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WorksheetsEMS Revision
Total questions: 20
Worksheet time: 10mins
Possessions owned by the business is called
Assets
liability
The share of the what you have invested in the business, is called ____
expenses
owner's equity
The money or assets which the owner invest in the business, is called ___
capital
liabilities
VAT is charged at ____ percentage.
14
15
Government gets its income from tax, as well as _____, ____, fines and government services such as issuing passport, ID, etc.
loans, donations, renting out property, selling land
charity, fun
The _____ government is responsible for taking care of the entire country.
local
national
___ government is responsible for taking care of community parks, community street lights, potholes, etc.
Local
National
Wages, water and electricity, rent, etc. are all the ____ of a business.
income
expenses
_____ tax is paid on goods and services through VAT, SIN tax, is charged on goods and services.
Direct
Indirect
___ is paid on salary and wages and on the profits of a business.
Direct
Indirect
___ development refers to the opening of businesses such as factories, new malls and business offices.
Industrial
Entertainment
Barber shops, hair salons, plumbers, electricians, etc. are called ____ businesses.
service
retail
Pick n Pay, Spar, Shoprite, Clicks, etc. is referred to as ___ businesses.
service
trading
Businesses can help the natural environment by ___
recycle material, re-using material, and reducing air pollution, etc.
over-using resources, dumping waste into rivers, etc.
The abbreviation VAT stands for ____
Value Added Terms
Value Added Tax
President Ramaphosa is responsible for managing the ____government.
provincial
national
The premier is responsible for the managing of the ___ government.
national
provincial
When the income in the national budget is less than the expenditure, there is a ___
surplus.
deficit.
When the Revenue (income) in the national budget is MORE than the expenditure, it is a ____
surplus.
deficit.
The formula to calculate a business' profit is: Income minus Expenses.
True
False
