Business - Quick Revision for 2moro - All help appreciated!!

DuFF-MAN

Hey guys,

Think we should have a thread for any questions and queries relating to actual Business content.

Please post any links to sites that may be of value to us business students,
I'll post the first link:

1.This site contains the marking schemes for all L.C subjects (incl. Business)....very handy for seeing where marks are lost or gained.

Leaving Cert Marking Schemes

If you have any business notes(you feel are important) please post also.



p.s: Does anyone know what the margin of safety is, in terms of the break even point?


DuFF- MAN

Possible organisational structure for a Youth Club (Short answer question) :

randomfella

i'd guess its where sales meet costs the crossover between them to the right would prob be it..

not sure.

Everybody should ask questions and answer them.


What is ultra vires?

DuFF-MAN

randomfella wrote:

Everybody should ask questions and answer them.

Thats what i'm hoping for.....we're all in d same boat at d end of d day!

Ultra Vires: Company that acts outside its legally stated purpose as set out in the Mem. of Assosiation.

Ultra vires do not have the capacity to contract.

randomfella

ok ask another question... keep it going like a quiz.
here i'll just ask another one.

What are the articles of association?

Po-2

Whats arribation it was the 1st short q's last year . really bugging me

DuFF-MAN

Art. Of Ass. ....:)

A document for the shareholders of a business that set out the rules of the organisation. It includes:

1. Voting rights
2. how share are distributed.

randomfella

Arbitration is where 2 or more parties agree for the decision to be legally binding before the decision is made. i.e legally binding form of concilliation

The service is offered by the Labour Court (last resort)


What are the advantages of protectionism?

Johnerr

synergy

DuFF-MAN

Po-2 wrote:

Whats arbitration it was the 1st short q's last year

Arbitration is a service provided by the Labour Court. It is the "last resort" in terms of resolving disputes.

A neutral body (acting like a referee) listens to both sides of those involved in the dispute. This "referee" the makes a solution to resolve the conflict. It can be accepted or rejected.

Binding arbitration: similar to above accept both parties agree in advance to accept whatever solution tis "refugee" makes....:)


Margin of safety???

Po-2

Cant find the book im dead its in my locker
:eek:

randomfella

all arbitration is binding. Concilliation is not binding and thats what your first point referred to where they can reject it or not. SUrely? am i right?

randomfella

Question - Stages in recruitment

DuFF-MAN

conciliation is def not binding(thats for certain).......but im almost sure that arbitration is not binding either.

anybody else know?

Repli

List the characteristics of managers

Po-2

contract iv been hearing is comin up what do ye think

DuFF-MAN

Recruitment:

1. Prepare job descrition.....job title, salary etc.
2. Person specification......exactly who the are looking for: skills, qualification
3. Find suitable canditates.....through FÁs, papers, employment agencies
4.Screen aplicants......sort out the better applicants from the weaker(better suited to job)
5.interview.....self explanitary.

DuFF-MAN

Repli wrote:

List the characteristics of managers

Managers are:

1. Leaders
2. Motivators
3. Communicators

randomfella

Managers - characteristics

Flexible/adaptive
decisive
planners
organisers
controllers
leaders
motivators
communicators

Question - law of contract

DuFF-MAN

Po-2 wrote:

contract iv been hearing is comin up what do ye think

i heard that too. Would want to know how to terminate one and the laws of contract.

Wud be sweet if element of contract came up in short q's!!!

Pistol Pete

A contract is a legally binding agreement made between parties when buying or selling goods or services, providing they're not acting ultra vires, under 18, langers, off their rocker or bankrupt.

Elements of the law of contract:
Offer
Acceptance
Consideration
Intent
Legal purpose
Legality of form
Consent
Capacity

BTW, anyone who's using "Business: A Dynamic World", look at P14, where it's talking about how someone who's bankrupt can't enter into a contract apart from buying food to "KEEP BODY AND SOUL TOGETHER"... that's a bit hippie trippie for a fúckin' business book isn't it?

DuFF-MAN

Pistol Pete wrote:

......ultra vires, under 18, langers, off their rocker or bankrupt.

Nice touch

Study???

Contract

Offer
Acceptance
Consideration
Intention
Capacity
Legality
Consent
Illegalityof Form

randomfella

5 bodies of eu?

Study???

And margin of safety in break even analysis is the minimum amount of units the sales can fall by before it hit bep.

What is Benchmarking?

What does CAD and R&SI stand for?

Study???

EU Commission
EU Parliment
Court of Justice
Court of Auditors
Concil of Ministers

Po-2

DuFF-MAN wrote:

i heard that too. Would want to know how to terminate one and the laws of contract.

Wud be sweet if element of contract came up in short q's!!!

would be nice if i could answer 1 q in the exam cant even study left the book in the locker so my chance of passing are slim

mrs. hamlet

Po-2 wrote:

would be nice if i could answer 1 q in the exam cant even study left the book in the locker so my chance of passing are slim

U can get notes on websites like skoool.ie

Po-2

mrs. hamlet wrote:

U can get notes on websites like skoool.ie

looked at that site dont really find it that good gives you the jist of it but no detail

DuFF-MAN

randomfella wrote:

5 bodies of eu?

Decision making bodies of EU:

1. Council of Ministers- decides what policies and laws the Commission should implement.

2. European Commission-
(a)Propose new laws
(b)see these law's implementation
(c) Drafting the EU budget
(d) In control of the daily runnings of the EU.

Body that influences decisions in EU:

3.European Parliment- Acts as a "buldog", looking over all of the E.Commissions implementations

Accountability:

Eu Court of Auditors- ensures that the EU budget is spent wisely and efficiently and there are no areas of the unneccecary spending of the EU budget.

EU Court of Justice- Ensures that the laws created by the E.Commision are being followed by the member states.


PO-2 there are good interactive business lessons on skoool.ie, try them out here:
Business Lessons

Johnerr

Arb and consil.... both are not legally binding,

Study???

Arbitration is legally binding concilliation is not
....

shoutman

Study??? wrote:

And margin of safety in break even analysis is the minimum amount of units the sales can fall by before it hit bep.

What is Benchmarking?

What does CAD and R&SI stand for?

Benchmarking is where a company compares its production process and efficiency to that of world class business'.
It is good because i allows for competitive strategical goals to be set.

CAD is Computer Aided Design, this is where a firm uses computers to design their product before creating a prototype out of that model.

I have no ida what R&SI stants for

oh and formula for margin of safety is actual sales minus break even sales

DuFF-MAN

Johnerr wrote:

synergy

synergy is sort of like alliances/mergers.

Synergy is when two or more businesses decide to merge as they feel the merged company would be more efficient.


Q: Taking out insurance?

shoutman

DuFF-MAN wrote:

synergy is sort of like alliances/mergers.

Synergy is when two or more businesses decide to merge as they feel the merged company would be more efficient.

Thats theone duff man

synnergy.This is where two business' merge as they feel that the one bigger company will be more efficient then if they remained as seperate entitys. ie. 2+2=5

Study???

R&SI is Revenue and Social Insurance

Formula for Margin of Safety... Sales minus breakeven point

What is fiscal Policy?

shoutman

Study??? wrote:

What is fiscal Policy?

Fiscal policy is any conscious action taken by the government which changes the size, timing or magnitude of government income and expenditure. Ie Taxation and grants

Po-2

Just listened to the radio dont forget the laws