Exam Revision Preparation
Sec 1 Short questions
Worth 20% of exam, do first!
Its vital you know all the terms from across the course
One sentence answers are not enough. Its wise to split all
definitions into two separate points and ensure the
information is relevant the specific way the question was
asked. Think before you write, you only have 4 lines, part
one definition second part could be
advantage/disadvantage or fully explained example
Only spend 30 minutes on this section, if you have time do
all 10 you’ll get marked on the best
Section 2 ABQ
Worth 20%
Spend no more than 36/40 minutes on this section
In 2016 the ABQ will be based on units 3, 4 and 5
There are 3 questions based on a given passage, one point from each
unit. You must state your point, expand the point and related it to the
text
Course knowledge dictates the marks and the links only have a
supporting role
An isolated link without knowledge is never awarded marks
Read the questions first then the case so you’ll know what you are
looking for
State means you must have a heading
Explain the point with two separate sentences (“this means…, extra
sentence may be evaluating/or advantages/disadvantages, give your
opinion.
Example, is a quote from the story that shows the relevance of your
point
Section 3 Long Questions
60 Mark questions
Do 4 long questions spending no more than 25 minutes
on each question
Unit 1
To date question 1 has been from unit 1
Parties in a business (entrepreneur, investor, producer,
consumer, employer, employee, service provider,
government and society, interest groups)
Relationships, co-operative and competitive
Law of contract (elements, how to end a contract,
remedies for breach)
Legislative methods of conflict resolution
Non legislative methods of conflict resolution
Unit 2
This is a short section but has been used as a 60 mark
in the past
Characteristics and skills of an entrepreneur
Enterprise skills in home, community, school,
government and business
Intrepreneurship
Unit 3
must be able to define each management skill and activity
Evaluation means “in my opinion”, make a comment or judgement to back up
your opinion
1. Leadership, autocratic, democratic laissez-faire, what are they and a result of
each style with an example
Include directing and co-ordinating as part of leading
Know the link with delegation and in particular the span of control; definition
and diagram and chain of command
2. Motivation, definition, how to improve motivation, Maslow's hierarchy, why its
important and how a manager can satisfy needs
McGregor, be able to distinguish between theory X and Y
3. Communication, definition and importance, types e.g. up and down, principles
of good communication
Barriers to effective communication
Factors when deciding on an effective method of communication
Layout of memo, business, letter, report
Visual communication include the drawing of diagrams
Communication and technology
Unit 3 management activities
1. Planning, why it’s the most important activity, including examples
Objectives
Roles of SWOT analysis (have a prepared example)
Mission statement
Types of planning, strategic, tactical, contingency and link to the
benefits of planning
2. Organising
Draw, label and explain all org. structure. Be able to discuss the
benefits of each structure
Define and draw a span of control
Delegation and factors affecting span of control
3. Controlling
Define, principles,
Types; stock, credit, cash, quality cost (know a basic definition of
each control type
Unit 4 key areas are household and
business manager
o Similarities and difference between managing a household and a business in
areas of tax insurance and finance.
CASHFLOW FORECAST; 1.How to analyse a cashflow e.g. capital expenditure
usual causes of liquidity problems 2. Purpose or benefits of a cashflow forecast
named and explained 3. Household cashflow vs. business cashflow 4.
matching a source of finance with a need e.g. Mortgage, know one example
for each type of finance, short, medium, long, bank overdraft, hire purchase,
equity shares
INSURANCE; Principles (5 basic) Average clause application and explanation
remember to link to indemnity. Relationship between risk and premium,
overlap with risk management a planned approach. Strategies to reduce risk
(insurance, health and safety, and be able to discuss either fully) Household
policies and business policies
TAXATION; Types of income tax including Tax forms P12, P21, P45 and P60,
How to calculate net pay using tax credits and self assessment.
Business taxes; recognise Corporation tax, Value Added Tax, Capital gains tax,
capital acquisitions tax
Unit 4 Continued
Monitoring the business; know how to analyse a basic Trading P&L a?c and
Balance sheet. Know the key terms e.g. current assets/liabilities, closing
stock, Sales-less cost of sales = gross profit, GP less expenses=Net profit.
Know the importance of financial information and the users of financial
information (employees look at profits, suppliers look at cashflow,
investors look at capital structure). Spread sheet uses, advantages of low
gearing, relationship between debt and equity, advantages of high gearing,
know how to apply 6 ratio and comment on the trend under the following
headings
1 profitability, Gross margin, Net margin, Return on investment
2 Liquidity (:) Current ratio, acid test ratio
Capital Structure (:) Debt to equity
Unit 5 Identifying Opportunities
INTERNAL AND EXTERNAL sources of opportunities/ideas
New product/service development process,(key that
they are in the correct order)
MARKETING; concept (customer focus) Marketing
strategy the benefits of the plan and its parts,
Developing the marketing mix, know each aspect of the
individual P’s
GETTING STARTED finance, ownership, business plan,
start up factors and challenges.
EXPANSION reasons name and explain, finance debt and
equity, implications and methods of expansion, benefits
of mergers and takeovers and risks involved, alliances
and franchises.
Unit 6
CATEGORIES OF INDUSTRY, agri manufacturing, services, and natural
resources. Know 3 good definitions plus the contribution to the Irish
economy.
TYPES OF BUSINESS ORGANISATION choosing between alternatives,
sole trader, partnership, private limited company PLC TNC co-op, state
owned, indigenous. Know pros and cons of each. Changing trends in
ownership and structure, why they would change from one type to
another. Remember that alliances and Franchises can be asked from here
or unit 5
COMMUNITY DEVELOPMENT, local community and business, county
enterprise board/Fás/Area partnership. Companies are the only
organisation s relevant in this section. Community development
incorporating local community initiatives. Use words like local, self-help
social and economic in this chapter
Unit 6 cont;
BUSINESS AND THE ECONOMY; the impact of the economy on business,
taking into account the general state of the economy, inflation, interest
taxes, tax and grants. Use a table with definition and the impact on the
business. The impact of business on the economy at local and national
level, taking into account employment, tax revenues and environmental
issues. The interaction between business and the wider economy
GOVERNMENT AND BUSINESS; an introduction to the governments' role
in encouraging and regulating business(creating a suitable climate).
Role of the government as employer.
Social responsibilities of business; ethical business practice, socially
responsible business at local and national level. Characteristics of an
environmentally conscious firm. Costs and opportunities associated with
doing the right thing.
Unit 7
INTRODUCTION TO INTERNATIONAL TRADING ENVIRONMENT; the
significance of international trade for the Irish economy. Know the
visible and invisible sections and balance of trade and balance of
payments. The changing nature of the international economy and its
effects on Irish business. Opportunities and challenges for Irish business
in international trade. Trading blocs and agreement and an open
economy.
EUROPEAN UNION; the importance of the EU. The purpose of the main
EU policies and directives & regulation and their impact on Irish
business 1 agricultural, 2 fisheries, 3 competition, 4 social, 5 economic
and monetary
International business; the global marketing of products and services
including the challenges. The development (reasons for coming here)
and impact of transnational companies (corporation tax paid/jobs
created/spinoff effect/payroll paid/types of companies).
Key points
Learn the material and test yourself regularly.
Each question has 3 areas to look at as follows;
Evaluate how the Sale of Goods and Supply of Services Act 1980 help protect the
consumer.
Evaluate (in my opinion)
The Act
Protecting the consumer
All questions should be treated in a similar manner
Almost all questions are State Explain the point using relevant knowledge from
the course.
Learn the course in bullet points, Quality revision means being able to rewrite
the exact information unaided.
In the long question, a minimum of one and a maximum of two questions
must come from part one.
Name Explain example or Evaluation (in red)
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