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Getting Started

Job Production refers to the production of a single customised product. Production involves skilled labour with an emphasis on craftsmanship.
Batch Production refers to the production of certain quantities of identical products at the same time/in one production run.
Mass Production refers to the production of large numbers of identical products 24/7.
Business Plan a written statement about how a business is going to achieve its aims and objectives. It outlines the marketing, production and financial plans for the proposed business.
Sole Trader a business owned by one person.
Partnership an agreement between two or twenty people to go into business together.
Unlimited liability the owner is responsible for ALL debts of the business
Private Limited Company has a minimum of 1 shareholder and a maximum of 50.
PAYE This is the system of tax collection used in Ireland. This system is progressive, so the more you earn, the greater income tax has to be paid.
Employers PRSI is a compulsory insurance payment levied on firms for every employee they have. Money goes towards unemployment payments, pensions, maternity benefits.
Cash Flow Forecast an estimate of a firms future cash inflows and outflows.
Stock Control Ensures that the firm has the correct amount of stock at all times to satisfy customer demand.
Bad debts amounts of money owed by debtors that are unlikely to pay you.
Liquidity the ability of the business to pay short-term debts as they fall due.
Overtrading a negative working capital
Current Assets Assets that are easily turned into cash. E.g. Stock, debtors
Current Liabilities Bills that the business owes. E.g. creditors, bank overdraft
Working Capital is the day to day finance needed to pay the expenses of the business.
Created by: bccns business