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Worksheets7 EMS: Terminology Revision 1
Total questions: 30
Worksheet time: 17mins
Each month I pay around R400 for petrol, but it depends on how much I travel and what the petrol prices are. This is an example of a...
variable income
savings account
fixed expense
variable expense
Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck in cash. The total amount of money she is able to put in the bank is R175.62. What type of income does this amount describe?
Gross Income
Net Income
Both Gross and Net Income
None of the above
Mrs. Allen took home R1,245 after taxes. What is this considered?
Net income
Gross income
Deposits
Income tax
Financial Literacy is having the knowledge, understanding, and skills necessary to become an effective consumer/business owner.
True
False
When is an item considered an asset?
While you are making monthly payments on time
Converting an asset into cash
When cash is used for emergencies
When it is fully paid off and can be sold for cash
The total amount of personal income after taxes and deductions.
Net Income
Gross Income
Capital can not be one of the following listed items.
Money
Vehicle
Land and buildings
Insurance
What do we call the cash contribution an entrepreneur gives to a business?
Capital
Current income
Cash
Fixed deposit
Assets are
Items that a business owns and can sell for cash
It's the general expenses of a business
It is a loan to the owner of a business
It is a loan to a bank
Which item is not an asset?
Land and buildings
Vehicles
Bank account
Stationery
Which item from the list is a liability?
Loan
Bank account
Vehicles
Current income
Income from providing a service is seen as...
Sales
Rent income
Current income
Interest income
What is the main aim for an entrepreneur to start a business.
To make a product
To make profit
To make the world a great place
To give people what they want
A budget is a plan of how much incomes you expect to receive and how many payments you are going to make.
True
False
Which item from the list below would not be classified as a non-current asset?
Vehicles
Land and buildings
Trading stock
Office equipment
A person the business owes money to:
Debtor
Creditor
Bank
Office stationery is an example of an asset.
False
True
These are examples of current liabilities:
Creditors, short term loans and debtors
Creditors, short term loans and bank overdraft
Creditors, bank overdraft and Debtors
When the owner gives money to start a business it is called:
Drawings
Sales
Current income
Capital
Paying staff at the end of a week.
Salaries
Wages
Income: 500
Expenses: 200
Money in the bank from last month: 100
How much do I have at the end of the month?
R800
R200
R400
R500
People who owe the business money:
Creditors
Debtors
Customers
Cars, computers and buildings, these are examples of:
Current assets
Non-current assets
Non-current liabilities
Expenses
Water & electricity and telephone are examples of:
Expenses
Income
Assets
Receipts are a record of money coming in to the business.
True
False
Liquidity refers to how quickly an asset can be converted into cash.
True
False
