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Read the information supplied and answer the questions which follow - Leaving Cert Business - Question 1 - 2019
Question 1
Read the information supplied and answer the questions which follow. KILDARE VILLAGE Job advertisement – Seasonal Sales Staff for SuperClothes retail outlet Seaso... show full transcript
Worked Solution & Example Answer:Read the information supplied and answer the questions which follow - Leaving Cert Business - Question 1 - 2019
Step 1
Explain the term induction training.
Answer
Induction training refers to the process that takes place when a new employee starts at an organization. During this training, the employee receives vital information and instructions about how the organization operates, including who to report to, payment details, and policies and procedures. Induction training may also involve a shadowing aspect, where new employees observe existing ones to gain a better understanding of their roles.
Step 2
Outline two benefits for SuperClothes of training its sales staff.
Answer
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Enhanced Employee Performance: Training equips employees with the knowledge and skills they need to perform their roles effectively. This increases efficiency, reduces mistakes, and ultimately improves the quality of service offered to customers.
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Increased Employee Retention: A trained workforce often experiences higher job satisfaction. When employees feel valued and believe they are gaining valuable skills, they are more likely to remain loyal to the company, thereby reducing turnover rates.
Step 3
Explain the term benefit-in-kind.
Answer
A benefit-in-kind is a non-financial form of income provided by an employer to an employee, often viewed as a perk. It may include items such as free meals, transportation allowances, or company cars. Unlike cash payments, the financial value of these benefits can be subject to taxation and may affect the overall compensation package negotiated between the employee and employer.
Step 4
Explain the term Gross Pay.
Answer
Gross Pay refers to the total amount an employee earns before any deductions are made. This includes base salary as well as any overtime payments. It is a crucial figure for calculating net pay, which represents the amount employees take home after taxes and other deductions are removed.
Step 5
Step 6
(iii) If Orla works 8 hours on St. Stephen’s Day, calculate her gross pay for that one day.
Answer
Orla's hourly wage on St. Stephen’s Day is double her regular rate:
St. Stephen’s Day Hourly Rate = 2 × Hourly Rate = 2 × €15.00 = €30.00.
To calculate her gross pay for that day:
Gross Pay = Hourly Rate × Hours Worked = €30.00 × 8 = €240.
Therefore, her gross pay for that day is €240.
Step 7
(i) Calculate Fiona’s total annual deductions. Show your workings.
Answer
To calculate Fiona's total annual deductions, we sum the deductions outlined:
Total Deductions = PAYE + PRSI + USC
PAYE = €3,700
PRSI = 7% of €35,000 = €2,450
USC = 3% of €35,000 = €1,050
Thus, Total Deductions = €3,700 + €2,450 + €1,050 = €7,200.
Step 8