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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)
- 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)