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LC Business: Unit 4 Households & Businesses Insurance & Tax Flashcards | StudBud
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LC Business: Unit 4 Households & Businesses Insurance & Tax
LC Business: Unit 4 Households & Businesses Insurance & Tax
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1
you mustbenefit from the existence or suffer from the loss of the item insured is?
Insurable interest
Indemnity
Utmost good faith
Subrogation
2
SAIT is tax for?
PAYE workers
Secret Advice & Info Tax
Drs
Self employed
3
Which form do you complete after an accident?
Claims
Policy form
Proposal
Application
4
insurance against dishonesty or fraud by employeeagainst the firm is?
Robbing insurance
Dishonesty insurance
Fidelity guarantee insurance
5
an allowancefrom the govt that reduces the amount of tax owed is?
Tax rebate
Tax allowance
Tax Credit
Tax back
6
Which one is not a type of Motor insurance?
3rd party fire & theft
3rd party
Comprehensive
Loss insurance
7
USC stands for?
Universal Social Charge
University South Chicago
Universally Selected Chaps
Ultimate Shite Club
8
Give an example of a type of a type of insurance the school should have for Mr Hobbs?
Key person
Public liability
Motor insurance
Employer liability
9
Which of these is NOT a broker?
insure.ie
123.ie
Hibernian
no-nonsense
10
What is the current rate of corporation tax?
14%
12%
12.5%
13%
11
free goods & services givenby employersto employees are?
Gifts
Tax free
Benefits in kind
Perks
12
to protect against claims by members of the public, a firm needs?
Public liability
Claim insurance
Property insurance
Employer liability insurance
13
How many tax rates are there for PAYE workers?
1
3
2
4
14
the tax paid on the profit fromsale of a biz asset is
Capital Acquisitions tax
Capital gains tax
PRSI
Corporation tax
15
"identifying business risks, and putting in place a strategyto minimise them occurring" is?
Assurance
Insurance
Risk management
16
A contingency plan is aka?
Ad hoc plan
Strategic plan
Plan B
17
The money paid for Insurance is?
Price
Premium
Fee
Cost
18
which tax is paid by employees & employers?
VAT
Corporation tax
PAYE
PRSI
19
is given by all employers tostaff whenthey leave a job is?
P45
P60
P12
P16
20
If you under-insure, you will be under-compensated,
True
False
21
True or false, the bigger the No claims bonus, the bigger the premium?
True
False
22
the state agency responsible forcollecting taxes on behalf of the Government is?
Revenue
PAYE
Enterprise Ireland
Bord failte
23
The higher the risk, the higher the?
Assessor
Premium
Risk
Loading
24
"Compensation paid when you reach acertain age" is?
Whole life assurance
Term-life assurance
Endowment life
25
Which of following is NOT a step in Risk Management?
Doing a health audit
Identifying possible risks
Reducing the likelihood of the risk event occurring
ØTaking outinsurance againstthe reduced risk
26
Tax on goods & services is known as?
PRSI
VAT
USC
PAYE
27
which of these works independently of insurancecompanies
Agent
Broker
All the above
Insurer
28
Which of these do you NOT need In your car?
Policy
Disc
Certificate
29
Subrogation means?
You cannot profit from insurance
After compensation, you no longer have rights over your item
You shouldn't over insure
Tell the truth
30
"extra charges added to motorpremiums to take account of different characteristics" is?
Profit
Premiums
Loadings
NCB
31
shows the amount of pay, incometax & PRSI paid by an employee for the tax year
P12
P16
P45
P60
32
In the case of under-insuring, we use the principle of?
The school
Contribution
Average clause
Indemnity