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