Business - November test

CREDIT NOTE

A document sent by the seller to the buyer to explain a reduction in the amount owed; issued when goods purchased on credit are returned and cash refund is not appropriate.

The credit note is sent if any of the following situations occur:

The customer was overcharged; The wrong goods were delivered; Faulty or damaged goods were returned.

INVOICE

A document that gives details of the quantity and price of goods being sent, including terms of sale and carriage details.

BUSINESS PLAN

A written description of a business's aims, strategies, target markets, and financial forecasts, explaining what the business plans to do and how.

PURPOSE OF A BUSINESS PLAN

Assesses Success Potential, Secures Funding, Sets Goals, Guides Growth, Supports Expansion.

MAIN SECTIONS OF A BUSINESS PLAN

1. Background of the Business; 2. The Business Team; 3. Market and Marketing; 4. Production; 5. Costings and Finance; 6. Structure of the Business.

SMART GOALS

Specific: Clear and precise; Measurable: Progress can be tracked; Agreed: Accepted by everyone involved; Realistic: Achievable with available resources; Timed: Set within a timeframe.

SWOT ANALYSIS

Identifies strengths, weaknesses, opportunities, and threats of a business; Strengths and weaknesses are internal; Opportunities and threats are external.

FORMS OF BUSINESS OWNERSHIP

Sole Trader: Owned by one person, responsible for all debts; Partnership: Owned by 2-20 people; Private Limited Company: Owned by 1-149 shareholders, with limited liability.

FRANCHISES

A business model where one firm sells the right to use its products and brand to another business in return for a fee and profit share.

ADVANTAGES OF FRANCHISING

Reduced Risk, Brand Recognition.

DISADVANTAGES OF FRANCHISING

Reputation Risk, Loss of Control.

MARKETING MIX

The process of identifying and satisfying customer needs and wants while making a profit.

PRODUCT

A physical good or service provided to meet consumers' needs.

BRANDING

A brand is a name, symbol, design, or other feature distinguishing a product.

PRICE

The amount of money charged for a product or service.

PLACE

Where customers can buy the product and how it is distributed.

PROMOTION

Making customers aware of the product or brand to increase sales and loyalty.

ADVERTISING ETHICS

Advertising Standards Authority for Ireland (ASAI) ensures marketing communications are legal, decent, honest, and truthful.

What is market research

Market research involves collecting and analyzing information about consumer preferences.

INDUSTRIAL RELATIONS

Relationship between employers and employees in the workplace.

SHOP STEWARD

A trade union representative in the workplace elected by workers to represent them.

LABOUR COURT

Resolves disputes not settled by the Workplace Relations Commission; recommends solutions in arbitration.

WRC (WORKPLACE RELATIONS COMMISSION)

Helps keep peace between employers and employees by ensuring laws are followed and acting as a neutral helper in disputes.

TRADE UNION

An organization that represents workers, protects their rights, and negotiates with employers.

INDUSTRY ACTION

When workers go on strike or stop working to demand better pay or conditions.

INDUSTRIAL RELATIONS ACT 1990

States that employees engaging in Industrial action cannot be sued or held liable for losses.

ENTREPRENEUR

A person who starts and runs their own business, taking on financial risks.

CONSUMER RIGHTS

Protected by laws like the Sale of Goods and Supply of Services Act 1980 and the Consumer Protection Act 2007.

REDRESS

Legal entitlement to compensation when goods are damaged or faulty. The Three Rs: Repair, Replace, Refund.

INSURANCE

Provides financial protection against potential loss.

LIFE ASSURANCE

Pays compensation to beneficiaries upon the insured person’s death. Types: Whole-life, Term, Endowment.

JOBS IN INSURANCE INDUSTRY

Insurance Broker: Finds policies from multiple companies; Agent: Sells policies for one company; Actuary: Sets premiums based on risk; Loss Adjuster: Investigates claims.