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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) Current liabilities
A
None
B
Debt has to be paid
C
Debt must be paid within 1 year
D
Debt can be skipped and not paid
2) Non current liabilities
A
the first 2
B
example mortage home bond
C
Can be paid over a number of years
D
don't have to pay back
3) Assets - 2 types
A
both
B
Current Assets
C
Neither
D
Financial Assets
4) Current Assets
A
in 1 year
B
or decreases
C
All
D
Value increases
5) Expenses
A
Can be electricity
B
wages, salary
C
water
D
All
6) Consumables are
A
material, fuel
B
stationery
C
printers
D
All
7) Cost of Sales
A
Goods purchase
B
Goods returned
C
None
D
Goods sold
8) Profit
A
Calculate profit is
B
All
C
Income is more than expenses
D
The aim of a business is to make a profit
9) Drawings
A
None
B
Paintings
C
All
D
Money drawn by the owner for personal use
10) Common stock
A
All
B
that relates to common stock
C
It records the portion of contributed capital
D
issued par value
11) Paid Capital
A
All
B
the extra amount is recorded
C
Amount that Stakeholders pay for a company stock
D
Is higher than par value
12) Owners Equity
A
Owners investment in the company
B
All
C
Plus the Net income
D
Subtracted from the owner's draws, from the business
13) Define Assests
A
Business or Government
B
Owned by individuals,
C
All
D
Anything of value that can be converted to cash
14) Real Property
A
Non
B
Any structure that is permanently attached to it
C
Land
D
First 2
15) Personal Property
A
All
B
Jewerlley
C
Anything you own that is not REAL Property
D
Vehicles, household goods
16) Investments
A
Retirement funds
B
Life insurance
C
Stock
D
All
17) An account is prepared in a T
A
Debit (Dr) and Credit (Cr)
B
Known as T account
C
There are always 2 accounts
D
All
18) Factor Market
A
Are bought and sold
B
Place where factors of production
C
All
D
None
19) Financial Market
A
All
B
Help investor make money
C
Any type of financial transaction that helps the business grow
D
None
20) capital Market
A
In the form of Shares to start a large business
B
All
C
None
D
Money obtained
*select an answer for all questions
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