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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) What do business owners need to provide customers
A
Bad service
B
Goods and services
C
Goods only
D
Nothing
2) The business uses factors of production. What is another name for factors of production
A
None
B
Sales
C
Profits
D
Resources
3) Often resources are short in supply. This is known as
A
None
B
scarcity
C
Supply and demand prinicple
D
Bank overdraft
4) What are the four factors of production
A
Labour and Entrepreneurship
B
Capital
C
Natural resources
D
All
5) What can Capital be?
A
Financial Capital (money)
B
None
C
All
D
Machinery to make goods
6) How many types of Capital is there:
A
1
B
4
C
7
D
3
7) Name the types of Capital
A
Own Capital
B
Borrowed Capital
C
Other forms of Capital
D
All
8) Definition of Borrowed Capital
A
Money that is received without needing to pay it back
B
Money that is a gift
C
None
D
Money borrowed by the Business owner to establish and RUN the business
9) Definition of own Capital
A
This money was saved and invested by the owner (entrepreneur)
B
All
C
Banks are more willing to lend money to entrepreneurs who have invested some of their own money
D
Money that the owner uses to start up his company
10) Definition of other forms of Capital
A
All
B
Goods that help produce your product
C
Buildings, roads
D
Machines, Factories
11) Capital goods have the following features
A
Can be used to produce other goods and services
B
Human made, stock items and value can be calculated at a point in time
C
Not used up immediately in the process of production
12) What is labour
A
Mental effort used to create both products and services
B
The physical and mental efforts used to produce goods and services
C
The supply of labour depends on certain factors
D
All
13) Supply of labour depends on the following factors
A
Level of education and trainng
B
Geographical distribution in relation to businesses
C
All
D
Size of population
14) Supply of labour depends on the following factors
A
Composition of gender and age
B
Level of training and education
C
All
D
Organisation of labour i.e trade unions
15) Labour Continuum
A
Skilled
B
Unskilled
C
all
D
Semi Skilled
16) Definition of unskilled labour
A
All
B
eg. maid
C
involve simple duties
D
No skills training or experience
17) Definition Semi Skilled labour
A
Worker that have more training and skills than unskilled worker
B
Less training than a skilled worker
C
eg. electrcian
D
All
18) How many Laws protect workers
A
5
B
3 including the CCMA
C
3
D
4
*select an answer for all questions
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