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WorksheetsGrade 8 EMS (TVM)
Total questions: 45
Worksheet time: 41mins
What are the three levels of government in South Africa?
Local, Provincial, National
Executive, Legislative, Judicial
Central, Regional, District
Federal, State, Municipal
Which of the following is NOT a source of government income?
Taxes
Loans from other countries
Donations from private individuals
Profits from state-owned enterprises
What is the main purpose of the national budget?
To monitor how much people earn
To record the number of businesses in the country
To allocate government revenue and expenditure
To encourage saving among citizens
Which tax is paid when purchasing goods and services?
Income tax
Value Added Tax (VAT)
Capital gains tax
Import duty
What is the main function of provincial government?
To provide national security
To manage foreign relations
To oversee education and health services in provinces
To collect customs duties
Which level of government is responsible for waste management and local roads?
National
Provincial
Local
International
The Minister of Finance delivers which speech annually?
Presidential Address
Budget Speech
State of the Nation Address
Economic Report
A document that records financial transactions of a business is called a:
Balance sheet
Income statement
Source document
Financial record
Government expenditure on hospitals and schools is classified as:
Social services spending
Infrastructure development
Capital expenditure
Transfer payments
Which type of tax is directly deducted from salaries?
VAT
Company tax
PAYE
Import duty
What is the purpose of a receipt in accounting?
To record goods sold
To serve as proof of payment
To document employee salaries
To calculate tax owed
Which of the following is NOT a source document?
Invoice
Receipt
Credit note
Ledger
The standard of living is mainly measured by:
The number of cars a person owns
The availability of basic services like healthcare and education
The amount of money in a person’s bank account
The number of people in a household
Which type of government expenditure benefits unemployed citizens?
Transfer payments
Capital expenditure
Social infrastructure spending
Tax rebates
Which document is issued when returning faulty goods?
Invoice
Credit note
Receipt
Bank statement
The national government is responsible for issuing identity documents. (a)
The municipal government is responsible for building international airports. (a)
Government expenditure includes paying public servants’ salaries. (a)
Personal income tax is paid by businesses only. (a)
A lower standard of living means that people have access to better goods and services. (a)
A budget deficit occurs when government revenue is greater than expenditure. (a)
Standard of living is higher in countries with good public services. (a)
Government spending on roads and bridges is part of infrastructure development. (a)
The Constitution of South Africa states the responsibilities of different government levels. (a)
Income tax rates are the same for all citizens regardless of earnings. (a)
VAT is included in the price of most goods and services. (a)
Transfer payments include social grants. (a)
Municipalities are responsible for public schools. (a)
Capital expenditure includes buying new equipment for public hospitals. (a)
The government does not have to prepare a budget each year. (a)
Money collected by the government to fund public services.
(a)
A document used to record proof of payment.
(a)
A plan showing expected income and expenses over a specific period.
(a)
The ability of individuals to afford necessities and luxuries.
(a)
The level of government responsible for running towns and cities.
(a)
The government department responsible for managing the country’s finances.
(a)
A document issued when a business requests payment for goods or services.
(a)
The total value of goods and services produced within a country in a year.
(a)
The spending of money by the government to provide public services.
(a)
A record showing amounts owed by customers to a business.
(a)
Money paid by employees and businesses to the government.
(a)
A document issued to correct an overcharge or refund a customer.
(a)
The process of keeping financial records for a business.
(a)
A tax included in the price of goods and services.
(a)
The total amount of money a business receives from sales.
(a)
