EMS Grade 8 Question Preview (ID: 42563)


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Give definition - Asset
a) Resource with economic value
b) Owing
c) liability
d) none

Give definition - Sole Trader
a) 2 individuals run and own the business
b) nobody owns the business
c) the board of directors own the business
d) 1 individual runs and owns the entire business

Liability
a) Your income
b) A company's financial debt
c) The company's profit
d) The company's assests

Give definition - Profit
a) Company losses all the money
b) The directors have shares
c) A financial gain between the money earned and the money spent
d) none

Give definition - Debit
a) Income
b) Savings
c) Expesnse
d) Loss

Give definition - Journal
a) A story book
b) A record of financial transactions in order by date
c) A book with transactions
d) A record of all your losses

Give definition - Cash receipts
a) Keep track of the sales of items when cash is received
b) Petty Cash
c) Levy statement
d) Receipt of all transactions

Give definition - owners equity
a) The money owed to the bank
b) Splitting of assets with various owners in the business
c) The owner's share of assets of a business
d) The directors profit from selling shares

Give definition - Capital
a) This is your money
b) Various money put into the buisness
c) Financial assets owned by an individual or organistation
d) None

Give definition - Income
a) This is the money spent to run your company day to day
b) Money that a business or individual receives in exchange for providing goods or a service
c) Money received from shareholders
d) Tax received from government

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