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Read the information supplied and answer the questions which follow: Jason saw a business opportunity in January 2010 when 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 when 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 when 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/Opporutnistic: Jason identified a market need for snow removal during adverse weather conditions, showcasing his ability to recognize and act on new business opportunities.
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Decisive: He effectively set up his business and organized the operation by employing part-time staff, which demonstrates his capability to make timely decisions in a competitive landscape.
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Good Communicator: Jason engaged with the bank to secure financial support, indicating strong communication skills that are essential for building professional relationships.
Step 2
Explain two advantages of a partnership as a form of business.
Answer
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More Capital Availability: In a partnership, financial resources are pooled from multiple partners, which can lead to better funding opportunities and allow for successful scaling of operations.
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Better Decision Making: With the combined experience, knowledge, and skills of multiple partners, a partnership can make more informed decisions, leveraging diverse perspectives.
Step 3
Outline two factors that a bank would take into account before lending to a business.
Answer
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Ability to Repay: The bank will assess the business's ability to generate profits and cash flow to ensure timely repayment of the loan.
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Credit Rating: A review of the business’s credit history and creditworthiness will be conducted to evaluate the risk associated with lending.
Step 4
Describe three responsibilities of an employer towards employees.
Answer
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Provide a Safe Working Environment: Employers are obliged to ensure that the workplace is free from hazards that could harm employees.
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Pay the Agreed Wage: Employers must ensure that employees receive at least the minimum wage for the work performed, in accordance with legal standards.
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Maintain Payroll Records: Employers must keep accurate records of employee wages and related deductions for tax purposes, including PRSI contributions.
Step 5
Outline the purpose of two of these.
Answer
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Form P60: This form is issued by the employer at the end of the tax year, summarizing the employee's total earnings and the taxes paid during that period, essential for tax filing.
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Form P45: This document is provided when an employee leaves a job, detailing the income received and tax deducted, making it useful for tax records and future employment.