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Worksheets

ems grade 7 zak

Total questions: 56

Worksheet time: 28mins

Name
Class
Date
1.

Entrepreneurs are responsible, creative and innovative

a)

True

b)

False

2.

Entrepreneurs are hard working , goal oriented and courageous

a)

True

b)

False

3.

Entrepreneur are lazy

a)

True

b)

False

4.

True or False :


Enterpreneurship does not provide benefits to create employment

a)

True

b)

False

5.

True or False :


Entrepreneur are crazy risk takers while businessman are calculated and manages risks.

a)

True

b)

False

6.

True or False :


Businessman aim is changing the world while entrepreneur is to sheer profit.

a)

True

b)

False

7.

True or False:


Entrpreneur have an original idea while businessman copies the idea

a)

True

b)

False

8.

Four Categories enterpreneurs can sell

a)

Product

b)

Production

c)

attention

d)

Service

e)

Information

9.

Founder of SM Group of Companies

a)

Tony Tan Caktiong

b)

Henry Sy

c)

Manny Pacquiao

d)

Lucio Tan

10.

The one who organizes, manages, and assume the risk of enterprise or business for the purpose of making a profit

a)

Entrepreneur

b)

Enterpreneurship

11.

It is a task of managing a business profitably

a)

Entrepreneur

b)

Entrepreneurship

c)

Business

12.
Researchers have determined that successful entrepreneurs 
a)
want to make their own decisions
b)
do not always know what they want
c)
like to have someone else make decisions
d)
do not need to set goals
13.
Two key factors that aid an entrepreneur's commitment to a business are
a)
hobbies and sales experience
b)
interests and past experiences
c)
interest and sales experience
d)
hobbies and athletic ability
14.
A self-assessment is an evaluation of your
a)
hobbies and interests
b)
strengths and weaknesses
c)
interests and sales experience
d)
hobbies and athletic ability
15.
To determine your suitability for entrepreneurship, you should assess your 
a)
strengths and weaknesses
b)
interests
c)
aptitude
d)
all of these
16.
An advantage of entrepreneurship is that entrepreneurs
a)
can supervise other people
b)
must make all decisions by themselves
c)
can work in a field that interest them
d)
do not need to set goals
17.
Risk is 
a)
an advantage to entrepreneurship
b)
a disadvantage of  entrepreneurship
c)
Neither an advantage nor a disadvantage of entrepreneurship
d)
both an advantage and a disadvantage of entrepreneurship
18.
Successful entrepreneurs need to be self-confident because they must make deicsions alone, but they do not need to be creative because they can hire creative people
a)
True
b)
False
19.
An advantage of entrepreneurship is that nobody tells an of entrepreneur what to do.
a)
True
b)
False
20.
An advantage of entrepreneurship is that business owners make all decisions by themselves
a)
True
b)
False
21.
Entrepreneurship involves risk, which is both an advantage and a disadvantage
a)
True
b)
False
22.
Before starting a business, it is important to identify the kinds of of entrepreneurial opportunities that match your aptitudes and interests.
a)
True
b)
Fales
23.
Your hobbies, ineterest, and past experiences are key factors in determining your commitment to a business
a)
True
b)
False
24.
Everyone has the qualities and aptitude needed to become a successful of entrepreneur
a)
True
b)
False
25.
To determine if entrepreneurship is right for you, you need to perform a self-assessment
a)
True
b)
Fales
26.
Successfu entrepreneurs need to be able to make quick decisions because today's business world is very competitive.
a)
True
b)
False
27.

Examples of electronic media are...

a)

Billboards

b)

Internet

c)

YouTube

d)

Television

e)

Instagram

28.

SWOT analysis stands for...

a)

Strengths, Weaknesses, Opportunities and Transactions

b)

Strengths, Weaknesses, Occupy and Threats

c)

Strengths, Weaknesses, Opportunities and Threats

29.

The skills or characteristics of an entrepreneur are...

a)

Hard-working, driven and demotivated.

b)

Clever, lazy and enthusiastic.

c)

Energetic, risk taker and independent.

d)

Leader, innovative and creative.

30.

Select the correct answers. A budget...

a)

Must be realistic.

b)

Must be rigid.

c)

Can be used to keep you out of debt.

d)

Does not allow you to spend your money wisely.

e)

Helps you to save.

31.

To calculate a business’s profit, I must...

a)

Subtract income from sales.

b)

Subtract loss from income.

c)

Subtract expenses from income.

d)

Subtract sales from surplus.

32.

A salary can be defined as...

a)

An employee getting paid weekly.

b)

An employee receiving an income on a daily basis.

c)

An employee paying their employer money.

d)

A worker receiving an income on a monthly basis.

33.

Mortgage loan can be classified as...

a)

A man taking a loan from the bank to pay back his child’s school tuition.

b)

Someone taking a loan from their friend to buy groceries.

c)

A man taking a loan from the bank to pay for a house.

d)

Someone seeking financial assistance from the bank to give their family money.

34.

Capital in a business is classified as...

a)

The owner’s money that they use to buy items.

b)

The owner’s money that they put into the business.

c)

The employees money that they use in the business.

d)

The company’s money that they use to pay wages.

35.

An example of informal businesses include...

a)

Cotton On

b)

Uber

c)

Spaza shop

d)

Woolworths

e)

Mr Delivery

36.

The following statement is a disadvantage of informal businesses...

a)

It is difficult for them to get financial loans because they do not keep financial records.

b)

They have a lot of opportunities to grow and expand.

c)

They do not have to pay income tax.

37.

Select the correct answers. The following are advantages of formal businesses...

a)

They have to pay income tax.

b)

They are able to get financial assistance from the banks.

c)

They attract educated and skilled workers.

d)

They have little opportunities to grow and expand.

38.

The following are examples of service businesses...

a)

Hairdressing salon

b)

Spar

c)

Pep clothing store

d)

Plumbing

e)

Nail salon

39.

Recycling goods...

a)

Is when people take finished products and throw them away.

b)

Is taking used materials and turning them into new products to be used again.

c)

Are harmful to the environment.

d)

Can never be reused again.

40.

Producers are...

a)

People who create goods and service to sell for a profit.

b)

Retailers who sell goods and services at a marked up price.

c)

Manufacturers who demand to be paid.

d)

Companies who employ people to work hard.

41.

Consumers are...

a)

People who purchase items from a shop.

b)

People who consume a lot of food.

c)

Retailers who sell goods and services to the public.

d)

Manufacturers who create finished goods.

42.

Natural goods...

a)

Are goods in their unnatural state.

b)

Is an item such as wood.

c)

Are goods in their natural state.

d)

Are items that we use every single day.

43.

The definition of bartering is...

a)

Trading items using bank cards.

b)

Trading goods and services using paper money.

c)

Trading items without using money.

d)

Buying goods from the market.

44.

Electronic banking is also known as...

a)

EFT: Electronic Financial Transfer

b)

EFT: Electronic Funds Transfer

c)

EFT: Electronic Funding Transaction

d)

EFT: Electricity Financial Trust

45.

Money has three characteristics. It must be...

a)

Durable, divisible and transportable

b)

Divisible, transactional and simple

c)

Transportable, durable and valuable

46.

ATM stands for...

a)

Automatic Transaction Machine

b)

Automatic Teller Machine

c)

Automobile Teller Machine

d)

Automatic Transfer Machine

47.

What is a Budget

a)

Is a list of things you want

b)

It is a plan of how you are going to spend your money

48.

Disadvantages of an Informal Business

a)

They operate from a fixed location so that customers know where to find them

b)

They are often accused of polluting their business environment and do not prevent their customers from littering around the business

c)

They offer opportunities for unskilled people

49.

Community needs and wants are satisfied by the provision of......

a)

People

b)

Goods and services

c)

Government intervention

d)

Number of people employed in a business

50.

Define Assets

4 lines
51.

Define Capital

4 lines
52.

Give one advantage of electronic banking

4 lines
53.

A Need is something that you would like to have

a)

True

b)

False

54.

Define Bartering

4 lines
55.

Surplus can be defined as........

a)

Money left over after you have paid all your expenses

b)

A list of Assets and liabilities

c)

Money subtracted from your salary

56.

A Shop where goods are sold to the public

a)

Entrepreneur

b)

Retailer

c)

Inputs

d)

Selling

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