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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) Current liabilities
A
Debt has to be paid
B
Debt can be skipped and not paid
C
None
D
Debt must be paid within 1 year
2) Non current liabilities
A
the first 2
B
example mortage home bond
C
Can be paid over a number of years
D
don't have to pay back
3) Assets - 2 types
A
Financial Assets
B
Neither
C
both
D
Current Assets
4) Current Assets
A
in 1 year
B
All
C
Value increases
D
or decreases
5) Expenses
A
Can be electricity
B
wages, salary
C
water
D
All
6) Consumables are
A
All
B
material, fuel
C
printers
D
stationery
7) Cost of Sales
A
None
B
Goods returned
C
Goods sold
D
Goods purchase
8) Profit
A
Calculate profit is
B
All
C
Income is more than expenses
D
The aim of a business is to make a profit
9) Drawings
A
None
B
Money drawn by the owner for personal use
C
Paintings
D
All
10) Common stock
A
It records the portion of contributed capital
B
issued par value
C
that relates to common stock
D
All
11) Paid Capital
A
All
B
Amount that Stakeholders pay for a company stock
C
the extra amount is recorded
D
Is higher than par value
12) Owners Equity
A
All
B
Plus the Net income
C
Subtracted from the owner's draws, from the business
D
Owners investment in the company
13) Define Assests
A
All
B
Anything of value that can be converted to cash
C
Owned by individuals,
D
Business or Government
14) Real Property
A
First 2
B
Any structure that is permanently attached to it
C
Land
D
Non
15) Personal Property
A
Jewerlley
B
All
C
Anything you own that is not REAL Property
D
Vehicles, household goods
16) Investments
A
Life insurance
B
All
C
Retirement funds
D
Stock
17) An account is prepared in a T
A
There are always 2 accounts
B
Known as T account
C
All
D
Debit (Dr) and Credit (Cr)
18) Factor Market
A
Place where factors of production
B
All
C
None
D
Are bought and sold
19) Financial Market
A
Help investor make money
B
None
C
All
D
Any type of financial transaction that helps the business grow
20) capital Market
A
Money obtained
B
None
C
In the form of Shares to start a large business
D
All
*select an answer for all questions
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