EMS Revision

Possessions owned by the business is called

• Assets

• liability

The share of the what you have invested in the business, is called ____

• expenses

• owner's equity

The money or assets which the owner invest in the business, is called ___

• capital

• liabilities

VAT is charged at ____ percentage.

• 14

• 15

Government gets its income from tax, as well as _____, ____, fines and government services such as issuing passport, ID, etc.

• loans, donations, renting out property, selling land

• charity, fun

The _____ government is responsible for taking care of the entire country.

• local

• national

___ government is responsible for taking care of community parks, community street lights, potholes, etc.

• Local

• National

Wages, water and electricity, rent, etc. are all the ____ of a business.

• income

• expenses

_____ tax is paid on goods and services through VAT, SIN tax, is charged on goods and services.

• Direct

• Indirect

___ is paid on salary and wages and on the profits of a business.

• Direct

• Indirect