2nd Year Business Christmas Quiz

Where do you go, as a Consumer, for advice & information?

The European Central Bank is based in Brussels

The Cashbook is used to record all types of transactions over a set period of time.

Business Ethics refers to the MORAL choices made by a business

There are 28 Member States in the EU

What does ATM stand for?

What are the TWO types of Income?

Financial Transactions are recorded on an account that is divided into 2 sides: DR and CR.

A Contra Entry is on BOTH sides of the Cashbook

Impulse Buying is Planned Spending

A Credit Union is a not-for-profit financial services provider that is owned by its members.

Balance b/d is always brought down on the opposite side, UNDER the TOTAL

A Need is something we need to survive

Compound Interest is calculated as a % of the total amount in the account at the END of each year.

Name the 3 main Institutions of the EU?

Balance c/d is always ABOVE the TOTAL

Overtime and Bonus are two types of Irregular Income

Jobseeker's Benefit is the DOLE

If a household budget is in deficit the house is managing its finances VERY WELL

What are the 4 types of Financial Institutions in Ireland?

A credit card is used to withdraw money from your bank account at ATMs?

What are the 4 ways you can BORROW money?

A Guarantee and Warranty are the same PROMISE

A current account is a NON INTEREST account used for day-to-day transactions

Brexit will have a massive impact on Ireland & the EU

The Central Bank of Ireland regulates Financial Institutions in Ireland

Net Cash is the difference between Planned Income and Planned Expenditure

A Mortgage is a Special Type of Loan

Opportunity Cost is the item that we did NOT buy because we chose another item

19 Member States use the EURO

Closing Cash = Net Cash + Opening Cash

The Eurozone is another name for Europe

CCPC = Consumer & Competition Protection Commission

The EU Single Market allows the free movement of goods, services & taxes between member states.

Simple Interest is calculated on the ORIGINAL amount in the account each year.

What are the 3 main economic systems in operation?

What are the FACTORS OF PRODUCTION

BIK = Benefit in Kind

An Post is a state-sponsored body with over 1,130 post offices around the country.

The EU began in 1951

What are the 3 types of Expenditure?

The Financial Cost of an item is the amount of money we paid for an item.

DIRT = Deposit Interest Reclaim Tax

Sustainable Development meets the needs of the present without stopping future generations meeting their needs.

Procurement is when Governments can BID on contracts

What are the 4 Barriers to Trade

The value of the EURO is set by the European Central Bank in Frankfurt

A BUDGET is a plan that shows unexpected income and expenditure for a period of time.

The Council of Ministers MAKES all of the DECISIONS

Fairtrade is a social movement that helps manufacturers in developing countries get a fair price for goods.