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Read the information supplied and answer the questions which follow: Jason saw a business opportunity in January 2010 which snow and bad weather hit the country - Leaving Cert Business - Question 4 - 2011
Question 4
Read the information supplied and answer the questions which follow: Jason saw a business opportunity in January 2010 which snow and bad weather hit the country. He... show full transcript
Worked Solution & Example Answer:Read the information supplied and answer the questions which follow: Jason saw a business opportunity in January 2010 which snow and bad weather hit the country - Leaving Cert Business - Question 4 - 2011
Step 1
Outline three enterprising characteristics/skills displayed by Jason.
Answer
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Innovative/Opportunistic: Jason recognized the potential business opportunity created by the harsh winter weather, which demonstrates his ability to identify openings for new business ventures.
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Decisive: He took action to set up the business by purchasing mini road sweepers, showcasing his willingness to make important decisions quickly.
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Good Communicator: Jason successfully persuaded the bank to provide financial help, indicating strong communication skills essential for liaising with stakeholders.
Step 2
Explain two advantages of a partnership as a form of business.
Answer
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Shared Risk: In a partnership, risks associated with the business are shared among partners, which can help mitigate individual losses and provide greater financial security.
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Combined Skills and Expertise: Partnerships allow for the pooling of different skills, knowledge, and expertise from each partner, facilitating improved decision-making and operational efficiency.
Step 3
Outline two factors that a bank would take into account before lending to a business.
Answer
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Credit Rating: Banks assess the credit history of the business and its owners to determine creditworthiness and the likelihood of repayment.
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Business Plan/Purpose of the Loan: The bank will evaluate the business plan, including how the funds will be used and the projected revenue, to ensure it’s a viable investment.
Step 4
Describe three responsibilities of an employer towards employees.
Answer
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Safe Working Environment: Employers must provide a safe and healthy working environment, complying with relevant legislation and codes of practice.
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Appropriate Compensation: Employers are required to pay the appropriate wage for the work done, ensuring that it adheres to minimum wage regulations.
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Fair Treatment: Employers should uphold principles of equality in the workplace and ensure fair treatment of all employees, addressing issues of discrimination and unfair dismissal.
Step 5
Outline the purpose of two of these forms.
Answer
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Form P60: This form is provided annually to employees summarizing their total pay and tax deductions for the year, ensuring accurate reporting of income.
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Form P45: This form is given to employees when they leave a job, detailing their earnings and tax contributions up until their departure, which is necessary for tax recording and future employment.