Grade 7 Quiz Q.NO. 1 - 15

Which of the following is the most important characteristic of a renewable resource?

• It cannot be exhausted.

• It has no environmental impact.

• It can regenerate naturally within a short time frame.

• It is unlimited in supply.

The largest percentage of Earth's freshwater is found in:

• Rivers

• Lakes

• Glaciers and ice caps

• Underground reservoirs

Which factor of production is most closely associated with innovation and economic growth?

• Labor

• Land

• Entrepreneurship

• Capital

Which of the following is a primary stakeholder in a business organization?

• Government

• Customers

• Environmental groups

• Trade unions

Which of the following stakeholders is typically most interested in the financial performance of an organization?

• Suppliers

• Employees

• Shareholders

• Competitors

What does the law of demand state?

• As the price of a good increases, the quantity demanded increases

• As the price of a good decreases, the quantity demanded decreases

• As the price of a good increases, the quantity demanded decreases

• There is no relationship between price and quantity demanded

In economics, which of the following best describes opportunity cost?

• The total money spent on a project

• The cost of the next best alternative foregone

• The cost of labour and capital

• The cost of acquiring resources

Which of the following is not a public good?

• National defence

• Public parks

• Clean air

• Mobile phones

Which of the following best defines the double-entry system of bookkeeping?

• A system where each transaction is recorded once

• A system where two identical books are maintained

• A system where each transaction affects two accounts, with one debit and one credit

• A system where each transaction affects one account only

What do we call the accounting equation that is central to the double-entry system?

• Assets = Liabilities + Equity

• Assets = Liabilities - Equity

• Liabilities = Assets + Equity

• Equity = Assets - Liabilities