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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) Who is a Sole Trader
A
A person who starts his own Business usually trading under their own name
B
Person that starts a Business with his friends
C
Neither
D
Person who starts a business for someone else
2) Entrepreneurs often operate as sole traders
A
Neither
B
Maybe
C
False
D
True
3) Informal Sector (Sole trader)
A
Neither
B
Sell fruit on the side of the road
C
Makes shoes on the side of the road
D
All
4) Service Business to the community
A
All
B
Doctor
C
Dentist
D
Attorney
5) Characteristics of Sole Trader
A
Uses own money as Capital
B
Can borrow money from the Bank to start business
C
All
D
Only Owner
6) Characteristics of Sole Trader
A
All
B
Own is legally responsible for the debt of the company
C
Owner responsible to pay Tax in PERSONAL capacity and not as a BUSINESS
D
Legal entity
7) Disadvantages of Sole Trader
A
The liability is unlimited cause they ARE the business
B
All
C
Business can continue running until the person dies
D
Not enough money to start business. All management is the owner's responsiblity
8) Advantages Sole Trader
A
Easy to transfer ownership. Son takes over the business
B
All
C
Gets all the Profits (moola)
D
Owner can make decisions quickly and adapt to change quickly. Build good relationships with customers
9) Ledger account
A
Left side called - debit side
B
Right side called - credit side
C
Each debit entry needs a Credit entry
D
All
10) An account is
A
The place in the books of a company
B
All
C
This is called ledger account
D
Monetary vales of transactions are entered
*select an answer for all questions
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