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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) Give definition - Asset
A
none
B
liability
C
Resource with economic value
D
Owing
2) Give definition - Sole Trader
A
1 individual runs and owns the entire business
B
the board of directors own the business
C
2 individuals run and own the business
D
nobody owns the business
3) Liability
A
Your income
B
A company's financial debt
C
The company's profit
D
The company's assests
4) Give definition - Profit
A
A financial gain between the money earned and the money spent
B
The directors have shares
C
none
D
Company losses all the money
5) Give definition - Debit
A
Expesnse
B
Income
C
Loss
D
Savings
6) Give definition - Journal
A
A story book
B
A record of financial transactions in order by date
C
A book with transactions
D
A record of all your losses
7) Give definition - Cash receipts
A
Petty Cash
B
Receipt of all transactions
C
Levy statement
D
Keep track of the sales of items when cash is received
8) Give definition - owners equity
A
The owner's share of assets of a business
B
Splitting of assets with various owners in the business
C
The money owed to the bank
D
The directors profit from selling shares
9) Give definition - Capital
A
None
B
This is your money
C
Financial assets owned by an individual or organistation
D
Various money put into the buisness
10) Give definition - Income
A
Money that a business or individual receives in exchange for providing goods or a service
B
Money received from shareholders
C
This is the money spent to run your company day to day
D
Tax received from government
*select an answer for all questions
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