JC Business Student Guide to Better Grades

Student

STUDY ESSENTIALS

Welcome to Junior Cycle Business Studies Guide to Better Grades Marks: 300

CBA 1 consists of four stages: °

In the following pages, you will find a very useful revision pack, containing everything you need to know for success throughout the year and in your exam. In this Student Study Essentials pack, you will find a course description of Junior Cycle Business Studies, detailed exam paper analysis, sample questions and answers, key abbreviations and common calculations that are important, not just to the written exam, but to your entire Junior Cycle Business Studies course.

Let’s look at how you are assessed: There are two classroom based assessments or CBAs There is also an assessment task based on CBA2 which accounts for 10% of your marks. This is also completed in the classroom.

The final written exam for Business Studies will take place in June. It is worth 90% and is at Common Level, which means that there are no Higher or Ordinary Levels.

The following sections will provide you with tips for success!

Section 1: Course work 1. Classroom Based Assessments (CBAs) Classroom Based Assessments, or CBAs, are completed throughout the school year and are organised by your teacher CBA 1 CBA 1: Business in Action, is a group project, which will take place over a maximum of four weeks, based on one of three options: ° °

°

Enterprise in action - engage in an enterprise activity Economics in action - explore an economic trend, development, change or policy that is impacting positively or negatively on the Irish economy and society Finance in action - identify and research a financial challenge for a consumer or an organisation (profit or not-for-profit)

Conducting research, e.g. field visit, interview, survey, online research, newspapers/magazines

°

Evaluating information

°

Developing action plans

°

Reporting information

The project should be up to 1,500 words in length.

You will be assessed on the following: °

Your individual research

°

Your collective research as a group

°

Your group action plan

°

The presentation of your group work

°

Your individual reflection

CBA 2 CBA 2: Presentation, is an individual project, which will take place over a maximum of three weeks. Potential topics include: °

A field visit to a local enterprise

°

Investigation of a business-related story in the media

°

Leaders in the Irish business field

°

Investigation of the impact of an organisation on a community

°

Consumerism

°

Investigation of a current economic issue

°

Careers in business

CBA 2 consists of three stages: ° °

°

Investigating - conducting research Making informed judgements - using your research findings to form an opinion about your topic Communicating your findings during an oral presentation (3 minutes maximum) to an audience

You will be assessed on the following: °

Your communication

°

Your support materials

°

Your reflection

Tips for success:

°

°

°

°

Avoid a topic that is too broad - you only have 3 minutes to present your findings!

Reflect on your findings and explain how you see the world differently as a result of your research or how your behaviour has now changed Practice and rehearse your presentation in advance, keeping the 3 minute deadline in mind Speak clearly and vary your tone of voice during your presentation Use support materials during your presentation, e.g. poster, storyboard, presentation, graphs or tables

Exam Hints and Tips

°

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Student

STUDY ESSENTIALS

Breakdown

Marks: 30

2. The Assessment Task The Assessment Task is worth 10% of your overall grade. Like your written exam, it is assessed at Common Level. You will be required to: Evaluate the new knowledge, understanding and skills you have developed through CBA2

The written exam is worth 270 marks overall or 90% of your final grade. When you are revising, take out the exam papers and attempt some of the questions. The more you do this, the more prepared you will be for the final written examination.

The Exam Paper Section A –

Reflect on how your opinions have changed through the experience of participating in CBA2 The Assessment Task consists of two stages, which will take place over a double class or two single class periods. The first class period is used to prepare, by discussing, evaluating and reflecting on your individual presentations. The second class period is used to write up your response in an answer booklet provided by the State Examinations Commission (SEC). Your teacher will then send the completed answer booklet to the SEC. Tips for success:

90 marks:

This section has 15 short questions.

Questions are from all three strands.

Each question is worth six marks.

Spend a maximum of 2–2½ minutes on each question.

Sample Answers for Junior Cycle Business 2019 Examination Paper Question 5 € Total (excluding VAT)

25,000

Explain what your learned about the experience and what your have learned about yourself.

Trade discount (12%)

(3,000)

Subtotal

22,000

Describe how your views have either changed or been reinforced by your research and by the experience.

Total (including VAT)

For each part of the reflection, try to make at least four separate points.

You may have a choice of questions, so indicate in the box which question you are answering.

Marks: 270 Time allowed: 2 hours

Section 2: The Written Exam For your Junior Cycle Business Studies course, you will sit a two-hour examination at the end of third year. The examination will be linked to what you have learned in first, second and third year and to the relevant learning outcomes (see pages vi & vii). In any given year, a selection of learning outcomes will be assessed.

Vat (23%)

5,060 27,060

Question 8 1.

Access to grants e.g. the EU gives grants to Ireland to improve infrastructure/helps the farming and fisheries industries.

2.

Free movement of labour/capital/services within EU countries e.g. EU workers can fill labour shortages in Ireland and Irish workers can work within the EU without restrictions.

Question 9 (i) Balance of Trade for Ireland Workings: €44 billion €123b–€79b

There are two sections in the paper: Section A

short

st o s

Section B – long questions.

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Student (ii) Reason why international trade is important for Ireland (Note: only one of the following reasons is needed).

Access to larger markets which increases Ireland’s exports to other countries.

International trade increases tax revenue for the Irish Government.

Employment in Ireland increases which reduces social welfare expenditure by the Irish Government.

Question 13

Government Department:

Example of expenditure:

1. Health 2. Education and Skills 3. Transport, Tourism and Spot

Building of hospitals Teachers’ salaries Promote Ireland abroad

Section B –

Question 14 Complete the trading account of Blake Ltd for the year ended 31/12/2018: Trading Account of Blake Ltd for the year ended 31/12/2018 €

€

Sales

850,000

Less cost of sales Opening stock

000

Purchases

One example of expenditure in the Government Departments below:

STUDY ESSENTIALS

450,000 525,000

Less closing stock

115,000

Cost of sales

410,000

Gross profit

440,000

180 marks:

This section has three long questions.

Questions are from all three strands. Parts of a question may be from different strands.

Each question is worth 60 marks.

Spend a maximum of 25 minutes on each question.

Sample Answers for Junior Cycle Business 2019 Examination Paper Question 17 (a)

(i)

DR Date Details 2019

Bank €

01/05 Capital 04/05 Sales

21,500 13,620 12,000 1,620

01/06 Balance b/d

Analysed Cash Book of Food2Go Ltd Sales VAT Capital Date Details Bank € € € 2019 €

35,120 12,000 1,620 22,244

21,500 06/05 15/05 23/05 27/05 31/05 21,500

(ii) €22,244

000 6 6 0 0 22,244 35,120 6

Dr

(iii) Dr Date

Wages Purchases Electricity Wages Balance c/d

CR Purchases VAT Wages Electricity € € € €

Capital a/c Details Total Date

Cr Details Total

01/05/19 Bank

Date

Details Total Date

Details Total

Date

VAT a/c Details

15/05/19 Purchases Balance c/d

Total Date

Details Total 1,620

864 1,620

1,620 01/06/19 Balance b/d

5,850

27/05/19 Bank

670

Cr Details Total

5,850

Date

Purchases a/c Details Total Date

15/05/19 Bank

Cr Details Total

5,600

12,000

Cr

756 04/05/19 Sales

756

Wages a/c

Dr Dr

5,600

21,500

Cr

04/05/19 Bank

670 2,850

864

Date

Electricity a/c Details Total Date

27/05/19 Bank

670

Cr Details Total

Exam Hints and Tips

Date

Sales a/c

756

Details Total Date

Dr Dr

3,000 5,600

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Student (b)

STUDY ESSENTIALS

(i) Contributions Food2Go Ltd makes to the local area: 1. Food2Go Ltd employs people directly in each of its 10 locations throughout Dublin. It may also be responsible for related indirect jobs in suppliers.

2. Food2Go Ltd will contribute to local authority rates and taxes, and the money collected will be used to develop local infrastructure. (ii) VAT stands for Value Added Tax. VAT is charged on goods and services.

VAT is a source of income for the Government. (iii) Foreign businesses are encouraged to locate in Ireland because of our low corporation tax rate, and this creates lots of employment in Ireland. This will increase tax revenue for the Irish Government.

New Junior Cycle Learning Outcomes Explained These are the learning outcomes on which the final assessment will be based.

Strand 1: Personal Finance Personal finance focuses on students developing a set of skills, knowledge and values that allows them to make informed decisions to effectively and responsibly manage their financial resources. In this strand, students learn about managing their finances, responsible consumer behaviour and the value of using resources ethically and efficiently for the benefit of individuals and society.

Students should be able to: 1.1

Review the personal resources available to them to realise their needs and wants and analyse the extent to which realising their needs and wants may impact on individuals and society

1.2

Identify and classify sources of income and expenditure, compare options available to best manage financial resources, evaluating the risks associated with each option and making informed and responsible judgements

1.3

Don’t skip a question, always attempt to answer it, even if you aren’t certain if the answer is correct

Construct a personal financial lifecycle to identify financial needs at different life stages

1.4

If you make a mistake, cross it out and then write the correct information. Do not use Tippex or any other alternative.

Explain key personal taxes and charges and suggest the occasions when and why they might arise

1.5

Identify reasons for saving and borrowing money, relate the reasons to determining appropriate sources of finance with respect to their purpose, costs and risks

1.6

Identify appropriate types of insurance for particular personal needs and consider costs, benefits and risks

1.7

Distinguish between and appreciate their rights and responsibilities as consumers

1.8

Compare the services provided by consumer agencies and financial institutions to assist and support customers

1.9

Debate the ethical and sustainability issues that arise from their consumption of goods and services and evaluate how they can contribute to sustainable development through consumer behaviour

Tips for Success in the Exam Bring a calculator and pens.

Answers must be completed in either blue or black pen. Do not write in pencil on the paper.

Answers must be written in the space provided. The examination booklet will be scanned and your work will be presented to the examiner on screen. Anything that you write outside of the answer areas may not be seen by the examiner.

Make sure that you write the correct number of responses to a question, e.g. if you are asked to ‘state two benefits of …’, make sure you write two answers. The number of points required will usually be written in bold text.

You can use a calculator. Fill in the make and model of your calculator in the space provided on the exam paper.

Show all calculations and workings. Even if you don’t get the answer correct, you will get marks for using the correct method for calculations.

Read each question carefully before you begin your answer.

Look at the action verbs in each question, as these will help you decide how much to write. See the action verbs on page xi for more information.

Exam Hints and Tips

Most questions will contain some kind of stimulus material, e.g. a news article, headline or quote, an image, graph or photograph. Use the information contained in the stimulus material to support your answer where possible.

You must answer all questions in Sections A and B. Use full sentences rather than one-word or two-word answers in both Section A and Section B. Write clearly and neatly.

Check all calculations before filling in the figures in accounts, budgets and cash flow questions.

Plan your timing! Don’t spend too long on one question.

Review your answers before the end of the exam and make any corrections necessary. Check that you have completed all parts of each question.

1.10 Discuss and evaluate how globalisation and developments in technology impact on consumer choice and behaviour 1.11 Interpret a wage slip and calculate personal tax liability arising from employment 1.12 Prepare and analyse a budget, determine the financial position, recommend appropriate action and present the analysis in tabular and graphic formats 1.13 Monitor and calculate income and expenditure data, determine the financial position, recommend appropriate action and present the analysis in tabular and graphic formats

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Strand 2: Enterprise

Strand 3: Our Economy

Enterprise encourages students to identify opportunities and turn them into practical and targeted activities within business and wider society through the development and application of their understanding, skills and values. In this strand, students learn about being enterprising, the functions of an organisation and the business environment.

Our economy enables students to understand the dynamic relationship between the local, national and international economic situation. It develops students’ ability to identify and understand basic economic concepts as they relate to personal finance, enterprise and the Irish economy. In this strand, students learn about the demand and supply of goods and services, the role of the government in managing the economy, and about economic issues such as trade, employment and Ireland’s membership of the European Union (EU).

Students should be able to: 2.1

Identify different types of financial, cultural and social enterprise and appreciate the role each plays in society

2.2

Describe the skills and characteristics of being enterprising and appreciate the role of an entrepreneur in an organisation, in society and to the economy

2.3

Differentiate between employment, work and volunteerism, identifying and describing features, benefits, rewards and careers within each

2.4

Distinguish between the rights and responsibilities of employer and employee from a legal, social, environmental and ethical perspective

Students should be able to: 3.1

Explain how scarcity of economic resources results in individuals having to make choices; predict possible consequences of these choices

3.2

Explain how individuals, organisations (for profit and not-for-profit) and the government work together to distribute economic resources used to produce goods and services

3.3

Evaluate how changes in the supply and demand of goods and services in different markets can affect prices

3.4

Differentiate between different sources of government revenue and government expenditure

2.5

Investigate the positive and negative impacts on a community of an organisation from an economic, social and environmental perspective

2.6

Discuss the impact of digital technologies on an organisation, debating the associated rewards and costs

3.5

Examine the purpose of taxation from a financial, social, legal and ethical perspective

2.7

Conduct market research in order to investigate an entrepreneurial opportunity and analyse, interpret and communicate the research findings using relevant terminology and representations

3.6

Explain how economic growth can impact positively and negatively on society and the environment and justify the promotion of sustainable development

3.7

Debate the implications of globalisation of trade, including the benefits and challenges of international trade

2.8

Devise and apply a marketing mix in order to promote a new or existing product or service

3.8

2.9

Develop a simple business plan for a new or existing product or service

Discuss the economic and social benefits and challenges of Ireland’s membership of the EU

3.9

Explain the relevance of economic indicators such as inflation, employment rates, interest rates, economic growth, national income and national debt for individuals and the economy

2.10 Complete and interpret key business documents that an organisation uses to manage its transactions for accountability purposes 2.11 Assess the importance of planning an organisation’s cash flow, propose suitable sources of finance to manage expenditure and prepare a budget

3.10 Use their knowledge, and information from a range of media sources, to discuss current economic issues and present an informed view

2.12 Prepare a cash account to monitor income received and payments made by an organisation, evaluate its financial position and recommend a course of action; post figures to relevant ledgers and extract a trial balance

3.11 Evaluate the benefits and costs of a government economic policy and assess who enjoys the benefits and who bears the costs

Exam Hints and Tips

2.13 Prepare final accounts to assess the financial performance of an organisation at the end of a trading period, analyse and evaluate its financial position and recommend a course of action

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STUDY ESSENTIALS

Abbreviations

Exam Hints and Tips

3Rs

Refund, repair, replacement

4Ps

Product, Price, Place, Promotion (Marketing Mix)

A.C.B.

Analysed cash book

A.E.R.

Annual Equivalent Rate

A.P.R.

Annual Percentage Rate

A.S.A.I.

Advertising Standards Authority of Ireland

A.T.M.

Automated Teller Machine

B/D

Brought down

B.I.K.

Benefit in kind

B.O.

Bank overdraft

C.A.

Current assets

C.A.D.

Computer-aided design

C.A.I.

Consumers’ Association of Ireland

C.A.M.

Computer-aided manufacturing

C.A.P.

Common Agricultural Policy

C.A.R.

Compound Annual Rate

C.A.T.

Capital Acquisitions Tax

C.C.P.C.

Competition and Consumer Protection Commission

C/D

Carried down

C.F.F.

Cash Flow Forecast

C.G.T.

Capital Gains Tax

C.I.M.

Computer-integrated manufacturing

C.O.D.

Cash on delivery

C.P.I.

Consumer Price Index

C.R.M.

Customer relationship management

C.R.U.

Commission for Regulation of Utilities

C.S.O.

Central Statistics Office

C.S.R.

Corporate social responsibility

C.T.

Credit transfer

C.W.O.

Cash with order

D.D.

Direct debit

D.I.R.T.

Deposit Interest Retention Tax

E.&O.E.

Errors and omissions excepted

E.C.B.

European Central Bank

E.I.A.

Environmental Impact Assessment

E.P.A.

Environmental Protection Agency

E.P.O.S.

Electronic point of sale

E.S.F.

European Social Fund

E.U.

European Union

F.A.

Fixed Assets

F.D.I.

Foreign direct investment

G.D.P.

Gross Domestic Product

G.L.

General ledger

G.N.P.

Gross National Product

G.P.

Gross profit

G.P.P.

Gross profit percentage

H.P.

Hire Purchase

I.C.B.

Irish Credit Bureau

I.C.T.

Information and communications technology

I.D.A.

Industrial Development Agency

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Student I.O.T.

Internet of things

I.S.I.

Insolvency Service of Ireland

I.T.

Information technology

L.C.

Labour Court

L.E.O.

Local Enterprise Office

L.P.T.

Local Property Tax

M.A.B.S.

Money Advice and Budgeting Service

M.E.P.

Member of the European Parliament

M.R.

Market research

N.P.

Net profit

N.P.P.

Net profit percentage

N.T.M.A.

National Treasury Management Agency

P.A.Y.E

Pay as you earn

P.C.P.

Personal contract plan

P.I.N.

Personal identification number

P.L.C.

Public Limited Company

P.P.P.

Public private partnerships

P.R.

Public relations

P.R.S.I.

Pay related social insurance

P.S.O.

Public Service Obligation

R&D

Research and Development

R.O.C.E.

Return on Capital Employed

S.E.M.

Single European Market

S.M.A.R.T.

Specific Measurable Agreed Realistic Timed

S.O.

Standing Order

S.O.F.P.

Statement of Financial Position

S.R.C.O.P

Standard Rate Cut-off Point

S.W.O.T.

Strengths Weaknesses Opportunities and Threats

T.N.C.

Transnational Corporation

U.S.C.

Universal Social Charge

U.S.P.

Unique Selling Point

V.A.T.

Value Added Tax

V.C.

Venture Capital

W.C.

Working Capital

W.R.C.

Workplace Relations Commission

W.T.O.

World Trade Organisation

W.W.W.

World Wide Web

STUDY ESSENTIALS

Calculations/Rules Strand 1 Net Pay Disposable Income Discretionary income

Gross Pay = basic pay + overtime + commission + bonus payments t a

ross a

s osa

tota

om

s r t o ar

ross a

om

ross a

to s stat tor stat tor

to s to s

ss

ta

a m

ts

Time rate

Hourly rate of pay Ă— number of hours worked

Piece rate

Amount earned per item produced Ă— number of items produced

Total expenditure

Total expenditure = fixed expenditure + irregular expenditure + discretionary expenditure

Closing cash

Closing cash = net cash + opening cash

Opening cash

Opening cash of one month is the closing cash of the previous month

Net cash Budget deficit

t ash

tota

om

tota

t r

A budget deficit occurs when total income is less than total expenditure, i.e. Income > Expenditure

Exam Hints and Tips

Gross Pay

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STUDY ESSENTIALS

Budget surplus

A budget surplus occurs when total income is greater than total expenditure, i.e. Income < Expenditure

Balanced budget

A balanced budget occurs when total income is the same as total expenditure, i.e. Income = Expenditure

Balance

The difference between the debit and credit side of an account

To convert from € to foreign currency

Multiply by the bank sell rate

To convert from foreign currency to €

Divide by the bank buy rate

Simple interest

Principal × Time × Rate 100

Average clause

Insured value × Amount claimed Actual value

Unit pricing

Price Quantity

Strand 2 Cash flow forecast net cash

t ash

tota r

ts

tota

a m

ts

Cash flow forecast opening cash

Opening cash of one month is the closing cash of the previous month

Cash flow forecast closing cash

Closing cash = opening cash + net cash

Invoice, debit note and credit note totals

Subtract trade discount before adding VAT

Statement of account

Invoices and debit notes are added to the balance, credit notes and payments are subtracted from the balance

Double entry book-keeping

Debit the receiver and credit the giver Every transaction has an equal and opposite transaction, i.e. a entry on the debit side of the analysed cash book will appear on the credit side of the ledger and vice versa

Trial balance Gross profit Net profit

A debit balance in the analysed cash book or ledger will appear as a debit in the trial balance. A credit balance in the analysed cash book or ledger will appear as a credit in the trial balance. ross ro t t ro t

sa s

Appropriation account

s r

s r ta

Working capital

ork

a ta

Net book value

ost o sa s

ross ro t

t ook a

tota

ro t rr

s s t ro t

t ass ts

ost o ass t

s a

r

tors a

r

at o

o w th

r s r o

ar

s rr

t a

t s

Exam Hints and Tips

Total net assets

Total net assets = fixed assets + working capital

Capital employed

Capital employed = creditors falling due after one year (long-term loans) + issued share capital + reserves

Gross profit percentage (gross margin)

Gross profit × 100 Sales

Net profit percentage (net margin)

Net profit × 100 Sales

Return on capital employed

Net profit × 100 Capital employed

Working capital ratio (current ratio)

Current assets : Creditors falling due within one year (current liabilities)

Acid test ratio (quick ratio)

Current assets – closing stock : Creditors falling due within one year (current liabilities)

Ideal ratio is 2 : 1 Ideal ratio is 1 : 1

Gearing

Debt capital : equity capital

High gearing

Debt capital > equity capital

Low gearing

Debt capital < equity capital

Strand 3 Demand & Price

For normal goods, as price for a good increases, demand for that good will fall and as price decreases, demand will increase.

Supply & Price

As price of a good increases, producers will be willing to supply more of the good.

Equilibrium

The price at which the quantity supplied is equal to the quantity demanded.

National budget surplus

A surplus occurs when government revenue is greater than government expenditure, i.e. government revenue > government expenditure

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National budget deficit

A deficit occurs when government revenue is less than government expenditure, i.e. government revenue < government expenditure

Balance national budget

A balanced budget occurs when government revenue is equal to government expenditure, i.e. government revenue = government expenditure

Rate of inflation

Difference in the cost of living between Year 1 and Year 2 × 100 Cost of living in Year 1

Unemployment level

Number of unemployed people × 100 Total number in labour force

Economic growth

Difference in GDP between Year 1 and Year 2 × 100 GDP in Year 1

Total imports

Total imports = visible imports + invisible imports

Total exports

Total exports = visible exports + invisible exports

Balance of trade

aa

o tra

s

orts

s

m orts

Balance of trade surplus

Balance of trade surplus = visible exports > visible imports

Balance of trade deficit

Balance of trade deficit = visible exports < visible imports

Balance of payments

aa

o tra

tota

orts

tota m orts

Balance of payments surplus

Balance of payments surplus = total exports > total imports

Balance of payments deficit

Balance of payments deficit = total exports < total imports

Action Verbs Most exam questions will start with an action verb. Make sure you know what each of these terms means so that you can answer each question properly.

Study or examine something in detail; break down in order to bring out the essential elements or structure; identify parts and relationships, and interpret information to reach conclusions

Apply

Select and use information and/or knowledge and understanding to explain a given situation or real circumstances

Appreciate

Recognise the meaning of, have a practical understanding of

Assess

Judge, evaluate or estimate the nature, ability or quality of something

Calculate

Obtain a numerical answer showing the relevant stages in the working

Classify

Group things based on common characteristics

Compare

Give an account of the similarities and/or differences between two (or more) items or situations, referring to both/all of them throughout

Complete

Finish making or doing; bring to a successful conclusion

Conduct

Organise and carry out

Consider

Describe patterns in data; use knowledge and understanding to interpret patterns, make predictions and check reliability

Construct

Develop information in a diagrammatic or logical form; not by factual recall but by analogy or by using and putting together information

Convert

Change to another form

Debate

Argue about a subject, especially in a formal manner

Demonstrate

Prove or make clear by reasoning or evidence, illustrating with examples or practical application

Describe

Develop a detailed picture or image of, for example, a structure or a process, using words or diagrams where appropriate; produce a plan, simulation or model

Develop

Progress or improve to become more mature, advanced or elaborate

Devise

Plan, create or formulate a procedure or system by careful thought

Determine

Ascertain or establish exactly by research or calculation

Differentiate

Recognise or ascertain what makes something different

Discuss

Offer a considered, balanced review that includes a range of arguments, factors or hypotheses; opinions or conclusions should be presented clearly and supported by appropriate evidence

Exam Hints and Tips

Analyse

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STUDY ESSENTIALS

Distinguish

Make the differences between two or more concepts or items clear

Evaluate (data)

Collect and examine data to make judgements and appraisals; describe how evidence supports or does not support a conclusion in an inquiry or investigation; identify the limitations of data in conclusions; make judgements about ideas, solutions or methods

Evaluate (ethical judgement)

Collect and examine evidence to make judgements and appraisals; describe how evidence supports or does not support a judgement; identify the limitations of evidence in conclusions; make judgements about ideas, solutions or methods

Explain

Give a detailed account including reasons or causes

Examine

Consider an argument or concept in a way that uncovers the assumptions or relationships of the issue

Identify

Recognise patterns, facts or details; provide an answer from a number of possibilities; recognise and state briefly a distinguishing fact or feature

Interpret

Use knowledge and understanding to recognise trends and draw conclusions from given information

Investigate

Observe, study, or make a detailed and systematic examination, in order to establish facts and reach new conclusions

Justify

Give valid reasons or evidence to support an answer or conclusion

Monitor

Observe and check the progress of something over a period of time; keep under systematic review

Predict

Give an expected result of an event; explain a new event based on observations or information using logical connections between pieces of information

Prepare

Make something ready for use or presentation

Present

Promote or propose an idea; deliver or illustrate evidence; show something for others to examine

Propose

Put forward a plan or suggestion for consideration

Recognise

Identify facts, characteristics or concepts that are critical (relevant/appropriate) to the understanding of a situation, event, process or phenomenon

Recommend

Put forward something, with approval, as being suitable for a particular purpose

Relate

Associate, giving reasons

State

Provide a concise statement with little or no supporting argument

Suggest

Propose a solution, hypothesis or other possible answer

Understand

Have and apply a well-organised body of knowledge

Use

Apply knowledge or rules to put theory into practice

Verify

Give evidence to support the truth of a statement

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Student

STUDY ESSENTIALS

Current Economic Issues Complete the table below to record up-to-date information about the Irish economy.

Minister for Finance

Minister for Employment Affairs and Social Protection

Minimum wage

Standard rate cut-off point

Standard rate of income tax

Higher rate of income tax

PRSI rates

USC rates

VAT rates

Corporation tax rate

DIRT rate

Rate of inflation

Approximate interest rates on savings

Approximate interest rates on borrowings

Rate of economic growth

Exam Hints and Tips

Unemployment rate

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Student

STUDY ESSENTIALS

Topic by Topic Analysis Chart Topic

2019

SEC Sample

Edco A

Q15

Q3, Q15

Q1, Q11

1.2

Resources, needs, wants Income, expenditure

Q12

Q1

Q15

1.3

Financial life cycle

1.4 1.5

Personal taxes and charges Saving and borrowing

Q3

1.6

Insurance

Q4

Q11

1.7

Consumer rights and responsibilities Consumer agencies/ financial institutions Ethical and sustainability issues Globalisation and technology Wage slip and calculating tax liability Budget

Q16

Q16

Q16

Q16

Q16

Q16

Q16

Q13, Q16

Q2, Q16

Q16

Q18

Q13

Q18

Q9

Q14

Q4

Q14

Q1

2.7

Income and expenditure data Financial, social, cultural enterprise Skills and characteristics of being enterprising Employment, work, volunteerism Employer/ employee rights and responsibilities Impacts of an organisation on community Impact of digital technologies Market research

2.8

Marketing mix

Q6

2.9

Business plan

Q11

2.10

Business documents

Q5

2.11

Cash flow and budget

2.12

Cash account

Q17

Q17

2.13

Final accounts

Q14

Q5, Q8

3.1

Scarcity of economic resources

Q10

3.2

Distribution of economic resources

1.1

1.8 1.9 1.10 1.11 1.12 1.13 2.1 2.2

2.3 2.4

2.5

2.6

Edco B

Edco C

Q10, Q18

Q18

Q18

Q12

Q2

Q18

Q16

Q16

Q13

Q11

Q9

Q1

Q16

Q1

Q5

Q10

Q17

Q17

Q18

Q6

Q16

Q3

Q12

Q18

Q2, Q16

Q4

Q17

Q16

Q17

Q5

Q16

Exam Hints and Tips

Q17

Q10, Q13, Q17

Q14 Q12

Q11

Q16 Q4

Q16

Q17

Q16 Q10

Q13

Q9

Q12

Q17

Q11 Q13

Q8

Q9

Q18

Q18

Q16

Q18

Q3

Q14

Q14

Q9

Q17

Q17

Q17

Q2

Q8, Q10

Q2 Q3 Q16

Q3

Q7

Q16

Q17

Q16, Q17

Q17

Q16

Q5

Q14

Q9

Q14, Q16

Q14

Q17

Q16 Q6

Q17

Q1, Q18

Q6, Q17

Q13 Q4, Q16

Q12

Q18

Q9

Q1, Q7, Q16 Q16

Q13

Q7

Q4

Edco H Q15

Q12 Q18

Q2, Q7

Q15

Q9

Edco G

Q11

Q8

Q13, Q18 Q12, Q18

Edco F

Q1

Q5, Q16

Q16

Edco E

Q8

Q1

Q16

Edco D

Q11

Q17

Q5

Q15, Q16

Q4

Q6, Q8

Q4, Q8

Q15

Q17

Q12

Q2

Q3, Q18

Q5

Q5

Q17

Q11

Q7

Q17

Q3

Q18

Q2, Q4

Q4, Q16

Q8, Q15

Q7

Q5, Q10, Q16

Q13

Q3, Q16

xiv BJC5083S JC Business Studies 2020-1.indd 14

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Student

STUDY ESSENTIALS

Topic

2019

SEC Sample

Edco A

Edco B

Edco C

Edco D

Edco E

3.3

Supply and demand

Q16

Q18

Q7

Q16

Q17

Q17

3.4

Government revenue and expenditure

Q13, Q17

Q7

Q6, Q18

Q9

Q10

Q10

3.5

Purpose of taxation

Q16

Q17

Q18

Q8

Q15

3.6

Economic growth and sustainable development

Q11, Q18

Q6

Q5

3.7

Globalisation of trade

Q2, Q9

Q18

Q3, Q16

Q16

Q18

3.8

Benefits and challenges of EU membership

Q8

Q18

3.9

Economic indicators

Q18

3.10

Current economic issues

3.11

Government economic policy

Q10

Q17

Q12

Edco G

Edco H

Q17

Q6

Q18

Q16

Q18

Q7

Q18

Q6

Q17

Q6, Q18

Q15

Q10

Q2

Q8

Q18

Q2

Q18

Q14

Q17

Q14

Q18 Q7

Q13

Q1

Edco F

Q18

Q18

Q18 Q18

Exam Hints and Tips

All rights reserved. No part of the Student Study Essentials and Edco Sample Papers may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior permission of the Publisher or a licence permitting restricted copying in Ireland issued by the Irish Copyright Licensing Agency, 63 Patrick Street, DĂşn Laoghaire, Co. Dublin.

xv BJC5083S JC Business Studies 2020-1.indd 15

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BJC5083S JC Business Studies 2020-1.indd 16

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Q15

Q14

Q13

Q12

Q11

Q10

Q9

Q8

Q7

Q6

Q5

Q4

Q3

Q2

Q1

Section A

2019

SEC Sample

Edco Sample A

Edco Sample B

Edco Sample C

Edco Sample D

Tick the questions on each paper as you complete them.

Map Your Progress!

Edco Sample E

Edco Sample F

Edco Sample G

(Continued)

Edco Sample H

xvii

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Edco Sample C

Edco Sample D

Edco Sample G

Edco Sample H

Use the action verbs in the question to decide how much information you need to write in your answer.

0 but less than 20

Not Graded

Provide the correct number of points required by the question

55 but less than 75

Merit

40 but less than 55

75 but less than 90

Higher Merit

% 90 to 100

Distinction

Grade Range

Junior Cycle Business Studies Grading of the Final Examination

Edco Sample F

20 but less than 40

Edco Sample E

Partially Achieved

Map Your Progress!

Visit www.edco.ie/onlinestudyhub

Your free online guide to smarter study.

Study Hub

Edco Sample B

Achieved

Edco Sample A

Read each question carefully before answering

Read the instructions carefully

Plan your time accordingly

Remember

Pay attention to the marks allocated to each question. Each question in Section A is worth 6 marks and each question in Section B is worth 60Â marks

SEC Sample

Student Study Essentials Š The Educational Company of Ireland, 2020

Q18

Q17

Q16

Section B

2019