Outline two activities that are common and two activities that are different when managing a business as opposed to managing a household. - Leaving Cert Business - Question 5(A) - 2002
Question 5(A)
Outline two activities that are common and two activities that are different when managing a business as opposed to managing a household.
Worked Solution & Example Answer:Outline two activities that are common and two activities that are different when managing a business as opposed to managing a household. - Leaving Cert Business - Question 5(A) - 2002
Step 1
Common Activity 1: Taxation
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Answer
Both households and businesses are required to pay their taxes to the State, including income tax and PRSI. While households pay income tax based on earnings, businesses also have tax obligations such as VAT and corporation tax on profits.
Step 2
Common Activity 2: Decision-Making
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Answer
Management and decision-making are fundamental to both households and businesses. Choices must be made about expenditures, investments, and long-term planning, which involve assessing options and determining the best course of action.
Step 3
Different Activity 1: Scale of Operation
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Answer
The scale of operation in a household is generally smaller and less complex compared to a business. Households manage fewer resources, while businesses handle more extensive operations, employees, and customer interactions.
Step 4
Different Activity 2: Management Expertise
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Answer
Businesses often require specialized management expertise, including formal training in areas such as finance, marketing, and operations. In contrast, household management typically does not demand the same level of formal qualifications and expertise.
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