
JC Business Studies5,585 followers9 questions44 posts
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JC Business Studies- Taxes can be direct or indirect.
- Direct taxes are taxes on income such as corporation tax.
- Indirect taxes are taxes on expenditure such as VAT.
Direct Taxes in Ireland
- Income tax{PAYE}: Income tax is deducted as a percentage of income. There are two main taxes: the standard rate and the higher rate. The more a person earns, the more income tax they pay.
- Pay Related Social Insurance{PRSI}: PRSI is divided into 11 different classes. The class a person pays from their income determines the social welfare payments they are able to get. Employers also have to pay PRSI for each... (More)
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LC BusinessJC Business Studies
Why start a business?
- Challenge: Some people will become restless working for someone else, want more of a challenge
- Profit: Setting up the business offers the chance of earning profits
- New Ideas/Inventions:
- Circumstances: People can be forced to set up their business due to unforeseeable circumstances e.g A redundant worker with a sum of money
Problems in setting up a business:
- Right Product: getting the right product that will satisfy the needs for the customer fully e.g. Value for money
- Cash Flow: new starts ups often fail because cash flow issues i.e. run out of cash
- Premises: finding the... (More)
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JC Business StudiesKey Terms, Definitions and Summary
- A financial Service provider is an organisation that offers money-related services.
- The main financial service providers in Ireland are commercial banks, credit unions and An Post.
- A commercial bank is a financial institution that serves individuals and businesses.
- A current account is a non-interest account that allows the account holder to withdraw money at any time.
- A debit card allows an account holder to withdraw cash from an ATM or to transfer money electronically from their account.
- A cheque is a written instruction to the bank to pay an amount of money to... (More)