Leaving Certificate Business Unit Revision Pack

Comprehensive vocabulary flashcards covering the Leaving Certificate Business curriculum, including People in Business, Management, HRM, Finance, and Global Business topics.

Co-operative Relationship

A win-win relationship where parties pursue a common goal and create a scenario of mutual benefit.

Competitive Relationship

A win–lose relationship with mutually exclusive goals where one party wins at the other’s expense.

Interest Group

A group that represents a common viewpoint and seeks to influence decision makers through negotiation, lobbying, or boycotting.

Agreement

An element of a valid contract requiring an unconditional offer and acceptance, which can be made orally, in writing, or by conduct.

Consideration

Something of value, usually money, exchanged between parties to make a contract legally binding.

Capacity to Contract

The legal power or ability to enter into a contract; it is limited for legal minors under $18$, individuals who are bankrupt, or those acting ultra vires.

Performance

A method of terminating a legal contract where both parties fulfil their contractual obligations as per the agreed terms.

Frustration

The termination of a contract due to an unforeseen event, such as the death of a party, that makes it impossible to complete the agreement.

Condition

An essential element or the 'heart' of a contract; a breach of this term allows the agreement to be broken or repudiated.

Warranty

A less important part of a contract; a breach of this results in a claim for damages but does not terminate the agreement.

Specific Performance

A remedy for breach of contract where the court orders the parties to fulfil their original contractual obligations.

Consumer Association of Ireland (CAI)

An independent body that promotes, protects, and represents consumer interest and publishes the magazine Consumer Choice.

Merchantable Quality

A consumer right under the Sale of Goods and Supply of Services Act $1980$ stating goods must be of a reasonable standard regarding durability and price.

Inertia Selling

The illegal practice of demanding payment for unsolicited goods; the consumer gains automatic ownership if the goods are not collected within $6$ months.

Competition and Consumer Protection Commission (CCPC)

A statutory body with powers to enforce consumer law, conduct research into consumer behaviour, and monitor mergers and acquisitions.

Small Claims Court

An inexpensive and fast way to resolve consumer disputes for claims up to a maximum of $€2,000$, with an application fee of $€25$.

Ombudsman

A public official who investigates complaints against public service bodies as a last resort after other procedural routes are exhausted.

Relativity Increase

A type of pay claim based on the link between certain jobs, often applied in the public sector, such as between nurses and ambulance drivers.

Work to Rule

A type of industrial action where workers follow the exact jobs written in their contract with no flexibility, adhering to the 'letter of the law'.

Secret Ballot

A requirement for an official strike where the majority of union members must support the action without interference.

Adjudication

A service of the Workplace Relations Commission where an officer hears both sides and makes a decision; appeals are heard in the Labour Court.

Constructive Dismissal

Termination of employment where the employee resigns due to the employer’s unfair behaviour; the burden of proof falls on the employee.

Intrapreneurship

Entrepreneurial activity by an employee within a business who develops new products or processes using the company's resources.

Laissez-Faire Leadership

A leadership style characterized by huge trust in staff where the manager facilitates work rather than supervising, suitable for expert employees.

McGregor Theory X

A management theory assuming workers are lazy, dislike work, lack ambition, and must be motivated by threats and punishments.

Self-Actualisation

The highest level of Maslow’s Hierarchy of Needs, where a business offers career plans and training to help employees fulfil their full potential.

Electronic Data Interchange (EDI)

A development in ICT that improves communication through automated stock ordering and document transfer.

GDPR (General Data Protection Regulation)

Legislation that gives individuals rights to access and rectify personal data while imposing strict duties on data controllers to keep data secure.

SWOT Analysis

A planning tool used to identify internal Strengths and Weaknesses, as well as external Opportunities and Threats.

Strategic Planning

Long-term planning (over $5$ years) typically conducted by senior management to outline overarching business goals.

Contingency Planning

The creation of back-up plans for emergencies to prevent disruptions from unforeseen events.

Span of Control

The number of subordinates reporting directly to a manager; it can be wide or narrow depending on the skills of the manager and workforce.

Matrix Structure

An organizational structure using cross-departmental teams for projects to encourage innovation, though it may result in an unclear chain of command.

Stock Control

Managing resources to maintain optimum stock levels, ensuring the right stock is in the right place at the right time.

Insurable Interest

A principle of insurance stating the policyholder must gain from an item’s existence or suffer financially from its loss.

Subrogation

A principle where the rights to recover losses transfer to the insurance company once the insured has been fully compensated.

Average Clause

An insurance term applied to underinsured items where the partial loss payout is calculated as: $(\text{Value insured} / \text{Value of item}) \times \text{Loss}$.

Actuary

A professional who calculates the level of risk and the size of the insurance premium for an applicant.

Corporation Tax

A direct tax on company profits; in Ireland, the standard rate is $12.5\%$, which attracts multinational companies.

Fidelity Guarantee

A type of business insurance that covers risks associated with theft or fraud committed by an employee.

Job Specification

A document outlining the desired qualifications, skills, and experience required for candidates applying for a position.

Time Rate

A financial reward where an employee is paid a fixed rate per hour for a fixed number of hours.

Performance Appraisal

A formal HR process evaluating an employee's progress and contribution, used to set targets and highlight development needs.

Total Quality Management (TQM)

A strategy for continuously improving quality in all operations while striving for zero defects and total customer satisfaction.

Overdraft

A short-term source of finance allowing a business to withdraw more money than is in its current account, up to an agreed limit.

Factoring

A short-term finance method where a business sells its debt at a discount to a third party for an upfront payment.

Hire Purchase

A medium-term finance source where an asset is paid for in instalments and ownership passes after the final payment.

Acid Test Ratio

A liquidity ratio calculated as $(\text{Current assets} - \text{Closing stock}) / \text{Creditors falling due within 1 year}$; the ideal ratio is $1:1$.

Prototype Development

The creation of an original working sample of a product to identify defects, determine costs, and attract investors.

Market Segmentation

The process of dividing the market into identifiable segments sharing common characteristics such as demographic, geographic, or behavioural traits.

Niche Market

A small subset of a large market on which a specific product is focused, often characterized by higher costs and less competition.

Product Life Cycle

The stages a product goes through: Introduction, Growth, Maturity, Saturation, and Decline.

Price Skimming

A pricing strategy where a high price is introduced initially and then dropped later to gain more sales.

Private Limited Company (Ltd)

A separate legal entity with limited liability and between $1$ and $149$ shareholders.

Indigenous Business

An Irish-owned and based firm established and managed by Irish residents, where profits typically stay within Ireland.

Consumer Price Index (CPI)

A measure used to track changes in price levels over time to determine the rate of inflation.

Protectionism

Government actions to protect home industries from foreign competition using trade barriers like tariffs, quotas, and embargoes.

Visible Exports

The purchase of Irish-produced physical goods by a foreign-based customer.

Balance of Payments

The difference between total exports (visible and invisible) and total imports.

EU Regulation

An EU law that becomes enforceable immediately in its entirety across all member states simultaneously.