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WorksheetsJC Business Studies Revision Third Years
Total questions: 60
Worksheet time: 30mins
The person who calculates the insurance premium is
Accountant
Broker
Agent
Actuary
The insurance principle which means you cannot make a profit from insurance is
(a)
The extra amount added to an insurance premium to cover increased risk is called
(a)
Use the figures to calculate Net Profit or Net Loss. Sales €100,000, Cost of Sales €40,000 and Expenses €30,000.
€90,000
€110,000
€30,000
(€30,000)
Payment made to an insured person if they suffer an insured loss.
(a)
Buy now, pay later.
Debit
Credit
Finance
Savings
Tax on interest earned on savings.
PAYE
DIRT
CAT
COD
Ownership of an insured item passes to the insurance company once they have paid compensation for that item.
Contribution
Indemnity
Subrogation
Utmost good faith
Penny must choose between spending some of her savings on new furniture or taking her children away for a short holiday. Each option costs €1,500 and she does not have enough money to pay for both. Select the correct answer.
Penny's financial cost is €3,000.
The opportunity cost of paying for the furniture is €1,500.
The opportunity cost of paying for the holiday is €1,500.
The opportunity cost of the furniture is the holiday.
Ireland has a / an (a) economy.
Work to rule is
A responsibility of an employee
Form of employment contract
Go-slow type of strike
NOT an industrial action
The organisation that workers form to protect jobs and wages is called
CCPC
Trade union
Trade association
Shop steward
The factor of production, LAND, yields
Rent
Profit
Interest
Wage
The following car expenses are ALL irregular EXCEPT
Car service
NCT fee
Diesel
Petrol
Calculate the Total Net Assets from the following figures: Fixed assets €150,000, Working capital €30,000.
5
€180,000
€120,000
Can't be calculated
Select the research method that is NOT Desk research!
Survey
CSO data
Newspaper article
Government report
A focus group is what type of market research?
(a)
Select ALL the features of a Small Claims Court Procedure!
The maximum compensation is €2,000.
You do not need a solicitor
The fee is €25.
You cannot apply online, it must be in person.
Select the one that is NOT a type of expenditure!
fixed
discretionary
irregular
regular
Select the one that is NOT a state agency involved in promoting Irish goods and services abroad.
Local Enterprise Office (LEO)
Enterprise Ireland
Failte Ireland
Bord Bia
Overtime is a / an (a) type of income
Calculate the Net Book Value of this fixed asset if depreciation is 10%. The equipment's cost is €50,000.
Can't be calculated with this data.
€500,000
€40,000
60,000
The permission given to a bank to pay a varied sum of money from a customer's account to a certain person or company is called
(a)
An instruction given to a bank to pay a fixed sum of money from a customer's account to a certain person or company on a specific date is called
(a)
An electronic method for transferring the wages / salaries of employees directly into their bank account is called
(a)
Calculate the net pay of an employee from the following information. Basic pay €1,000, overtime €200, total deductions €300.
€500
€1,500
€900
€1,100
Select ALL the statutory deductions from wages / salaries!
USC
PAYE
DIRT
PRSI
If an employee is paid for the number of items that she / he produces is called
(a)
Purchases, VAT on purchases, wages and light and heat are on the (a) side of the analysed cash book of a business.
The National budget is in (a) if revenue is higher than expenditure.
Select ALL the capital expenditures of the government!
Investing in wind power turbines
Wages of nurses
Building roads
Pension payments
Select the NOT correct purchase and source of finance pair!
Car - Medium Term Loan
House - Mortgage
Groceries - Bank overdraft
Holiday deposit - Hire purchase
What factors influence the price of a product?
Production costs
The price of competing products
The cost of advertising
Inflation
Calculate the Balance of Trade from these figures:
Visible export €123 billion
Visible import €79 billion
The Balance of Trade cannot be calculated from these figures.
(€44 Billion)
€44 Billion
€202 Billion
The missing factor of production from this list, enterprise, land, labour is
(a)
Select ALL the CORRECT person - source of income pair!
Employed person - wage / salary
Retired person - pension
Unemployed person - Jobseeker's Benefit
Student - Commission
Calculate the gross profit!
Sales €850,000
Cost of sales €400,000
€450,000
(€450,000)
Gross profit cannot be calculated from these figures.
€1,250,000
Select ALL the rights of employers!
To hire the most suitable people.
To pay fair wages.
To run a business as they see fit.
Not to discriminate their employees.
Calculate the Closing cash from these figures!
Net cash (€250)
Opening cash €170
(€80)
€80
€430
€170
Select ALL the taxes!
VAT
Excise duty
Tax credit
PAYE
Select the CHARACTERISTICS of an enterprising individual!
Risk taking
Communication
Time management
Self-confident
The business document that lets a potential buyer know the terms of sale before they decide to purchase goods or services is called
Statement of Accounts
Invoice
Letter of enquiry
Quotation
The Income Statement and the Statement of Financial Position both include the (a) stock.
Select ALL that are included in the Income Statement!
Debtors
Current assests
Carriage outward
Opening stock
Select ALL that are included in the Statement of Financial Position!
Creditors
Advertising
Premises
Bank
Identify ONE factor that an insurance company WILL NOT take into account when calculating the cost of motor insurance!
Home address
Age of car
Being a smoker
Age of driver
Select ALL the correct headings of a business plan!
Description of product or service
Market Research
Finance
Cash flow forecast
Calculate the Net Book Value of this fixed asset!
Equipment €100,000
Depreciation 10%
€90,000
€100,000
€110,000
€95,000
Select ALL the Government revenues!
Servicing the National Debt
VAT
Health services
Custom duties
Other than a bank, where else can a family open a savings account?
Post office
Trade union
Building society
Credit union
The financial cost of borroing money is called:
(a)
Lyon's Clothing Ltd. has €450,000 authorised share capital and €300,000 issued share capital. How much additional finance could they raise through the issue of ordinary shares?
(€150,000)
€600,000
€150,000
€750,000
When American tourists holiday in Cork, it's:
Visible import
Visible export
Invisible import
Invisible export
Which of the following is NOT prohibited by the Consumer Protection Act 2007?
False costs
False product description
False prices
False advertising
Pocket money is a source of finance for a person in which stage of the financial lifecycle?
Indepenent
Dependent
Pre-retirement
Development
On which business document can you find trade discount?
Invoice
Statement of accounts
Delivery docket
Letter of enquiry
Which of the following business document is sent by the buyer?
Quotation
Statement of accounts
Credit note
Order
If Newman Ltd. paid €600 for a phone bill by direct debit from their bank account, which side of the Analysed Cash Book should this be recorded?
(a)
A debit balance in the General Ledger will appear as a (a) in the Trial Balance.
Select ALL the direct taxes!
Income tax
DIRT
VAT
PRSI
