Just finalised the "Key Revision Topics for Business Examination 2017"
Short Question – Answer 8 Questions – 3 Minutes per question - AFTER 30 MINUTES MOVE ONTO THE LONG QUESTIONS! – LEAVE ABQ TILL LAST!!!
Short Questions to look at:
- Memo Layout – Look at Short Question Q.2 2009.
- Difference between a Regulation and Directive
A regulation is an EU Law which becomes immediately enforceable as law in all members states. Regulations take precedence over national laws.
Regulations are self-executing and do not need any implementing measures.
Examples: EU European Communities (Birds and Natural Habitats) Regulations 2011, was transposed into Irish national law.
A Directive provides an outline to member states of legislation to be achieved in specific areas by a given date. Directive is binding on each state but the choice as to how to incorporate it into national legislation is left to the authorities in that member state.
Examples: WEEED – Waste Electrical and Electronics Equipment Directive.
Nitrates Directive – Directing the levels of fertilizers to be used on land by Irish Farmers.
- Calculation of Balance of Trade (physical goods, visible) versus the Balance of Payments (invisible + physical goods). Note if Ireland is exporting more that it is important, that is good for our economy, more jobs to create products that has been exported = Surplus, the opposite is a Deficit (we are buying more goods from abroad, importing more than exporting).
- Break Even Diagram Calculate the BE Point => Fixed Cost / CPU (Sales – Variable Costs). What happens if the Sales figure changes? Variable Costs increase? Shift in BE Point!!
- Protectionism - Setting up barriers to trade to reduce imports to the country, to protect home industry from foreign competition, to protect jobs. Tariffs – Taxes or duties on imported goods to make them more expensive. Quotas – Limit on quantities of goods that can be imported.
Embargos - Ban on importing of specific goods from particular countries.
- Difference between a Condition and Warranty.
Condition a clause that is vital and goes to the heart of the contract
Warranty is less important clause, allows the injured party to sue for damages.
- Insurance - Average Clause, know how to calculate it!
Value Insured (What you insured it for) x Loss
Value of House (Actual Value)
Note: The average clause state that if a partial loss is suffered and the property is under insured, then only a proportion of the amount insured will be paid.
Long Questions – 4 Questions to be completed in total!
Long Questions – State, Explain and give Examples to show your understanding of the topic!
- Characteristics of Entrepreneurs – Control, Self-confident, Decisive, Creative/Innovated, Energetic.
- Enterprising skills – Planning/Goal setting, Assessing risk/decision making, Time management, HR, Innovation, Reality perception, Inner control.
- Leadership styles, effect on the organisation and staff (link to Motivational theory Maslow, X&Y).
- Management Activities – POC (Planning, Organising & Controlling).
- Management Skills - LMC (Leading, Motivating and Communications).
- Relationships that exist between the parties in business co-operative and competitive - Q.1 2005 (be able to use examples).
- Consumer Rights – Sales of Goods and Supply of Services and redress/remedies for breach of the Act. Role of Small Claims Court and Ombusman for Public Services.
- Insurance, know the Principles of Insurance, be able to give examples.
Types of Insurance – Public Liability, Fidelity Guarantee…..
- Contract Law Elements and Termination of Contract
- TQM – Total Quality Management, how does it benefit the business and affect its performance?
- What are the benefits of empowerment for a business? How does it affect employee motivation?
- Organisational structure, why would an organisation change its structure?
(Reasons why a Business Enterprise might change its organisational structure).
VIP - Wages Calculation – Look at Question 5 – 2013.
- Wages and Wages Calculation, remember USC on Gross Wages (include BIK) especially know the forms P12A, Tax Credit, P21.
Business Plan – Layout (5 Headings) Look up LC Q.6 – 2006 full & Q.5 (C) 2005
1, Description of Business – Name of Company etc.
2. Organisation and Management – Management team, qualifications experience etc …..
3. Marketing and Marketing Strategies – Target market, Market research, 4P’s…….
4. Manufacturing Operations and Premises – Manufacturing process, premises, Q.C…..
5. Financial Analysis and Investment proposal, Finance requirements, Finance available…..
Signed:………… Owner of the Business
What are the benefits for an enterprise preparing a Business Plan?
You could have a Generic Layout done for this and then apply to the case scenario “case study” piece on the day!
- Know Report Layout, Letter Layout, Memo, Agenda layout. The Business exam is very practical this year.
- Communication – Effective communication, why is it important for a business?
- Does the style of Management effect the employment motivation?
- What are the strategies for managing change in a business?
VIP - Ratio Analysis, NEED know all ratios either comes up as a short or long question in examination.
Calculate on the Issued Share Capital (given to Shareholders not the Authorised Share
Capital. Why would shareholders use profitability ratios when making a decision about whether to invest in the business?
Why would a business need to prepare Ratios for a business?
Discuss the different forms of finance, benefits and drawbacks of each form. 3 Ratios:
1. Profitability: ROI, Gross & Net Profit Margin.
2. Liquidity: CA:CL (2:1) & Acid Test (Quick) CA-Stock : CL (1:1).
3. Debt/Equity (Gearing): Long term Debt : Equity (Ordinary Issued Share Capital &
Reserves/Retained earnings). Comment on findings!
NOTE: Always quote figures when stating findings in question, you have calculated them, use figures gained in answer.
- Community Development, its benefits & Business Ethics CSR – Q.2 (C) 2012.
- What are the effects of meeting Ethical, Social and Environmental Responsibilities on a firms’ revenue and costs?
- Direct Foreign Investments Benefits to Ireland. Advantages and Disadvantages of Transnational Companies in Ireland.
- Reasons for Business Expansion? How would the business finance the expansion?
- Importance of Business Expansion – Why is EU important for Ireland?
- Discuss the impact of the European Union (EU) on Irish business – Challenges/Benefits?
- Economy "What effect will "Brexit" have on Ireland Economy, benefits and challenges - “Explain the role of Special Interest Groups in the decision making process of the European Union (EU)” “Discuss the benefits for the Irish Economy of on-going membership of the European Union (EU) after Brexit”, I suggest that you look at sample answers, click on web link: https://businesseducation.ie/business/european-union/
- Know the EU Decision Making Process, EU Policies and Global Marketing Strategy.
- Marketing Question look at 2006 Q.7 – Excellent to practice Report Layout, Stages in development of a new Product/Service, Packaging, Branding, Product Life Cycle and Channel of Distribution.
- The 2017 ABQ will be based on Units 4, 5 and 6 of the syllabus, similar to the 2007 and 2012 examination as the ABQ operates on a five-year cycle so do out: 2002, 2007, 2012, before doing out new ABQ – Look at link:
Remember to link the business key theory to the “case study material”, show the link!!
Sources of Finance could be linked into the ABQ – Short, Medium and Long.
Thank you so much for taking your time to provide such useful information ! :)
Wow thank you so much for all this useful information!Would I be ok if I learnt all of those+ did exam papers from 2016 back to 2003?
thank you so much, you are my new hero!!!!!!!!!!!!!!!!!!!!
Thank you so much,really helps!
how sure are you, that these topics will come up?
Hey, can you do a similar thing for Economics?
Would things such as timing, accuracy of information and visuals come under the importance of effective communication?