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Worksheets

EMS Revision

Total questions: 39

Worksheet time: 24mins

Name
Class
Date
1.

If business's expenses are more than its income.

a)

Profit

b)

Loss

c)

Remuneration

d)

Savings

2.

Which one of the following is not a tangible asset?

a)

Vehicle

b)

Business Premises

c)

Equipment

d)

Trading Stock

3.

An example of a retail business

a)

Cafe

b)

Plumber

c)

Doctor

d)

Teacher

4.

An example of a service business

a)

Salon

b)

Cafe

c)

Tuck Shop

d)

Grocery Shop

5.

Which one of the following is not an operating expense?

a)

Rent

b)

Stationery

c)

Interest paid on bond

d)

Repairs

6.

Choose 2 operating expenses

a)

Rent

b)

Drawings

c)

Water & Electricity

d)

Interest Expense

7.

An example of a non-current liability

a)

Bond

b)

Fixed Deposit

c)

Creditor

d)

Packing Material

8.

Choose the item that will not be part of a want.

a)

Bottled water

b)

Clothing

c)

A luxury car

d)

Internet

9.

Services can be described as…

a)

Fruit and vegetables at the local store

b)

Waste removal weekly by the local municipality

c)

Driving a luxury car to the Mall

d)

Going to work every day

10.

Shelter is an example of a …

a)

Privilege

b)

Basic need

c)

A dream

d)

A basic want

11.

Formal business are..

a)

Registered and pay tax

b)

Food vendors on the street

c)

Not paying minimum wages

d)

not forming part of the GDP of the country

12.

Choose the answer that does not fit: A budget can be described as…

a)

Planning for the future

b)

Calculating the estimate income of the business

c)

Calculating how much you can save

d)

A tool to indicate how much you spend the previous year

13.

Capital is used to purchase...

a)

Assets

b)

Liabilities

c)

Expenses

d)

Income

14.

Capital is used to pay for______ to get the business running.

a)

Assets

b)

Expenses

c)

Liabilities

d)

Income

15.

At the end of a specific period of time, usually a year, the owner will draw up ______ to calculate whether the business has made a profit or loss.

a)

Cash Budget

b)

Financial Records

c)

Salary Advice

d)

Promissory Note

16.

If the owner has to take a loan from the bank this will be classified as an____

a)

Asset

b)

Liability

c)

Income

d)

Salary

17.

A business should use a ____ to manage their income efficiency.

a)

Cash budget

b)

Income statement

c)

Statement of income & expenditure

d)

Bank statement

18.

Choose 3 basic needs

a)

Food

b)

Internet

c)

Shelter

d)

Clothing

e)

Recreation

19.

Choose 3 examples of formal businesses

a)

Supermarkets

b)

Backyard Mechanic

c)

Clothing stores

d)

Factories

e)

Freelance Plumber

20.

--- is NOT an example of a natural disaster.

a)

Floods

b)

Volcanoes

c)

COVID-19

d)

Earthquake

21.

Choose 3 examples of health epidemics

a)

COVID-19

b)

Tuberculosis

c)

Cholera

d)

Floods

e)

Volcanoes

22.

____ is exchanging goods and services without using money.

a)

Negotiation

b)

Bartering

c)

Promissory note

d)

Buy

23.

____ is a bargaining process between individuals or groups to reach agreement

a)

Selling

b)

Bartering

c)

Negotiation

d)

Buying

24.

Money or other property that the owner invested in his business so that the business can start

a)

Trading Stock

b)

Income

c)

Contribution

d)

Capital

25.

The acronym EFT means____

a)

Economic Future Transfer

b)

Electronic Future Transfer

c)

Electronic Funds Transfer

d)

Economic Funds Transfer

26.

Profit is equal to ____

a)

Income –Expenses

b)

Expenses - Income

c)

Assets - Liabilities

d)

Liabilities - Assets

27.

Loss occurs when____

a)

Income > Expenses

b)

Income >= Expenses

c)

Income < Expenses

d)

Income <= Expenses

28.

Break-even point takes place when____.

a)

Income + Expenses

b)

Income <= Expenses

c)

Income >= Expenses

d)

Income = Expenses

29.

The purchase of stock which is too much than the actual demand which results in slow selling of the stock.

a)

More stocking

b)

Overstocking

c)

Less demand

d)

More demand

30.

____ Money kept for future use.

a)

Investment

b)

Loan

c)

Savings

d)

Capital

31.

A sudden widespread occurrence of a disease or illness in a community.

a)

Natural disaster

b)

Epidemic

c)

Sickness

d)

Cholera

32.

.... individuals that buy goods and pay for services that they use

a)

Buyers

b)

Consumers

c)

Spenders

d)

Producers

33.

--- are people and businesses that make goods and offer services.

a)

Consumers

b)

Producers

c)

Factories

d)

Ocean

34.

___ sector of the economy which produces raw materials.

a)

Tertiary Sector

b)

Primary Sector

c)

Farming

d)

Secondary Sector

35.

____ is the economic sector that uses raw materials to produce finished goods.

a)

Secondary Sector

b)

Tertiary Sector

c)

Primary Sector

d)

Furniture

36.

Furniture Factory, Car Factory, and Flour Mill are examples of .___

a)

Tertiary Sector

b)

Secondary Sector

c)

Primary Sector

d)

Intermediary Sector

37.

Farming, fishing, coal mining, forestry, and diamond mining are examples of ___

a)

Intermediary Sector

b)

Tertiary Sector

c)

Secondary Sector

d)

Primary Sector

38.

Total Assets - Total Liabilities = ----

a)

Profit/loss

b)

Net Worth/Net loss

c)

Net Value

d)

Expense

39.

Characteristics of an entrepreneur are ____

a)

They are willing to take risks and use their savings

b)

They identify an opportunity and take advantage

c)

Identify losses and negative minded

d)

Invest money and be willing to make it work

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