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Conor LC Bus U4 Pt2

Key terms LC Bus Unit4 Part2 Tax, Finance

TermDefinition
direct tax any tax calculated on one's income
indirect tax any tax calculated on one's spending
value added tax (VAT) inderect tax on goods & services purchased: main rate reduced from 23% to 21% in Sep 2020
capital gains tax (CGT) tax of 33% on any profit made from selling an asset
capital acquisitions tax (CAT) tax of 33% on gifts & inheritances above a certain level
customs duty tax on goods/services bought outside the EU
excise duty sin' tax on certain goods (alcohol tobacco petrol sugar)
carbon tax a tax on carbon fuels (increased from €26 to €33.50 per tonne in 2021).
Pay Related Social Insurance (PRSI) tax paid by both employers & employees to fund social services
Pay As You Earn (PAYE) income tax Irish progressive income tax deducted from wages/salary by employer
self-assessment income tax Irish income tax for self-employed workers (non-PAYE)
Universal Social Charge (USC) additional income tax introduced to help with government deficits
Deposit Interest Retention Tax (DIRT) tax on interest earned in savings accounts : 33% as of 2020
Local property tax (LPT) homeowners tax based on the value of the property to fund local services
corporation tax tax on company profits (12.5% ) very low compared to EU partners
commercial rates a local commercial property tax which part funds local authorities
progressive tax tax in which the rate increases as the taxable amount increases
regressive tax flat rate tax that hits lower earners harder because they have less disposable income
tax credits credits awarded by Revenue to individuals/families that reduces the overall tax due.
tax evasion an illegal activity in which a person or firm deliberately avoids paying a true tax liability.
tax avoidance the legal use of the tax system to one's own advantage to reduce the amount of tax that is payable
cash flow forecast a projection of a firm's future financial position based on anticipated income and expenditure.
deficit when income is less than expenditure
surplus when income is more than expenditure
bank overdraft the extension of credit from a bank when an account reaches zero
accrued expenses an accounting term that refers to an expense that is recognized on the books before it has been paid
factoring a financial transaction in which a business sells its accounts receivable (i.e.
trade credit the loan extended by one company to another when goods/services are bought on credit.
hire purchase when one pays for a thing in regular instalments while having the use of it
leasing long-term rental
mortgage house loan
retained earnings the amount of income left over for the business after it has paid out dividends to its shareholders
equity capital funds paid into a business by investors in exchange for stock/shares.
grants government money to a business; doesn't need to be repaid.
debenture a company IOU (long-term) to investors that get a fixed rate of interest as a reward
sale & leaseback a company-owned asset that is sold to someone else and then leased back to the first owner for a long duration.
venture capital capital invested in a project where there is substantial risk
collateral/security something pledged as security for repayment of a loan
current account account used for day-to-day uses; doesn't pay interest on credit balance
deposit account savings account; pays interest on balance
standing order (SO) an instruction to a bank by an account holder to make regular fixed payments to a particular person/business.
direct debit an arrangement made with a bank that allows a third party to transfer money from a person's account on agreed dates
profit & loss account a financial statement that shows the financial performance of a firm over a given time period.
gross profit profit after deducting costs directly related to its production
net profit profit after all costs have been deducted; admin
balance sheet a 'snapshot' of the value of a company's assets and liabilities at a given date.
fixed assets long-term assets of a company
current assets aliabilities that will fall due in a year; includes bank overdraft- creditors.
current liabilities assets that will be used up in a year; includes inventory- cash- debtors
creditors firms that have supplies goods/services but have not been paid for yet.
working capital the difference between current assets and current liabilities.
capital employed total assets (fixed & current) - current liabilities
ratio analysis using financial data to measure key performance indicators of a company
net profit margin the ratio of net profit to revenue for a company typically expressed as a percentage
gross profit margin the ratio of gross profit to revenue for a company typically expressed as a percentage
return on investment (ROI) a ratio between net profit and cost of investment. Measures overall profitability for an investor.
liquidity the ease with which an asset can be converted into ready cash.
current (working capital) ratio a liquidity ratio that measures a company's ability to pay short-term obligations; CA/CL
acid (quick) ratio a company's capacity to pay its current liabilities without needing to sell its inventory; (CA-Inventory)/CL
solvency the ability of a company to meet its financial obligations.
gearing the extent to which a firm's operations are funded by lenders versus shareholders
debt capital bank loans
debt/equity ratio ratio that shows the level of gearing (the use of debt capital) to finance operations.
liquidation the process of bringing a business to an end by selling off its assets.
recievership a court-appointed tool that can help troubled companies to avoid bankruptcy.
Created by: conorok
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