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Personal Finance Flashcards

1
Q

What is Benefit in kind?

A

A non-cash form of payment

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2
Q

What is Opportunity Cost

A

The item you have to do without in order to get another item.

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3
Q

What are the 5 stages of the financial cycle?

A 
Dependent
Independent
Growth
Maturity
Retirement
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4
Q

What do these acronyms stand for?

PAYE
USC
DIRT
PRSI
VAT
A 
Pay as you Earn
Universal Social Charge
Deposit Interest Retention Tax
Pay-Related Social Insurance
Value-added Tax
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5
Q

What is the difference between direct and indirect taxation?

A

Direct taxes are progressive, this means the amount taxed varies from income to income.
Indirect taxes are regressive which means income isn’t a variable.

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6
Q

What is Customs Duty?

A

The tax on goods imported or exported to or from countries outside of the EU.

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7
Q

What is Excise Duty?

A

Excise duty is tax on unhealthy items from cigarettes to plastics. This money is put to supporting campaigns against these items.

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8
Q

What is a Credit Rating?

A

A measure of your ability to pay a loan

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9
Q

What is a credit union?

A

A co-operative organisation where a group of people save together and lend to each other at a fair interest.

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10
Q

What is simple interest?

A

Simple interest is where the interest you receive is calculated as a percentage of the amount of money you have put into the account.

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11
Q

What is compound interest?

A

Compound interest is where the interest you receive is calculated as a percentage of the total money in an account at the end of the year.

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12
Q

What does investing mean?

A

Investing means to use our money to earn a greater return that is possible from an ordinary savings account.

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13
Q

What are the 3 types of loan and provide an example

A

Short Term: Bank Overdraft
Medium Term: Personal Loan
Long Term: Mortgage

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14
Q

What is APR?

A

The Annual Percentage Rate is the cost of interest charged on a loan each year.

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15
Q

What is security in the context of a borrower

A

Security is an item taken that is given back when the loan is paid as safety.

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16
Q

What is Insurance?

A

A written promise by an insurance company to pay money to a person who has suffered a loss or injury.

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17
Q

Factors when considering Motor insurance

A

No Claims Bonus
Third Party insurance: the insurance company pays for everyone elses damage when it’s your fault.
Comprehensive insurance is when the insurance company pays for everything.

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18
Q

What is the difference between insurance and assurance?

A

Insurance is protection against something that may happen while Assurance is against something that will definitely happen.

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19
Q

What is a Proposal Form?

A

The application for for insurance

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20
Q

What is Premium?

A

The fee paid for insurance

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21
Q

What is risk in the context of insurance?

A

The likelihood of harm occurring to the object that’s insured.

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22
Q

What is an actuary

A

The person who calculates risk and the premium for an insurance company.

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23
Q

What does the rule Insurable Interest mean?

A

It means you can only insure an item if it has a valid reason to be insured

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24
Q

What does the rule Utmost Goof Faith mean?

A

The person getting insurance has to be completely honest with the insurance company.

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25
What does the rule Indemnity mean?
You can not profit from insurance
26
What does the rule Subrogation mean?
This rule says that if you receive full compensation for a damaged item, that item now belongs to he insurance company.
27
What does the rule Contribution mean?
If you have an item insured with multiple insurance companies, each company has to only pay a percentage of it.
28
What is an Exclusion Clause?
When an insurance company won't provide you with financial compensation under certain circumstances.
29
Name some of the responsibilities of a consumer
Know and understand their consumer rights Always purchase goods from trustworthy retailers Understand to pursue when there's a valid complaint.
30
What is Basic Pay?
The amount you earn for a normal working week.
31
What is Gross Pay?
The amount of money received before any deductions are taken into account
32
What is Tax Credit?
The part of your income that is free
33
What is a budget?
A plan of your expected income and expenditure over a period.
34
What is an Analysed Cashbook?
A record of all the money coming in and out of a household.
35
What is the difference between a Deposit and Current Account?
A deposit account is for people who don't need regular access to their money, a current account is for people who need regular access.
36
What is a Cheque?
A written instruction to your bank to pay a sum of money to another person or organisation.
37
What is a Bank statement?
A bank statement is a record of all money deposited or withdrawn from your bank account.
38
What is an enterprise?
A profit or non-for-profit organisation
39
What is enterprising?
Enterprising is the ability to show initiative in taking a new and possibly risky task
40
What are the 3 types of enterprise?
Financial Enterprise Social Enterprise Cultural Enterprise
41
What is a Sole Trader?
A person who owns and runs her or her own business
42
What is a Partnership?
A partnership is when between 2 and 20 people carry a business together with the goal of making a profit.
43
What is the difference between limited and unlimited Liability?
Unlimited Liability means that a sole trader is responsible for all the debts of a business. Limited Liability means that you can only lose up to the amount you invested into the company.
44
What is a Franchise?
A franchise is an agreement where someone is given permission to setup a branch of another persons business in return for a percentage of the sales.
45
What is a Co-operative?
A co-operative is an organisation formed by people with a common interest who join together to achieve a goal they couldn't achieve by themselves.
46
What are some skills of an enterprising person?
Planning skills Decisiveness Interpersonal skills (good communication skills) Delegation skills (good management skills) Ability to task calculated risks Multitasking skills
47
What are some characteristics of an enterprising person?
``` Confidence Leadership Flexibility Responsible Hardworking Innovative ```
48
What is employment
Work carried out in return for payment
49
What are the benefits of volunteering
``` Gain experience Learn Skills Make contacts/friends Increased tolerance to different cultures Increase in mental health ```
50
What is an employee?
Someone who works in return for payment
51
What is an employer?
Someone who hires other to work in return for payment.
52
What are the RIGTHS of an EMPLOYER? (name 5)
To expect employees to behave in an honest, way. To hire suitable staff. To fire people with a fair reason. To protect confidential business information. To run their business as they see fit. (within reason)
53
What are the RESPONSIBILTIES of an EMPLOYER (name 5)
To treat employees fairly and not to discriminate To give employees a healthy working environment To pay employees at least the minimum wage. To respect their employees needs. To promote environmentally friendly methods of work.
54
What are the RIGHTS of an EMPLOYEE (name 5)
``` To be paid at least the minimum wage. To work in healthy conditions. To join a trade union if they wish. To receive the correct amount of holidays. To not be discriminated against. ```
55
What are the RESPONSIBILITIES of an EMPLOYEE (name 5)
To pay the required taxes from their wage. Not to act mean or intimidating to fellow employees. To respect the employers property. To be respectful of different cultures and beliefs. Do a fair days work for the money received.
56
What is an industrial relation?
The relationship between an employer and an employee.
57
What is a Trade union?
An organisation of workers whose main objectives are to protect the jobs of their members and improve their conditions
58
What is marketing?
Everything that involves getting goods or services from the producer to the consumer at a profit.
59
What is a target market?
A group of people who are likely to want to buy a particular product or service.
60
What is market research?
Collecting information about a product and its market then using that information to make business decisions.
61
What is desk research?
Information collected on a market from already-written reports that have done the same, i.e documents on the internet.
62
What is field research?
Asking your target market questions about the product to find out the information you need.
63
Types of field research (there are 4)
Surveys/questionnaires Test marketing Direct observation Panels.
64
What are the foe P's of the Marketing Mix?
Product, Price, Place and Promotion.
65
Factors affecting the price of a product. (There are 6)
``` The competitors price The cost of making the product The income level of the target market. The profit wanted from the product. The frequency of people buying the product. Brand popularity ```
66
What is Sales promotion?
All ideas used by a firm to increase the sales of a product or service other than advertising?
67
What are the 6 methods of Sales Promotion?
``` Free Gifts Special Introductory price Competitions Coupons _____ for the price of _____ Piggyback selling: The product being sold for free along with another related product. ```
68
What is the Product Life cycle
The product life cycle shows how the demand for a product changes over time.
69
What is a business plan?
A detailed statement of the goals and objectives of a business and the steps required to achieve them.
70
What does SWOC stand for?
Strengths, Weaknesses, Opportunities and Challenges
71
What is considered a SMART business plan (it's an acronym)
``` Specific set of objectives and steps Measurable progress Agreed by everyone participating Realistically possible Time should be accounted for. ```
72
What is a Letter of Enquiry?
When a buyer makes enquiries to find out more information about a product or service.
73
What is a quotation?
A written document showing the prices available for goods and services.
74
What is creditworthiness
A measurement of how likely a person will pay a debt in full on time.
75
What is a Statement?
A document that lists all the transactions between a buyer and seller over a period of time and the amount that's due at the end of the period.
76
What is a receipt?
A written document sign by the seller of goods stating they have received a certain amount of money in return for the goods sold.
77
What is a cash flow statement?
A plan showing all the expected cash receipts and payments over a period of time.
78
What is a trade creditor?
A person or firm to whom a business owes money because they purchased goods from them.
79
What is a lease?
An agreement to rent land, buildings, equipment or vehicles.
80
What are grants?
Grants are non-repayable sources of finance from the government or EU to help people who want to start a new business.
81
What is a trial Balance?
A list of balances brought down from all the ledger accounts and analysed cash books
82
What is an income statement?
An accounting document made up of a firm's trading account, profit and loss account and appropriation account.
83
What is a statement of financial position?
A list of assets, liabilities and capital of a company on a particular date
84
What is economics?
The study of how people and businesses with limited income make business decisions.
85
What are the 4 factors of production?
Land, Labour, Capital and Enterprise
86
What is the definition of economy?
The production, distributions and consumptions of goods and services in a country.
87
What are the 3 Types of Economic system
Centrally planned economy Free enterprise economy Mixed economy
88
What is the circular flow of income?
This term describes how economic resources move around in an economy.
89
What are the 4 perspectives of taxations
Financial Perspectives Social Perspectives Legal Perspectives Ethical Perspectives
90
What does economic growth mean?
The change in the value of goods and services produced by a country from one year to the next
91
What is the difference between invisible and visible trade
Visible trade is goods and invisible trades is services.
92
What is inflation?
A general increase in prices in a country from one period to the next
93
What is the exchange rate?
The quantity of a foreign currency that can be purchased for 1 euro.

Business Junior Cert (1 decks)

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