Stakeholders & Ownership
Name two internal stakeholders in a business.
owner/shareholders, managers, employees, trade-union representatives
What is an intrapreneur?
An employee who acts entrepreneurially within an existing organisation by developing ideas/projects and taking initiative.
What is personal data?
Information relating to an identified or identifiable person; e.g. name, email, phone number, address, IP address, location or DOB.
Name one savings product and one borrowing product.
Savings: savings account, credit-union shares, term deposit, State Savings etc. Borrowing: loan, overdraft, credit card, mortgage or BNPL.
What does ESG stand for?
Environmental, Social and Governance.
Give one advantage of operating as a sole trader.
easy/cheap to establish, full control, keeps profits, quick decisions, close customer contact
What's the difference between product innovation and process innovation?
Product innovation creates/improves a good or service offered to customers; process innovation improves how a product/service is produced or delivered.
Name two rights individuals have under GDPR.
access, rectification, erasure, restriction, portability, objection, withdrawal of consent or complaint to a regulator.
Give two reasons why the Government prepares a National Budget.
Any two: allocate spending, fund public services, influence the economy, redistribute income, meet government priorities or manage deficit/debt.
Give one example of each: an Environmental, Social and Governance factor.
Environmental: emissions/waste
Social: staff wellbeing/diversity
Governance: ethics/internal controls
Employees demand higher wages while shareholders want profits increased. Explain the stakeholder conflict.
Higher wages increase costs, potentially reducing profits/dividends. The employees' interest in better pay therefore conflicts with shareholders' interest in maximising returns.
Name three idea-generation techniques a start-up could use.
brainstorming, mind mapping, SCAMPER, design thinking, customer surveys/interviews, focus groups, prototyping, competitor gap analysis or “How might we...?” questions.
Give three ways digital technology can influence what consumers buy online.
targeted/personalised ads, influencers, online reviews/social proof, recommendation algorithms, scarcity messages, push notifications, dynamic pricing, frictionless checkout, retargeting or dark patterns.
Give two actions a person could take to reduce financial risk.
budget, maintain an emergency fund, compare APR/fees, insure against major risks, diversify investments, use 2FA/avoid scams, use regulated providers or carefully read financial terms.
Explain one benefit and one challenge of blended working.
Benefit examples: flexibility, reduced commuting, productivity, wellbeing, recruitment or lower costs. Challenge examples: isolation, cybersecurity, communication, ergonomics, workplace culture or fairness. Both should be explained rather than merely named.
Give three reasons why a growing sole trader might change to a private limited company.
Any three of limited liability, separate legal entity, greater credibility, continuity, easier access to finance/investment, clearer structure for growth or potential tax efficiency.
A company allows employees to spend time developing their own new business ideas. Give two benefits this could create for the company.
new revenue, competitive advantage, increased staff motivation/retention, improved efficiency, faster innovation or better use of employees' internal knowledge.
An online shop collects every customer's name, address, email, DOB and payment information, even when some information isn't necessary. Identify the GDPR principle that may be an issue and explain what the business should do.
Data minimisation. The business should only collect personal information necessary for the specified purpose, for example, it shouldn't collect DOB unless there is a legitimate need for it.
The Government increases people's income-tax credits. Explain one possible impact on households and one possible impact on businesses.
Households may have higher disposable income/take-home pay. Businesses may experience increased consumer demand and sales because customers have more disposable income.
Give three practical things a company could do to make its workplace more sustainable while supporting remote workers.
paperless workflows/e-signatures, repair/reuse/recycle devices, green procurement, energy-efficient equipment, remote energy guidance, prioritise public transport/virtual meetings, office energy audits or sustainability KPIs.
A successful sole trader wants to expand, borrow €100,000 and employ 10 new workers. Recommend whether they should remain a sole trader or become a private limited company. Give a reason for your recommendation.
Private limited company is the strongest answer. Reasons could include limited liability as risk increases, easier access to finance/investment, greater credibility, continuity/separate legal identity, and a clearer structure for growth.
A café wants to introduce a new app allowing customers to order before arriving. Is this product innovation, process innovation, or potentially both?
Potentially both. It can be product/service innovation because the customer receives a new/improved ordering service, while it can also be process innovation because it changes and potentially speeds up how orders are received and prepared. A well-defended alternative interpretation can be accepted.
Click&Save uses personalised advertising, influencers, cookies and BNPL. Explain three different ways these technologies/features could alter a customer's purchasing behaviour.
personalised ads/retargeting repeatedly expose consumers to relevant products and can increase impulse buying; influencer marketing creates trust/social proof and can influence choices; BNPL reduces the immediate “pain of paying,” potentially encouraging larger purchases/overspending.
The Government announces a Budget that reduces income tax but increases VAT. Explain two possible effects these changes could have on households and/or businesses.
lower income tax increasing disposable income and potentially consumer spending; higher VAT increasing the price of goods/services; higher prices potentially reducing consumer demand; businesses possibly experiencing increased sales from greater disposable income but reduced demand because of VAT; or businesses having to reconsider pricing. The marking scheme expects Budget impacts to be identified and their effect on households/businesses explained.
A business wants to prove that it is genuinely becoming more sustainable rather than simply claiming it is. Give one Environmental, one Social and one Governance measure it could track and report.
Environmental — carbon emissions, energy use, waste or percentage recyclable packaging; Social — staff wellbeing, training hours, diversity, health and safety or community impact; Governance — ethics/anti-corruption, compliance, internal controls, board oversight or data-protection policies. For the full €500, I'd require students to explain how at least one of their measures could actually be measured, e.g. “percentage reduction in waste compared with last year.”