List four activities that are similar when managing a household and managing a business. - Leaving Cert Business - Question 3 - 2005
Question 3
List four activities that are similar when managing a household and managing a business.
Worked Solution & Example Answer:List four activities that are similar when managing a household and managing a business. - Leaving Cert Business - Question 3 - 2005
Step 1
Taxation
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Answer
Both households and businesses are required to pay their taxes to the state, such as income tax. This legal responsibility is fundamental in both contexts.
Step 2
Official Forms
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Answer
Both require the completion of various official forms, including income tax forms and insurance proposals, to ensure legality and compliance.
Step 3
Decision-making
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Answer
Effective decision-making is crucial in both settings. This involves buying and selling items, choosing between alternatives to optimize resources and outcomes.
Step 4
Management Activities
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Answer
Planning, organizing, and controlling resources are common management activities that are essential in both managing a household and a business.
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