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•Enterprise
What is an entrepreneur?
An entrepreneur is a person who takes the risk to start a business in the hope of making a profit. They identify opportunities and take financial risks to bring their ideas to market.
•Enterprise
What is an interest group?
An interest group is an organisation that aims to influence government or business decisions. It is not elected but has strength in numbers. Ex. IBEC, ICTU.
•Business Relationships
What is a co-operative relationship in business?
A co-operative relationship exists when stakeholders work together for mutual benefit. Ex. A supplier offering discounts to a loyal business client.
•Business Relationships
What is a competitive relationship in business?
A competitive relationship exists when stakeholders compete for the same goal, such as sales or market share. Ex. Coca-Cola and Pepsi.
•Law & Business
What is a contract?
A contract is a legally binding agreement that is enforceable by law. It outlines the rights and responsibilities of the involved parties.
•Conflict Resolution
What is conciliation?
Conciliation is when a neutral third party helps resolve a dispute by listening to both sides and suggesting a solution. The parties are not legally bound to accept it.
•Conflict Resolution
What is arbitration?
Arbitration is when both parties agree to let a third party investigate a dispute and make a legally binding decision. It is used in industrial relations and contract disputes.
•Industrial Relations
What is a trade dispute?
A trade dispute is any disagreement between employers and workers related to employment terms, conditions, or pay.
•Industrial Relations
What is industrial action?
Industrial action includes steps like strikes or work-to-rule taken by workers to enforce their demands or highlight workplace issues.
•Employment Law
What is discrimination?
Discrimination is treating one person less favorably than another based on gender, age, race, or other factors. It is illegal in the workplace.
•Employment Law
What is harassment?
Harassment is any unwelcome or offensive act that humiliates or intimidates, including physical contact, spoken words, or inappropriate gestures.
•Enterprise
What is enterprise?
Enterprise involves people using their initiative to develop ideas and turn them into businesses. Entrepreneurs take risks to create value.
•Management Skills
What is reality perception in decision-making?
Reality perception ensures decisions are based on common sense and facts rather than emotion. It helps entrepreneurs assess risks effectively.
•Enterprise
What is innovation?
Innovation is the creation of new ideas, products, or processes that improve efficiency or add value to a business.
•Business Strategies
What is networking in business?
Networking is building professional relationships to create business opportunities and exchange knowledge.
•Management
What is management?
Management is the process of planning, organizing, staffing, directing, and controlling a business to achieve its objectives.
•Management Skills
What is time management?
Time management involves using available time effectively to complete tasks efficiently and meet deadlines.
•Management Skills
What is leadership?
Leadership is the ability to motivate and guide individuals or groups to achieve common goals.
•Management Skills
What is delegation?
Delegation is assigning tasks and responsibility to subordinates while retaining ultimate accountability.
•Management Skills
What is motivation?
Motivation is the set of forces that drive people to act in a certain way, influencing productivity and job satisfaction.
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•Management Skills
What is communication in business?
Communication is the transfer of information between individuals or groups to ensure understanding and effective decision-making.
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•Business Communication
What is a meeting?
A meeting is a gathering of at least two people for a lawful purpose, often to discuss business matters and make decisions.
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•Business Strategy
What is a mission statement?
A mission statement outlines a business's purpose, goals, and direction, serving as a guide for decision-making.
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•Management
What is planning in business?
Planning is setting business objectives and determining the best strategies to achieve them efficiently.
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•Management
What is organising in business?
Organising ensures a clear business structure is in place to facilitate efficient operations and role allocation.
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•Management
What is controlling in management?
Controlling involves measuring performance and making adjustments to ensure business goals are met.
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•Management
What is span of control?
Span of control is the number of employees reporting directly to a manager. A wide span means more subordinates per manager.
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•Operations
What is lead time?
Lead time is the time it takes for suppliers to deliver goods after an order is placed. Reliable lead times are crucial for inventory management.
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•Operations
What is Just-In-Time (JIT) inventory?
JIT is an inventory system where goods are ordered just before they are needed, reducing storage costs but requiring a short lead time.
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•Business Law
What is reservation of title?
Reservation of title means the seller retains ownership of goods sold on credit until they are fully paid for.
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•Operations
What is quality in business?
Quality is the degree to which a product meets customer expectations in performance, durability, and reliability.
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•Finance
What is a budget?
A budget is a financial plan outlining expected income and expenditure over a specific period.
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•Technology in Business
What is information technology (IT) in business?
IT refers to computer hardware and software used to store, process, and communicate business data efficiently.
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•Technology in Business
What is the internet?
The internet is a global network that allows businesses to share information, conduct transactions, and communicate worldwide.
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•Technology in Business
What is an intranet?
An intranet is a private network within a business used for internal communication and document sharing.
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•Business Strategy
What is risk management?
Risk management is identifying, assessing, and minimizing potential risks to a business.
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•Insurance
What is the average clause in insurance?
The average clause applies when an asset is underinsured. If a partial loss occurs, the payout is reduced proportionally.
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•Finance
What is factoring in finance?
Factoring is selling trade debts to a finance company for less than their full value to gain immediate cash flow.
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•Taxation
What are tax credits?
Tax credits reduce the amount of income tax an individual owes. They are deducted from gross tax to calculate net tax payable.
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•Taxation
What is Form 12?
Form 12 is completed by employees to obtain a Tax Credit Certificate (TCC) from the tax office.
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•Taxation
What is Form P45?
Form P45 is issued to employees who leave a job during the tax year, showing their earnings and tax deductions.
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•Taxation
What is Form P60?
Form P60 is issued at the end of the tax year, summarizing an employee's total earnings, tax paid, and PRSI contributions.
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•Taxation
What is Form P21?
Form P21, issued by Revenue, provides a statement of total income, tax credits, and PAYE tax paid for the year.
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•Human Resources
What is human resource management (HRM)?
HRM focuses on hiring, training, and managing employees to ensure an efficient and productive workforce.
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•Human Resources
What is manpower planning?
Manpower planning involves forecasting the number and skills of employees needed for a business's future operations.
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•Human Resources
What is a job description?
A job description outlines the duties, responsibilities, and skills required for a specific job role.
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•Human Resources
What is training in business?
Training involves teaching employees the knowledge and skills needed to perform their roles effectively.
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•Human Resources
What is induction training?
Induction training is given to new employees to familiarize them with the business, its policies, and their job responsibilities.
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•Industrial Relations
What is a trade union?
A trade union is an organization that represents workers in negotiations with employers regarding wages, conditions, and rights.
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•Industrial Relations
What is collective bargaining?
Collective bargaining is the negotiation process between employers and trade unions on wages, working conditions, and policies.
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•Human Resource Management
Why is performance appraisal important?
Performance appraisal helps identify areas where an employee's performance can improve. It ensures workers receive feedback, training, and career development opportunities, leading to higher productivity.
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•Human Resource Management
What is a team in business?
A team is a group of employees working together to achieve the same goal. Effective teams enhance productivity, foster innovation, and improve problem-solving within a business.
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•Human Resource Management
What is employee empowerment?
Empowerment means placing decision-making responsibility in the hands of employees closest to the customer. It improves efficiency, job satisfaction, and customer service.
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•Managing Change & TQM
What is total quality management (TQM)?
TQM is a process of continuous improvement focused on preventing defects rather than detecting them. It emphasizes meeting customer requirements and improving relationships with suppliers.
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•Ratio Analysis
What is a trading account used for?
A trading account calculates the gross profit of a business by subtracting the cost of goods sold from sales revenue. It helps assess profitability before other expenses are deducted.
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•Ratio Analysis
What is a profit and loss account?
A profit and loss account calculates the net profit of a business after all expenses are deducted from gross profit. It is a key financial statement for evaluating performance.
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•Ratio Analysis
What is a balance sheet?
A balance sheet is a financial statement that shows a company’s assets, liabilities, and equity at a specific date. It provides insight into the business’s financial health.
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•Ratio Analysis
What is ratio analysis?
Ratio analysis examines relationships between financial figures in accounts and expresses them as ratios or percentages. It helps assess profitability, liquidity, and financial stability.
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•Ratio Analysis
What is liquidity in business finance?
Liquidity measures a business's ability to pay its short-term debts. A company with good liquidity has enough current assets to cover its liabilities.
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•Ratio Analysis
What is overtrading?
Overtrading occurs when a business has more current liabilities than current assets. This creates liquidity problems and can lead to financial difficulties if debts cannot be repaid.
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•Ratio Analysis
What is gearing?
Gearing measures the ratio of debt capital to equity capital in a business. A high gearing ratio means the company relies more on borrowed funds, increasing financial risk.
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•Business, Government & the Economy
What is public procurement?
Public procurement is the process where firms bid for government contracts. To ensure fair competition, public sector contracts must be put to tender.
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•Marketing #1: Market Research & Market Segmentation
What is market research?
Market research involves gathering, recording, and analyzing data to understand consumer behavior and market trends. It helps businesses make informed marketing decisions.
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•Identifying Opportunities
What is brainstorming in business?
Brainstorming is a process where a group generates creative ideas and solutions through open discussion. It encourages innovative thinking without immediate criticism.
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•Managing Change & TQM
What is benchmarking?
Benchmarking is measuring a firm's products, services, or strategies against the best-performing competitor to identify areas for improvement.
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•Identifying Opportunities
What is a feasibility study?
A feasibility study assesses whether a business idea is technically and financially viable before significant investment is made.
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•Marketing #1: Market Research & Market Segmentation
What is test marketing?
Test marketing involves introducing a product prototype to a small group of potential customers to gauge reactions. Adjustments are made before a full market launch.
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•Marketing #2: The 4 P's (Product, Price, Place, Promotion)
What is marketing?
Marketing is the process of identifying, anticipating, and satisfying customer needs profitably. It includes market research, branding, pricing, promotion, and distribution.
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•Marketing #2: The 4 P's (Product, Price, Place, Promotion)
What is the marketing process?
The marketing process takes a product through different stages, from identifying customer needs to delivering a satisfied customer. It involves product development, promotion, and distribution.
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•Marketing #1: Market Research & Market Segmentation
What is the marketing concept?
The marketing concept prioritizes understanding customer needs and delivering products profitably while outperforming competitors.
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•Marketing #2: The 4 P's (Product, Price, Place, Promotion)
What is a marketing strategy?
A marketing strategy outlines how a business plans to position and sell its products using the marketing mix—product, price, promotion, and place.
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•Marketing #2: The 4 P's (Product, Price, Place, Promotion)
What is a marketing plan?
A marketing plan is a document outlining future marketing activities, including target markets, promotional strategies, and financial requirements.
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•Marketing #2: The 4 P's (Product, Price, Place, Promotion)
What is the marketing mix?
The marketing mix consists of the four P’s: product, price, promotion, and place. These elements help businesses meet customer needs and maximize sales.
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•Marketing #1: Market Research & Market Segmentation
What is a niche market?
A niche market is a small, specialized segment of a larger market with specific consumer needs. It has fewer competitors and often allows for premium pricing.
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•Marketing #2: The 4 P's (Product, Price, Place, Promotion)
What is branding?
Branding is the process of creating a unique identity for a product or business through name, design, and advertising. A strong brand builds customer loyalty and trust.
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•Marketing #2: The 4 P's (Product, Price, Place, Promotion)
What is the product life cycle?
The product life cycle consists of four stages: introduction, growth, maturity, and decline. Businesses use this model to adjust marketing strategies at each stage.
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•Marketing #2: The 4 P's (Product, Price, Place, Promotion)
What is cost-plus pricing?
Cost-plus pricing involves adding a markup to the production cost to determine the selling price. It ensures that a business covers costs while earning a profit.
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