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Read the information supplied and answer the questions which follow: Jason saw a business opportunity in January 2010 when snow and bad weather hit the country - Leaving Cert Business - Question 4 - 2011
Question 4
Read the information supplied and answer the questions which follow: Jason saw a business opportunity in January 2010 when snow and bad weather hit the country. He ... show full transcript
Worked Solution & Example Answer:Read the information supplied and answer the questions which follow: Jason saw a business opportunity in January 2010 when snow and bad weather hit the country - Leaving Cert Business - Question 4 - 2011
Step 1
Outline three enterprising characteristics/skills displayed by Jason.
Answer
- Innovative/Opportunistic: Jason identified a gap in the market during a snowy period, showing his ability to seize business opportunities.
- Flexible/Adaptable: He responded quickly to increased demand by employing extra staff and adapting business practices.
- Good Communicator: Jason borrowed funds from parents, indicating strong interpersonal and persuasive skills.
Step 2
Explain two advantages of a partnership as a form of business.
Answer
- Shared Capital and Resources: With multiple partners, more capital is available, which allows for larger investments and shared financial burdens.
- Varied Skills and Expertise: Each partner brings different skills and expertise, enhancing decision-making and overall business management.
Step 3
Outline two factors that a bank would take into account before lending to a business.
Answer
- Credit Rating: The business's credit history will be evaluated to determine reliability and trustworthiness for repayment.
- Business Plan: A comprehensive business plan outlining objectives and strategies is crucial in assessing potential success and repayment ability.
Step 4
Describe three responsibilities of an employer towards employees.
Answer
- Provide a Safe Working Environment: Employers are responsible for ensuring health and safety standards to protect employees from harm.
- Pay Appropriate Wages: It’s essential to pay at least the minimum wage and on time for work done.
- Adhere to Employment Legislation: Compliance with laws relating to employment equality, contract obligations, and unfair dismissal is mandatory.
Step 5
Outline the purpose of two of these: P60, Form P45 and Form P21.
Answer
- P60: This form summarizes an employee's total pay and tax deductions for the tax year and is provided at the end of the tax year. It's crucial for annual tax returns.
- P45: Issued when an employee leaves a job, it shows the tax paid up to that point and is necessary for future employment or tax claims.