Business exam notes 2020 tuesday
🇬🇧
In Inglés
In Inglés
Practique preguntas conocidas
Manténgase al día con sus preguntas pendientes
Completa 5 preguntas para habilitar la práctica
Exámenes
Examen: pon a prueba tus habilidades
Pon a prueba tus habilidades en el modo de examen
Aprenda nuevas preguntas
Modos dinámicos
InteligenteMezcla inteligente de todos los modos
PersonalizadoUtilice la configuración para ponderar los modos dinámicos
Modo manual [beta]
El propietario del curso no ha habilitado el modo manual
Modos específicos
Aprende con fichas
elección múltipleModo de elección múltiple
Expresión oralResponde con voz
EscrituraModo de solo escritura
Business exam notes 2020 tuesday - Marcador
Business exam notes 2020 tuesday - Detalles
Niveles:
Preguntas:
106 preguntas
| 🇬🇧 | 🇬🇧 |
| 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 |