Business exam notes 2020 tuesday
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Business exam notes 2020 tuesday - Leaderboard
Business exam notes 2020 tuesday - Details
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106 questions
| 🇬🇧 | 🇬🇧 |
| A resource is anything that we can use in order to meet our needs or achieve our goals | What is a resource |
| Physical/capital resources, natural resources, financial resources, human resources, time resources | Types of resources |
| Goods that are made by people, eg. vehicles, books | Physical/capital resources |
| Resources provided by nature, eg. land, water | Natural resources |
| All types and sources of money, eg. savings, employment income. | Financial resources |
| Priority spending | How do you make use of financial resources |
| Financial cost and opportunity cost. | What are the two costs when you buy something |
| 'next best thing' is the benefit, profit or value of something that must be given up in order to get something else | Opportunity cost |
| Wages, salaries, pensions, benefits, dividends, interest on savings, windfall | Most common sources of household income |
| BIK household does not receive any cash but is provided with goods or services that have a money value | Benefits in kind |
| Incomes such as wages, salaries, child benefits, pension which are received every week or month | Regular income |
| Time rate, overtime pay, piece rat, commission, bonus pay, | Different methods of calculating wage |
| Statutory voluntary | Name two types of deductions |
| Public relations social insurance provides them with benefit entitlement should they require them. eg. pension | Prsi ireland tax |
| Extra money deducted for pensions, savings, trade union | Voluntary deductions |
| Income that remains when all income taxes and compulsory payments have been made. some of it will be required for essential spending | Disposable income |
| The income left over after taxes and essential spending is called discretionary income | Discretionary income meaning |
| Important items of expenditure that involve the same amount of money being spent on a regular basis, mortgage repayments or rent etc | Fixed expenditure |
| Occur on a less regular basis and amounts tend to vary with usage for example groceries or clothing | Irregular expenditure |
| Spending on non essential items that we choose to buy, satisfies our wants for eg. entertainment, holidays | Discretionary expenditure |
| Continuous and regular | Current expenditure |
| Far less regular and will generally not be repeated for a long time E.G a laptop or tv | Capital expenditure |
| Prepare budget, prioritize expenditure, false economies, opportunity cost , impulse buying, check bills | Effective spending |
| Is a purchase that initially appears to be good value for money but in the longer term turns out to be more expensive | False economy |
| Reflects a series of stages that a person goes through throughout their life and helps a person adjust their financial needs at each stage of their life. | Personal financial life cycle |
| Reliance stage (0-18) independent stage (19-24) developing stage(25-35) pre-retirement (36-64) retirement (65+) | Stages of cycle |
| Employment status, age no. of dependents, health status, economic outlook, marital status | Factors that will impact financial planning |
| Live within means, think about spending, identify months when there are a lot of bills and expenses, plan for large items | Why prepare a budget |
| Income exactly equals expenditure | Balanced budget |
| When income is greater than expenditure | Budget surplus |
| Expenditure is greater than income | Budget deficit |
| Value for money, high quality products, good after sales service, info about product | Most consumer requirements |
| Do i really need it? can i afford it? do i have space for it in my home? are there any hidden extra charges? | What should a consumer ask themselves before buying? |
| Name, weight, price, ingredients, nutritional info, barcode etc | Info about products |
| When a purchase which seems to be cheaper in the short run actually seems to be more expensive in the long run. | False economy |
| Supermarkets own products | Own label branded products |
| The Consumer's association of ireland is an independent organisation, represents irish consumers and seeks to protect their rights | What is the CAI? |
| Let the buyer beware latin | Caveat emptor |
| Behave wisely avoid impulse buying and false economies shop around for the best value for money | Consumer responsibilities |
| Law protects you when you buy goods from a trader and the goods are intended for your own consumption | Sale of goods and supply of services act 1980 |
| Merchantable quality fit for the purpose be as described conform to the sample shown | Sale of goods and supply of services act 1980 for goods |
| Necessary skills and qualification, care and attention, merchantable quality | Sale of goods and supply of services act 1980 for services |
| Refund, replacement, repair | Three forms of redress |
| Provides protection to consumers regarding misleading claims about goods, services and prices | Consumer protection act 2007 |
| Misleading, aggressive, prohibited | Unfair commercial practices |
| Forbidden by law | Prohibited |
| Stop use, bring item back, explain problem, decide redress, send written complaint,seek advice of third party, small claims procedure, go to court | How to make a complaint |
| Change your mind, misuse of a product, told about fault | When is a consumer complaint not valid |
| Ccpc, CER, ComReg, FSO, office of the Ombudsman, small claims procedure | Help with a consumer complaint |
| Investigates complaints from people who have been treated unfairly by a public body | Office of the ombudsman |
| Quick cheap easy way to resolve complaint about a faulty good or poor work by a service provider | Small claims procedure |
| Centrally planned economy a free market economy a mixed economy | Types of economic systems |
| Illustrates the movement of economic resources and wealth throughout the economy. | Circular flow of income |
| Any attempt to start or do something new | Enterprise |
| Person who takes the initiative and risk to set up a business in the hope of making a profit | Entrepreneurs |
| Realistic risk-taker innovative proactive flexible self-confident decisive determined | Characteristics of entrepreneur |
| Identify opportunities make decisions plan and set goals manage time/stress human relation reality perception assess and manage risk | Skills of entrepreneur |
| Be your own boss spot gap in market keep all profits currently unemployed flexible hours make decision | Reasons for starting a business |
| Establish business's to make a profit | Financial enterprise |
| Puts people and community ahead of private and personal gain | Social enterprise |
| Provides consumers either locally or nationally with access to cultural experience | Cultural enerprise |
| Resources that are limited in supply or that cannot be replace | Non renewable sources |
| Are not limited in supply that wont run out and that can be regrown, reused and recycled | Renewable resources |