bstai (journal 2014) [prf3]

ISSUE 31 CONFERENCE EDITION

28th National Conference 2014

SHARING BEST PRACTICE IN BUSINESS EDUCATION

2014

NOV

RADISSON BLU, GALWAYSATURDAY 15th NOVEMBER, 2014

Keynote Speaker: Dr. Constantin Gurdgiev

CURRICULUM RELATED WORKSHOPS

28TH NATIONAL ANNUAL CONFERENCECONFERENCE SCHEDULE

9.00 – 9.30: Registration, tea/coffee/networking and opportunity to view sponsors’ stands

9.30 – 9.45: Opening remarks and welcome from Honorary National President, Jennie Harrington

9.45 – 10.45: Keynote Speaker, Dr. Constantin Gurdgiev

10.45 – 11.00: Tea/coffee/networking and opportunity to view sponsors’ stands

11.00 – 11.40: Workshops, session 1*



1.00 – 2.00: Lunch

2.00 – 3.00: Professional Development Service for Teachers (PDST): Overview of PDST support for the business suite of subjects and updates, Updates on the hyperlinked schemes of work and active methodologies, Integrating ICT and an overview of PDST websites

3.15 – 3.30: Closing remarks, distribution of conference USB with a copy of all resources, conference evaluation

* Workshops include:

PDST: Literacy in the Accouting/Business/Economics classroom

PDST: Numeracy in the Accounting/Business/Economics classroom

Accounting: Interpretation of Accounts, Mr. Alan Ryan

Business: ABQ 2015 – Units 2, 3 and 4, Mr. Padraig Doherty

Business: Revision for analysis questions in Section 1 and Section 3, Mr. Jerry McCarthy

Economics: Approaches to teaching Economics, Mr. Pat Younger

Economics: Methodologies for teaching Economics in Transition Year, Ms. Trudie Murray

ICT: Benefits of using blogs/class website in the Accounting/Business/Economics/Business Studies classroom, Mr. David Walsh

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Message from the PresidentIn my final year as National President I would like to welcome you all here to our 28th BSTAI National Conference in Galway entitled ‘Sharing Best Practice in Business Education.

We have put together an interesting mix of workshops for you to attend and I hope you gain valuable tips and methodologies which you can bring back to the classroom. I would like to thank all our presenters for

their work involved in preparing and presenting the workshops here today. I would also like to extend a warm welcome to Economist Constantin Gurdgiev who is our keynote speaker and to the PDST their plenary session on active teaching methodologies and hyperlinked schemes of work.

I would like to thank the BSTAI National Executive for all their work in organising this conference, particularly our Conference Treasurer Ultan Henry, our Journal Editor Mary Campbell and to Siobhan O Sullivan and Joan Martin for all their work with Conference registration. Finally, I would also like to take this opportunity to thank all of our sponsors whose continued support is much appreciated by the BSTAI.

I look forward to meeting you all during the weekend. I hope you enjoy the conference and you return to school re-energised with new ideas and methodologies. I wish you all success for the remainder of the academic year.

Best wishes,

Jennie HarringtonHonorary National President BSTAI

Message from the EditorWelcome to the 2014 conference edition of the BSTAI newsletter. I hope you willfind the content both interesting and useful. The theme of this year’s conference is “Sharing Best Practice in Business Education”.

I would like to this this opportunity to thank all those people who contributed tothis year’s journal. A big thank you to all who took the time and effort to submitarticles. Bearing in mind this year’s theme of “sharing” I would like to invite and encourage BSTAI members to contribute to future editions of the journal.

It is important as a subject association that we acknowledge the hard work and contributions our colleagues have made over the years and the journal can provide a forum for us to do that.

I would also like to thank all those branches who sent photos and news updates.A sincere thanks to Jennie Harrington, Honorary President, who has been untiring with her work on behalf of the association, her help and support putting this publication has been very much appreciated. I would also like to extend a special word of thanks to Ultan Henry, conference treasurer, for effortlessly carrying out the demanding task of liaising with our sponsors.

Thank you to the members of the BSTAI National executive for their assistance and guidance in putting together this year’s journal.

Best Wishes,

Mary CampbellMary CampbellJournal Editor

Dr. Constantin Gurdgiev is the Adjunct Assistant Professor of Finance with Trinity College, Dublin. He also serves as a co-Founder and a Director of the Irish Mortgage Holders Organisation, Ltd, IBRU Venture Capital Holdings, and the Chairman of Ireland Russia Business Association.

In the past, Dr. Gurdgiev served as the Head of Research with St. Columbanus AG (Switzerland), the Head of Macroeconomics with the Institute for Business Value, IBM, Director of Research with NCB Stockbrokers, Ltd, and Group Editor and Director of Business & Finance Publications.

Born in Moscow, Russia, Dr. Gurdgiev was educated in the University of California, Los Angeles, University of Chicago, Johns Hopkins University and Trinity College, Dublin.

Keynote Speaker - Dr. Constantin Gurdgiev

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BSTAI Business Achievement Awards 2014Four students from various secondary schools around the country were awarded with gold medals for their outstanding achievements in business studies in last year’s Junior and Leaving Certificate. The Business Studies Teachers’ Association of Ireland (BSTAI) Achievement Awards 2013,was hosted by the Irish Banking Federation at their offices in Nassau Street, Dublin. These awards recognise the achievements of students in Accounting, Economics and Business at Leaving Certificate Level and Business Studies at Junior Certificate Level.

The winners were presented with their medals by David Duffy, President, Irish Banking Federation (IBF), Jennie Harrington, Honorary President, BSTAI, Pascal Donohue, T.D., Minister of State for European Affairs.Four students were presented

Congratulations to the students, their teachers and their schools.

LEAVING CERTIFICATE BUSINESS

Student: Jason BanvilleSchool: St Mary’s CBS, Enniscorthy, Co WexfordTeacher: Mr Kevin Ryan

LEAVING CERTIFICATE ECONOMICS

Name: Cathal Ó DulacháinSchool: Colaiste Eoin, Bothar Stigh Lorgan, Baile An Bhothair, Co DublinTeacher: Mr Rónán Murdock

LEAVING CERTIFICATE ACCOUNTING

Name: Jamie HannonSchool: The Intermediate School, Killorglin, Co KerryTeacher: Ms Sheila Kingston

JUNIOR CERTIFICATE BUSINESS STUDIES

Name: Cathriona MurphySchool: Maria Immaculata Community College, Dunmanway, Co CorkTeacher: Ms Claire Kelly

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European Commission Representation in Ireland, 18 Dawson Street, Dublin 2

Tel: (01) 634 1111Fax: (01) 634 1112Website: www.euireland.ie/schools

The European Commission Representation in Ireland

The European Commission Representation in Ireland, located in Dublin city centre, welcomes group visits from secondary schools.

We provide presentations and interactive resources on the European Union policies and institutions, the EU decision-making process and the impact of EU membership in Ireland. A wide range of publications and classroom materials is available free of charge.

Our office is located in Dublin city centre, within walking distance of Leinster House, the National Museum and the National Library.

For more information:

Go to www.euireland.ie and click on Schools.

Or contact our Education OfficerJoan Flanagan [email protected]

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Teachers Conference Ad V2.1.pdf 1 03/10/2013 15:10:42

Retirement of former President Mary O’SullivanMary O’Sullivan is a native of Castlerea, Co. Roscommon. She studied Commerce at UCG and followed this with a Higher Diploma in Education. Following her university studies she began teaching in Scoil Mhuire gan Smal, in Blarney, Co. Cork where she worked until her recent retirement.

Mary taught business studies, accounting, business, economics and LCVP. Her assistant principal post in the school was programme co-ordinator which included LCVP. Down through the years Mary inspired countless students with her enthusiasm and knowledge. Many of her students went on to become successful entrepreneurs and businesspeople. As well as teaching the business subjects Mary was involved in several business-related projects. She organised a school bank, quizzes for CIMA and Business 2000, to name but a few. She also raised considerable funds for charity running fashion shows with her LCVP students in the school. Mary was also considerably involved in extra-curricular activities. She set up the Comenius project in her school in 1996 and she also ran international school tours and skiing trips visiting such places as Paris, Rome, Stockholm, Barcelona and Switzerland.

Mary became involved in the BSTAI in 1995 when she became chairperson of the Cork branch and served as chairperson until 2007. The Cork branch of the association is one of the biggest and most vibrant branches and needless to say Mary’s work leading the branch over these twelve years has very much contributed to this. She leaves a great legacy to the branch.

As well as chairing the Cork branch Mary made a huge contribution at national level in the BSTAI. She joined the national executive in 1995 and remained on the executive until her retirement from teaching this year. During her time on the national executive she served as national treasurer, conference treasurer, AEEE representative and in more recent years she served on the NCCA business studies syllabus committee. She contributed to the organisation of several national conferences including one hosted by the Cork branch in 2006. She was one of the organisers of the AEEE conference when it was held in Cork in 1996. She acted as BSTAI examination spokesperson for leaving certificate

business and for junior certificate business studies. Of course the highlight of Mary’s work on behalf of the association was when she had the honour of being elected honorary national president from 2008-2011. During this time she represented the association at countless ceremonies, events and meetings. The highlight of these would have been our national conferences, national awards ceremonies, and the awards ceremonies hosted by various third level colleges throughout the country. As well as serving as national president, Mary was also always available to help out at BSTAI events over the years both at a local and national level. Her energy, knowledge and commitment to business education were an inspiration to all.

During her many years of dedicated teaching and dedication to the BSTAI Mary also managed to have a very full life outside of education, both in her adopted home of Cork and in her native Castlerea. She particularly enjoys sailing, golf, swimming and bridge and we envy her newly-acquired free time to pursue these and many other interests. The BSTAI wishes to thank Mary for her outstanding work for the association at both a local and national level. In particular, to have served as our president involved a great commitment on her part. The BSTAI wishes her the very best for a long and happy retirement.

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Retirement of National Executive Representative Sr. Mary O’Connell

Sr. Mary O’Connell was born in Burrane, Killimer, Co.Clare. Educated in Killimer NS and Mercy Secondary School, Kilrush, Co. Clare, she entered the Mercy Sisters in Nenagh, Co. Tipperary in 1966 and three years later completed her Novitiate in Westbourne, Limerick. Following this she studied Commerce in UCG from 1969-1972 and completed a Higher Diploma in Education in UCC in 1973.

Mary began her teaching career in St. Mary’s Secondary School, Nenagh where she taught for five years. Here she was a member of the team that worked with Transition Year when the project was first introduced into second level schools in Ireland. Mary taught in St. Joseph’s Secondary School, Tulla, Co. Clare for three years before she moved to St. Joseph’s Secondary School, Kilkee. In 1990 St. Joseph’s Secondary School and Kilkee Vocational School amalgamated as Kilkee Community College, under Clare VEC. She served as deputy principal of the new Kilkee Community College for eight years from 2006 until her retirement in 2014.

Mary taught business studies, accounting, maths, religious education, economics, European studies and LCVP during her teaching career and inspired countless students over the course of this career. One of many achievements during her teaching of the business subjects was when her senior accounting students were crowned national winners of the CIMA competition in 1990. Mary also engaged enthusiastically in a wide variety of extra-curricular activities cultural, sporting and environmental - the many trips to the Burren Outdoor Education Centre being a highlight of such environmental outings.

Mary became involved in the BSTAI at an early stage in her career, joining the Ennis branch in 1977 and later the Limerick branch. During the 1990’s she served as secretary of the Limerick branch for a period of eight years. She was a delegate on the national executive of the BSTAI for many years until her retirement this year. She served as national secretary for three years from 2002-2005. Following this she took on the role of co-ordinator of TPN funding and represented

the BSTAI at SARG meetings as part of this role. As well as fulfilling these formal roles, Mary was always available to help out at BSTAI events, especially national conferences. Her energy, knowledge and enthusiasm were truly an inspiration to every business teacher she met.

Mary is also very much a life-long learner. She was awarded with a Diploma in ICT from Trinity College in 2000; a Diploma in Adult Education from Mary Immaculate-UL in 2003; and a Masters in Educational Management from TCD in 2005.

During her years of dedicated teaching and leadership Mary embraced many hobbies, photography being her particular favourite. This ensured that school events, outings, games, achievements, fun and learning were recorded, displayed and celebrated in her school. We now wish her the very best to enjoy her photography, birdwatching and many other interests at her leisure. The BSTAI wishes to thank Mary for her outstanding work for the association at both a local and national level and wishes her the very best for a long and happy retirement.

IRELAND’SNUMBER ONEUNDERGRADUTE BUSINESS SCHOOL

Proudly supporting the BSTAI

Email [email protected] for student visits, school support or updates from the UCD Quinn School

www.ucd.ie/quinn

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Generation €uro Students’ AwardBy the National Winners from Gonzaga College, Dublin:Kilian Prendergast, Andrew Kilgallen, Mark Mulreany & Philip Mulvey.

Now in its fourth year, the Generation €uro Students’ Award is Ireland’s leading and most prestigious competition for Transition Year students interested in learning about the economy. The competition is run by the Central Bank of Ireland for Irish participants in conjunction with the European Central Bank and is conducted simultaneously across Europe by national central banks in the euro area. The competition comprises three rounds including an online quiz, a group essay and a presentation to a panel of senior economists at the Central Bank of Ireland in the form of a National Final.

The competition continues to attract the brightest young minds from schools representing all four corners of the country with Gonzaga College in Dublin taking home the coveted title of National Winners for 2014. In this article, we hear from the students on their experience of taking part in the competition.

The Generation €uro Students’ Award is an annual economics competition run by the Central Bank of Ireland in conjunction with the European Central Bank. It aims to promote an understanding of monetary policy and how it relates to the economy. It challenges Transition Year students to learn about monetary policy instruments, in particular interest rate decisions, and to take on the role of the European Central Bank’s Governing Council to determine the most appropriate interest rate for the euro area.

We decided to enter the competition back in November, not really knowing a great deal about monetary policy, but we soon got up to speed.

Round One

The first round of the competition consisted of an online quiz, relating to the European Central Bank and its work. We passed this round without too much difficulty. However, we were unprepared for what was to come!

Round Two

As soon as we got word that we got through to the second round of the competition, we immediately began to plan on how we would get to the final in the Central Bank of Ireland. After a couple of days we got our brief on what we had to do. This was

a daunting task and we knew a lot of work was required to progress through this round.

The brief was to write an essay of no more than two thousand words and answer three questions. The main question was deciding on an appropriate interest rate. We looked at a range of sources from the ECB’s website and compiled our research. The kind of research that was necessary for making an appropriate interest rate were topics such as unemployment and government debt. We eventually decided on keeping the rate unchanged and sent in our essay to the Central Bank. We knew that the next interest rate decision in Frankfurt was the following Thursday so we felt that if we predicted the rate incorrectly we would likely progress no further in the competition.

Thankfully on Thursday afternoon we found out we had predicted the rate correctly and now we were waiting to see if we would progress to the national final. The following week we went to see into Mr. O’Connor, who told us the fantastic news that we would be in the Central Bank on 10th March. Our excitement was short lived, however, as it soon dawned on us that we would have to make a presentation in front of several senior figures in the Central Bank. However we were confident that we could win and we were relishing the opportunity we were given.

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The National Final

And so, on the morning of March 10th, four very nervous but very excited Transition Year students gathered in Mr. O’Connor’s room. Sweaty palms and weak knees were to be the order of the day. Today was the National Final of the Generation €uro Students’ Award, taking place in the Central Bank of Ireland on Dame Street. We had a final run-through of our presentation and made for the LUAS into town.

When we arrived at the Central Bank, we were shown into a room near Reception, where we waited for our competitors to arrive, namely Marian College and Tullamore College. After a brief but awkward exchange of greetings between the teams, we headed to the top floor, where we had the opportunity to breathe in the Dublin skyline, stretching from the Aviva Stadium to the Phoenix Park. After a while, we were brought into the conference room where we would each be giving our presentations.

Our team were the first to deliver our presentation in front of the panel of judges consisting of several senior figures in the Central Bank, including Deputy Governor, Stefan Gerlach. At this stage, sweaty was an understatement for the state of our palms. Our presentation went well, without any major glitches.

Next came the Question and Answer session, whereby the judges asked us a range of questions in relation to points made in our presentation and other areas of monetary policy and price stability. We returned to our seats rather unsure of how we did. Marian College and Tullamore College presented after us, and we felt going for lunch that if we were going to win the competition at all,

it would be extremely tight, as both of the other teams had performed well in different areas of their presentations.

For the first time in our lives, we couldn’t wait for lunch to be over. The judges deliberated for an hour and a half before reaching a conclusion. We were brought back into the conference room, along with our parents and fellow competitors, where the Deputy Governor announced the result. His announcement was met by delight from the four of us, and despair from the other teams. For that split-second, we all were in complete shock, before turning to each other in delight. We each received certificates, presented by the Governor of the Central Bank, Patrick Honohan, along with a book token, before being presented with our trophy. After this, we gathered on the steps of the entrance to the building for our photos to be taken, still in disbelief after hearing the result.It was certainly a fantastic day that will live long in our memories.

European Award Event

On winning the Irish Generation €uro Student’s Award we were subsequently invited to represent Ireland at the European Award Event in Frankfurt, Germany. We arrived mid-morning on Thursday 3rd April and following a brief tour of the city we attended a reception in the ECB Eurotower. We watched the press conference given by Mario Draghi, the ECB President, where he released that month’s interest rate decision where to our delight the interest rate remained the same again! This was followed by the awards ceremony in which Mario Draghi presented us with our award.The next day we attended a conference on ‘The Single Supervisory Mechanism’ concluding with a Q&A session. After taking part in a mini-

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Calling all Transition Year students...

Win a trip to FrankfurtFOR YOU, YOUR TEACHER AND UP TO THREE OF YOUR CLASSMATES!

THE CHALLENGE:ROUND 1: Assemble a team of four Transition Year students and

take the online quiz at www.generationeuro.ie

ROUND 2: Predict the ECB’s interest rate in a group essay

ROUND 3: Represent your school at the National Final 2015

Find out more and register from 6 October 2014

www.generationeuro.ie

Find us on Facebook for competition updates and advice on taking partSee www.facebook.com/GenerationEuroIreland

Closing date for registration and completion of Round 1 is 1 December 2014

The Generation €uro Students’ Award is an annual team-based competition for secondary schools organised by the Central Bank of Ireland in conjunction with the European Central Bank

For further information and a copy of the Teachers‘ Guide, email [email protected]

competition between all 12 teams and before long it was time for the closing ceremony. Several hours later when finished roaming through the city it was time to leave.

Conclusion

We would like to thank our parents and our teacher, Mr. John O’Connor for all the time and support they gave us throughout the year. We

would also like to thank the Central Bank of Ireland for facilitating this fantastic opportunity and a wonderful competition and Paul Gray for all the energy which he put into the organisation of the competition. It was truly an unforgettable experience and a definite highlight of Transition Year.

Further information on the competition is available by emailing [email protected] or by visiting www.generationeuro.ie. The closing date for entries and completion of Round 1 is 1 December 2014. Early registration on www.generationeuro.ie is advised.

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Brian McDermott (1961 – 2014)Located amidst gently rolling Roscommon landscape, it was here, in the townland of Castlemore, in these idyllic rural surroundings that the late Michael and Kathleen McDermott were to rear three sons, one of whom was Brian, on the family farm. Nearby is the local shopping town of Ballaghadereen with its primary and post-primary educational establishments.

Having attended the local national school with the nuns, as he would note with great fondness, Brian then went on to St. Nathy’s College in Ballaghadereen, the diocesan college. Here, his interests in the academia were nurtured. Taught by priests and lay teachers, he proudly recalls, among others, a former teacher of geography in St. Nathys, who went on to manage the Mayo footballers. The fact that Brian himself was later to teach geography, was maybe a coincidence or inspired – one was left to ponder. Proud of Castlemore, proud of Ballaghadereen and in the case of the latter, he would point to the elegant building that is St. Nathy’s Cathedral. Brian was acutely aware of the decimation of the local economy and drew the attention of the visitor to the then Western Development Commission office in the town and perhaps a glimmer of hope therein.

Having had a thoroughly enjoyable six years in second level education, it was now off to University College Galway to do a geography and economics degree. He was delighted, as an undergraduate when an opportunity presented itself to give some tutorials in UCG to first year economics students. The young economist had begun to shine. Brian’s proficiency in the vernacular enabled him to conduct some of his studies as Gaeilge. Obtaining the higher diploma in education was soon accomplished and so, the newly qualified teacher was eager to enter the classroom of ‘chalk and talk’.

This though was 1980’s Ireland when ‘doom and gloom, spiralling national debt’, ever increasing emigration were the dominant headlines. Undaunted, Brian did secure his start in teaching at St. Gerard’s College in Bray. This was followed by a year in Clongowes Wood College. His love of English was realised when he completed a B.A. in U.C.D. Those challenging economic conditions still made finding that permanent post quite elusive. Now followed a return to the west of Ireland for Brian and to the convent of Mercy in Ballymote, county Sligo where he taught for two years.

Brian McDermott’s final teaching destination was to be St. Mary’s Secondary School in Nenagh, Co. Tipperary. It was 1991. The post was permanent and perhaps most appropriately of all, this was and is a school founded by the Mercy sisters, the kindness of whom Brian first experienced all those years earlier as a pupil in Ballaghadereen. The suite of subjects that Brian taught up to Leaving Certificate honours level were geography, economics, english and the one which he absolutely wished would not appear on his timetable, ‘business organisation’. Having a good word for everybody, a great sense of humour and a smile for all in the school community characterised this unique man. Commenting to one of the cleaning staff after the school day that she had the place ‘shining’, was graciously received at the time, though she did remark to the writer that she had not actually moved the brush at that point.

Within school life and beyond, his joie de vivre and selflessness are worthy of mention. Over the years, a skiing trip, an excursion to Paris, going to the national ploughing championships, membership of two boards of management concurrently, membership of the school centenary committee, member and presenter for the Thurles branch of the BSTAI – the list goes on. For a number of years, a team of economics presenters, which has

included Brian, have provided a comprehensive revision seminar in LIT Thurles to leaving certificate students in the lead up to the state examinations. It is also noteworthy that he volunteered to step in and chair the organising committee for the 1999 BSTAI National Conference when extraordinary unforeseen circumstances unfolded forcing significant organisational change.

Brian’s broad interests and insatiable thirst for knowledge never dimmed. While teaching in St. Mary’s Nenagh, his curiosity about law saw him commence studies once again in his former alma mater, now designated NUIG. The LLB degree had begun necessitating a commute from Nenagh two nights each week to and from Galway though ultimately a career break was availed of. The law degree was successfully completed and the Blackhall Place exams taken – a new member of the Incorporated Law Society emerged. The ‘Celtic Tiger’ years meant that Brian’s legal work was, he contended, largely centred around conveyancing, in what he believed was an unsustainable bubble. He

missed being in the classroom and in 2007 returned to St. Mary’s, Nenagh. During the past academic year, he undertook the Diploma in Educational Leadership under the auspices of NUI Maynooth. Conferring for same is, I believe, due to take place shortly.

Brian loved to travel particularly in Europe and the U.S. in recent years. However, that idyllic Roscommon countryside remained dear to his heart. Having just arrived back from America, he made no delay in going to Castlemore, no doubt with presents and stories galore. This, sadly was to be his final journey home when in the late evening of July 22nd last, in his brother’s house, Brian departed this life.

Our deepest sympathies to his family.Ar dheis Dé go raibh a anam dílis.

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Business Studies Teachers’ Association of Ireland Conference & Dinner 2013



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Training the Entrepreneurs of Tomorrow …Why not get your business studies students involved in setting up a mini-companythis year and let them learn all about the ups and downs of entrepreneurship???

Did you know that each year over 17,000 students all over Ireland take part in the country’s largest and most successful enterprise programme – the Student Enterprise Awards (SEAs) and get a taste of real life business??? And that many of these students continue on to pursue successful careers as entrepreneurs.

About the Student Enterprise Awards (SEAs)

The Student Enterprise Awards is the biggest enterprise competition for students in Ireland. It helps students to grasp real life skills associated with running a real enterprise including working as part of a team, managing production and finances, organising a sales and marketing campaign and liaising directly with customers, judges and the media.The Programme brings a taste of real life business into the classroom and really helps your students put the theoretical side of business studies into practice.

Teachers are provided with a wide range of teaching aids and supports to deliver the programme, including:

• Student Enterprise Workbooks for every student and a practical Teaching Manual along with a DVD for in-classroom use.

• Online support, tutorials and videos as well as various resources available at www.studententerprise.ie

• Social media support on facebook (www.facebook.com/SEAsIreland) and on Twitter @StudentEntAward

• Visits to your students by a local business mentor to provide practical entrepreneurial talks and advice.

For more information on how you can get involved in the Student Enterprise Awards simply contact your Local Enterprise Office. Full contact details are available at www.localenterprise.ie


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Kemmy Business School Recognises the Success of 260 Junior Certificate Business Studies StudentsThe KBS, in association with the Business Studies Teachers Association of Ireland (BSTAI), celebrates and recognises excellence in Junior Certificate Business Studies each year. This year, over 260 Students from the mid-west region who received an A in Junior Certificate Higher Level Business Studies in 2013 were presented with Certificates of Achievement from the school.

This is the second year that the KBS has held these awards ceremony in conjunction with the BSTAI which was also attended by the students’ parents, business studies teachers and school principals. The students whose exceptional achievement was recognised represented over 40 individual schools from counties Limerick, Clare and Tipperary.

In a speech with references ranging from Lady Gaga to Seamus Heaney, Dr Philip O’Regan, Dean, Kemmy Business School, said “We are delighted to be able to recognise this fantastic achievement of our young awardees – the region’s top Business Studies students in the Junior Certificate 2013. I congratulate all on their wonderful achievement and would also like to pay tribute to the

commitment and dedication of their teachers in helping the students achieve such excellence. I hope in time that I will have the pleasure of welcoming many of these awardees back to the University of Limerick as students on one of our range of business programmes.”

The KBS is one of Ireland’s leading business schools – recently awarded Best Business School at the InBusiness Editor’s Choice Awards – with a reputation for quality and employability of graduates. This event reinforces the important relationship between the KBS and the region’s second-level students, their schools and their business studies teachers.

Jennie Harrington, President, BSTAI, said “The Business Studies Teachers Association of Ireland (BSTAI) is delighted to be involved in partnership with the University of Limerick in hosting this ceremony which celebrates and recognises academic excellence in Business Studies at a young age. I’m confident that many of today’s award recipients will build successful careers in the business world.”

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St. Caimin’s Community School, Shannon(L-R) Dr. Philip O’Regan, Dean, Kemmy Business School, UL, Rachael Cushen, Kate Flynn, Ciara Downes, Deion McCarthy

Coláiste Chiaráin, CroomBack Row (L-R) Aoife Lannon, Christina Enright, Robert Sweeney, Adam Burke, James DoreMiddle Row (L-R) Robert Fitzgerald, Fiona Hogan, Angela Power, Rachel Malone, Brian Lynch, Alan LeonardFront Row (L-R) Terence O’Mara, Kevin Hogan, Dr. Michele O’Dwyer, Associate Dean, Kemmy Business School, UL, Stephen O’Shea, Maurice Lynch

Presentation Secondary School, ThurlesBack Row (L-R) Niamh Graham, Louise McCormack, Róisín Ryan, Caoimhe O Dowd, Claire McCormack, Courtney ConroyFront Row (L-R) Caitriona Kiely, Jennie Harrington, Business teacher and President of BSTAI, Dr. Michele O’Dwyer, Associate Dean, Kemmy Business School, UL, Marie Collins, Principal, Mary B Lanigan Ryan, Deputy Principal. Missing from photo: Niamh Horan and Karen Kennedy.

Ardscoil RísBack row (L-R) Geoffrey Keating, Kevin Degnan, Adrian Kehoe, John Noonan, Evan Gilvarry, Darren Cotter, Kevin Daly, Michael Scallon, Seán Mullane, Seán Norden, Brian Spillane, Rory O’Neill, Ronan CoffeyMiddle Row (L-R) Alasdair MacDonald, Gordon O’Neill, Luke Doherty, Nathan Randles, Matthew Clancy, Lee O’Connor, James Pearse, Robert Leonard, Mark Connolly, Eoghan O’Brien, Ciarán Harte, Seán Hogan, Billy Ahern, Michael O’Dwyer, Páraic O’Loughlin, Nathan Fox, Nathan Bennis WhelanFront Row (L-R) James Duffy, Shane Fitzpatrick, Cathal Daly, Teacher, Derek Larkin, Teacher, Nodlaig O’Grady, Deputy Principal, Dr. Michele O’Dwyer, Associate Dean, Kemmy Business School, UL, Paul Sugrue, Teacher, Conor Richardson, Mark Considine, Eoin Caffrey

T: 061 293262 / 0504 28072 | E: [email protected] | W: www.LIT.ie | F: facebook.com/LimerickIT

Limerick Institute of Technology offers a wide range of career focused programmes across our campuses in Limerick, Tipperary & Clare. With integrated work placement on many programmes and a dedication to providing quality student support services, LIT offers a rich and diverse educational experience allowing

students to achieve their maximum potential.

The Faculty of Business & Humanities offers programmes leading to qualifications at Level 6, Level 7 and Level 8 ●Accounting & Finance ●Business Studies with Event Management ●Business Studies with Sports Management ●Business ●Business Studies with Tourism Management ●Sports Strength & Conditioning ●Entrepreneurship ●Law & Taxation ●Sports Coaching & Development ●Marketing & Management ●Marketing with Languages ●Hotel Front Office Management ●Hospitality Studies ●Culinary Arts ●Social & Community Studies ●Applied Social Studies

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CIMA Quiz 2013/141st place: St. Kieran’s College, Kilkenny2nd place: Colaiste Eanna, Ballyroan, Dublin3rd place: Holy Faith Secondary School, Clontarf, Dublin 3

Holy Faith Secondary School Colaiste Eanna

1st place: St. Kieran’s College, Kilkenny

The AIB

Challenge 2014/15

www.youtube.com/AIB AIB @AIBIreland

Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

Key business skills students will learn include:

• Financial management• Business Plan development• Marketing techniques• Customer service skills• Technology skills• Leadership and teamwork

Incredible prizes up for grabs for winning schools and School Bank Teams!

Are you up for the Challenge?

Talk to your local AIB Student Officer • www.aib.ie/buildabank

00439RO A4.indd 1 06/10/2014 11:04

29

North East Branch News The North-East branch was relaunched a numberof years ago in order to cater for the needs of Business Studies teachers in the area. It coverscounties Louth, Meath, Cavan and Monaghan and meets on a regular basis in order to providemembers with updates and information from experienced state examiners while also providingmembers with opportunities to engage with each other and take part in continuous professionaldevelopment. We are actively recruiting new members to join and strengthen the associationin the area and would welcome new members.

Anyone interested in joining should [email protected] meetings we have planned for the school year 2013/2014 are listed below:• AGM & Leaving Certificate Business Review• Junior Certificate Business Studies Review• Leaving Certificate Accounting ReviewIdeas for future meetings are very welcome.

Midlands Branch 2013-2014The midland’s branch had a very active and productive year. The AGM was held in Longford in Thursday October 10th. The branch elected the following representatives for the 2013-2014 year. Mr Padraig Doherty - Chairperson, Mary Campbell - Treasurer and Emma Dempsey was elected as the branch secretary. Following the AGM, Ultan Henry presented a review of the 2013 LC Business paper.

In November we convened again and Margaret Mullooly presented to us a review of the 2013 Accounting paper. The New Year started with an engaging workshop from John O’Connor for the 2013 LC Business ABQ on units 5, 6 and 7.Matt Hynes presented a JC Business Studies workshop in St. Mel’s College Longford in February.

The branch representatives travelled at various stages throughout the year to the National Executive Committee in Dublin. We look forward to our next AGM which will take place in November.

Cork Branch NewsMEETINGS AND EVENTSWe have had a very successful year with 79 members and a number of PGE members actively involved in the branch. Many of our members share their ideas, methodologies and knowledge at workshops during the year. Our facilitators during the year included: Mr. Jerry McCarthy, Mr. Brendan Kenneally, Mr. Pat Morris, Mr. William O’Keeffe, Ms. Trudie Murray, Mr. Eoghan O’Leary, Mr. Ger. O’Donovan and Ms. Maura Fehily. These meetings are a great opportunity to meet with other teachers in the Cork area.

CIMAChartered Institute of Management Accountants (CIMA) with the Cork Branch of BSTAI organised a very successful Quiz for Junior Certificate Business Studies Students in CIT in October 2013. The winning teams from the regional quiz went on to the National Final in Thurles in April 2014.

STUDENT REVISION SEMINARSThe Cork Branch of the BSTAI hosted Student Revision Seminars this year at UCC. This was very well attended by students and teachers. Our presenters included: Mr. Jerry McCarthy, Mr Alan Ryan – Business, Mr Fergus Ryan – Accounting, Ms. Trudie Murray and Mr. Eoghan O’Leary - Economics. Revision Seminars will be held this year in March 2015

MEMBERSHIPThe Cork branch has a well planned and busy schedule of events for the forthcoming year – find us on, www.bstai.ie. We are looking forward to meeting new and existing members. Membership for PDE students is free. We would like to encourage you the members to get involved in the association, giving us ideas and joining us at meetings.

30

PLANNED EVENT SUMMARY 2014-2015 - CORK BRANCH

DATE WORKSHOP TOPIC VENUE

Monday 6th October 2014 Annual General MeetingJC Business Studies Workshop

CESC

Monday 20th October 2014 LCHL Business Workshop CESC

Nov. 2014 Date to be decided LCHL Accounting Workshop CESC

Saturday 15th Nov. 2014 National Conference Radisson Hotel, Galway

Wednesday 5th Nov. 2014 CIMA Regional Quiz CIT

Nov. 2014 Date to be decided LCHL Economics Workshop CESC

Feb. 2015 Date to be decided Teaching Applied Business Questions 2015

CESC

Mar. 2015 Date to be decided Leaving Certificate Student Revision Seminars

UCC

Kerry Branch NewsThe Kerry Branch meets on average three times a year, in the Education Centre, Dromtacker, Tralee. We aim to cater for the needs of Business Studies teachers in the area by offering continuous professional development through networking and contact with experienced state examiners, across the suite of Business Subjects.

Last year, members were provided with updates and information from experienced state examiners while also garnering opportunities to engage with each other and take part in continuous professional development.

We are also pleased to announce the success of our e-mail and SMS service which allows us to keep in constant communication with members.

The meetings we have planned for the school year 2014/2015 are as follows:

• Leaving Certificate Business Review with Mr. Jerry McCarthy

• Leaving Certificate Accounting with Mr. Brendan Kenneally

• AGM & Junior Certificate Business Studies Review

• Preparation for Business Subject Inspection • Leaving Certificate Workshop by John O’Connor

**Date and times to be confirmed.

We are actively recruiting new members to join and strengthen the association in the area. Membership for Post Graduate Diploma students is free. New members are always welcome and anyone interested in joining should contact us at [email protected].

31

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33

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Dublin Branch NewsTurning ‘Progress into Practice’ at Dublin Branch

Essential Tools and Common Themes for Syllabus Delivery

Dublin branch provides a workshop for every course in the Business suite of subjects each academic year. These workshops are given by expert teachers and guest speakers from different Business Studies disciplines. The progress in educational policy in the last number of years has put increased demand on teachers who now are required to deliver syllabus material using essential tools such as assessment for learning, use of information technology resources and incorporate common themes such as improvement in literacy and numeracy.

Dublin Branch is pleased to be responding to these changes by continuing to provide the traditional workshops which have proven so popular with members while incorporating these tools and themes in ‘Bitesize’ chunks, which can be embedded into everyday practice by teachers.

The Bitesize series will start in October when at the end of our Accounting workshop a Dublin Branch member will demonstrate IT resources specifically for Accounting.

Further details will be announced throughout the year by email to our members and in our January mailshot…watch this space!

Call for submissions

Any member (or group of members) of the Branch who is interested in helping to provide a short session (15-20 minutes) in any Business subject on:• Use of IT• Literacy• Numeracy• Assessment for Learning

Can email the branch at [email protected] New members are especially welcome. The Officer team will provide you with all the support, guidance and advice they can.

Mr. Karl FosterChairperson

Coláiste Choilm Dublin Road

SwordsCounty Dublin

Ms. Rachael BiddulphSecretary

St Peter’s CollegeDunboyne

County Meath

Mr. Eoghan KeeganTreasurer

The High SchoolZion RoadRathgarDublin 6

Ms. Claire FitzgeraldIT Secretary

Malahide Community School

MalahideCounty Dublin

34 35

Dublin Branch NewsSchedule of Meetings 2014-‘15

DATE: TOPIC VENUE

11 September 2014 Annual General Meeting and Guest Speaker, Ms Siobhan O’Sullivan BSTAI member and Advisor with PDST.

Siobhán demonstrated “Online tools for Teaching and Learning in the Business Suite of Subjects”.

This included Scoilnet, Edmodo and Antomoto.

Dublin City University Business School

23 October 2014 Leaving Certificate Accounting Workshop and Bitesize Series: IT resources for Accounting

University College Dublin

15 November 2014 National Conference Hosted by Galway Branch

Radisson Hotel, Galway

January 2015 Workshop in Applied Business Questions To be confirmed

February 2015 Workshop in Leaving Certificate BusinessBitesize Series: To be confirmed

To be confirmed

March 2015 Workshop in Junior Certificate Business StudiesBitesize Series: To be confirmed

To be confirmed

April 2015 Workshop in Leaving Certificate EconomicsBitesize Series: To be confirmed

To be confirmed

May 2015 Social Evening To be confirmed

June 2015 Review of the State Examinations Drumcondra Education Centre

The Dublin Branch of the BSTAI hosted Student Revision Seminars again this year at Dublin City University Business School. This was very well attended by students and teachers. Our presenters included:Mr. John O’Connor-Leaving Certificate Business,Mr. John Leonard-Leaving Certificate Economics,Mr Kevin O’Riordan-Leaving Certificate Accounting andMr. Ultan Henry. - Junior Certificate Business Studies

Officer’s RolesThe Dublin Branch holds four Officer Positions:Chairperson, Secretary, IT Secretary and Treasurer.

CHAIRPERSON1. Plans all meetings2. Arranges Speakers/presenters3. Books meeting venues4. Chairs all meetings5. Sets Notice & Agenda for mail-shot in conjunction with Secretary6. Signs off on TPN Proposal and return7. Maintains links with local universities

SECRETARY1. Sends & replies to all correspondence2. Writes up minutes of every meeting3. Keeps attendance records4. Co-ordinates Revision Seminar entries5. Sets Notice & Agenda for mail-shot in

conjunction with IT Secretary

TREASURER1. Receives all Subscriptions & Maintains database

of members2. Pays all bills & keeps all receipts3. Deals with Bank & writes all cheques4. Submits accounts at AGM5. Co-ordinates TPN proposal & return each year

IT SECRETARY1. Updates members e-mail addresses2. Updates members mobile phone numbers3. Maintains database of members in conjunction

with Treasurer4. Sends & responds to all electronic

communication5. Updates BSTAI website for Dublin Branch news,

and any other social media eg. Twitter

Membership ProfileThe membership profile for 2013-14 comprised of 211 fully paid members with the remainder being mostly Post Graduate Diploma in Education students and honorary members (retired teachers).

Communicating with MembersWe to use e-mail & SMS as our main means of communication with members as it is quick, free and also environmentally friendly. We use the Branches mobile phone to send text message reminders of meetings and events to our members. The National Executive hosts the BSTAI website. The webmaster posts all of our events on the website for us once contacted by the IT Secretary. This means that members can check out www.bstai.ie for a list of all our events too. A summary is sent to all members every September (Dublin Branch Summary). It gives an idea of the types of meetings/events that we hold. In order to keep costs to a minimum, we send out only two mail shots via post every year to schools in our county.

Advice for Planning MeetingsWe contact local Colleges and Universities who are always delighted to hear from us. They have provided us with free meeting/event venues and speakers. We encourage our members to attend the National Conference. We do not hold meetings in December as this is a busy time for teachers- in terms of family commitments and setting and marking Christmas school exams. We then plan a meeting or event for every month from January through to June. The social evening is an event that teachers enjoy every year. This isorganised and supplemented financially by our branch. It gives an opportunity for networking and socialising between members that is not always possible at busy meetings or events.

Subscriptions & FinanceOur current subscription is €20. This covers all correspondence to members includingphotocopying, stationery, and postage. It covers our speaker’s fees, Chairpersons, Secretary, Treasurer and IT Secretaries expenses. Our income is supplemented from the Teachers Professional Networks (TPN) grants. Information about these grants can be downloaded from www.tpnetwork.ie. The TP Network has requested to keep postage costs to a minimum and that Newsletters should be distributed by email and internet.

We look forward to seeing you at our meetings throughout the year. As another busy academic year is set out before us, we draw inspiration from the words of a great business man, Henry Ford:

“Coming together is a beginning,Keeping together is progress,Working together is success”

Dublin branch provides a workshop for every Student Revision Seminar

36 37

Junior Cycle Business Studies Key Terms

M A R K E T I N G C U N E S Y Y C R R JP R T R L K G N O Y O T U X T O A O O OP E Z U O N T M E I R P L I N L C T T CE G P S I T M V T U E A N S E F C P I MC I V K T I B A J R L M U A F O R M D MB O N U S N I E A T E M S T Y O U E U SG A V S B L U N D D E I G C C N A T A EB R I O I V N O N R N I I M L A L A M EE O G C Z U K I C G P E J A T Y S E R TN N N L A T I P A C G N I K R O W V E NN O T T T F I D P C A P I T A L V A C AC E I R G K F C K I V L I O W D M C R RD O V C E D E P R E C I A T I O N I U AN E O E T P S B O S P K P N P K I M I UT T F E K Z R A L G S F E Y I Y G P T GQ T S I L A R E V O N R U T G F R O M KQ S O U C I E P N R U Q X N I G A R E PA I I T J I L R Z E C O D J Y N M T N MJ C O I E R T Y B Y U Z K M N C G S T AH T N E M Y O L P M E R H T A P Y A P Q

ACCRUALS ACTUARY ASSET

AUDITOR BANKING BONUS

BREAKEVEN CAPITAL CAVEATEMPTOR

COMMISSION CONCILIATION CONSUMER

DEBTOR DEFICIT DEPRECIATION

EMPLOYMENT ENTREPRENEUR FINALACCOUNTS

GUARANTEE IMPORTS INDEMNITY

LEASING MARGIN MARKETING

PAYPATH PICKETING RECRUITMENT

SUPERANNUATION TURNOVER WORKINGCAPITAL

Junior Certificate / TY Business Crossword

Across8. Income before you pay taxes (5)10. Keep you money __ the bank (2)13. A short-term source of finance available to people with a current account (13)15. Money borrowed on a credit card (11)16. A bank employee (6)17. A house loan (8)19. Not pay a loan (7)20. Money that you earn (6)23. A bank account you use to pay everyday expenses (8)25. Borrowed money that you pay back at a regular interval (7)26. Move money between bank accounts (8)27. An interest rate that stays the same (5)28. A cash machine (3)29. A bank account you use to save money (7)30. the opposite of lend (6)

Down1. Your annual wage (6)2. A monthly fee on borrowed money (8)

Junior Certificate/TY Business Crossword

Across 8. Income before you pay taxes (5) 10. Keep you money __ the bank (2) 13. A short-term source of finance available to people with a current account (13) 15. Money borrowed on a credit card (11) 16. A bank employee (6) 17. A house loan (8) 19. Not pay a loan (7) 20. Money that you earn (6) 23. A bank account you use to pay everyday expenses (8) 25. Borrowed money that you pay back at a regular interval (7) 26. Move money between bank accounts (8) 27. An interest rate that stays the same (5) 28. A cash machine (3) 29. A bank account you use to save money (7) 30. the opposite of lend (6) Down 1. Your annual wage (6) 2. A monthly fee on borrowed money (8)

38 39

Leaving Certificate Business

Leaving Certificate Business

Across2. Buying products and services from foreign countries (9)4. A long-term loan for company (9)6. Legal protection for an idea (6)7. Document that outlines a business’s objectives (8,4)10. An entrepreneur who sells a business idea as a franchise (10)14. Illegal secret agreement between businesses to restrict competition (6)17. The principal of ‘buyer beware’(6,6)19. Money used to set up a business (7)20. Person asks another to enter into a contract with him (5)21. Services sold to foreign countries (9,7)24. Removal of government rules and regulations that restricts free trade (12)26. Trend for businesses to operate throughout the entire world (13)28. Money the owners have invested in a business (6,7)

Down1. An essential element of a contract (13)3. An asset that is used as security on a loan (10)5. Shortage of money (7)8. Tax paid by employees until they complete Form 12A (9,3)9. Payment system where an employee’s salary is paid (7)11. Summary of what was said at a meeting (7)12. A subset of the target market (5,6)13. Independent third party to settle industrial relations conflict (11)15. Group of people who campaign for a common goal (8,5)16. The first working model of a new product (9)18. debts that have to be written off (3,5)22. The slow, natural growth of a business (7,6)23. Share of profits, paid to shareholders (8)25. Ability of a business to pay its short-term bills (9)27. Closing down a business and selling its assets (11)

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SOLUTION

Across2. importing4. debenture6. patent7. business plan10. franchiser14. cartel17. caveat emptor19. capital20. offer21. invisible exports24. deregulation 26. globalisation28. equity capital

Down1. consideration3. collateral5. deficit8. emergency tax9. paypath11. minutes12. niche market13. arbitration15. interest group16. prototype18. bad debts22. organic growth23. dividend25. liquidity27. liquidation

School-Self Evaluation

Teaching & Learning Framework; 6 Step SSE Process; gathering, collating & analysing relevant data; implementing the SIP for literacy, numeracy and any other area of teaching & learning.

Assessment for Learning (AfL) Learning outcomes/context of learning/success criteria; effective feedback; questioning; Bloom’s Taxonomy and self & peer-assessment strategies e.g. rubrics.

Integrating ICT eAssessments & ePortfolios – Mahara, Google Apps for Education... ePlanning & Collaboration – Google Apps for Education..... Tablet Technology Integration – Effective use, pedagogy...... Virtual Learning Environments (VLEs) – Google Classroom, Edmodo SSE – On-line tools for gathering, collating & analysing relevant data Visual - Visualisers, Animoto, Wordle, Tagxedo, Photo-story.... Auditory – Audacity, Vocaroo, Audioboo...... Reading comprehension – Freerice, Studystack, Quizlet...... Kinaesthetic – Tarzia, Cube Creator......

Subjects /Programmes & Generic Support Health & Wellbeing – PE, SPHE, mental health, anti-bullying and promoting the welfare & protection of students Junior & Leaving Certificate subject support & planning JCSP, TY, LCA & LCVP programme support School planning (policies) Co-operative learning ICT for teaching & learning Differentiation/mixed ability teaching

PDST Websites

www.pdst.ie pdsttechnologyineducation.ie scoilnet.ie (portal for resources) teachercpd.ie (on-line courses) Ollscoil.net (ITE student awards)

PDST Leadership Programmes

Misneach.....New Principals Tánaiste.......New Deputy Principals Tóraíocht.....Aspiring Leaders accredited by Maynooth University Forbairt .......Experienced Principals & ALGs Spreagadh...NAPD & PDST collaboration

Overview of PDST Post-Primary Supports for Leading Learning in the 21st Century

www.pdst.ie/schoolsupport

Models of support: whole staff days (circular 002/2014), Croke Park hours, subject departments/groups of teachers/co-ordinators (circular 0043/2014) It is essential to fill out the on-line application form @ www.pdst/schoolsupport in order for your application to be considered

Numeracy SSE & strategies for implementing problem solving, estimation, a common approach to maths language and a numeracy rich environment across the curriculum.

Literacy SSE & strategies for improving oral language, writing, reading comprehension, and the use of broadcast /digital media across the curriculum.

Resources

www.ReadWriteThink.org© 2011 IRA/NCTE. All rights reserved. ReadWriteThink.org materials may be reproduced for educational purposes.

Exit Slips

The most important thing I learned today was...

I need help with...

I would like to learn about...

Name :

Name :

Name :

Page 1 of 3


Exit Slips

Rate your understanding of today’s topic from 1-10.

Discuss one way today’s lesson can be used in your life.

Predict what we will learn next in this unit and why.

Name :

Name :

Name :

Page 2 of 3

42 43


Exit Slips

What would you like to review during the next session?

Summarize today’s lesson in 25 carefully chosen words.

The best part of class today was…

Name :

Name :

Name :

Page 3 of 3

Exit Slips

Budget Key Words

Resources

42 43

Anticipation Exercise

TRUE FALSE STATEMENT TRUE FALSE

1. A budget is a plan of income and expenditure.

2. A bonus from your employer is an example of regular income.

3. A pension is an example of regular income.

4. Overtime payment money you earn for working longer hours than normal. It is irregular income.

5. Benefit in Kind (BIK) is not a form of income

6. Fixed expenditure is expenditure on items that don’t change. A mortgage is an example of fixed expenditure.

7. Discretionary expenditure is spending money on items after we have paid all necessary bills. It is expenditure on wants.

8. A budget deficit is when our income exceeds our expenditure.

9. Impulse buying is planned expenditure where you think about the consequences of spending money on the item.

10. An opportunity cost is the item that we had to do without, or the opportunity we had to forego.

KWL Chart

Name: ________________________________________________ Date: ______________________

KWL Chart

Select a topic you want to research. In the first column, write what you already know about the topic. In the second column, write what you want to know about the topic. After you have completed your research, write what you learned in the third column.

What I Know What I Want to Know What I Learned

Resources

46 47

MRos Designs Ltd (MDL) is a new private limited company established to provide trendy and appealing clothes to teenage girls. It brand or business name is MDL, gorgeous clothes for fashion conscious young women.

The authorized share capital of the company is €300,000 divided into 300,000, €1 ordinary shares.

On the 30 December 2013 Ms Knowles, 1 Winding Road, Donnybrook, Dublin 4 and Ms Minogue, 10 Marlborough Road, Donnybrook, Dublin 4, each bought one ordinary share of €1 each.

MRos Designs Ltd is a private limited company and currently has 27 shareholders, all shareholders are students of first year business, each shareholder has purchased 1,000 shares on 2 January 2014. The money has been received and has been lodged in the company bank account. The shareholders have appointed 4 directors to the Board of MRos Designs Ltd, the directors of the company are:-

Directors of MRos Designs Limited

Margaret Heffernan (retired Chief Executive Officer “CEO” of Dunnes Stores)

Aoife Sadlier (Marketing expert and consultant)

Maeve Carton (Finance Officer at CRH) CRH is a very successful building materials company and is also known as Roadstone. CRH is a public limited company and its shares are listed on the stock exchange.

Niall Horan (formerly boyband star and now CEO of MRos Designs Ltd)

1) Can you calculate the paid up/issued share capital of the company?

2) Can you name and explain the forms that needed to be completed to establish the company? Where will the company secretary need to file/lodge the forms?

3) Can you complete the Memorandum of Association for MRos Designs Limited?

MEMORANDUM OF ASSOCIATION

1. The Name of the Company is

2. The Objects for which the Company is established are:

3. The Liability of the members is

4. The Share Capital of the Company is

divided into

We the several persons whose names, addresses and descriptions are subscribed wish to be formed into a Company in pursuance of the Memorandum of Association and we agree to take the number of shares in the Capital of the Company set opposite our names.

Name, Address of each Subscriber Number of Shares taken by each subscriber

Date

Over the Christmas holidays the Management Team and the Board of Directors of MRos Designs Ltd have been very busy, • the company has found a premises it would like to lease, • the company has identified the equipment the company will need to produce their first collection

of clothes and accessories for Autumn/Winter 2014, • the Creative and Artistic team also sketched the fashion designs for the collection and is working

with the production manager to source materials at good prices from suppliers. • The HR manager is looking at the staffing and recruitment needs of the company. • The Marketing Manager is developing a plan for the product launch and is in discussion with

retailers about taking on the MDL range in their stores.• The Finance Manager with the input of the other managers has prepared a costing and budget to

achieve the company’s business plans, the finance manager has just informed the Board and the rest of the management team that company will need to raise finance in order to meet the costs associated with setting up and growing the business. The Finance Manager’s projections show that the company will need finance of €80,000, in addition to the issued the paid up share capital.

• Can you calculate the total cost of starting the business? Exercise Take 1 minute to think about where a company like MRos Designs could go to raise finance for its business, note down your thoughts on a piece of paper?

Take a further minute to discuss and share in pairs/groups how MRos Designs Ltd might raise money for its business? Note down any answer the group comes up with that you didn’t come with on your own.

Resources

48 49

Roleplay Roleplay

The management team of MDL are meeting to consider how to finance the purchase of sewing machines, it is estimated that 30 machines will be required. The agenda for the meeting is outlined below.

1. Choose the make and model of the machines to be order.

The production manager has come up with a short list of two machines that could meet the production needs. The production manager will give details of the two machines and recommend a machine at the meeting.

2. Agree the budget for the machines.

The finance manager will outline the finance options available at the meeting.

3. Evaluate the finance options available and agree a source of finance for acquiring the sewing machines.

The CEO, Production Manager and Finance Manager will discuss and agree which machine best suits the needs of the business and how best to finance it.

You are the Production Manager, in the meeting you will outline that you have identified two machines which best meet the production needs of MDL, Brother ZPS 123 and Singer JKL456.

You wish to recommend the Brother sewing machine. You prefer this machine because it has:

1) Better features, stitch types and the range of materials it can handle (eg silk, cotton, mixed fabrics etc).

2) Low noise level and vibration so more comfortable for the workers.

3) Any other reasons you can think of? Perhaps think of the some of the things you would consider if you were buying a household appliance (dishwasher) or electronic good (eg ipad, laptop).

The Brother machine you have chosen is more expensive than the Singer Machine so you will need to be able to convince the other members of the management team that this machine is worth the extra investment.

Reasons you might consider include the machine is more efficient so MDL will be able to produce more clothes more quickly, can you think of others?








You are the Finance Manager you are responsible for preparing the budget, keeping the books and records of MDL, and, with the CEO arranging finance for the company so it can meet its objectives.

The Production Manager has given you details of two machines Brother ZPS 123 and Singer JKL 456 which you have costed.

• You have got a quotation from both companies, Brother and Singer,

• Brother has quoted €35,000 for the sewing machines less a cash discount of €5000, so the net cash price is €30,000.

• Singer has quoted €30,000 for the sewing machines less a cash discount of €5,000, so the net cash price is € __________.

• MDL will need to borrow some or all of the money if MDL wishes to buy the sewing machines.

• AIB has the best loan interest rates and will provide a three year loan repayable in equal installments to MDL at 5% APR. The bank will require MDL to provide security.

• The other options available are leasing or hire purchase, the cost of involved is outlined in the table.

Resources

50 51

Roleplay Roleplay

Machine Borrowing 100% of purchase price from AIB, total cost

Leasing sewing machines

Hire purchase

Total cost

Brother machine

€30,000+€3,000 interest =€33,000

€ 6,000 per annum Deposit of €3,000 plus 36 monthly installments of €1,000

Calculate total cost

Singer machine €25,000+€2,500 interest= €27,500

€ 5,000 per annum Deposit of €2,000 plus 36 monthly installments of €900

Calculate the total cost

At the meeting

1) you will explain the cost of the machines and the finance options available using the information on your sheet .

2) You will need to explain the advantages and disadvantages of the options, and,

3) Recommend to the meeting which you think is the best finance option and why.








You are the CEO (Chief Executive Officer), you are ultimately responsible for the running and the profitability of the company.

As you are the CEO you will be in charge of the meeting. You need to make sure thrat everything on the agenda gets covered but that the meeting does not take too long.

• Your role at the meeting will be to check that the other members of the management team have fully researched the sewing machines and finance options.

• You want to choose the most cost effective option for MDL. Cost effective does not necessarily mean the cheapest, but does mean best value for money.

• Your role at the meeting will require you to ask several questions of the management team.

Think of questions you might ask? Here are some suggestions to start you off.

• Ask the production manager about the choice of the machine? You are very interested in the cost but also the reliability of the sewing machine and also the after sales service and warranty. You don’t want MDL to miss orders because it can’t deliver due to poor equipment.

• Ask the finance manager what cash discount is being given by the supplier?

• Ask the finance manager what is the cheapest finance option?

Resources

Sources of Finance Keywords Sources of Finance Keywords

52 53

KEYWORD MEANING/DEFINITION IN MY OWN WORDS/EXAMPLES

Short term needs

Short term sources of finance

Expenses due

Trade Creditors

Bank Overdraft

Medium term

Term loan

KEYWORD MEANING/DEFINITION IN MY OWN WORDS/EXAMPLES

Leasing

Hire purchase

Long term

Ordinary Shares

Grants

Sale and Leaseback

Retained Earnings

Long term loan

Resources

52

Think, Pair, Share

New Studies in BusinessNew Studies in Business is the complete Business Studies package,covering all requirements of the Junior Cycle Business Studies syllabusat both Higher and Ordinary Levels.

This book will provide studentswith the business education that is isnecessary for the Junior Cycleexamination and will also promotestudents’ interest in the subject.

is

21st Century Business –Revised Edition

A comprehensivetext for the Leaving Certifi cate Businesscourse at both Higherand Ordinary Levels.

• Written using student-friendly English, with all concepts thoroughly explained in a way that is accessible to students ofall ability levels.

• The theory is consistently backed up with clear, concise and familiarreal-world examplesin order to reinforce learning.

• Contains many ‘evaluations’to prepare Higher Level students for this crucial element of the examination.

• Each chapter contains a large bank of homework questions at both Ordinary and Higher Levels, covering every style of question asked in the examination.

• Each chapter contains at least one ABQ, so that Higher Level students can practise this essential question.

Modern AccountingLeaving Certifi cate Accounting Book(Higher and Ordinary Levels)

• Dynamic textbook thatincorporates a fresh, interactive approach to the teaching of Leaving Certifi cate Accounting.

• In contrast to other books, the author separates the theory from the questions. The theory is explored, with examples, in the opening section of each chapter and this is then followed by relevant original questions.

• All elements of the Leaving Certifi cate Accounting syllabus (Higher and Ordinary Levels) are comprehensively covered.

• Well-structured and attractively designed with the examination in mind.

• Includes original exam-style questions and, as in the state exam papers, the Higher Level questions are denoted in pink while Ordinary Level questions are displayed in blue.

CJ Fallon · Ground Floor – Block B · Liffey Valley Offi ce Campus · Dublin 22 · Tel 01 616 6490 • www.cjfallon.ie

What’s the issue / question / topic?

What do I think about it?

What does my partner think?

What will we share?