What do the following letters stand for? (Write each answer in the space provided.)
VAT
LRC
ECB - Leaving Cert Business - Question 1 - 2012
Question 1
What do the following letters stand for? (Write each answer in the space provided.)
VAT
LRC
ECB
Worked Solution & Example Answer:What do the following letters stand for? (Write each answer in the space provided.)
VAT
LRC
ECB - Leaving Cert Business - Question 1 - 2012
Step 1
What does VAT stand for?
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Answer
VAT stands for Value Added Tax. It is a type of indirect tax that is imposed at each stage of the production and distribution process, based on the value added at that stage.
Step 2
What does LRC stand for?
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Answer
LRC stands for Labour Relations Commission. This organization is responsible for promoting good industrial relations and resolving disputes between employers and employees.
Step 3
What does ECB stand for?
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Answer
ECB stands for European Central Bank. This is the central bank for the euro and is responsible for monetary policy within the Eurozone, ensuring price stability and managing the euro.
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