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Isadoras 1st Year Business > Business > Flashcards

Business Flashcards

(47 cards)

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1
Q

Eg of need and wants

A

Water=need
Rolex=want

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2
Q

What are the 3 types of of way income comes in

A

Irregular income
Regular income
Bik ( Benefits in kind)

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3
Q

What is opportunity cost and financial cost

A

Opportunity cost is the one u go without and financial cost is the one u buy

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4
Q

Categories of expenditure

A

Fixed
Discretionary
Irregular
Current
Capital

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5
Q

Financial institutions

A

Bank= Bank Of Ireland
Credit union= swords credit union
Building society= EBS
An post= Donabate post office

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6
Q

What do financial institutions offer EG: bank offers currnt accounts

A

Post office = foreign exchange
Building society = mortgages
Credit union = loans

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7
Q

Income for child

A

Pocket money
Gifts

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8
Q

Income for teen/young adult

A

Part time job
Pocket money

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9
Q

Income for starting career

A

Social welfare
Wages

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10
Q

Setting up a home

A

Wage
Overtime

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11
Q

Growing carrier an family

A

Child benefit
Salary

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12
Q

Retirement

A

Savings
Pension

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13
Q

Foreign exchange for euro to foreign

A

Sell rate by €= foreign currency

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14
Q

Foreign to euro

A

Divide by the buy rate to get euro

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15
Q

What are the 3 R’s

A

Refund
Replacement
Repair

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16
Q

What are the 4 agencies called

A

Ccpc = competition and consumer protection commission
Cai = consumer association of Ireland
Small claims court
Ombudsman

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17
Q

What does the CCPC do and what 3 things does it offer

A

The CCPC is owned by the government set up by law to protect consumers
1. Informs consumers of their rights
2.provides information free to all
3. Promotes consumer welfare

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18
Q

What does the CAI do and what are 3 things they offer

A

The CAI is an independent non profit and non government organisation ran by consumers to protect consumers
1.informs consumers of their rights
2.promotes consumer welfare
3. Publishes consumer choice magazines

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19
Q

What is the SMALL CLAIMS COURT

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A

The small claims court is to handle consumer claims easily quickly and cheaply without involving a solicitor

20
Q

What is an OMBUDSMAN

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A

An ombudsman is to investigate complaints made by consumers who have been mistreated by public bodies
Pubic bodies = police ECT…

21
Q

Standing order

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A

Is used for mortgages it’s fixed time and fixed money

22
Q

Direct debit

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A

Variable amount and fixed time

23
Q

Overdrafts

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A

When ur spending the banks money

24
Q

Bank draft

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A

Safe way of paying large quantities of money to a named person

25
What is a renewable source
Resources that are not limited in supply and will not run out.
26
What is a non- renewable resource
Resources that are limited in supply and cannot be replaced.
27
What are examples of renewable resources
Wind Sunlight
28
What are examples of Non renewable resources
Fossil fuels (oil, gas)
29
List the impact of consumer choices on the environment and society
Pollution Animal testing Workers rights Local business/ support Scarce resources
30
Define sustainability and list the pillars of sustainability
Sustainability is the process of balancing the social (people), economic( profit) and environmental (planet) systems for the wellbeing of people now and in the future.
31
Define the term 'ethical consumer'
An Ethical Consumer is someone who chooses goods and services that meet their needs and that reflect their views on what is right and wrong.
32
How can you become and ethical consumer
● Reduce, Reuse, Recycle ● Buy Fairtrade products where possible ● Avoid goods that have a negative impact on society, animals and the environment.
33
Define and give an example of 'boycotting'
Boycotting means a voluntary act of protest in which consumers refuse to buy from or deal with a particular company. This damages the reputation and sales of the business.
34
Impact of ethical consumer
● The growth of Fairtrade good and fair labour certified garments ● The promotion of animal welfare e.g. no animal testing ● Reduce, Reuse, Recycle is encouraged
35
Define globalisation
Globalisation is the process by which the world becomes interconnected as a result of trade, improvements in transport and communications
36
Reasons for globalisation
Improvements in Technology: Consumer Demands: Freedom of trade Transport Improvements:
37
Impacts of globalisation
Wider Consumer Choice: New Businesses: Employment: Lower Prices:
38
Negative impacts of globalisation
Benefits the rich more than the poor: Local communities: Negative environmental impacts: Crowding out:
39
Advantages for ICT for consumers
Accessibility: Wider Choice: Online Booking: Consumer Feedback:
40
Disadvantage of ICT for consumers
No human interaction: Returning goods: Fraud:
41
What is enterprise
Enterprise is the actions taken by someone who shows the initiative to take the risk of setting up and running a business. It is a person’s ability to ● Come up with new ideas ● Seize new opportunities for innovation ● Turn the ideas into goals and actions
42
Name and explain the different types of enterprise
Financial Enterprise Creating a business with the aim of making a profit (EXAMPLE: Scrumdiddly's sells ice-cream with the aim of making a profit Social Enterprise Creating a business with the aim of helping people in the community. Not focused on profit (EXAMPLE: St Vincent DePaul and donabate credit union Cultural Enterprise Creating a business with the aim of providing music, theatre, arts, festivals to people in the community (EXAMPLE: Donabate Library GAA Clubs to promote Irish Sport Riverdance: promotes irish dance and culture Rose of Tralee Festival: provides family entertainment and promotes Irish tourism
43
Define entrepreneur
Entrepreneur is a person who take the initiative as well as the personal and financial risk in setting up an organisation.
44
What is a skill and what are the entrepreneur skills
A skill is an ability or expertise that people get through practice, experience, training. Entreprenurial Skills: 1. Ability to identify opportunities 4. Human relations skills 2.Planning and goal setting 5. Ability to assess and manage risk 3. Time management 6. Ability to manage money
45
What is a characteristic and what are the entrepreneurial characteristics
A characteristic is a personality trait that you are born with. Entreprenurial Characteristics: 1. Realistic Risk-Takers 4. Flexible 2. Innovative 5.Self-Confident 3.Proactive 6. Decisive / Good at making decisions
46
Reasons to be an entrepreneur
1. Be your own boss and make all decisions. 2. Keep all profits for themselves. 3. Sense of achievement for succeeding. 4. To create employment for themselves. 5. Turn a hobby / interest into a business e.g. sport & personal trainer.
47
Risks of being an entrepreneur
1. Lose the money invested if the business fails. 2. Work long working hours and difficult to get time off. 3. Income is not guaranteed. 4. You may not have all the skills needed for the business.

Isadoras 1st Year Business (2 decks)

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