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buisness
| Question | Answer |
|---|---|
| All risks insurance: | A type of home insurance that covers the loss of or damage to the policy holder's belongings even when they are outside the house (e.g. jewellery stolen while on holiday). |
| Annual Equivalent Rate (AER): | The compound interest rate for savers. |
| Annual Percentage Rate (APR): | The annual rate charged on a loan. Interest is only charged on the balance yet to be paid. |
| Arrears: | An account is in arrears if one or more repayments are late or go unpaid. |
| Assessor: | A person who inspects damage and calculates loss for an insurance company. |
| Balance of trade: | The difference between the value of a country's visible imports and visible exports. |
| Basic economic problem: | Our needs and wants are unlimited but economic resources are limited. |
| Benefit-in-kind (BIK): | Non-money income in return for work. |
| Bonus: | A payment given to employees at certain times of the year or for reaching a target. |
| Borrowing: | Getting a sum of money from a financial institution which must be paid back with interest by an agreed time in the future. |
| Break-even point: | The number of units of a product that must be sold in order to cover the cost of developing and producing it. At this point the business is neither making a profit nor a loss. |
| Building society: | A financial institution that offers mortgage and savings services. |
| Business ethics: | The moral choices made by a business. |
| Capital (factor of production): | All the financial resources that are available in a country to help produce goods and services, including human-made tems (e.g. equipment, machines and buildings). The economic return on capital is interest. |
| Capital expenditure: | The money a business spends to buy or improve facilities and equipment. It is long- term spending. |
| Child Benefit: | A monthly payment by the government to parents or guardians of children under 16 years of age, or under 18 years of age if the child is in full-time education. |
| Certificate of insurance: | A document that proves an insurance policy exists between the insurer and the insured. |
| Channel of distribution: | The path a product follows from the manufacturer |
| Collateral: . | Something of value that the borrower promises to give to the lender in the event of them not paying of the loan nonpayment of the loan |
| Compensation: | The money received from an insurance company in the event of a loss. |
| Compound annual return (CAR): | The compound interest rate for savers. |
| Compound interest: | Interest calculated as a percentage of the total amount in an account at the end of each year. |
| Controlled economy: | An economy in which the government has total control of the production of goods and services. Also known as a centrally planned economy. |
| Crowdfunding: | Using an online platform to raise small amounts of money from many people in order to finance a business. |
| Current account: | A non-interest account that allows the account holder to withdraw money at any time. |
| Deposit Interest Retention Tax (DIRT): | A government tax on interest earned from a financial institution. |
| Economic growth rate: | The percentage change in economic growth in a period of time. |
| Economic policy: | The actions the government takes to influence the economy. |
| Embargo: | A ban on the trade of certain goods. |
| Employment rate: | The percentage of the total labour force that is employed. |
| Employment: | Work done in return for payment. |
| Deljvery docket: | A document sent by a seller and signed by a buyer as proof that goods have been received. |
| Deficit budget | : A budget in which the planned total expenditure is greater than the planned total income. |
| Entrepreneur: S making a profit. | omeone who takes a personal and financial risk to set up a business with the hope of |
| Enterprise (factor of production): labour and capital to produce goods and services. The hoped-for economic return for enterprise is profit. | The act of a person or business that brings together the land, |
| Equity capital: | Money raised by a business from ordinary share capital (shares) and retained earnings (reserves). |
| EU single market | : A market that allows the free movement of goods and services, capital and labour between the European Union member states. |
| European Commission: | The body that proposes European Union laws and puts them into effect once they are passed. |
| Eurozone: | The group of European Union member states that have adopted the euro as their currency. |
| Excise duty: | A tax on certain goods (e.g. cigarettes, alcohol and petrol). |
| Expenses due: | A short-term finance option for a business, using money from expenses that do not have to be paid immediately. |
| Factors of production: | The economic resources used to produce goods and provide services (land, labour, capital and enterprise). |
| False economy: | A purchase that appears to save money but leads to further expenditure in the long term. |
| Financial enterprise: | A business set up with the purpose of financial gain. |
| Free economy: | An economy in which anyone is free to make decisions about the production of goods or services. |
| Globalisation: | How the countries of the world exchange goods, services and ideas. |
| Gross domestic product (GDP): | The total market value of the goods and services produced within a country in one year. |
| Gross national product (GNP):. | The total market value of the goods and services produced within a country in one year, including income earned by citizens abroad and minus income earned by foreign organisations and individuals within the country |
| Invisible trade: | The trade of services (e.g. tourism, banking and transport). |
| Invoice: | A document sent by a seller to a buyer as a bill for goods or services supplied. |
| Jobseeker's Allowance/Jobseeker's Benefit: | A payment made by the government to people who are unemployed and looking for work. |
| Just in time (JIT): | A stock control system that involves ordering stock only as it is needed. |
| Labour (factor of production): ges. | All the workers who are available in a country to help produce goods and services (e.g. builders, factory workers and food scientists). The economic return for labour is wa |
| Labour force: | All the people in the country who are available for work. |
| Land (factor of production): economic return for land is rent. | All the natural resources available in a country for use in the production of goods and services (e.g. agricultural land, seas, forests and mineral wealth). The |
| Law of demand: | As the price of a good or service increases, the quantity demanded will decrease, and vice versa. |
| Law of supply: | As the price of a good or service increases, the quantity supplied will increase, and vice versa. |
| Levy: | Another name for a tax. |
| Limited liability: S | shareholders are not personally responsible for business debts and can only lose the amount they have invested in the business. |
| Living wage: | An hourly rate of pay that allows workers to meet their needs. |
| Loading: | An amount that is added to a basic insurance premium due to risk. |
| Loan | : A sum of money that is borrowed from a financial institution and then paid back in instalments with interest. |
| Local Property Tax (LPT): | A tax on the market value of all residential properties. |
| Long-term finance: | Any source of finance that can be repaid over more than five years (e.g. a long- term loan) or may not need to be repaid at all (e.g. crowdfunding). |
| Long-term liabilities: | Money that is owed by the business over a term of more than one year, e.g. a 10-year loan or a mortgage. Also known as creditors: amounts falling due after more than one year. |
| Long-term loan: | A loan that is repaid back to the lender, plus interest, in instalments over more than five years. |
| Margin: | The percentage difference between the cost price and the selling price of goods. |
| Market equilibrium: | When quantity demanded equals quantity supplied. |
| Marketing mix: | The 4Ps of marketing: product, price, place and promotion. |
| Markup: | The percentage amount added to the cost price of goods to cover expenses and provide the business with a profit. |
| Mid-term loan: | A loan that is paid back to the lender, plus interest, in instalments over one to five years. |
| Mission statement: | A short, written statement of a business's main goal. |
| Mixed economy: | An economy in which the government and private business share the production of goods and services. The Irish economy is a mixed economy. |
| Monopoly | : A market in which one organisation controls the supply of a good or service with no competition. |
| Mortgage: | A long-term loan for a house or other property repaid plus interest in instalments over a long period of time (e.g. 20 or 30 years). |
| National budget: | A document showing the government's planned revenue and expenditure for the next year. |
| National business: | A business that only operates within the country where it was established. |
| No claims bonus | : A discount received for not making a claim on car insurance. This is deducted from the premium cost. |
| Non-statutory deductions: | Deductions that an employee chooses to pay from their gross pay (e.g. health insurance). Sometimes called voluntary deductions. |
| Open economy: | An economy in which goods and services are freely traded with other economies. |
| Opportunity cost: | An item that is not bought in favour of another item. |
| Pay Related Social Insurance (PRSI) | : A tax on employees' gross income. The government use the money collected from PRSI to pay for unemployment benefits, Maternity Benefit and Illness Benefit. |
| Personal resources: | Any material resources (such os income or possessions) and personal qualities (such as skills, talents or character traits) a person has. |
| Premium: | The fee poid by the insured to the insurer. |
| Price discrimination: | Selling the some product at different prices to different consumers. |
| Principle of contribution: | not claim the full amount af the loss of that item from all of the companies. |
| Principle of indemnity: | A principle of insurance which states that the insured persan must not make a prafit from insurance. |
| Principle of insurable interest: | A principle of insurance which states that the insured person must have a persanal interest in the item being insured. |
| Principle of subrogation: | A principle of insurance which states that the insurance company can seek to recover the amount paid to an insured person in the event of a loss, |
| Principle of utmost good faith: applying for insurance. | A principle of insurance which states that a person must honestly provide important information about themselves and the item being insured (material facts) when |
| Private limited company: | A business that is owned by between one and 149 shareholders. |
| Private sector: | The part of the economy that is run by individuals and private organisations (i.e. not controlled by the state). |
| Privatisation: | The sale of a state-sponsored body to the private sector. |
| Proposal form: | An application form for insurance. The applicant must answer questions about themselves and the thing they wont to insure. |
| Protectionism: | The practice of imposing tariffs on cheaper imports to protect EU industries. |
| Public limited company: | A business whose shares can be traded on the stock exchange and bought and sold by members of the generol public. |
| Quota: | A limit on the quantity of goods that can be produced or traded. |
| Rate of inflation | : The percentage chonge in the price of goods and services in a period of time. |
| Recession: | A period of falling economic growth. Also called a bust. |
| Retention Tax (DIRT): | A government tax on interest earned from a financial institution. |
| Risk: H | ow likely it is that an event being insured against will take place (i.e. how likely it is that the insurer will have to pay out money). |
| Salary | : A monthly or annual payment to employees. It is a fixed payment at regular intervals. |
| Scarcity: | The result of the gap between unlimited needs and wants and limited economic |
| Shop steward: | A worker who has been elected by trade union members to represent them in the workplace. |
| Social enterprise: | A business that is set up with the aim of solving problems that affect society (e.g. such as homelessness or environmental concerns) rather than for profit. |
| Sole trader: | A business that is owned and run by an individual. |
| Stakeholder: | An individual, organisation or social group that affects or is affected by a business. |
| Statutory deductions: | Deductions from an employee's gross pay that must be paid (e.g. income tax). |
| Stock control: | Having enough of the right stock to meet customers' needs, while avoiding the cost of having too much stock. |
| Substitute product | : A similar product that can be used in place of another product. |
| Supply curve: | The quantity of a product or service that suppliers are prepared to sell at different prices. |
| Supply: | The quantity of a product that suppliers are prepared to sell at different prices. |
| Surplus budget: | A budget in which the planned total income is greater than the planned total expenditure. |
| Target market: | The people who are most likely to buy or use a new product or service. |
| Tariff: | A tax charged on imported goods to make them more expensive and to encourage people to buy domestic (locally produced) products. |
| Term assurance: A | type of life assurance that pays out a lump sum if the insured person dies during an agreed period. |
| Third party fire and theft: | A type of car insurance that only covers damage to the other driver's (the third party) car in the event of an accident. It also covers the policy holder if their car is stolen or fire damaged. |
| Trade creditors:0 days). | A short-term finance option that allows a business to buy supplies on credit and pay for them at an agreed later date (e.g. in 3 |
| Trade union: | An organisation of workers set up to protect its members' rights and interests |
| Unemployment: | When people who are available for work cannot find a suitable job. |
| Unemployment rate: | The percentage of the labour force that cannot find work. |
| Uninsurable risk: | A risk that an insurance company will not cover because the likelihood of it taking place is too high. |
| Universal Social Charge (USC): | A tax on employees' gross income, introduced by the government in 2011. |
| Unlimited liability | : A business owner's personal property may be seized to pay for the debts of their buisness |
| Unpaid work: | Work undertaken for no financial gain. |
| Value Added Tax (VAT | ): A government tax that is added to the cost of goods and services (e.g. 23%). |
| Variable interest rates: | Interest rates that can fall or rise over time. |
| Visible trade: | The trade of goods (e.g. electronics, food and vehicles). |
| Volunteerism: | The practice of volunteering time and energy without payment, in order to benefit society. |
| Wage: | Payment calculated by multiplying the rate per hour by the number of hours worked in a week, fortnight or month. |
| Work: | Any task that requires effort to achieve a result. |
| Working capital: | The money available to a business |
| A principle of insurance | which states that if a person has insured an item with more than one insurance company, they can |
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