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EMS Grade 8 Term 1 - Grade 7 Revision

Total questions: 15

Worksheet time: 9mins

Name
Class
Date
1.

... were self-sufficient and lived on whatever was provided by nature.

a)

Entrepreneurs

b)

Goldsmiths

c)

Traditional societies

d)

Supervisors

2.

The following is not an example of basic needs:

a)

Food

b)

Jewellery

c)

Clothing

d)

Clinic

3.

... is the money to start a business.

a)

Expense

b)

Saving

c)

Profit

d)

Capital

4.

When expenses/expenditures are more than the income, the budget will be balanced with a

a)

Deficit

b)

Profit

c)

Loss

d)

Surplus

5.

Which of the following is a potential benefit of recycling?

a)

Increased pollution

b)

Reduce unemployment

c)

Promote crime

d)

Load shedding

6.

Choose the correct option/s. Total assets - total liabilities.

a)

Household

b)

Liabilities

c)

Net worth

d)

Budget

e)

Needs

7.

Choose the correct option/s. Things that are necessary for human beings to survive.

a)

Household

b)

Liabilities

c)

Net worth

d)

Budget

e)

Needs

8.

Choose the correct option/s. Group of people that live together and make economic decisions.

a)

Household

b)

Liabilities

c)

Net worth

d)

Variable costs

e)

Needs

9.

The cost that changes as the number of goods produces changes.

a)

Household

b)

Liabilities

c)

Net worth

d)

Variable costs

e)

Needs

10.

The money the business owes to other businesses or people.

a)

Household

b)

Liabilities

c)

Net worth

d)

Variable costs

e)

Needs

11.

Is the following statement true or false? The South African currency is the Rand.

a)

True

b)

False

12.

Is the following statement true or false? Cellphones can be used for electronic banking.

a)

True

b)

False

13.

Is the following statement true or false? A profit is when expenses are more than income.

a)

True

b)

False

14.

Is the following statement true or false? A goal is something that you want to achieve.

a)

True

b)

False

15.

Is the following statement true or false? Threats are things in the external environment that businesses do not have control over.

a)

True

b)

False