Unit 4 - LC Business

megan murphy
Flashcards by , created about 3 years ago

Flashcards for unit 4 - LC Business

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megan murphy
Created by megan murphy about 3 years ago
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Question Answer
List three services provided by banks 67fafeae-cb0d-4fa2-bafe-eba38a419d15.png (image/png) 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 5b9e6cba-222b-4d57-b0e4-c5eeea627bba.png (image/png) Scale Formality of procedures Need for legal records
List Differences between Insurance for a Home and for a Business 42b13693-14a4-4604-ac94-229d5a2956cc.png (image/png) Wider range required for a business Business insurance is more expensive
Define PAYE 0591b0f7-aaee-49a8-b40f-5cf629f93f0d.png (image/png) 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 27dfda01-e909-4740-9f6c-b028cf62d842.png (image/png)
List the Similarities between Households and Businesses regarding Tax c7f02d26-d784-40db-b4e2-c7cba7775087.png (image/png) 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 7a43d8ed-352d-4bd9-b1c4-9e99f30bc004.png (image/png) Businesses have to do the Tax collecting for the Government Businesses have to register for VAT Businesses can claim expenses against taxable profits.