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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) Retail Markets
A
All
B
Examples Spar
C
Retailers purchase goods directly from wholesalers
D
They will resell the goods to their consumers
2) Farmers, Flea and Craft markets
A
This provides them with an opportunity to sell their craft
B
They are not open everyday
C
Sold to the local community
D
All
3) Service Market
A
Service can be provide from a shop
B
All
C
Service, Skill or experience is sold
D
Or it can be the PERSON providing the service
4) The Labour Market
A
Labour includes both physical and mental work
B
None
C
All
D
The employee and employer get into contract
5) The Labour Market
A
Money either wages or salary
B
The employer will pay for this service in the form of
C
All
D
The employee sells their time, knowledge and experience
6) Financial Market
A
Help investor make money
B
Any type of transaction that helps a business grow
C
There are 2 types of financial markets
D
All
7) Capital Market
A
Money in the form of shares
B
Obtained to start a business
C
The business sells shares to members of the public
D
All
8) Capital Market
A
The people are know as shareholders
B
The money received from the public to (purchase the shares)
C
Will be used to purchase assets, pay for labour to operate the business
D
All
9) Capital Market
A
All
B
called Annual General Meeting (AGM)
C
Here dividends will be distributed to ShareHolders
D
Meetings will be held annual
10) Money market
A
A supplier or overdraft
B
Business can obtain cash or credit
C
All
D
Loan can be from a Bank
11) Define Loan
A
Until the total with interest is paid up
B
All
C
Loan paid over a period of time
D
Taken by the business from the bank
12) Define Credit
A
All
B
Period can be 30,60,90 days
C
Only pay later
D
Supplier allows business to take goods
13) Define Overdraft
A
Interest will be paid on amount overdrawn
B
All
C
Bank allows business to withdraw more money than they have in their account
D
for the number of days overdrawn
14) Subsidiary journal
A
Cash Receipts Journal
B
All
C
All money received will be entered into
D
All transactions must be entered into a journal
15) Subsidiary journal
A
CPJ
B
All
C
None
D
All money PAID will be recorded in
*select an answer for all questions
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