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Lilly > ๐๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐Ÿ > Flashcards

๐๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐Ÿ Flashcards

1
Q

what is insurance?

A

Protection against a loss you hope will not happen

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2
Q

What is assurance?

A

Protection against a loss you know will happen

(Life assurance)

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3
Q

Explain adequate

A

Appropriate for the situation/ just the right amount

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4
Q

Explain what household insurance covers (4)

A

Fire
Theft
Flood
Accidental damage

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5
Q

Explain what premium in insurance is

A

The cost of your insurance

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6
Q

What is compensation in insurance?

A

The money the insurance company pays out on a claim

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7
Q

What is insurable risk?

A

Things that can be insured

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8
Q

Explain what exclusion clause is

A

Situations that cannot be insured

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9
Q

Explain what policy excess means

A

If the damage is under a certain amount of money

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10
Q

Explain frivolous claim

A

Small unnecessary claims

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11
Q

Excess clause

A

The insured person may have to pay the first โ‚ฌ100 of the compensation themselves

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12
Q

What are the 2 reasons why we have excess clause

A

To reduce the number of small claims made

To be more careful

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13
Q

What is the policy in insurance

A

The contract of insurance

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14
Q

How do insurance companies make profit?

A

Large number of small premiums - eg. โ‚ฌ500 per customer

1 million customers= โ‚ฌ500,000,000

Insurance companies base theyre profit on likelihood.

Eg. If a customer needed โ‚ฌ100,000 for insurance they will have enough in said pool fund to have profit

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15
Q

What is insurance policy

A

An important document that details all information about your insurance cover

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16
Q

Explain insurable interest

A

In order to insure something you must benefit from its existence and suffer from its loss.

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17
Q

What is utmost good faith

A

Tell all relevant information when filling out an application for insurance

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18
Q

What is indemnity?

A

You cannot make a profit from insurance.

You cannot insure your house for more than it is worth as the ins. Co. Will only compensate you for the actual value of the house

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19
Q

What is contribution?

A

If a risk is insured with two insurance companies each will pay half of the compensation

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20
Q

What is subrogation?

A

Passed the legal right of the insured over to the insurer to claim from a third party who caused the loss.

Whirlpool oven causes house to go on fire. Ins. Co. Pays compensation to insured and then seeks their own compensation from whirlpool

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21
Q

Explain average clause

A

Related to underinsurance and partial loss.

If you only insure an item for a fraction of the value, you only get the same fraction compensation

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22
Q

Explain the formula for insurance

A

SUM INSURED x CLAIM= COMPENSATION

ACTUAL VALUE

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23
Q

Name the 2 documents used in insurance

A

Proposal form

Application form for insurance

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24
Q

What is cover note?

A

Temporary policy

Used in car insurance, while you are waiting for insurance disc

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25
Q

When does the national budget release

A

Around october each year

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26
Q

how often is the national budget released

A

The national budget is released in october for the upcoming year.

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27
Q

Who delivers the budget to the government

A

minister of finance

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28
Q

what is the national budget?

A

All the governments have a national budget which includes the amount of money it has and how it plans to spend that money in a given year on goods, services, and transfer payments.

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29
Q

What is an enterprise

A

Enterprise is any attempt to start or do something new. Enterprise is about turning ideas into actions, using creativity and willingness to try new things

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30
Q

4 Types of enterprise in the home/ personal life

A

helping out with keeping the house clean/tidy
babysitting
cooking for the family
taking the initiative to live a healthier lifestyle

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31
Q

3 Types of enterprise at school

A

being a part of the student council
organising a litter pick
starting a petition to change something that isnโ€™t working

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32
Q

Types of enterprise (3)

A

Local organisations - operate in a specific local area

National organisations- operate or have branches all over ireland

Global organisations- are very large and have operations all over the world

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33
Q

name 4 types of local enterprises

A

baker
butcher
hairdresser
local shop

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34
Q

name 5 types of national enterprise

A

Oโ€™Neills
Elverys
Super value
Centra
Supermacs

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35
Q

name 3 types of global enterprises

A

Penneys
Mc donaldโ€™s
Smyths

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36
Q

What is a financial enterprise

A

A financial enterprise is setup up to make a profit by selling a product or service

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37
Q

Name the 3 roles financial enterprises play in society

A

provides goods and services
provides employment
boosts economic growth

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38
Q

Not-For-Profit-Enterprises

A

Not for profit enterprises include charities and voluntary organisations that provide a range of services and benefits to communities

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39
Q

Local enterprise office

A

Thirty one local enterprise offices across the country offer a range of support and services to people interest in starting up a new business

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40
Q

What is a social enterprise

A

A social enterprise is one that puts people and community ahead of private and personal gain

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41
Q

Name 2 examples of a social enterprise in ireland

A

Social entrepreneurs ireland

Credit unions

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42
Q

The role social enterprises have in society

A

Provides services
Creates and supports employment

A society that encourages people to be enterprising and take the initiative

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43
Q

What is a cultural enterprise

A

a cultural enterprise provides local or national consumers with access to the arts and cultural activities and events

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44
Q

The role of cultural enterprises in ireland

A

Promotes arts and culture
Creates employment (e.g summer jobs)
Support the local economy (spend money in the local economy)
Entertainment

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45
Q

What is a sole trader

A

The some trader owns and runs their own business. The sole trader is the one who makes all decisions and provides the money in their business.

They take all the risk and gain all the reward

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46
Q

Steps for becoming a sole trader (4)

A

decide what type of business you want to go in to

find a suitable premises

register your business with the register of businesses. However, if you want to use your own name you do not have to register and can begin trading immediately

apply for a license if you need one

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47
Q

Advantages of a sole trader

A

Full control can make all decisions quickly

can open and close when they like

keeps all the profit- donโ€™t have to share with anyone

easy and cheap to set up- a license may/may not be needed

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48
Q

Disadvantages of a sole trader

A

Unlimited liability- can lose your own property to pay debts

the sole trader provides all finances to start the business

the owner makes all big decisions, alone cant be an expert in everything

hard to compete with larger business

long working hours

business does not survive its owner

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49
Q

Definition of liability

A

Financial responsibility or any money the business owes. Anything the business if financially responsible for

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50
Q

Partnership definition (3)

A

A partnership is a business where between 2 and 20 people come together to set it up and share control of the business. The owners have unlimited liability

Partnerships are common in types of businesses such as private medical practices and solicitors

A set of rules and responsibilities for the company are agreed and written down in a partnership deed

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51
Q

The deed of a partnership will include (5)

A

How profits are to be shared

How capital will be provided

Duties and tasks of each person in within the partnership

Rules for new partners

What happens if the business closes down/ someone leaves

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52
Q

Advantages of a partnership (5)

A

Easy set up

Extra money access in comparison to sole trader

more expertise and i make decisions

Financial and information is confidential

A confidential type of business Final accounts and Balance Sheets dont have to be published meaning business model not easily copied

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53
Q

Disadvantages of partnerships

A

unlimited liability

profits are shared rather than kept to one individual like sole traders

decision making can be slow since all partners have to be consulted

When a partner leaves, a new deed has to be drawn up, no continuity of existence

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54
Q

Dividend definition

A

A share of the profits given to share holders as a return for investment

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55
Q

Private limited company definition (3)

A

Formed when between 1 and 149 people put together money to start a new business. The people who put money in are called shareholders.

If the company makes a profit, shareholders receive a dividend. The dividend received depends on the amount of shares you invest. 1 share = 1 vote

Shareholders have limited liability and the words ltd come after the company name

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56
Q

Advantages of Private limited companies

A

Limited liability only lose what you put into the business

can raise money by selling shares

when a shareholder dies the business keeps going

as the company expands it can employ more experts

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57
Q

Disadvantages of private limited companies

A

Profits are to be shared

more expensive to set up

many legal requirements

the original founders can lose control if bought out

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58
Q

Public limited companies definition

A

A public limited company has 7+ shareholders and has directors who are voted by shareholders. These shareholders have limited liability.

they must follow many laws, rules , regulations a lot more than private limited companies. a shares can be bought and sold in the Stock Exchange. The name of the company will end with PLC

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59
Q

Advantages of Public Limited company

A

Limited liability- only lose what you put into the business

Can raise money by selling shares

Generally have a good credit rating

when a shareholder dies the business keeps going

as the company expands it can employ more experts

corporation tax 12.5%

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60
Q

Disadvantages of Public Limited Companies

A

Profits are shared

More expensive selling shares to the public

many legal requirements

the original founders can lose control if bought out

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61
Q

State owned companies

A

Formed by the dรกil and owned by the state with a board of directors appointed to run them

When a government sells a state- owned company it is called privatisation

if the government takes over a company it is called nationalisation

62
Q

Name 5 state owned companies

A

RTE
An post
Bord bรญa
Solas
Vhi

63
Q

State owned companies advantages

A

employment

provide essential services

profit-income for state

keep control over natural resources

64
Q

State owned companies disadvantages

A

lack of funding which in turn leads to borrowing more from government especially if business is not making a profit

the directors of some forms lack appropriate knowledge in the firms particular area, this is because they are appointed through political contacts

the lack of profit making sometimes leads to lack of motivation in the work place

65
Q

Co-operatives definition

A

co-operatives pool resources to achieve common goals, which as individuals they may not achieve alone. The people who set it up are called members and all profits go to the members

Go-operatives have limited liability which means only lose what has been invested

each member has one vote regardless of the amount of shares they own

66
Q

Co-operatives advantages

A

Limited liability

all members have an equal say

create employment

achieve more collectively than individually

67
Q

Co-operatives disadvantages

A

usually too small to compete with large companies

less of an incentive for to invest because one vote is one share

managerial appointments sometimes based on popularity rather than ability

68
Q

What is franchising

A

Franchising is a business arrangement whereby one person sells the right to use their name, idea or business to others and allows the to set up and exact replica of that business

69
Q

franchise advantages

A

proven business model

on-going support

cost saving

bulk buying

70
Q

franchise disadvantages

A

little control licence agreement must follow

does not encourage entrepreneurship

royalties and fees go back to main franchise

71
Q

stay at home parent

A

work

72
Q

students in school

A

work

73
Q

teachers in classrooms

A

employment

74
Q

volunteering for a charity

A

volunteerism

75
Q

work defiintion

A

is any productive activity that requires effort

76
Q

employment definition

A

work for which a person receives a payment

77
Q

employees definition

A

are people who work for employers in return for payment

78
Q

employer definition

A

someone who pays another person to work for them

79
Q

Loading

A

The higher the risk the higher the cost

80
Q

entrepreneurship characteristic and skills

A

creativity

entrepreneurship

leadership

communication

81
Q

types of employment 8!!

A

full time employment

part time employment

fixed term employment

casual employment

self-employment

job sharing

flexitime

teleworking

82
Q

fixed term basisโ€™ explanation

A

many people are employed in a fixed term basis. Their temporary employment finishes when the contract ends

83
Q

casual employees definition

A

casual employees are on standby to do work as required without fixed hours

84
Q

Job sharing definition

A

In job sharing, two employees together make up one working week in a particular role. They share the hours, workload and pay associated with the job

85
Q

flexitime definition

A

flexitime means that an employee can start and finish work at any time that suits them each day, as long as they do the hours stated in their contract

86
Q

Teleworking definition

A

teleworking the employer works from home and carries out the duties as if they were working on the business premises

87
Q

3 Rewards and benefits of work employment

A

(both) Help achieve goals

(both) develop Talents and skills

(both) sense of satisfaction/ personal achievement

(work x employment) important for self esteem

88
Q

Employment definition

A

the labour force refers to all those people of working age who are willing and able to work for payments t

89
Q

unemployment

A

members of the labour force who cannot find paid work are classified as unemployed

90
Q

3 voluntary work organisations

A

tidy towns

goal

svp (st. vincent de paul)

91
Q

volunteering definition

A

volunteering is when people carry out some work or activity without payment for their time and effort

92
Q

benefits and rewards of volunteerism to the individual volunteer 3!

A

learning new skills/using skills

shoes initiative/personal enterprise

enhances personal satisfaction/wellbeing

93
Q

benefits and rewards of volunteerism to the organisation 3!!

A

new range of skills/ ideas to organisation

benefit from passionate and highly motivated people

volunteers may act as ambassadors for the organisation the wider the community

94
Q

benefits and rewards of volunteerism to society (3)

A

communities improve as members work together

many voluntary organisations play and important role in reducing social isolation

volunteering gets things done!

95
Q

right definition

A

a right is something you are entitled to receive, for example be treated fairly or to receive at least the minimum wage

96
Q

Responsibility definition

A

a responsibility is a duty or something you should do, such as treat others with respect

97
Q

Statutory law

A

these are rights and responsibilities set out in law

98
Q

Social rights and responsibility definition

A

A responsibility is to respect the rights of others, and to act in the best interest of society as a whole

99
Q

environment rights and responsibilities

A

Insuring that the actions of individuals and organisations do not damage the environment

100
Q

Ethical rights and responsibilities

A

Doing what we believe to be right, such as treating employees fairly

101
Q

Laws protecting employees (3)

A

Protection of Young Persons (Employement) Act 1996

Employment Equality Acts 1998-2015

Unfair Dismissals Acts 1977-2015

102
Q

Protections of Young Persons (Employment) Act 1996

A

See a copy of the employees birth certificate

Get a letter of consent from the childโ€™s parent/ guardian if the employee is under 16

Keep records of the employees details, such as date of birth and the hours worked

103
Q

Employment Equality Acts 1998-2015
(the laws outline)

A

These laws outline discrimination on nine grounds:

Age
Gender
Race
Sexual orientation
Religion
Family status
Marital status
Disability
Member of the travelling community

104
Q

Employment Employment Equality Acts 1998-2015 (Definition)

A

These laws define discrimination as โ€˜the treatment of one person in a less favourable way than another person is, has been or would be treatedโ€™.

105
Q

Unfair Dismissals Acts 1977-2015 (10)

A

Age
Becoming pregnant
Religious beliefs
Political beliefs
Race
Sexual orientation
Being a member of the travelling community
Being a member of the trade union
Taking part in official strike
Taking legal actions against an employer

106
Q

Name the 5 reasons for valid reasons for dismissal

A

Incompetence (not doing work)

Misconduct (broken rules)

Redundancy (job no longer needed)

Unqualified (doesnโ€™t have necessary skills for the job)

incapability (unable to do job because lateness/absences)

107
Q

6 Legal rights of employees

A

Recurve at least minimum wage

Receive a written contract of employment

Receive the correct amount of paid holidays

Work in a workplace that is safe and healthy

Recurve proper rest breaks during work

Be provided with all information about them that is held by their employer

108
Q

National minimum wage 2023/2024

A

2023- โ‚ฌ11.30

2024- โ‚ฌ12.70

109
Q

Contract of employment definition

A

Employees are legally entitled to a contract of employment from their employer. This must be signed by both parties within 2 month of the start date

110
Q

Probation period definition

A

A probationary period is a specified trial period at the start of the employment to see if the employee is suitable for the position

111
Q

2 Social rights for employees

A

To work in a safe and respectful atmosphere

To a join a trade union if they choose to do so

112
Q

What is a trade union?

A

A trade union is an organisation that represents workers, protects their right and negotiates with employers on pay and conditions of work

113
Q

Name 3 environmental rights of employees

A

To have a safer and healthy working environment
To be provided with necessary safety equipment and protective clothing
Not to be asked to carry out work that breaches environmental regulations

113
Q
A
114
Q

3 ethical rights of employees

A

to receive a fair days pay for a fair days work
to have their religious and cultural beliefs respected
not to be asked to do anything unethical or illegal

115
Q

6 legal responsibilities of employees

A

carry out their duties as stated in their contract of employment

follow workplace rules and safety instructions

respect their employerโ€™s property

wear protective clothing and equipment provided by employer

attend all training provided by the business

not discriminate against or bully other employees

116
Q

social responsibilities of employees (3)

A

treat customers, co-workers and the employer with respect

work with and support fellow workers in order to achieve the aims of the business

be loyal to their employer and not disclose confidential business information

117
Q

environmental responsibilities of employees definition

A

follow all environmental regulations and procedures

118
Q
A
119
Q

Definition for financial institution

A

A financial institution provides financial services for it customers, including storing their money, managing payments and providing loans

120
Q

4 main types of financial institutions

A

Commercial banks
Credit union
Building societies
An post

121
Q

What is a commercial bank?

A

A commercial bank is a bank thatโ€™s offers financial services to the general public and go businesses

122
Q

Definition of current account

A

used for day to day spending, they are offered by commercial banks, credit unions and building societies

123
Q

Definition of deposit account

A

Are used to save money, are offered by commercial banks, building societies, and post and credit unions

124
Q

What are 4 things a current account is used for?

A

Day to day spending
Storing money safely
Paying for goods and services
Pay bills and transfer money to others

125
Q

Lodgement definition

A

Amounts paid into an account

126
Q

Withdrawal definition

A

Amounts paid out of the account

127
Q

what does DD stand for

A

Direct debit

Used for utility bills, where you give permission to a business or a person to take money from your account, used to pay bills where the amount and date vary

128
Q

what does P.O.S stand for

A

Point of sale meaning time and place of which a transaction has been made

129
Q

What 3 things are required for opening a current or deposit account

A

Photographic proof of identity
Proof of address
Personal public service number (PPSN)

130
Q

what does ATM mean

A

Automatic teller machine

131
Q

what does EFT mean

A

Electronic funds transfer

132
Q

what does paypath mean

A

an employer transfers wages or salary directly into the account, this is called a paypath

133
Q

what does PIN stand for

A

Personal identification number

134
Q

4 examples for withdrawing money from an account

A

Withdrawing cash at a bank using a withdrawal slip

using an ATM to withdraw cash using a card

Paying for items using a debit card

using a digital wallet

135
Q

Definition for debit cards

A

Allow consumers to pay for goods and services without using cash. The money is withdrawn electronically from the buyers account and paid into the sellers account

136
Q

What is a digital wallet?

A

A digital wallet is an online service that allows you to make electronic transactions

137
Q

What does SO stand for and mean

A

Standing order

is an instruction to a financial institution to pay a fixed amount to a specific person or organisation on a certain date

138
Q

Direct debit definition.

A

A current account holder gives permission to another person or business to withdraw variable amounts from their account, used when the date and amount are likely to change

139
Q

Credit transfer definition

A

Credit transfer is a once off instruction from a current account holder to their bank to transfer an amount of money to another account

140
Q

cheque definition

A

A cheque is a written instruction from an account holder to their bank to pay a specific amount of money to a named person or business

141
Q

Bank fees and charges definition.

A

Some financial institutions charge customers for their services, some accounts have annual fees and chargers per transactions

142
Q

Bank statement definition

A

a current account holder receives a statement from their bank on a regular basis.
the statement shows all transactions that have taken place during that time period

143
Q

Internet and telephone banking definition

A

Are useful and convenient ways for customers to pay bills, check their account balance, order statements and transfer money to other accounts

144
Q

2 advantages of of internet and telephone banking to the account holder

A

Convenience - 24/7 access
Higher interest rates on savings

145
Q

2 drawbacks for internet and telephone banking to the account holder

A

lack of wifi may limit access for some customers

security risks- hacking

146
Q

Definition of phishing

A

when criminals use fake emails and fake websites as a way of tricking people to give away passwords and bank details

147
Q

Credit card definition

A

Has a spending limit and is set up by the bank, the spending limit is based on the customers income and ability to repay

148
Q

Credit card statement definition

A

The statement sets out. all the items purchased during the month as well as any balance due from previous months

149
Q

Foreign exchange definition

A

Is the price at which one currency can be exchanged for another

150
Q

3 types of loans

A

short term loans
medium term loans
long term loans

Lilly (15 decks)

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