Resources, Household Income
Provide an example of a need and want for a person. What is the difference?
Need - Basic Requirement that you must have in order to survive. E.G. Food, Water, Shelter, Health Care, etc.
Want - Something you desire, but can live without. E.G. Designer Clothes, Latest Gadgets, Disco Entry.
What is a Household Budget?
A financial plan (estimate) of expected income and expenditure.
Explain the term Entrepreneur?
An Entrepreneur is a person who takes the initiative to set up a business, sees a gap in the market and exploits it, taking a personal and financial risk in the hope of making a profit. E.G. Aimee Connolly, Sculpted.
Name the Four Factors of Production?
Land, Labour, Capital, Enterprise.
What colour is the Grinch?
Green
Simon wants to go to a Rugby Match and to buy a Computer Game. Both cost €50, but he can only afford one of these things. He decides to go to the Rugby Match.
Identify the Financial Cost and the Opportunity Cost?
Financial Cost - €50
Opportunity Cost - Computer Game
Explain the term Impulse Buying?
Impulse Buying is unplanned buying. It is buying ‘on the spur of the moment’, without thinking or planning.
Name three Skills/Characteristics of an Entrepreneur?
Ambitious - Having a strong desire for success or achievement
Risk-Taking - Taking on personal and financial risks. Investing time and money.
Resilient - Willing to overcome setbacks. See failure as an opportunity to learn.
Creative/Innovative - Comes up with new ideas. Think outside the box and show imagination.
Pro-Active - Use initiative rather than waiting and reacting to others.
Future Focused - Anticipate future trends and spot gaps in the market.
Reality Perception - See things as they are, not how they would like them to be.
Decisive/Decision-Making - Makes quick & effective decisions, often under pressure.
Confident - Have a strong sense of self-belief/belief in their idea.
Human Relations - Communicate, network and negotiate well.
A cultural enterprise provides consumers with access to the visual arts, theatre, film, music, radio, literature, arts and crafts, folklore, language, food, traditional sports, festivals or events. They can be commercial or non-commercial. For example, a library, theatre, GAA clubs.
Fleadh Cheoil Na hÉireann, Electric Picnic, Rose of Tralee
Other examples include Comórtas Peile Na Gaeltachta, The Abbey Theatre, National Gallery of Ireland, Cork Jazz Festival & Donegal Food Festival.
How do you say "Merry Christmas" in Spanish?
Feliz Navidad
Provide 3 typical sources of Household Income?
Wages/Salary
Jobseeker Benefits/Social Welfare/Dole
Child Benefit
Pension
Name the three types of Household Expenditure and give an example of each?
Fixed - Mortgage/Rent
Irregular - Groceries, Light & Heat
Discretionary - Holidays, Gifts, Entertainment
Why would someone become an entrepreneur (3 Reasons)?
Earn More Income – An entrepreneur keeps all profits made by a business.
Be Their Own Boss – Not answerable to any manager.
Redundancy – No Choice.
Innovative/Creative – Spots an opportunity or gap in the market.
Name the three types of economic systems and provide an example of each?
Centrally Planned (Controlled) Economy - North Korea.
Mixed Economy - Ireland.
Free Market Economy - USA.
In Home Alone, where are the McCallisters going on vacation when they leave Kevin behind?
Paris
Identify 3 types of Benefit-In-Kind a business can offer their employees?
Company Car
Company Phone
Gym Membership
Health Insurance
Explain the difference between Capital and Current Expenditure for a Household. Provide examples of each?
Capital - Once-Off. E.G. A New Car.
Current - Day-to-day. E.G. Groceries
What role does an entrepreneur play in society (2 roles)?
Produce Goods & Services - Uses Land, Labour and Capital to create goods and services.
Creates Jobs - By starting a new business, entrepreneurs create direct and indirect employment.
Raises the Standard of Living – In the community where they operate.
Taxation – The entrepreneur and their employees pay taxes to the government
Sponsorship – Support and sponsor a variety of community-based organisations, including clubs and charities. E.G. Kepak sponsor the Meath Ladies teams.
Differentiate between the Local Enterprise Office and Enterprise Ireland?
Local Enterprise Offices - They offer a range of supports for those interested in starting a new business. Supports include financial advice and support including grants, a mentoring service and training.
Enterprise Ireland - Help Irish start-up enterprises export their goods and services to overseas markets. Supports include financial support, assistance with research and development, and export assistance.
Which one of Santa's reindeer has the same name as another holiday mascot?
Cupid
Name the 3 Statutory Deductions that every worker in Ireland is required to pay by law?
PAYE - Pay As You Earn
PRSI - Pay Related Social Insurance
USC - Universal Social Charge
Explain how a family should deal with:
1. A Budget Surplus.
2. A Budget Deficit.
Surplus - Save it or Invest it, Repay a Loan, Fund Extra Expenditure.
Deficit - Increase Income, Reduce Expenditure, Borrow Money.
What is Intrapreneurship and provide one way a business can encourage it in the workplace?
An Intrapreneur is an employee who takes the initiative and innovates or creates from within the business or organisation.
Resources - Giving employees the time and resources to develop ideas.
Rewards – Promotions or bonuses for innovative or cost-saving ideas.
Workplace Culture – encourages employees to try out new ways of working.
Training – new ideas and approaches to problems.
Teamwork – employees can brainstorm.
What is a Social Enterprise? Name one?
Explain a role do they play in society (Answer must achieve full marks in a JC question)?
A social enterprise is one that puts people and community ahead of private and personal gain. They try to create jobs and tackle social, economic or environmental issues that affect the community.
E.G. Food Cloud, Macra Na Feirme, Young Social Innovators (YSI)
Roles:
Tackle Social Problems - Raise awareness and tackle social issues. E.G. Homelessness.
Provide Services - Meet community needs by providing services not provided by the government or private sector. E.G. Food Cloud and Meals on Wheels.
Employment - Offer employment in local communities which increases people's standard of living.
Volunteering Opportunities - Provide a platform for people to volunteer and develop new skills.
Provide Finance - SEI and Clann Credo provide finance for other social enterprises.
According to the song, what did my true love give to me on the eighth day of Christmas?
Eight maids a-milking