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LC Business
LC Business
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Getting Started & Ownership Structures

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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LC Business
Management Skills and Communication Skills Notes

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)