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SMARTSELL Smartsell is a technology enterprise providing software to retail stores - Leaving Cert Business - Question Question 1 - 2014
Question Question 1
SMARTSELL Smartsell is a technology enterprise providing software to retail stores. It is currently operating in the Irish market but sees an opportunity to expand ... show full transcript
Worked Solution & Example Answer:SMARTSELL Smartsell is a technology enterprise providing software to retail stores - Leaving Cert Business - Question Question 1 - 2014
Step 1
Outline two reasons for business expansion.
Answer
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Increase Profits: One of the primary aims of business expansion is to increase profits. By growing the company, Smartsell can enhance its efficiency in resource utilization, leading to higher profitability.
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Survive Economic Shocks: Expanding into the UK market can help Smartsell mitigate risks associated with economic downturns. Diversifying its operations will enable it to better absorb shocks and remain resilient in a competitive landscape.
Step 2
Explain the four underlined terms.
Answer
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Job Description: This document outlines the specific details regarding the position available, including the job title, responsibilities, and requirements necessary for the job.
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Person Specification: This component describes the qualities, skills, and experience that a suitable candidate should possess, aimed at guiding the recruitment process to find the best fit for the role.
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Benefits-in-kind: These are non-cash rewards provided to employees in addition to their regular wages, such as health insurance, company cars, or subsidized meals, serving as a means of enhancing employee satisfaction and retention.
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Training: This encompasses the methods and practices used by the company to develop employees' skills and competencies, ensuring that they are well-equipped for their roles and can contribute optimally to the organization's success.
Step 3
Explain the difference between 'on the job' training and 'off the job' training. (Refer to Smartsell in your answer).
Answer
'On the job' training involves employees learning and developing their skills within their working environment, directly related to their roles. For instance, at Smartsell, new software engineers may receive training while working alongside experienced colleagues on real projects.
In contrast, 'off the job' training takes place outside the everyday work setting, which could include external workshops or courses. This might involve specialized training sessions about software development at a training institution where staff can engage in focused learning without workplace distractions.
Step 4
List two methods of advertising the job vacancies.
Answer
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Local Newspapers: Utilizing local newspapers can effectively reach potential candidates in the area, ensuring community engagement in the recruitment process.
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Company Website/Social Media: Advertising job vacancies on Smartsell's website and through platforms like Facebook or Twitter can attract a wider audience, particularly tech-savvy candidates looking for opportunities in the software industry.
Step 5
Calculate his Net Annual Take-home pay from information given.
Answer
To calculate Niall's net annual take-home pay, we first determine his gross pay, which is €60,000.
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Deductions:
- PAYE: 20% on the first €32,800 = €6,560; 41% on the remaining (€60,000 - €32,800 = €27,200) = €11,152.
- Total PAYE = €6,560 + €11,152 = €17,712.
- Tax Credits: €3,600.
- Net PAYE = €17,712 - €3,600 = €14,112.
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PRSI: 4% on €60,000 = €2,400.
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USC: 3% on €60,000 = €1,800.
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Total Deductions = Net PAYE + PRSI + USC = €14,112 + €2,400 + €1,800 = €18,312.
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Net Annual Take-home Pay = Gross Pay - Total Deductions = €60,000 - €18,312 = €41,688.