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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) What do Entrepreneurs do
A
Stimulate the economy by providing jobs
B
Generate profit that can be taxed by government
C
Opportunities for other entreprenuers
D
All
2) Remuneration of Factors of Production - meaning of remuneration
A
To be payed
B
All
C
Any form of payment
D
None
3) Labour (part of the factors) Payment
A
Skilled workers are scarce so they are paid MORE for their efforts
B
All
C
Can be paid either wages (weekly or biweekly)
D
paid with a salary (monthly)
4) Capital (part of the factors) remuneration
A
All
B
Interest is charged for money borrowed from the bank
C
Rent is paid for use of land or building
D
None
5) What are overhead costs/expenses
A
Paid for services rendered
B
All
C
None
D
Paid for work done
6) Different Markets
A
1 and 2
B
Goods and Services Market
C
Factor Market
D
Goods only market
7) What are goods and services Market
A
Market can be a physical place
B
All
C
Place where goods and services are sold
D
It can be virtual
8) How many markets are in the goods and services market
A
3
B
2
C
1
D
7
9) These are the following markets
A
Retail
B
Farmers, Craft and Flea market
C
Wholesale
D
All
10) Definition of Wholesale Market
A
All
B
A small retailer can be the customer (SPAR)
C
They purchase large quantities of goods from different manufacturers (Makro)
D
Wholesaler packs into smaller quantities for customers
*select an answer for all questions
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