Junior Cert Business Studies Flashcards

Junior Cert Business Studies Flashcards

What is employment?

Work done in exchange for payment.

Define volunteering.

Offering services without pay.

Describe 'work' in a broad sense.

Any productive activity, paid or unpaid.

List impacts of work.

Personal income, career development, social interaction.

Name common types of work.

Full-time, part-time, temporary, permanent, self-employed, casual.

What activities are included in the primary sector of the economy?

Extracting natural resources (e.g., farming, fishing).

Which sector involves manufacturing and construction?

Secondary sector.

Give examples of the tertiary sector.

Services (e.g., teaching, banking).

What are some reasons for unemployment?

Automation, downsizing, lack of skills, business closure, seasonal work ending.

What are the benefits of volunteering?

Skill development, community involvement, experience for CV, improved mental health.

What are the rights of employees?

Fair wage, safe working conditions, rest breaks, privacy, protection from discrimination.

List the responsibilities of employees.

Follow lawful instructions, do the job to the best of their ability, respect co-workers, arrive on time.

What rights do employers have?

Hire/fire staff, expect employee performance, run business according to goals.

What are the responsibilities of employers?

Provide safe workplace, pay agreed wages, obey employment laws, treat employees fairly.

Name the Responsibilities types.

Legal, Social, Environmental, Ethical

Name key acts about rights and responsibilities in Ireland

Health and Safety Act 2005, Employment Equality Act 1998-2015, Unfair Dismissals Act 1977-2015, Minimum Wage Act 2000, Organisation of Working Time Act 1997

What is a trade union?

An organization that represents workers.

Who is a shop steward?

A worker elected to represent fellow employees in the union.

Give some reasons for industrial action.

Poor pay, bad conditions, unfair treatment.

What are the types of industrial action?

Strike, work-to-rule, go-slow, overtime ban.

What is the focus of marketing?

Understanding the customer's needs, market trends, and how to target customers.

Why is market research important?

Makes better decisions, reduces risk, helps understand competitors.

What are the types of market research?

Desk research (internet, newspapers), field research (surveys, interviews).

What are the marketing mix?

Product, price, place, and promotion

What does 'product' refer to in the 4 P's?

What is being sold (features, design, quality).

What does 'place' refer to in the 4 P's?

Where it's sold (online, retail).

What does 'promotion' refer to in the 4 P's?

How it's advertised (social media, TV).

What is included in advertising planning?

Decide goals, target audience, and message.

Name different advertising media.

TV, radio, online, print, influencers.

How do organizations have economic impacts on communities??

Job creation, tax payments, local spending boosts economy.

How do organizations have social impacts on communities?

Support charities, sponsor events, improve local services.

How do organizations have environmental impacts on communities?

Pollution, recycling, green energy, reducing waste.

Illustrate examples of local enterprises.

SuperValu, Energia, An Post.

What is the cost-benefit analysis for?

Weighs total cost vs. potential gain from new technology.

What is business technology?

Use of digital tools and ICT systems to improve efficiency.

What are the types of technology in business?

Email, cloud storage, e-commerce platforms, inventory systems.

What are the benefits of technology in business?

Faster communication, accurate records, cost savings.

What are the costs of technology in business?

Training, updates, equipment, cyber security.

Calculate the Gross Profit Margin as a percentage.

Gross Profit Margin = (Gross Profit / Sales) x 100

Calculate the Net Profit Margin as a percentage.

Net Profit Margin = (Net Profit / Sales) x 100

Calculate the ROI as a percentage.

ROI = (Net Profit / Capital Invested) x 100

Calculate the Current Ratio.

Current Ratio = Current Assets / Current Liabilities

Calculate the Acid Test Ratio.

Acid Test Ratio = (Current Assets - Stock) / Current Liabilities

Calculate the Stock Turnover.

Stock Turnover = Cost of Sales / Average Stock

Calculate the Dividend per Share

Dividend per Share = Total Dividend / Number of Shares

Calculate the Gearing Ratio as a percentage.

Gearing = (Loan Capital / Capital Employed) x 100