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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: Jason identified a gap in the market during the snowy weather, showcasing his ability to spot unique business opportunities.
- Decisive: He took immediate action by setting up his business and recruiting additional staff to handle the workload, demonstrating effective decision-making skills.
- Risk-taker: By investing in road sweeper machines and utilizing a loan from the bank, Jason assumed considerable risks to capitalize on the business opportunity.
Step 2
Explain two advantages of a partnership as a form of business.
Answer
- Shared Responsibility: In a partnership, responsibilities and tasks can be divided among partners, leading to better management and operation of the business.
- Access to More Capital: A partnership can pool financial resources from multiple partners, enabling the business to secure more capital than a sole proprietor could.
Step 3
Outline two factors that a bank would take into account before lending to a business.
Answer
- Credit Rating: The bank will assess the creditworthiness of the business owners to determine their reliability in repaying loans.
- Business Plan: Banks will review the business plan to understand the profitability and sustainability of the proposed business.
Step 4
Describe three responsibilities of an employer towards employees.
Answer
- Safe Work Environment: Employers must provide a safe and healthy work environment to ensure the well-being of their employees.
- Fair Remuneration: They are required to pay employees at least the minimum wage and adhere to labor laws regarding payment.
- Employment Contracts: Employers should provide contracts that outline terms of employment, ensuring clarity and legal coverage for both parties.
Step 5
Outline the purpose of two of these.
Answer
- P60: This form summarizes an employee’s total pay and deductions for the tax year, providing necessary information for tax purposes.
- P45: This form is issued to employees leaving a job, detailing their earnings and tax deductions to assist with applying for new employment or benefits.