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Limited Company

Private Limited Company

Limited liability partnership (LLP)

A LLP is a recognised legal entity by virtue of the Limited Liability Partnerships Act 2000. LLPs are legal entities which are capable of entering contracts in their own right, and are correspondingly liable for debts under those contracts. Any two people associated for carrying on a lawful business with a view to profit can set up as a LLP.

Monthly cashflow forecast

The cashflow statement shows how a firm is paying for its operations and future growth, by detailing the "flow" of cash into and out of the firm.

Monthly profit and loss account

This is a statement showing the forecast income and expenditure, and hence the profit or loss, of the applicant firm for each month for the first 12 months of trading as an authorised firm.

Non Investment Insurance Contracts

Opening balance sheet

This is a balance sheet prepared as at the start of the applicant firm's first 12 months of trading as an authorised firm. A balance sheet is a statement of the applicant firm's financial position including its assets and liabilities.

Organisational Structure chart

If applicable this structure chart will need to show controllers, close links, groups and any connections to European Economic Area firms and/or non European Economic Area firms. If you are not sure if you have any of these please wait until you are asked in the decision tree as you will be provided with further guidance.


Personal pension schemes including SIPPs

PII quotation

Sole Trader

A sole trader operates as an individual without the use of a company structure or partners and has sole responsibility for the actions of the business. Business finances cannot be separated from personal finances insofar as the sole trader has unlimited personal liability and is personally responsible for any liabilities incurred by the business.

Staff organisational chart

This is a chart to show that you have an management structure and clear reporting lines. You will be given more details in the core details form of this application pack as to what it should deal with. However, the minimum requirements are the names of significant staff, direct reporting lines and direct reporting lines into the board.

1. Economics & the Market Mechanism

The fundamental problem of scarcity and the related concepts of choice, opportunity cost & allocation. Distinguish between Microeconomic and Macroeconomic issues. The factors that determine demand and supply. Equilibrium and the outcome of the market system.

2. Demand Analysis

The responsiveness of demand (Elasticity) to changes in the key variable s of

price, price of other goods and income, in the demand function. Price Elasticity of Demand. Cross Price Elasticity of Demand. Income Elasticity of Demand. Utility & marginal utility.

3. Theory of the Firm

The Law of Diminishing Returns & Economies of Scale. The importance of Economies of Scale for the Irish economy. Understand how the profit maximizing level of output is decided.

4. The Competitive Environment

Understand the concept of market structure & what determines the competitive

environment that the firm operates. Perfect competition Monopoly, Oligopoly & Monopolistic Competition. The types of competition that takes place between firms in the competitive environment.

5. Measuring Economic Activity

Distinguish between GNP, GDP and NNP as measures of Economic activity. Appreciate the limitations of these economic indicators. Economic issues such as inflation, unemployment, the business cycle

6. The Determination of National Income

The circular flow of income. The role of aggregate demand in determining national income & the importance of the multiplier. The difference between monetary & fiscal policy. Irish Public expenditure & the national debt

7. Money & Banking

The function & origins of money. How money is created and the implications of increases in the money supply. The structure of the Irish Financial Services Sector. The role of the Irish and European Central Banks.

Core concepts of marketing. The marketing concept. The product, the selling concept, the societal marketing. Characteristics of marketing oriented firms.

2. The Marketing Environment

Influences in the micro and macro environment. Competitor analysis. Competitive strategies.

3. Buyer Behaviour

The stages in the buying process. Influences on buyer behaviour. How marketers can influence buyer behavoiur at each stage of the buying process. Differences between consumer and organisational buying behaviour.

4. Marketing Information Systems

Components of a firm’s marketing information system. Step in the marketing research process. Characteristics of good marketing research. Sampling. Probability and nonprobability samples. Contact methods for survey research. Questionnaire design. Quantitative versus qualitative market research.

5. Market Segmentation

Bases for segmentating consumer markets. Requirements for effective segmentation. Market targeting. Evaluating market segments. Selecting target markets. Positioning the market offer. Positioning the market offer. Positioning strategies. Differentiation.

6. Product Management

Classifying products. Product hierarchy. Product mix. Product line analysis. Packaging and labelling.

7. Branding

The brand concept. Brand equity. Benefits of branding. Branding decisions.

Manufacturers’ brands versus private label brands. Brand extensions.

8. The Product Life Cycle

Stages in the PLC. Strategies for each stage. Critique of the PLC.

9. The New Product Development Process

Stages in the NPD process. Pitfalls in the process. Why products fail

10. Services Marketing

The continuum approach to services. Levels of product/service. Characteristics of services. Basic strategies for service firms. Causes of unsuccessful delivery. Determinants of service quality. Relationship marketing.

11. Pricing

The concept of price. Price and value. Pricing objectives. Factors affecting pricing decisions. Steps involved in setting prices. Pricing policies.

12. Distribution

Distribution systems. Marketing channels. Why intermediaries are used. Channel types. Main channel decisions. Causes of channel conflict. Vertical marketing decisions. Causes of channel conflict. Vertical marketing systems. Main activities in physical distribution. Retail marketing decisions.

13. Marketing Communications

The communications process. The marketing communications (promotions) mix. Marketing communications. Objectives. Advertising, public relations, sales promotion, personal selling, direct marketing, commercial sponsorship. Steps in developing a marketing communications programme. Writing a media brief. Types of advertising agency in Ireland. Choosing an agency.  

3. Practical Financial Accounting

Double entry book-keeping. The accounting equation. Books of original entry. General ledger. Trial balance. Accruals and prepayments. Provisions. Depreciation. Accounting entries for closing stock. Distinction between capital and revenue. Nature and purpose of a bank reconciliation statement. Recording of transactions through the double entry system. Extraction of a trial balance. Correction of errors. Posting of adjustments. Preparation of a trading, profit and loss account and balance sheet for a sole trader.

4. Management Accounting

Nature and scope of management accounting information. Role of management accounting information in an organisation. Relationship between management and financial accounting. Basic cost concepts. Cost volume profit analysis. Nature, objective and advantages of budgeting.

Essential elements. Offer, Acceptance, Mistakes, Misrepresentation, Fraud.

Discharge, conditions and warranties. Performance, breach of contract, remedies, quasi contract, capacity of contract, privity of contract and assignment. Illegal, unenforceable and avoidable contracts, restraint of trade and undue influence.

3.Commercial Law

Sale of goods. Credit sale, hire purchase and lease. Negotiable instruments. Agency. Freight and Carriage. Insurance and Professional Indemnity Insurance. Guarantees, Indemnities and Liens.

4. European Union

Institutions of the EU and their functions. The effect of EU regulations and directives on Irish law. Articles 85 & 86 of the European Economic Community Treaty. Competition Act 1991. Competition Pricing




Euro, ECB, housing market, gordon brown, golden rule price, price of other goods and income, in the demand function. Price Elasticity of Demand. Cross Price Elasticity of Demand. Income Elasticity of Demand. Utility & marginal utility.The Law of Diminishing Returns & Economies of Scale. The importance of Economies of Scale for the Irish economy. Understand how the profit maximizing level of output is decided.

Understand the concept of market structure & what determines the competitive

environment that the firm operates. Perfect competition Monopoly, Oligopoly & Monopolistic Competition. The types of competition that takes place between firms in the competitive environment. Distinguish between GNP, GDP and NNP as measures of Economic activity. Appreciate the limitations of these economic indicators. Economic issues such as inflation, unemployment, the business cycle.

The circular flow of income. The role of aggregate demand in determining national income & the importance of the multiplier. The difference between monetary & fiscal policy. Irish Public expenditure & the national debt.

The function & origins of money. How money is created and the implications of increases in the money supply. The structure of the Irish Financial Services Sector. The role of the Irish and European Central Banks. of the economic problem which confronts every individual and every society

opportunity costs are associated with economic problem solving fundamental choices facing every society – what, how, how much and who?.

discuss the nature of goods and services not necessarily adequately provided by the market mechanism

assess the privatisation debate. discuss the meaning of the terms ‘unemployment’ and ‘full employment’

the economic and social effects of unemployment the problem of youth unemployment in Australia

define ‘headline and underlying inflation’show how the Consumer Price Index is constructed

analyse recent inflation statistics discuss the economic and social effects of inflation

define economic growth and describe how it may be measured analyse recent economic growth statistics

describe pattern of exports and imports tracecurrent account deficit in recent years

assess the implications of current account deficit.  understand the nature of the financial system and the contribution of publicly listed companies to that system

  share market and the factors that affect the price of shares at a particular time

leading market indicators, their formulation, meaning and usefulness in understanding market trends

design strategies and plans for an individual's investment portfolio.

identify the financial market as part of the circular flow

 differentiate between the terms ‘stock market’ and ‘stock exchange’

·            understand and use evaluative tools such as dividend yield, earnings per share, price earnings ratio and net tangible assets per share in making investment decisions

·       outline the features of a perfect market (perfect competition) and describe the condition of equilibrium in a perfect market

·       discuss the concept of economic efficiency and consider whether perfect competition will necessarily yield economic efficiency

·       describe the features of the following imperfect market forms: monopolistic competition, oligopoly and monopoly

ctive trade practices

·            describe the terms ‘collusion’, ‘price agreements’, ‘market sharing’, ‘collusive bidding’ and ‘collusive tendering’

·            describe the term ‘resale price maintenance’, ‘exclusive dealing’ and ‘tying contract’

·            distinguish between a merger and a takeover and define the term ‘subsidiary’

·            define and give examples of ‘monopolisation’, ‘discriminatory dealing’ and ‘collective boycott’

  discuss the economic significance of wages

·       describe the process of collective bargaining and compare it to a free market determination of wage

·       identify the major sources of industrial conflict and appraise the issues in at least one dispute.

·            define the term wages

·            explain the relationship between wages and profits

·            outline the principles of wage determination in a free market

·            outline the principles of wage determination by collective bargaining

·            describe the procedures by which wage rises are determined using the following methods: workplace agreements, enterprise bargaining agreements, awards set by the Industrial Relations Commission and National Wage Cases

·            analyse the respective roles of trade unions, employer groups and governments in wage determination

·            evaluate the significance of the concept of the maintenance of real wages and of economic capacity to pay in the determination of national wages policy.

·            define the term ‘productivity’

·            assess the importance of productivity in determining wages

·            discuss possible links between wage levels and youth unemployment

·            review the average wages for women in Australia, compare them to the average wages for men and discuss reasons for the differences which occur

·            evaluate arguments for and against government funding of a social security system.

·            outline the role of Federal and State governments in the funding of health care

·            explain the role of private enterprise in the provision of health care

·            discuss the issues involved in a reappraisal of the roles of the public and private sectors in the provision of health care.

·            describe the benefits of education to the individual

·            explain the concept of investment in human capital

·            investigate recent trends in education and training, and relate these to the need for a more productive workforce.   explain, and investigate the issues involved in, the funding of government

·            examine the significance of the growth of private education providers in Australian education and training.

·       distinguish between sole trader, partnership, private company and public company

·            define the terms ‘short run’ and ‘long run’

·            recognise that the capacity of the firm's plant is fixed in the short run, though the output may be varied by employing smaller or larger amounts of variable factors of production

·            define ‘the law of diminishing returns’ and use an example to illustrate this law

·            define the terms ‘fixed costs’, ‘variable costs’, ‘total cost’, and ‘average (per unit) costs’, and use tables and graphs to illustrate

·            recognise that beyond a certain level of output variable costs rise by increasing amounts for each additional unit of output

·            define the terms ‘marginal product’ and ‘marginal cost’ and use a table to illustrate marginal cost

·            explain why the shape of the marginal cost curve is a reflection of and follows from the law of diminishing returns.

·            define ‘specialisation’·            define ‘price takers’, ‘price makers’, ‘cost-plus pricing’ and ‘mark-up pricing’

·            distinguish between producers who are price takers and price makers

·            explain to what extent the market for farm products approximates the perfect market model

government intervention in agriculture.




The travel and tourism industry is the world’s biggest and fastest growing industry and this

unit offers an understanding of it. Through the study of this unit you will have the

opportunity to:

_ investigate the reasons for the rapid growth in travel and tourism since the end of the

Second World War

_ learn that the UK travel and tourism industry is made up of a wide variety of commercial

and non-commercial organisations that interact to supply products and services to


_ learn about the present significance of the industry to the UK economy

_ investigate the wide ranging career opportunities available in the industry, so that you

can identify the employment opportunities that match your aspirations, skills and


The unit supports the more detailed study of the travel and tourism industry that you will

carry out through other parts of your Advanced VCE.

tourism cover the whole phenomenon of people travelling away from home, whether for

business or for leisure and the industry that supports this activity. To understand the structure

of the industry you need to know the main types of tourism:

_ domestic (UK residents taking trips or holidays in the UK)

_ inbound (overseas tourists visiting the UK)

_ outbound (UK residents taking holidays outside the UK).

You also need to know the main reasons why people travel,

_ leisure

_ business

_ visiting friends/relatives.

developments since the end of the Second World War. You need to understand the main

factors that have led to the growth of the travel and tourism industry including:

_ changing socio-economic circumstances (eg, increase in car ownership, increase in

leisure time and disposable income, for many people)

_ technological developments (eg, jet aircraft, computerised reservation systems)

_ product development and innovation (eg, introduction of holiday camps, package tours,

long-haul destinations)

_ changing consumer needs, expectations and fashions.

The travel and tourism industry is continually developing to meet changing consumer needs

and perceptions. The key features of today’s travel and tourism industry reflect the dynamic

nature of the industry. These features include:

_ it is predominantly private sector led

_ the majority of enterprises are small and medium-sized

_ there is extensive use of new technologies

_ it is vulnerable to external pressures (eg, currency fluctuation, government legislation,

climatic changes, war and civil unrest)

_ the positive and negative impact on host communities (eg, economic, social, environmental).  


 tourist attractions (eg, natural, built)

_ accommodation and catering (eg, serviced/self-catering)

_ tourism development and promotion (eg, tourist boards, tourist information, guiding


_ transportation (eg, land, sea, air)

_ travel agents, in terms of multiples, independents and functions and products

_ tour operations, in terms of mass market, specialist and domestic and incoming.

You also need to understand the differences between commercial and non-commercial

organisations in terms of:

_ defining and meeting objectives

_ funding or revenue generation

_ stakeholder or shareholder expectations.

the scale of the industry and its components. You can do this by investigating key industry

statistics such as:

_ consumer spending on travel and tourism in the UK

_ the number of people employed in the industry and the types of jobs

_ number of tourists coming into the UK

_ number of UK residents taking holidays in the UK (domestic tourists) and outside the

UK (outgoing tourists).

variety of enterprises of different sizes. As one of the fastest-growing sectors of the UK

economy, there is a wide range of job opportunities for people with the right skills,

knowledge and personal qualities.


To increase your knowledge of career opportunities in travel and tourism, you will need to


_ the range of employment opportunities (eg, variety of industry sectors, full-time, parttime,

temporary, permanent, seasonal)

_ the nature of employment (eg, unsocial hours, a ‘people business’)

_ personal and technical skills and qualities required by employers

_ how to find jobs in travel and tourism.

obtain information for their work or to provide accurate and up-to-date information to

customers. Researching involves:

_ being clear about what you are trying to find out

_ knowing how to search for information

_ deciding what is useful

_ collecting and presenting relevant information

_ drawing conclusions about your findings

_ acknowledging your sources.

You need to use your research skills to build up your knowledge and understanding of travel

destinations. Those already working in the travel and tourism industry expect you to know

how to carry out research, using a variety of sources including:

_ primary sources (eg, people working in travel and tourism, customers)

_ secondary sources (eg, example gazetteers, brochures, maps, atlases, guidebooks,

textbooks, the internet, newspapers and trade journals).  

purpose-built resorts (eg, Disneyland Paris, Center Parcs)

_ countryside areas (eg, forests, mountains, lakes)

_ historical/cultural destinations (eg, Pompeii, Pisa, Madrid).

Each of these destination types has its own particular features. These can appeal to visitors in

different ways and different combinations. Features include:

_ climate (eg, sunshine hours, rainfall, humidity)

_ topography (eg, mountains, lakes, coastline)

_ natural attractions (eg, waterfalls, cliffs, forests)

_ built attractions (eg, stately homes, ancient monuments, theme parks)

_ events (eg, carnivals, music festivals)

_ food, drink and entertainment (eg, cafés, restaurants, bars, nightclubs)

_ types of accommodation (eg, self-catering, serviced)

_ types of transport (eg, buses, ferries)

_ accessibility to travel and tourism gateways (eg, airports, seaports, land bordercrossings).

needs of older people, who may prefer a quieter area. Similarly, the needs of a backpacker

travelling independently, on a limited budget, will be different from those of someone on an

expensive, all-inclusive

_ North America (USA and Canada)

_ the Caribbean

_ Australasia (Australia and New Zealand).

Travellers have a choice of transport types when deciding how to travel to their destination.

As somebody hoping to work in travel and tourism, you need to be able to identify the main

routes and gateways that tourists can use when travelling in continental Europe and to longhaul


_ cost (eg, accommodation, transport, costs at the destination)

_ economic conditions (in the UK and the destination, exchange rate fluctuations).

Social and political considerations:

_ promotion (eg, by the tour operator, by the destination)

_ exclusivity

_ over-commercialisation

_ crime

_ political instability/unrest

_ media coverage (positive and negative)

_ tourism management (positive and negative)

_ the growth of independent travel

_ the growth of short-break holidays.

Environmental and geographical considerations:

_ accessibility

_ climate

_ pollution

_ natural disasters.  





standard ways of working.




processor (CPU)


video card

sound card

network card

disk drives

optical drive



serial port

parallel port



SCSI controller.



Kb, Mb, Gb, Tb







Terms relating to the main processing unit such as:

tower, desk unit


processor (CPU)


ISA, PCI, etc



bus (address, data)


serial port

parallel port

expansion slot.

Terms relating to disk drive storage systems such as:

floppy disk

hard disk

optical disk

write protect

data compression

rotation speed

access time


IDE, SCSI, etc.

Terms relating to optical disks such as:




Terms relating to printers, plotters and VDUs such as:



ink jet



colour mode (bits)

scan frequency


refresh rate.

Terms relating to connector plugs and sockets such as:




RJ series

DB series

DIP, DIL switches


jumpers and settings.

You will need to be able to safely install, configure and test complete systems and individual

components of a system, including:

main processing unit




speaker and microphone


disk or optical drive


application software

connecting cables

expansion cards (video, sound or network).

You will need to be able to configure hardware such as:

printer settings

DIP, DIL switches

jumper positions.

Computer systems use consumable materials. You must be able to identify and use suitable

materials such as:



floppy disks

ROM-BIOS start-up software

operating systems

graphic user interfaces (GUIs)


The ROM-BIOS is used when the hardware first powers up. Access has to be initiated on

starting the system. You will need to understand what this start-up software controls and be

able to set or define parameters to meet requirements, such as:

select start-up (boot) disk drive

define a new disk drive

set system password

configure a new card (for example, video).

time and date

password properties

scheduled tasks

virus protection configuration

directory (folder) structure and settings

checking and setting system properties

system monitoring

printer, mouse and keyboard configuration

multimedia configuration

GUI desktop and display set-up

application software icons

disk diagnostics and tools

network facilities and configuration

power management.

There is a wide variety of applications software to meet user needs. You will need to know

which type of software suits a particular processing activity. You will have to be able to

select, install and configure software most suited to a specified need, including:

document (word) processing

desktop publishing

multimedia reference

programming languages

database (record structure)

spreadsheet (numeric structure)

vector graphics (eg geometric objects)

bit-map graphics (eg photo images).

To enable users to make immediate and effective use of the system you will also need to be

able to configure the application software in different ways, including preparing or setting

items such as:

preferences (or configuration files)


toolbars and the buttons available

directory structures and defaults

data templates

saving and backup security

menu layout and contents

borders, rules and scroll bars.

ICT systems and software occasionally crash. You must learn to record common problems

and your attempts, successful or not, at solutions. Records of this nature provide useful

reference material for you and others when problems occur repeatedly.

It is also important that you record your experiences in setting up and configuring ICT

systems, including:

dates of undertaking work

specifications used

components installed

configuration tasks undertaken

faults and problems experienced

solutions applied

support services accessed

diagnostic software used.

ergonomic and physical stress considerations.

You must also be able to implement or recommend proper security procedures, including

those that ensure:

data and software backup is maintained

confidential information is protected

passwords are used

virus checking is undertaken

copyright is protected

theft is avoided (data, software, equipment).  













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