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WorksheetsEntrepreneurship/ Economy/ Financial Literacy Consolidation
Total questions: 58
Worksheet time: 29mins
Various options are given as possible answers to each question. CIRCLE the MOST CORRECT answer. _____ is the money to start a business.
Expense
Saving
Profit
Capital
Which sentence is the most correct?
The primary sector is made up of business that are involved in the first stage of production.
The tertiary sector buys goods from manufactures and transport or resells the goods to consumers.
The secondary sector is made up of business that are involved in the first stage of production.
Various options are given as possible answers to each question. CIRCLE the MOST CORRECT answer. Which of the following service is not offered by a retailer?
Bringing goods within reach of customers
Advertising goods
Delivering goods
Repairing goods
Various options are given as possible answers to each question. CIRCLE the MOST CORRECT answer. Businesses produce high quality products. This statement is an example of a:
Lie
Strength of a business
New market
Opportunity
Various options are given as possible answers to each question. CIRCLE the MOST CORRECT answer. An example of printed media.
Television
SMS
Poster
Website
Various options are given as possible answers to each question. CIRCLE the MOST CORRECT answer. The ultimate goal of an advertisement is to lead people to _____.
Interest
Action
Desire products
All of the above
State whether the following is true or false. The tertiary stage of production is done by businesses that provide a good rather than make a good.
True
False
State whether the following is true or false. The formal sector does not supply all the goods and services in the economy.
True
False
Correct definition for Entrepreneur
A person who owns a business.
Is something that we cannot live without.
Paid marketing of goods or services offered by a business.
These are costs that stay the same.
The correct definition for Profit
When the income of the business is less than the expenses
Is something we can live without.
When the income of the business is more than the expenses
These are costs that change.
The correct definition for Loss
When the income of the business is less than the expenses
These are costs that stay the same.
Unprocessed materials that are still in their natural state.
A person who owns a business.
The correct definition for Need
Is something we can live without.
Is something that we cannot live without.
Paid marketing of goods or services offered by a business.
These are costs that change.
The correct definition for. Want
Is something we can live without.
Is something that we cannot live without.
When the income of the business is more than the expenses
A plan showing how a business spends its money each month.
The correct definition for Advertising
Unprocessed materials that are still in their natural state.
Paid marketing of goods or services offered by a business.
These are costs that change.
These are costs that stay the same.
The correct definition for Budget
A plan showing how a business spends its money each month.
Is something that we cannot live without.
When the income of the business is less than the expenses
A person who owns a business.
The correct definition for Raw Materials
Is something we can live without.
Paid marketing of goods or services offered by a business.
These are costs that stay the same.
Unprocessed materials that are still in their natural state.
The correct definition for Fixed Cost
These are costs that change.
These are costs that stay the same.
When the income of the business is more than the expenses
Is something we can live without.
The correct definition for Variable Costs
These are costs that change.
These are costs that stay the same.
Unprocessed materials that are still in their natural state.
A person who owns a business.
Classify Passionate as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Confident as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Critical Thinker as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Life long learner as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Shows leadership as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Risk taker as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Hard worker as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Decision making as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Creative as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Classify Goal orientated as either a characteristic or a skill of an entrepreneur.
Characteristic
Skill
Successful businesses study consumer behaviour. Which of the following are common customer behaviours? Select all that apply.
Comparing prices before buying
Being influenced by advertising and promotions
Never changing brands once they choose one
Buying items on special or discount
Preferring convenience and saving time
Name two advantages of being an entrepreneur. Select two advantages.
Flexible schedule and independence
Guaranteed salary with no risk
Personal satisfaction from building something
No responsibility for decision-making
Opportunity to earn profits
Name two disadvantages of being an entrepreneur. Select two disadvantages.
Income uncertainty and irregular cash flow
High risk of failure
Unlimited paid leave
No need to work long hours
Guaranteed success
Describe a SWOT analysis. Which option best describes it?
A budgeting method to control spending across a year
A tool that identifies a business’s internal strengths and weaknesses and external opportunities and threats
A marketing plan focused only on promoting products on social media
A chart that shows only the profits and losses of a company
You want to start a sandwich business and sell it to people in office buildings. Which of the following is a likely strength for this business?
Nearby construction noise
Fast service and fresh ingredients
A new competitor opening next door
Customers moving to remote work
You want to start a sandwich business and sell it to people in office buildings. Which of the following is a likely weakness for this business?
Limited menu variety
Large office worker population in the area
Partnership with a delivery app
A popular food festival nearby
You want to start a sandwich business and sell it to people in office buildings. Which of the following is a likely opportunity for this business?
An empty lunch hour with no customers
Rising demand for healthy grab-and-go meals
Broken refrigeration equipment
Staff shortages during peak times
You want to start a sandwich business and sell it to people in office buildings. Which of the following is a likely threat for this business?
Bulk discounts from suppliers
A shift to remote work reducing office foot traffic
Efficient prep workflow
Good customer reviews
Give the definition for Production.
The process of combining inputs to create goods and services
Natural resources found in the earth
The money people save in a bank
Goods used up to make other goods
Give the definition for Input.
Finished goods ready for sale
Resources such as labor, capital, and raw materials used to produce goods and services
Money earned from selling products
Packaging used to display items
Give the definition for Outputs.
Unused raw materials
Workers and machines used in production
Goods and services produced by a business
Taxes paid to the government
Give the definition for Raw Materials.
Natural resources or basic substances used to make products
Advertising messages
Completed manufactured goods
Bank loans
Give the definition for Manufactures Goods.
Services provided by workers only
Natural resources found in nature
The tools and machines used in production
Finished products made in factories from raw materials
What does it mean to use resources sustainably?
Using resources in a way that meets present needs without harming the ability of future generations to meet theirs
Using as much as possible now to increase profits
Only using non-renewable resources
Stopping the use of resources completely
In the mini scenario about Thandi’s restaurant during load shedding, which renewable energy is mentioned as an option to run her business?
Petrol
Solar power
A diesel generator
Coal‑fired electricity
Classify Gold as a renewable resource or a non‑renewable resource.
Renewable resource
Non‑renewable resource
Classify Coal as a renewable resource or a non‑renewable resource.
Renewable resource
Non‑renewable resource
Classify Solar Power as a renewable resource or a non‑renewable resource.
Renewable resource
Non‑renewable resource
Classify Diamonds as a renewable resource or a non‑renewable resource.
Renewable resource
Non‑renewable resource
Classify Hydroelectricity as a renewable resource or a non‑renewable resource.
Renewable resource
Non‑renewable resource
What is personal savings?
The total cost of electricity and petrol
Money borrowed from a bank
Money set aside from income to use in the future
Wages paid to workers
Which banks are commercial banks in South Africa.
Absa
Standard Bank
First National Bank (FNB)
Nedbank
Capitec Bank
List three roles that banks play in society.
Keep people’s money safe through deposits
Lend money to individuals and businesses
Facilitate payments such as transfers and debit orders
Make national laws for the country
Sell groceries to the public
List three types of additional services that the bank offer to their clients.
Provide ATM and card services
Offer internet/online banking
Exchange foreign currency
Operate schools for clients’ children
Print the country’s money
What is the difference between an asset and an expense?
An asset and an expense are the same thing
An asset is money spent every month; an expense is something you can sell for cash
An asset is something a business owns that has future benefit; an expense is the cost of goods or services used to earn income
An expense is something you own; an asset is a monthly bill
Why is it important for a business to keep financial records?
To track income and expenses, make informed decisions, and meet legal or tax requirements
To make guessing easier and hide information from owners
To increase prices for customers automatically
To make the business look bigger than it is
Calculate the total income of the Jacobs family. Budget items: Salary earned by Mrs Jacobs R10 100; Money earned from savings R300; Profit earned from Mr Jacobs’ plumbing business R12 000; Rent received from outside room R450.
R27 650
R22 730
R22 850
R20 530
Calculate the total expense of the Jacobs family. Expense items: Rent paid R5 200; Transport and fuel cost R780; Entertainment R3 000; Children’s pocket money R400; School fees R700; Bank charges R150; Domestic worker R3 400; Water and electricity R900; Cell phone costs R1 000; Groceries R5 000; Telephone and internet costs R2 200. Income listed separately.
R20 530
R22 850
R22 730
R23 900
Based on the Jacobs family budget totals, will the Jacobs family have enough income to cover their expenses?
Yes
No
Give three suggestions of something the Jacobs family can do to decrease their expenses or increase their income.
Reduce entertainment spending
Increase children’s pocket money
Take on more plumbing jobs or advertise the business to earn more
Compare and switch to cheaper cell phone and internet plans
Stop keeping financial records
