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Business Start Up

Definitions from CH 15 Leaving Cert Business

TermDefinition
Bank Overdraft The account holder is given permission to withdraw more than the amount in the account, up to a specified amount. Security is not usually required. Interest is calculated on a daily basis.
Factoring the business sells its debtors to a bank for cash. The business gets the money up front from the bank.
Accrued Expenses these are expenses that do not have to be paid until after the service has been provided e.g. gas, esb. By delaying the payment of these bills, the business can use the money as a short term source of finance for other purposes.
Debenture A long term, fixed interest, loan for a business. Usually used for expansion. The loan is secured on the company’s assets. Interest payments on loans are a tax allowable expense
Equity Capital the owners sell some of their shares to investors in return for money. Shareholders receive a say in the running of the company and a dividend if the company makes a profit.
Hire Purchase Buyer obtains the item immediately but does not become legal owner until the last installment is paid. The rate of interest is high and is charged on the initial sum borrowed.
Term Loan repaid in fixed installments over an agreed period. The money is granted for a stated reason. Banks may want security on the loan in the event of non payment.
Leasing involves the renting of an asset from a finance company.
Job Production Once off production of unique items which are not held in stock.
Batch Production The production of certain quantities of identical products in one production run and then production switches to a different batch
Mass Production Continuous production of identical products.
Sole Trader a business set up, owned and run by one person, e.g. a local hairdressers or chemist.
Private Limited Company a business which may have between 1 and 99 shareholders, who operate the business with the benefit of limited liability e.g. Eason Ltd.
Partnership a business set up, owned and run by between two and twenty people with the intention of making a profit. E.g. KPMG, PWC accountants.
Continuity Whether the business exists after the death of the owner
Business Plan A document that sets out the objectives of a business and the strategies by which these will be achieved
Created by: jennymarshall