Skip to main content

LC Business
LC Business
5,167 followers
4 questions
12 posts

Do you have questions about LC Business?

Log in to ask questions about LC Business publicly or anonymously.

  • This section requires you to Name, Explain and Link for each point. combining different elements into the one answer. Evaluation may be also required.
  • In answering the questions on the ABQ candidates must explain and make use of relevant knowledge/theory (and understanding) gained in the subject while studying the course in addition to the relevant links from the ABQ.
  • Linking of points made in your answer with the text by relevant quotes/phrases/statements from the ABQ is essential.
  • Read the ABQ provided in full before reading the questions, then go back and highlight the relevant points/links in the text.
  • Present your... (More)

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)
Share Notes
LC Business

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)

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)