HRM
A meeting between employee and HR manager which reviews their performance and can set goals for the future
Performance appraisal
How long do you have to repay medium-term finance?
1-5 years
Type of insurance which protects the business if a customer gets injured on their premises
Public liability insurance
Tax on the profits made from the sale of assets
Capital Gains Tax
What is the ideal current ratio?
2:1
What are the two key parts of a job advertisement?
Job description and person specification
3 ways to deal with a cashflow forecast deficit
Increase receipts
Decrease payments
Avail of a source of finance
This person will calculate the amount of compensation the insured person is entitled to
Assessor
Give 4 features of the PAYE system
Progressive tax
Two rates - 20% and 40%
Standard cut off point €42,000
Tax on income (wages/salary)
What is a liquidity problem?
A business not having the ability to repay short-term debts.
What does a human resource manager do to assess the amount of employees that are currently in the business as opposed to the amount that are needed?
HR audit
Solution for each short term problem below:
Wages
Buy raw materials
Crisis situation
Wages - bank overdraft
Buy raw materials - trade credit
Crisis situation - debt factoring
Calculate the compensation owed.
Value = €610,000
Amount insured for = €521,500
Claim = €13,700
€11,712.38
Name 3 examples of tax credits
Single person tax credit
Married tax credit
PAYE tax credit
Carers tax credit
Dependent relative tax credit
Flat rate expenses tax credit
What is the return on investment (ROI) formula?
(Net profit/Capital employed) x 100 = %
3 financial rewards
Bonus, Commission, Employee Share Purchase Plan, Employee Profit Sharing
True or false - Leasing payments are tax deductible
True
Explain two types of insurance that households have but businesses do not
Health insurance
Life assurance
True or false: Businesses do not have to pay Local Property Tax (LPT)
True
Give 2 limitations of using ratios to analyse a businesses financial position
Based on inflation. Does not account for inflation. Does not consider the business environment. Does not account for employer/employee relations.
Type of training where employees watch what existing employees do and learn from them
Shadowing
What is the difference between a long-term loan and debentures?
Long-term loan: original amount borrowed is repaid with interest. Debenture: interest-only repayments and the original amount borrowed is repaid at the end as a lump sum.
Principle which states once you receive compensation you give up the right to further claims
Subrogation
Only businesses who earn over € _______ million annually have to pay 15% corporation tax in Ireland
€750 million
Calculate the gearing ratios.
Long-term loan €310,000. Reserves €26,500. Issued share capital €410,000.
0.71:1