Key Words (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
If a business earns €800 and spends €500 on expenses, what is the profit?
If a business earns €800 and spends €500 on expenses, what is the profit?
€300
What happens when a business experiences a loss?
What happens when a business experiences a loss?
Expenses exceed income
What is an entrepreneur?
What is an entrepreneur?
Someone who starts and runs their business
What does enterprise mean in business?
What does enterprise mean in business?
Spotting opportunities and taking risks
What usually happens to prices when demand is high and supply is low?
What usually happens to prices when demand is high and supply is low?
Prices increase
What is inflation?
What is inflation?
General price level increasing
What is the key difference between a wage and a salary?
What is the key difference between a wage and a salary?
Wages vary with hours, salaries fixed
What is the standard VAT rate in Ireland?
What is the standard VAT rate in Ireland?
23%
A product costs €100 excluding VAT. What is the price including 23% VAT?
A product costs €100 excluding VAT. What is the price including 23% VAT?
€123
How does interest work in banking?
How does interest work in banking?
Earned on savings, paid on borrowing
What is an insurance premium?
What is an insurance premium?
The fee paid for coverage
What is a budget?
What is a budget?
A financial plan for income and spending
What is an overdraft?
What is an overdraft?
Permission to withdraw more than balance