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Grade 9 EMS Term 2 Revision
Everything you need to know for your Grade 9 EMS Term 2 Examination!!
Terms in this set (57)
What is 'gross profit'?
The amount that is added to the cost price to get the selling price
What does 'surplus' mean?
Supply exceeds demand
Where are the electricity payments for the business recorded in?
Cash payment journal
What is it called when a credit customer owes the business money?
What is the relationship between demand and supply at any equilibrium point?
demands equal supply
What is the document used when you receive money?
What is it called when the goods the retailer buys to sell to customers?
Roads are an example of a service provided by government to households and businesses. Therefore roads form part of the country's _______.
What is the reason for preparing a trial balance?
To test arithmetical accuracy of the ledger
What source document is used to record all sales on credit in the Debtors journal?
a duplicate invoice.
What occurs when producers are willing and able to produce a greater quantity of an item or service?
increase in supply
What is the formula to workout selling price (SP)?
SP = CP x (100 + MU) / 100
What is it called when a discount provided when large quantities of goods are bought from suppliers?
What is placed in the credit column of the trial balance?
What does 'debtors allowance' mean?
When a debtor returns goods that he previously bought on credit.
What does the Law of Demand state?
price increases, demand decreases
What is the formula to workout cost price (CP)?
CP = SP x (100) / 100 + MU
What is it called when the supply of a good exceeds the demand?
What are ALL the steps to the Accounting Cycle?
1. Make a transaction,
2. Complete the source document,
3. Record the transactions in journals
4. Post the journals to the General Ledger
5. Draw up a trial balance
6. Prepare the Financial statements.
What is the left-hand side of a ledger account called?
What are the 3 major economy systems?
planned economy, market
economy and mixed economy
When a country exports more than its imports it has a _________ .
What does the word 'demand' mean?
how much, or the quantity of a good or service is desired by buyers or consumers
What is the accounting equation?
Assets minus liabilities equals owner's equity.
(A - L = OE)
What is a 'planned economic system'?
It is where the government owns the land
or natural resources and businesses and pays the workers
What documents must a customer have when applying for a loan?
Identity Document (ID), Pay slip and Proof of residence
What does 'supply' mean?
how much the market can offer
TRUE or FALSE
The Law of Supply states that, the higher the price, the higher the quantity supplied.
What is a 'market economic system'?
It is where individuals own the land or natural resources and businesses, and these owners pay the workers for
making goods and services
Which sales affect two general ledger accounts?
What is the point where the demand and supply graphs intersect?
What is 'monopoly'?
The control of an industry or service by only one company
What is a 'mixed economic system'?
It is where both the government and individuals own land or natural resources and businesses
What are 'fixed assets'?
Bank, cash float and petty cash
What are the names of the 3 sectors in the South African Economy?
primary, secondary and tertiary sectors
What is a 'debtors allowances journal'?
When the debtor has been overcharged on an invoice issued
Name 2 disadvantages of a market economic system.
Unemployment and high inflation can occur
Advertising creates false needs
What does the term 'exploitation' mean?
Entrepreneurs pay the labourers below the minimum wage in order to keep costs down and make greater profits
What happens in the primary sector?
the sector in which the initial exploitation of natural
resources take place
What is the 'National Credit Act'?
To protect consumers from high interest rates
Who are the 3 participants when it comes to the circular flow of income in a closed economy?
consumers, producers and the government
What is insurance?
Provide businesses with a feeling of security against possible losses or damage
What is an economic problem?
Limited resources are available to satisfy unlimited needs and wants
What happens in the Tertiary sector?
the sector in which all the services used in the other
sectors are supplied
Households are mostly referred to as_______.
What diagram illustrates what happens in the real world between households, businesses and the government?
circular flow of income
If the business sells goods for R1 200, 50% mark up on cost, the cost price of goods will be ______ .
What happens in the secondary sector?
the sector in which the processing of primary goods
A shift to the left in the demand curve means that for any given price less _____ are demanded.
What is a 'credit sales'?
When a business allows customers to buy goods and services and pay for it at a later stage
An increase in income will result in a movement _______ the demand curve.
What 2 things are needed for the primary and secondary sectors?
physical work and skills
An increase in demand will result in the demand curve moving to the (right/left).
What are the 2 skills needed for the tertiary sector?
managerial and mental skills
Which sector does a farmer that sells tomatoes, a finished product, to Municipal Markets fall under?
Which economy sector does your EMS teacher fall under?
What always has a negative gradient?
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