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LC Business

Unit 4, Managing Business' & Households

QuestionAnswer
Insurance is an example of what type of expenditure, (Short, Medium or Long Term)? Short term
A new van is an example of what type of expenditure, (Short, Medium or Long Term)? Medium
Buying out a rival company is an example of what type of expenditure, (Short, Medium or Long Term)? Long term
Raw materials is an example of what type of expenditure, (Short, Medium or Long Term)? Short Term
Replacing computers is an example of what type of expenditure, (Short, Medium or Long Term)? Medium Term
Mortgage repayments are an example of what type of expenditure, (Short, Medium or Long Term)? Short term
A bank overdraft is an example of what type of finance, (Short, Medium or Long Term)? Short term
Factoring is an example of what type of finance, (Short, Medium or Long Term)? Short term
Selling shares in a company is an example of what type of finance, (Short, Medium or Long Term)? Long term
Hire purchase is an example of what type of finance, (Short, Medium or Long Term)? Medium term
A person's wages is an example of what type of finance, (Short, Medium or Long Term)? Short term
A person's savings is an example of what type of finance, (Short, Medium or Long Term)? Long Term
Retained earnings are an example of what type of finance, (Short, Medium or Long Term)? Long Term
What do you call a document that aims to predict the liquidity of a company over the next number of months or years, _______ ________ Forecast? Cash Flow Forecast
Which type of sale is better for liquidity, Cash or Credit? Cash Term
Which type of purchase is better for liquidity, Cash or Credit? Credit Term
Trade creditors are an example of what type of finance, (Short, Medium or Long Term)? Short Term
Credit card is an example of what type of finance, (Short, Medium or Long Term)? Short Term
Sale and Lease Back is an example of what type of finance, (Short, Medium or Long Term)? Long Term
What is the most important issue a bank will consider before agreeing to give a loan? Ability to repay.
Name the Insurance pricnciple that states, "You must tell the truth, the whole truth & all relevant details. Utmost Good Faith
Name the clause that pertains is an an assett that has been under-insured is partially damaged. Average Clause
Name the principle that pertains if an assett that has been insured with a number of different insurance companies gets damaged. Contribution
Name the principle that gives an insurance comany the right to sue any third parties that may be involved in the loss or damage to an insured assett. Subrogation
Name the principle that states that you cannot proftit from insurance. Indmenity
Name the principle that states that an asset can only be insured for its financial value to the proposer. Insurable Interest
Complete this sentence with one word. The highter the risk the higher the _________. premium
An A______ is a person that assesses the risk and calculates the premium. Actuary
There are two types of income tax in Ireland, PAYE and _______ _________. Self Assessment
What form needs to be filled out to get Tax Credits in Ireland? P12 A
What is the higher rate of income tax in Ireland at the moment,(2015)? 40%
What is the lower (standard) rate of income tax in Ireland at the moment, (2015)? 20%
What is the rate of corporation tax in Ireland at the moment, (2015) 12.5%
A company car is a Benefit in Kind and is taxed as income, True or False? True
If an employer pays health insurance for an employee, this is a Benefit in Kind and is taxed as income, True or False? True
"Jeans on Fridays" is a Benefit in Kind and is taxed as income, True or False? False
PRSI is a statutory deduction, true or false. True
Credit Union payments are a statutory deduction, true or false. False
PAYE is a statutory deduction, true or false. True
Every employee gets one of these forms/documents every year, what is it? (hint: P??) P60
You get one of these if you leave your job for any reason before the end of the tax year. P45
What is the main indirect tax in Ireland? VAT
Created by: ardscoil
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