What type of money is declared legal tender by a government but is not backed by a physical commodity like gold or silver?

Providing money for future use by putting money aside is called:

TRUE OR FALSE: A person’s net worth is their wealth at a specific moment in time.

Mrs Bernard needs your help to understand assests and liabilities. What would Mrs Bernard's laptop computer is classified as?

What do we call the money that flows to the government from households and businesses?

Any individual, business, or organisation that creates or provides goods or services, is called a:

Any  individual, household, or organisation that purchases or uses goods and services to satisfy their needs or wants, is called a:

Mrs Bernard's money in her savings account is classified as a:

Mrs Bernard's has taken out a loan (5-year term) with her bank. This is classified as a:

Mrs Bernard has an Edgars account with an outstanding balance of R500. This is classified as a:

Mrs Bernard's Fixed deposit account (that matures in 6 months) is classified as a:

Mrs Bernard's Outstanding credit card balance is classified as a:

Mrs Bernard's Home loan is classified as a:

Mrs Bernard's Home furniture is classified as a:

Mrs Bernard's Cash in purse is classified as a:

Mrs Bernard's vehicle is classified as a:

Mrs Bernard's Electricity bill due next week is classified as a:

In which ancient region were the earliest known minted coins first used?

Which type of money has intrinsic value, meaning its value comes from the material it is made of, like gold or silver?

Which of the following is an example of commodity money?

What is the primary difficulty in a barter transaction when individuals don't have exactly what the other desires at the same time?

Which disadvantage of bartering makes it complex and subjective to establish a fair exchange rate between different goods and services?

What challenge arises in a barter system when some goods cannot be easily divided without losing their value for small transactions?

Why is bartering problematic for saving value for future exchanges, especially with perishable goods?

The inefficiencies of bartering primarily hinder which aspects of an economy?

Which business sector involves the extraction of raw materials directly from the earth?

A company that takes raw timber and processes it into wooden furniture belongs to which business sector?

What is the main characteristic of the tertiary business sector?

A large gold mining operation in Rustenburg would typically be classified under which business sector?

Which of the following is a typical characteristic of a formal business?

An informal business is often characterised by:

Thandi sells vetkoek and informal snacks from a small, temporary stall outside a busy taxi rank in Mamelodi, Pretoria. She accepts only cash payments and doesn't issue receipts. She is not registered with SARS for tax purposes. Based on this description, Thandi's business is most likely classified as:

Mzansi Tours is a well-established tourism company in Cape Town. It is registered with CIPC, pays VAT and income tax, and all its tour guides have formal employment contracts with benefits. They operate from a permanent office in the city centre. Based on this description, Mzansi Tours is most likely classified as:

Stationery is an example of a/an:

Valuable possessions of a business are known as:

People who owe the business money are known as:

When profits increase then the following increases:

An example of a current liability is:

(Match the concept that best suits the definition)

Transactions that are recorded daily.

(Match the concept that best suits the definition)

When two parties take action. The one buys and the other sells.

(Match the concept that best suits the definition)

Money earned by the business e.g. for rendering a service.

(Match the concept that best suits the definition)

A plan on how to spend planned income.

(Match the concept that best suits the definition)

Banks operate in the...

(Match the concept that best suits the definition)

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

(Match the concept that best suits the definition)

The costs that the business incur to be able to run the business.

(Match the concept that best suits the definition)

When expenses are more than income

(Match the concept that best suits the definition)

Financial institutions that safeguard and lend out money to businesses.

(Match the concept that best suits the definition)

Property owned by a business that can be converted into cash.

(Match the concept that best suits the definition)

The money the business owes other businesses.

(Match the concept that best suits the definition)

When the business sets aside money for future use.

(Match the concept that best suits the definition)

When income is more than expenses.

Identify the type of personal income when a teacher gets R20 000 per month.

Identify the type of personal income when a domestic worker earns R1 000 per week.

Identify the type of personal income when your father receives R20 000 at the end of the financial year from a company where he has shares.

Identify the type of personal income when your your parents renting out the outside room of the house for R5 000 per month.

Valuable possessions of a business are known as:*

Individual's total earnings from wages or other sources of income is:*

Money received for the sale of goods and services is:  *

Expenses made for running of the business is:  *

Expenses you can have control over such as clothing accounts is:  *

How do you calculate the net worth?    *