EMS Grade 7

A person the business owes money to:

• Debtor

• Creditor

• bank

Stationery is an example of an asset

• False

• True

These are examples of current liabilities

• Creditors, short term loans and debtors

• Creditors, short term loans and bank overdraft

• Creditors, bank overdraft and Debtors

When the owner gives money to start a business it is called

• Drawings

• Sales

• Current income

• Capital

The owner can take trading stock or money for his own personal use.

• True

• False

Choose the odd one out:

• Trading stock

• Debtors

• Bank

• Land and buildings

Which is an example of a private service?

• Milan's hair salon

• Government hospital

• Traffic department

Paying staff at the end of a week

• Salaries

• Wages

Place where money is kept for safe keeping

• Bank

• Petty cash

• Office

• Cash float

Money kept in the till for making small payments

• Petty cash

• Cash float