediation (WRC)
  2. adjudication (WRC)

Business (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions