Supporting Irish Leaving Certificate Students

Exam Q&A

In this section we cover key topics from Leaving Cert Business and Economics to help you achieve the best at your exam. Topics are introduced and supported by professionally worked out questions and answers. In addition, sample questions are provided in the form of student activities to help you become familiar with the key learning points of each section.

The sample answers provided on this website are written by experienced teachers and examiners who understand the importance of following the State Examination Commissions recommendations.

The sample answers clearly illustrate the layout/methodology that must be used when answering the questions.

Students, using these resources, will be able to practice past exam questions and see the type of exam answers that are necessary to achieve success.

Recommendations for the Business Exam

The Chief Assessment Manager of the State Examination Commission, when referring to the style of exam answers in Business that will maximize the marks achieved, states that:

  • Definitions of business terms must be precise and accurate
  • Separate paragraphs should be used for each point developed and essay type answers should be avoided
  • Writing long passages of irrelevant material should be avoided
  • Include key points and avoid repetition of points
  • Start each question on a new page
  • Number each question, section and sub-section correctly

Recommendations for the Economics Exam

The following recommendations should be noted by students of Economics in preparing for their exam:

  • State, Explain, (and where appropriate) give an Example (SEE)
  • Layout points carefully. Use bullet points and clear explanation. Avoid one-liners and develop your answer
  • Draw diagrams properly and label and explain them correctly. Practice drawing diagrams from given figures e.g. demand curves, cost curves etc.

Section A

  • Try to attempt all questions
  • Ensure detail is concise and accurate and where appropriate give examples
  • Avoid one or two word answers

Section B

  • Read question carefully, make sure you know precisely what is being asked? Highlight the key word or phrase
  • Discuss/debate an issue. Students should approach an issue from both sides of view
  • Workings – students should show all their workings
  • Read the full question asked including Part C
  • Definitions need to be precise and accurate

Important: The best way to keep up to date with business news related to your Business or Economics course is to watch the evening news, glance at a daily newspaper or look at the RTE website.

Using this Site

The purpose of this site is to provide a resource for leaving certificate students who are preparing for their final exams. It is intended to improve their understanding of the various topics on the business syllabus.

A variety of business, economics and accounting topics are covered. Each consists of a summary of the topic with relevant examples to illustrate the key learning points. A sample exam question with an appropriately worked out solution is provided, along with a number of additional sample questions to help practice the topic.


The Business syllabus is broken down into three sections: A, B, and C.

Section A – People in Business

Unit 1: Introduction to people in business
People and their relationships in business. Conflicting interests and how they are resolved.

Section B – Enterprise

Unit 2: Enterprise
Introduction and definition of enterprise. Entrepreneurs and enterprise skills.

Unit 3: Managing 1
Introduction and definition of management. Managers and management skills. Management activities.

Unit 4: Managing 2
Household and business manager. Human resource management. Changing role of management. Monitoring the business.

Unit 5: Business in action
Identifying opportunities. Marketing. Getting started. Expansion.

Section C Environment

Unit 6: Domestic environment
Categories of industry. Types of business organisation. Community development. Business and the economy. Government and business. Social responsibilities of business.

Unit 7: International environment
Introduction to the international trading environment. European Union. International business.

Sample Business Questions

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Click here to download exam question.

Click here to download exam question.

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Click here to download exam question.

Click here to download exam question.

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Business Case Studies


The Economics syllabus is broken down into 15 sections as follows:

Production and Consumption

(a) Resources (factors of production)
Natural – Land, Man made – Capital; Human – Labour and Enterprise.

(b) Production units; Firms and industries.
Consumption units: Households.

(c) Scale of production; size, type and location of firms and industries. Economies and diseconomies of scale.

Economic System and Economic Thought

Brief historical outline of economic thought – Smith, Marx, Keynes etc.
Market, centrally planned and mixed economies.

Demand and Supply

(a) Concept of a market.
Factor, intermediate and final markets.

(b) Consumer demand; assumptions; individual and market demand; influences on demand; marginal utility; demand curves; shifts in demand; different forms of demand; elasticities of demand.

(c) Supply; assumptions; individual and market supply; significance of short-run and long-run in supply; influences on supply; shifts in supply. Cost curves; fixed, variable, average and marginal. Social costs and benefits; elasticity of supply.

Price and Output

(a) Determination of price and output under conditions of perfect competition. Assumptions. Short and longrun equilibrium of the firm and industry. Implications of perfect competition for producer, consumer and society.

(b) Determination of price and output under monopoly conditions. Causes and characteristics of monopolies. Short and longrun equilibrium of the monopolist. Price discrimination. Implications of monopoly for producer, consumer and society. Control of monopolies.

(c) Determination of price and output under conditions of imperfect competition and oligopoly. Assumptions. Short and longrun equilibrium of the firm and industry. Nonprice competition.

Factor Incomes

Demand for factors. Marginal revenue product theory; its uses and limitations.
Rent: supply and demand for land. Economic rent as applied to all factors.
Wages: supply and demand for labour. Influences on supply and demand.
Trade unions: their organisation and effects on the supply curve of labour. Differing wage rates.
Interest: outline of Classical and Keynesian theories of interest.
Profit: as an incentive, a reward and as a cost of production.

Determination of National Income and its Fluctuations

Concept of national income; its measurement and statistical sources.
Factors influencing the size and composition of national income. Its limitations as a measure of economic performance.

Money and Banking

Brief historical survey; functions of money; types of money. Banks and the creation of credit. Central banks and the control of money. Demand for and supply of money. National and international financial institutions. Recent developments.

The Government in the Economy

Brief outline of the government’s economic role.
Government finance. Sources of income of central and local government. Size, composition and influence of government expenditure. The budget. The economic implications of budget deficits and surpluses.


Measurement of prices. Causes, remedies and effects of inflation in open and closed economies.
Deflation and its effects.

International Trade and Payments

Brief historical survey. Theory of international trade. Arguments for and against free trade.
Institutions which promote free trade. Restrictions on free trade.

Terms of trade

Exchange rates and their determination. Floating, fixed and managed rates of exchange. Revaluation/Devaluation. Balance of trade and balance of payments. Short term and long term deficits and surpluses: significances and remedies.

Economics of Population

Global and national population, size, composition and trends. Over, under and optimum population. The labour force and employment. The importance of population, and its influence on economic development and growth.

Economic Growth and Development

Meaning and significance. Relative income levels of different countries. Reasons for disparities. Economic planning, growth and the environment; the Irish experience.

Economic Policies, Problems and Conflicts

Government social and economic aims and their significance. Methods of achieving these aims. Possible conflicts in achieving them simultaneously in a national and international context.

Sample Economics Questions

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Click here to download exam question.

Click here to download exam question.

Click here to download exam question.


The Accounting syllabus is broken down into 11 sections as follows:

The Conceptual Framework of Accounting

The Regulatory Framework of Accounting (H.L.)

Accounting Records
   • Double-Entry Bookkeeping
   • Bank Reconciliation Statement
   • Control Accounts
   • Suspense Accounts

Sole Traders

Company Accounting
   • Share Capital, Reserves and Loan Capital
   • Financial Statements of Limited Companies
   • Appreciation of Annual Reports of Public Limited Companies (HL)

Specialised Accounts
   • Manufacturing Accounts
   • Stock
   • Club Accounts and Accounts of Service Firms
   • Departmental Accounts
   • Farm Accounts

Incomplete Records

Cash Flow Statements

Analysis and Interpretation of Financial Statements

Management Accounting

Information Technology and Computer Applications in Accounting

Sample Accounting Questions

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Click here to download exam question.

Click here to download exam question.

Click here to download exam question.

Click here to download exam question.

Click here to download exam question.

All material on this site is provided in good faith for the sole purpose of facilitating financial education. The examination papers accessible from this site may contain information, content, graphics, text, logos etc. which are protected by copyright and other intellectual property laws. In no event shall BPFI be responsible or liable, directly or indirectly, for any damage or loss caused by or in connection with the use of or reliance on any content available through this site.

Economic Indicators

Economic indicators provide an overview of some of the key economic developments in the Irish economy.  By being familiar with these indicators, and knowing the direction in which they are going, you will be better able to understand what is going on in the economy around you.

Contact Us has been developed by Banking & Payments Federation of Ireland (BPFI) in collaboration with the Business Teachers’ Association of Ireland (BSTAI). If you have any questions about the resource, please contact us at