Unit 4 - LC Business


Flashcards for unit 4 - LC Business
megan murphy
Flashcards by megan murphy, updated more than 1 year ago
megan murphy
Created by megan murphy over 7 years ago

Resource summary

Question Answer
List three services provided by banks Savings Accounts Direct Debits Paypath Foreign exchange
List 5 ways banks help businesses/households manage payments Direct Debit Standing Order ATM Internet Paypath
Outline the Main Differences between Households and Businesses in Managing Money Scale Formality of procedures Need for legal records
List Differences between Insurance for a Home and for a Business Wider range required for a business Business insurance is more expensive
Define PAYE Income Tax paid by Employees on gross pay. The rate of income tax paid on pay is 20% up to €33,800 and 40% after €33,800.
Define 'Benefit in Kind' Form of Income that is not paid in Money, but which benefits the employee. Example Company Car, cheap loans
List the Similarities between Households and Businesses regarding Tax Both have to pay Both work within the tax year Both have to fill out forms Both have to keep records
List the Differences between Households and Businesses regarding Tax Businesses have to do the Tax collecting for the Government Businesses have to register for VAT Businesses can claim expenses against taxable profits.
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