Grade 7 EMS Quiz

What is the systematic recording of financial transactions of a business in books of accounts?

• Accounting

• Budgeting

• Sales

• Marketing

What is the first thing Peter Pan needs to do if he wants to buy a CD worth R200 but does not have enough money?

• Ask for a loan

• Buy on credit

• Save money

• Borrow from a friend

What do we call the money that is left over every month after all expenses have been paid?

• Savings

• Income

• Debt

• Capital

What is the start-up money for a business called?

• Capital

• Income

• Debt

• Savings

What is a loan from the bank where the bank allows you to draw money that you have in your account?

• Cash float

• Overdraft

• Capital

• Debtor

What is the money you spend to buy goods and services provided by someone else called?

• Savings

• Income

• Expense

• Debt

What is the payment you receive for selling goods and services, providing services or investing your money called?

• Savings

• Income

• Expense

• Debt

What is a person’s financial value at any given point called?

• Savings

• Capital

• Income

• Debt

What is money that is left over after all the expenses have been paid called?

• Savings

• Income

• Profit

• Debt

What are the possessions of the business called?

• Assets

• Expenses

• Income

• Liabilities