Business Pop Quiz

cson

Seeing as I do fcuk all for business and spend a good deal of time on this site why not try do some business study while im here?

Q - Outline McGregors Theory X and Theory Y (20 mks)

sternn

cson wrote:

Q - Outline McGregors Theory X and Theory Y (20 mks)

McGregors theories are based on the managers' view of the workers, rather than the workers belief about themselves.

Theory X:

This is the belief that they are lazy They are un-motivates They dislike work They need a lot of supervision to keep them working Usually associated with autocratic leadership

Theory Y:

Employees are hard working They are very motivated They need little supervision They are more productive Usually associated with democratic leadership

Explain the decision making process in the EU.

Enemy Of Fate

sternn wrote:

Explain the decision making process in the EU.

European Commission proposes legislation.
Parliament reviews and amends it.
Council of Ministers accepts/rejects proposals.
European court of justice passes judgement on EU laws.

Thats a bare bones version of it anyways.

Define enterprising.

sternn

Enemy Of Fate wrote:

Define enterprising.

Enterprising is showing initiative and willingness to undertake new projects such as starting a new business.
Such a person is called an entrepreneur.

Explain Leader + and outline the impact they have on local communities.

mathew

sternn wrote:

Enterprising is showing initiative and willingness to undertake new projects such as starting a new business.
Such a person is called an entrepreneur.

Explain Leader + and outline the impact they have on local communities.

A leader motivates people to use resources to achieve objectives. Eg a manager such as Michaels O'Leary

Impact on local communities:
Help with community development, motivating and organising residents to improve the community through development of businesses.

Motivate and organise people to lobby the government on local issues, i.e. through a residents association.

Lobby local industry to make decisions that will be good for the local area and provide jobs for locals

Motivate and lead community members to partake in tidy town competitions to promote the area.

Lead people to look after more venerable community members, such as the elderly by setting up support groups to visit the people in their homes, or have social activities in the local town.

Dont know how many points are needed cause there was no mark given!!!

Differentiate between a Rights Commissioner and a Data Protection Commissioner (30m)

Haven't a Clue

sternn wrote:

Enterprising is showing initiative and willingness to undertake new projects such as starting a new business.
Such a person is called an entrepreneur.

Explain Leader + and outline the impact they have on local communities.

Leader Plus is an EU initiative that helps community enterprise in rural areas around Europe. By encouraging enterprise, this brings more employment to an area, boosts its economy etc.

I'll let someone else answer the question in the post above me.

Lucas10101

The Data Protection Commissioner researches problems that people have in relation to information being kept about them on the computer. This may be inaccurate information and it could be financially damaging to the consumer where they could be denied a loan due to inaccurate information. The Data Protection commissioner would aid in the fixing of this problem and would withhold standards that IT places should impose which regulates the information recorded about Consumers.

The Rights Commissioner is the person that investigates as part of the Labour Relation Commission, they are independent of their duties however. They investigate disputes, grievances and claims in Ireland that individuals or small groups of workers make under employment legislation including the Unfair Dismissals Acts 1977-2001 among many others. Rights Commissioners issue the findings of their investigations in the form of either decisions or non-binding recommendations, depending on the legislation under which a case is referred.

Question: What does the legislation of the Consumer Information Act 1978 and The Sales of Supply and Services Act 1980 say?

Enemy Of Fate

Lucas10101 wrote:

Question: What does the legislation of the Consumer Information Act 1978 and The Sales of Supply and Services Act 1980 say?

......I assume you mean something about the provisions of the act yes?Oh well.

Sale Of Goods/Supply of service
-Goods must be of merchantible quality
-Must be fit for the purpose intended
-Conform to sample
-Match descripitions
-Services must be carried out with care and dilligence
-The guy must have the necessary skills
-Any goods used must be of merchantible quality
-..............I can't for the life of me remember the 4th point here.Dammit all.

Consumer Information Act
-If a previous price is given it must have been on sale in the same place for 28 consecutive days over the past 3 months.
-It is against the law have misleading descriptions of goods (eg made in Ireland, pure wool etc) and services (eg 5 minutes to beach).
-It is against the law to put up signs that attempt to limit someones statutory rights (eg no refunds).
......And theres some other things as well.Oh well.Someone else can answer this question, as my answer leaves alot to be desired.

david

Enemy Of Fate wrote:

......I assume you mean something about the provisions of the act yes?Oh well.

Sale Of Goods/Supply of service
-Goods must be of merchantible quality
-Must be fit for the purpose intended
-Conform to sample
-Match descripitions
-Services must be carried out with care and dilligence
-The guy must have the necessary skills
-Any goods used must be of merchantible quality
-..............I can't for the life of me remember the 4th point here.Dammit all.

Consumer Information Act
-If a previous price is given it must have been on sale in the same place for 28 consecutive days over the past 3 months.
-It is against the law have misleading descriptions of goods (eg made in Ireland, pure wool etc) and services (eg 5 minutes to beach).
-It is against the law to put up signs that attempt to limit someones statutory rights (eg no refunds).
......And theres some other things as well.Oh well.Someone else can answer this question, as my answer leaves alot to be desired.

As regards S of G & S of S Act 1980,

One acceptable provision expansion includes merchantable quality, fit for intended purpose, match product description, corresponds to a given sample. ie these for points only count as one provision, you wont get the marks for the 4 of these seperately, you need to talk about goods, hire purchase goods, inertia selling, provision of services etc etc etc seperately. Dont confuse the provisions with what was necessary for junior cert.

Now for a nice question!

(a) Outline what it is meant by risk management. [10]
(b) Contrast debt and equity capital as sources of finance. [30]
(c) Evaluate the importance of a good working capital ratio to a firm in the primary sector [20]

Enemy Of Fate

freakonaleashx wrote:

One acceptable provision expansion includes merchantable quality, fit for intended purpose, match product description, corresponds to a given sample. ie these for points only count as one provision, you wont get the marks for the 4 of these seperately, you need to talk about goods, hire purchase goods, inertia selling, provision of services etc etc etc seperately. Dont confuse the provisions with what was necessary for junior cert.

................What?Please tell me you are joking.It doesn't ****ing mention anything about that in my less stress book!!!

*Runs to book to double check*
*Runs back*

Before I go i'll answer A of your question as its short.

(A)Risk management is an activity undertaken to eliminate or reduce the amount of risk a company is exposed to.It is an important management skill that all businesses should practice.

cson

Just a thought but maybe we should keep it to short questions, people might be more willing to answer them.

>Q: Who are the social partners?

Enemy Of Fate

cson wrote:

Just a thought but maybe we should keep it to short questions, people might be more willing to answer them.

>Q: Who are the social partners?

The government, ICTU, IBEC, IFA.......and I could have sworn theres a 5th one.Why the hell do I always manage to forget the part thing of anything??!Damn it all.

Lucas10101

Seen as a question wasn't posed there:

What is Inflation? Describe how Inflation affects a Business ( 20 Marks )?

Enemy Of Fate

Sorry to skip your question Lucas, but I just realised this thread can actually help me.Can someone tell me what the hell proximiate clause is?All I know is its somehow related to average clause, and its not mentioned in my ****ing useless business book, so I don't actually know what it is.Please help me!

cson

Enemy Of Fate wrote:

Sorry to skip your question Lucas, but I just realised this thread can actually help me.Can someone tell me what the hell proximiate clause is?All I know is its somehow related to average clause, and its not mentioned in my ****ing useless business book, so I don't actually know what it is.Please help me!

Its what I created this thread for!

Anywho...

Proximate Cause:A principle of insurance which states that an insurer does not have to compensate the insured unless the loss suffered was a direct result of a risk which was specified in the policy as being covered.

Edit: Heres the wiki on it, a bit detailed but anyway,
>http://en.wikipedia.org/wiki/Proximate_cause

In other words, if you just have buildings insurance for your house insurance, if a fire destroys the contents or someone nicks them you're entitled to fcuk all.

Enemy Of Fate

Ok thanks.I get it now.It was actually a question in my mock (a 10 pointer in one of the long questions).It was something like differentiate between average clause and proximite clause, and I didn't speak to anyone who knew what it was.Thanks.

sternn

Lucas10101 wrote:

What is Inflation? Describe how Inflation affects a Business ( 20 Marks )?

Inflation is the general rise in prices of goods. It is measured by comparing the prices of goods purchased by a consumer each year. e.g. milk, bread, cheese (the something basket.....cant remember what its called)...the CPI (consumer price index)

High inflation means that prices are high. That means consumers reduce spending as prices are going up. It results in a reduction of businesses profits.
Also, workers demand higher wages, resulting in the costs of a business going up.

Low inflation means that prices are only gradually increasing. This means that prices stay about the same each year, resulting in consumers spending a lot of money. This increases the profits of a business.
It also means that when exporting goods, they are more competitive due to costs (i.e. wages and raw materials) are low. This increases its sales abroad.


Q: Discuss the importance to a business enterprise, operationg in both domestic and foreign markets, of having a TQM approach in place in the workplace. (20 marks)

Lucas10101

A TQM ( Total Quality Management ) approach is very important in todays Foreign Markets. This is because as Global Markets are being produced, the competition in increasing and this means only the higher standard products will survive in the market and those that aren't as TQM rated won't break into the foreign market.

The same can be said of Domestic Markets where in todays national markets, only the higher standard business'es will survive and those that aren't wont' be as successful. Inside the business enterprise people who adopt a TQM style will more likely enjoy their work more, produce better quality products, sales will increase as a result and the business is more profitable and Labour Turnover will ultimately decrease.

Q: Name and describe the roles of the main operating bodies that help in the running of the European Union and it's implementation and consideration of decisions?

regob

sorry lucas for skipping your question, but how the hell do u analyse cash flow forcasts.

sternn

Lucas10101 wrote:

Q: Name and describe the roles of the main operating bodies that help in the running of the European Union and it's implementation and consideration of decisions?

The European Commission:
Comes up with new laws
Makes sure all EU laws are carried out by all member states
It drafts the EU budget
It takes EU member state to court if they break EU law

The European Parliament:
Directly elected by EU citizens
Debates new EU laws and suggests changes
Approves new commissioners before being appointed
Decides total money the EU can spend

The Council of Ministers:
Made up of government ministers from each member state
Decides EU policies and laws
Each member state holds presidency for 6 months

Its in short...but i think I got most points out there.

Question: Explain Debentures

Lucas10101

Debentures are long-term loans given to companies which pay a fixed rate of interest. Debentures are usually secured by expensive assets such as property. The company must repay the annual interest regardless of levels of profit/loss. For example, a 100,000 debenture loan @ 10% dated 31-December 2010, 10,000 interest must be paid every year until 2010. The principal is repaid in 2010.

Explain what Sale and Leaseback means?

GretchenWieners

Name and explain 5 self-asessments of taxation:

sternn

GretchenWieners wrote:

Name and explain 5 self-asessments of taxation:

I presume u mean something like taxes related to your income...or taxes that a business must pay.

i.e.

PAYE: pay as you earn, deducted by your employee who pays it to the revenue commissioners

Corporation tax: tax on the profits of business. 12.5% of net profits after ALL costs/expenses have been excluded

Self-Assessment Income tax: tax paid by self-employed people. they calculate it themselves and pay it during the tax year

Capital Gains tax: tax on the income of selling an asset (if it is more than what they paid for)

Motor tax: tax on all people who own a car, paid to local authority


Q: Discuss the differences between a public limited company and a private limited company (20 marks)

regob

regob wrote:

sorry lucas for skipping your question, but how the hell do u analyse cash flow forcasts.

please i really need peoples help their really scaring me now.

GretchenWieners

sternn wrote:

I presume u mean something like taxes related to your income...or taxes that a business must pay.

i.e.

PAYE: pay as you earn, deducted by your employee who pays it to the revenue commissioners

Corporation tax: tax on the profits of business. 12.5% of net profits after ALL costs/expenses have been excluded

Self-Assessment Income tax: tax paid by self-employed people. they calculate it themselves and pay it during the tax year

Capital Gains tax: tax on the income of selling an asset (if it is more than what they paid for)

Motor tax: tax on all people who own a car, paid to local authority


Q: Discuss the differences between a public limited company and a private limited company (20 marks)

I dunno it's the only short q in the papers I can't do.

cson

regob wrote:

please i really need peoples help their really scaring me now.

Cash Flow The flow of money in and out of a household/business. Careful attention must be given to cash flow: if bills cannot be paid, finance (Usually a bank o/d) has to be arranged.

Purpose To identify when a household/business might find itself in a cash flow problem.

cson

Bump, seeing as the exam is on wednesday.

Q - Define Ethical Business Practice (10)

Haven't a Clue

Ethical business practice involves a business following the moral rules that should guide people working in the business. An example of this would be the people in the business following a code of ethics in the business. This is a document setting out guidelines for employees to follow when making decisions. Bad ethical business practice can lead to a drop in sales, government fines etc.

Outline two functions of the Director of Consumer Affairs. (10 marks)

Seinas

To investigate legal proceedings against any trader involved in misleading advertising

To enforce the provisions of the Consumer Information Act 1978 & to promote better standards of advertising



What is meant by a cartel?

sternn

Seinas wrote:

What is meant by a cartel?

A cartel is when businesses agree to set their prices at the same level. It is considered unfair in the consumer world. e.g. when petrol stations in a general area charge the same for petrol so that they share the market of the area. (not very well explained but im sure it will do)

Illustrate the affects of TQM on a business. (20 marks)

nedward

Focus on satisfying customer needs
This means they can compete effectively in the most competitive markets, as their products are what the consumer wants rather than what the business wants to sell. eg Apple sell products the consumer wants

Total Company Involvement (teamwork)
High staff morale, low staff turnover, improved communications eg bank staff work in teams

Continuous Improvement
Cut down waste, increase consumer loyalty, increase motivation eg Ryanair

Improved efficiency
Does exactly what it says on the tin eg ISO 9000 companies

List three opportunities and two costs to businesses of change.