Mock Exam Paper C - Higher Level Marking Scheme

Pre – Leaving Certificate Examination 2013

Marking Scheme

Business Higher Level

W: http://www.irevise.com/ T: 091 - 520400

Section 1

Short Questions

  1. Outline two remedies for breach of Contract.
    1. Sue for damages - the aggrieved party can take court action to recover losses suffered
    2. Specific performance - This involves asking the court to order that the contract must be carried out, as per agreement.
    3. Rescind the contract - this means that the contract is cancelled and all parties are released form their contractual agreements.

(5+5)

  1. Give two examples of how a person can be enterprising in their local community.
  • People starting a new club or community
  • Fundraising by the people in an area to build a community centre
  • Setting up a tidy towns committee
  • setting up groups who visit and read to elder people of the community

(5+5)

  1. What do the following letters stand for? Write each answer in full in the space provided:

IRO : Industrial Relations officer

PAYE : Pay as you Earn

ROI : Return on Investment

PLC : Public limited company

LRC: Labour Relations commission (5@2)

  1. Explain two important principles of insurance
  • Insurable interest - This  means  that  you  can  only  insure  something  if  you  have  a  legal   relationship  with  the  item  being  insured  i.e  that  you  must  derive  some   benefit  from  it  and  would  lose  money  if  something  happened  to  it.
  • Utmost Good Faith -This  states  that  when  people  apply  for  insurance  they  must  answer  every   question  on  the  proposal  form  truthfully.
  • Indemnity -This  principle  is  that  you  cannot  profit  from  an  insurance  claim  and  so  end  up   no  better  or  worse  off  after  making  the  claim.
  • Subrogation -This  means  that  once  you  receive  compensation  you  give  up  your  rights  to   the  item  to  the  insurance  company.
  • Contribution -This  states  that  if  you  insure  an  asset  with  more  than  one  company  that  you   will  receive  a  fraction  of  the  ...

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