Grade 7 Economics and Management Sciences Quiz

What is a budget?

• A plan of how much you expect to receive and how you expect to spend the money.

• A financial statement of a business's past expenditures.

• A list of assets owned by a company.

Current assets are used in which time frame?

• Within the next 5 to 10 years.

• Within the next 1 to 5 years.

• Beyond 10 years.

True or False: Fixed assets are assets that are bought to generate income.

What are liabilities in business?

• Items of value belonging to the business.

• Debt a person or business must pay.

• Money received from selling.

Long-term liabilities are typically debt that can be paid off over how many years?

• Up to 2 years.

• Over 5 years.

• Within 1 year.

What are primary needs?

• Needs that develop once our primary needs have been identified.

• The most basic survival needs.

• Needs related to luxury items.

True or False: The primary stage of production includes activities like mining, fishing, forestry, and farming.

The secondary stage of production involves:

• Extracting natural resources.

• Manufacturing products from raw materials.

• Selling products to customers.

Which of the following is NOT one of the four factors of production?

• Land (Natural resources).

• Labor.

• Taxes.

What is sustainability in the context of resource use?

• Using resources in a way that they never run out.

• Depleting resources as quickly as possible.

• Ignoring the environmental impact of resource use.