All Junior Cert Business Studies posts
  • avatar image


    a list of keywords anyone???? in word doc./pdf form if possible!

    1. avatar image


      Key Business Terms


      Basic wage – Payment for working a normal week

      Bonus – Income in addition to basic pay

      Budget – A plan of future income and expenditure

      Commission - A payment based on each item sold to encourage salespeople to sell more goods.

      Deductions - Money taken from an employees pay before he receives it.

      Gross pay - total earnings before deductions.

      Income tax – money paid to the government

      Net Pay - Take home pay

      Overtime - The payment for working extra hours

      Payslip – the document that an employee gets on payday, giving details of pay and deductions.

      Statutory Deductions – Deductions compulsory by law paid to the government.

      Superannuation – Contributions paid towards a pension

      Tax credit – Given each year to individual taxpayers for the purpose of reducing their tax liability


      False economies – Short term saving – long term cost

      Impulse buying – Buying without thinking of the cost.

      Opportunity cost – Making a choice as a result of having a limited income.

      Priorities – Spending on the most needed or most important items first

      Household budgeting

      Breakeven – Income equals expenditure

      Budget – A plan of future income and expenditure

      Closing Cash – Opening cash and net cash.

      Consumer Durables – Goods that will last for a long period of time.

      Deficit - Expenditure greater than income

      Estimate – A guess at the size of the income and expenditure.

      Net Cash – Total income minus total expenditure

      Surplus – Income greater than expenditure.

      Household accounts

      Balance – The difference between the two sides of an account

      Contra Entry – Where money is switched between the Cash A/C and Bank A/C.

      Credit - Right hand side of Analysed Cash book

      Debit – Left hand side of Analysed Cash book

      The consumer

      Loss Leader - A product sold at a very low price to attract customers.

      Price war - Where shops are selling similar products undercut each other to attract customers.

      Caveat Emptor

      Caveat Emptor - Let the buyer beware - Goods should be carefully examined before purchase

      Redress - Some form of compensation

      Money and Banking

      Cheque - Written instruction by a current account holder to his bank to pay a stated amount of money to a named person.

      Credit Card - Plastic money: Buy now - Pay later with interest

      Token money - Coins that do not contain their actual value in metal

      Bank Reconcilliation Statement - Prepared to reconcile bank account and bank statement

      Bank statement - Contains details of all transactions in a customers current account

      Current account - Customer receives cheque book - no interest paid on account

      Deposit account - Savings account where interest is earned on money invested.

      Government Duty on Cheques - Tax collected by the government on cheques

      Overdraft Accommodation - Permission granted by banks to currecnt account holders allowing them to overdraw their accounts by a stated amount.

      Electronic Funds Transfer at Point of Sale - The use of Laser Cards and smart cards to pay for goods.

      Executor - A person appointed by another to ensure that his / her estates is distributed according to his / her will.

      Life assurance - Policy providing money for family after death of main earner in family.

      Mortgage - House Loan, deeds of house are given as security.

      Share - Part ownership of a company

      Stock Exchange - A market where shares are bought and sold

      Strongroom - A safe for storage of valuables and important documents

      Trustee - A person appointed by another person to manage funds.

    2. avatar image


      thank you so much!

    3. avatar image


      Share files from your computer