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LC Business
LC Business

Money Management Terms

https://quizlet.com/41550927/money-management-leaving-cert-home-economics-flash-cards/

  • Budget – A plan for spending money.
  • Income – Money received.
  • Expenditure – Money paid out.
  • Gross Income – Total amount earned before deductions.
  • PAYE – Pay As You Earn. Income Tax. Paid to State.
  • PRSI – Pay Related Social Insurance. Pays for benefits if and when needed.
  • Net Income – Total amount earned after deductions. Take home pay.
  • Statutory Deductions – PAYE and PRSI
  • Voluntary Deductions – Optional, e.g. health insurance.
  • Household Expenses – Accommodation (rent/mortgage). Food. Clothing. Medical expenses. Travel. Electricity. Heating (gas/oil/etc.). Entertainment. Savings.
  • Tax Credit – System used to calculate the amount of tax a... (More)
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Motivation - Maslow and McGregor

Motivation: is about what makes people do things. (What makes people work)

Maslow’s Need Hierarchy Theory of Motivation!

1. Physiological Needs:

These needs are of the lowest-order and most basic needs of human beings. These involve satisfying fundamental biological drives, such as the need for food, air, water, cloth, and shelter.

2. Safety and Security Needs:

The second level of need in Maslow’s hierarchy is emerged once physiological needs are met. Safety needs involve the need for a secure environment, free from threats of physical and psychological harm. These needs find expression in such desires as economic security and protection... (More)

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Management Skills and Communication Skills Notes
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Business Leadership

Leadership

Leadership: Reflects a person’s ability to influence the actions and behaviours of others. “Lead by Example”

Delegation: Passing on responsibility for certain decisions or outcomes to others.

3 Types of Leader

Autocratic: Very Controlling, Motivates through fear and intimidation. “My way or the highway” E.g Steve Jobs at Apple

  • Benefits: (1) Quick Decision Making (2) Effective in certain situations e.g Low Skilled Factories/ Manufacturing
  • Drawbacks: (1) Demotivates Staff (2) Over Reliance on Managers - Managers are overloaded with decisions and may struggle to cope.

Democratic: are more likely to seek the opinion of others when making a decisions. E.g... (More)