Business Studies

Mission Statement

Business Studies is that part of the curriculum which enables the student to make informed decisions in the everyday business of living. The primary aim is to contribute to the students’ everyday understanding of the world of business and to encourage a positive attitude to enterprise and to develop appropriate skills in that field.

Subject Aims

  • To provide each student with an appropriate level of economic/business literacy.
  • To contribute to a balanced and appropriate general education in the first year of Junior Cycle level leading to the personal and social development for each student.
  • To develop, in each student, habits and methods of investigation, analysis and problem solving at an appropriate level.
  • To familiarise each student with technological developments in the business environment.
  • To encourage initiative and develop self-reliance in each student.
  • To provide a foundation for students which could lead to studies for Leaving Certificate Business, Economics or Accounting and employment or further studies in the business field.

Subject Objectives

  • To encourage in students an interest in, and a positive attitude towards, the business world and enable them to gain an understanding of commercial activities.
  • To develop in students skills of communication, use of technology and recording of information and transactions.
  • To enable students to apply oral and written communication skills to business activities and to developthe vocabulary necessary for further progress in the business world.
  • To enable students to develop skills in numeracy and neatness and accuracy in respect of recording transactions.
  • To enable students to integrate knowledge and skills in a practical and useful way.

Options structure

Business is offered as an option to all first years. The choice is made at the expense of Latin.

Textbooks and Course Materials

Integrated Business for Households and Enterprise by Matt Hynes (Folens) with accompanying workbook, copy and calculator.

Curriculum Content

Section 1
The Business of Living
Money and an introduction to Business
Covering:

  • What money is
  • An introduction into the history of money
  • What money must be
  • Basics of how an economy operates

Targets on completion of this section

  • An understanding that money comes in many forms
  • Recognition that money must be desired for it to be valuable
  • Understanding that money must flow for an economy to progress
  • How needs affect the form money will take
  • To provide all students with an introduction to business as a subject so that they may make an informed choice when choosing it as a subject at state exam level

The Consumer

Understand:

  • What a consumer is
  • The difference between a Good and a Service
  • The informed consumer
  • Contract
  • Reasons for protection
  • Agencies involved
  • Main Consumer Laws:

1978 Consumer Information Act, 1980 Sales of Goods and Supply of Services Act, Consumer Protection Act 2007

  • Procedure for Redress
  • Legal and non-legal signs
  • Making a complaint orally
  • Writing a letter of complaint
  • Ordering goods/services, receipts, credit notes

Targets on completion of this section

  • Identify causes for complaint
  • Practical application of legislation
  • Understanding that their rights as students are equal to those of adults
  • Write and post a letter of complaint
  • Knowledge of which consumer protection agency to contact in the event of dissatisfaction
  • Confidence that the rights of the student as a consumer will be upheld in the event of dissatisfaction

Budgeting

Covering Income, Expenditure and Household Budgets

  • Income, sources, regular and additional
  • Distinction between gross and net pay
  • Statutory and non-statutory deductions
  • Types of statutory deduction PAYE, PRSI
  • Benefit in kind, perks official and unofficial
  • Calculating a gross and net wage
  • Expenditure, fixed, irregular and discretionary
  • Defining Opportunity Cost
  • Defining Impulse Buying
  • Understanding Scarcity
  • Personal and Household budgets
  • Planning a budget
  • Net Cash: Surplus/Deficit
  • Accruals, e.g. ESB
  • Current/Capital Expenditure
  • Identify shortfalls in income
  • Prepare personal/household budget
  • Analyse personal/household spending
  • Classify and record income and expenditure

Targets on completion of this section

  • Understand the importance of budgeting
  • Realisation of the function of taxes
  • Ability to prepare and update personal/household budget
  • Understanding of tax system
  • Importance of retaining records of purchase

Money and Banking

  • Banking for the Consumer
  • Forms of money
  • Money transfer facilities
  • Use of cheque card, credit card
  • Cheques, Travellers cheques, ATM, Paypath, Paypal
  • Savings and Current accounts
  • Factors involved in deciding where to borrow from : Credit Unions, building societies, commercial bank
  • DIRT

Targets on completion of this section

  • Identify different types of money
  • Open and operate an account
  • Recommend a method of payment
  • Complete a cheque
  • Interpret a statement
  • File and record data
  • Cross a cheque in an appropriate manner
  • Recommend a suitable financial institution
  • Calculate interest on deposits
  • Calculate DIRT on savings

Borrowing

  • Cash and credit purchases
  • Rates of interest – true and flat APR
  • Collateral and examples
  • Hire-Purchase and rental
  • Bankruptcy

Targets on completion of this section

  • Students will be able to compare cash with total credit cost
  • Select an appropriate source of credit

Insurance

  • Need for adequate insurance
  • Insurable and non-insurable risks
  • Basis of insurance
  • Personal insurance
  • Life insurance
  • Car insurance
  • All risk insurance
  • Principle of Insurable Interest
  • Principle of Utmost Good Faith
  • Proposal form
  • Premium calculation
  • Loadings
  • Deductions
  • Compensation

Targets on completion of this section

  • Understand how the concept of insurance works
  • Students will be able to choose an appropriate insurer
  • Understand legal implications of a proposal form

Delivery Systems

  • Characteristics, advantages and disadvantages
  • Calculate Delivery cost
  • Map reading

Targets on completion of this section

  • Students will be able to assess the best form of delivery based on all factors including, cost, reliability, convenience and environmental impact.

Forms of ownership

  • Characteristics, advantages and disadvantages of major forms of ownership.

Targets on completion of this section

  • Students will be able to recognise the different forms of ownership and the advantages that go with each.
  • Students will be able to assess which form best suits different needs and circumstances

Homework Procedures

The Business Studies department undertakes to comply with the overall Whole School policy on homework. The main objectives of regular set homework are to

  • Consolidate work already done in the class
  • Enhance academic achievement
  • Assist in teachers on-going assessment of the students

The classroom procedure is that the students record their homework in their student journals and complete this task after which it will be corrected in class. Students are also strongly urged to study/learn the new material covered in class that day and to spend about 20 minutes on written and learning homework per night for the subject.

Assessments and Examination Procedures

It is felt that regular on-going assessment is very important to the progress of the student in this subject. A class test is held at the end of every chapter and the results are recorded on their monthly report cards. A term test is held before Christmas and before summer where the grades are recorded on the students’ report and sent out to the parents.

In addition to the regular curriculum, each year the students are invited to enter the Student Enterprise Awards competition (SEA). This involves the setting up and running of their own business for a period during the year. The school has done exceptionally well in this over the last few years and it is enjoyed by all involved.