Keywords

Question 1

Barter

Answer 1

Trade that takes place without money; goods and services are exchanged for one another.

Question 2

money

Answer 2

Any object that can be exchanged for goods and services.

Question 3

indirect trade

Answer 3

Trade that occurs when money is used to pay for goods or services.

Question 4

promissory note

Answer 4

A piece of paper on which a person writes a promise to pay another person a certain sum of money sometime in the future.

Question 5

medium of exchange

Answer 5

An item that is used to make trade easier. Example: money.

Question 6

cheque

Answer 6

a written instruction to a bank ordering them to pay a certain sum of money to the person named on the cheque.

Question 7

bank card

Answer 7

a piece of plastic with certain characteristics issued by the bank which allows the holder to conduct electronic banking.

Question 8

credit card

Answer 8

A type of bank card which allows the holder to borrow money in order to make payments.

Question 9

debit card

Answer 9

A type of bank card which allows the holder to use money that they have already deposited to make payments.

Question 10

need

Answer 10

Something you have to have in order to stay alive.

Question 11

want

Answer 11

Something you would like to have but do not need.

Question 12

households

Answer 12

groups of individuals who live together.

Question 13

community

Answer 13

a large group of people who live or work together.

Question 14

collective

Answer 14

belonging to everyone

Question 15

public goods and services

Answer 15

goods and services that the government provides and everyone in a community uses.

Question 16

standard of living

Answer 16

the level of income, wealth, material goods and necessities available to a person

Question 17

primary needs

Answer 17

our most basic survival needs

Question 18

secondary needs

Answer 18

needs that develop once our primary needs have been satisfied

Question 19

recources

Answer 19

the things we need to produce goods and services

Question 20

scarce

Answer 20

only a small / limited quantity available

Question 21

non-renewable resources

Answer 21

resources that can’t be replaced in a person’s life time

Question 22

renewable resources

Answer 22

resources that can be replaced

Question 23

economic problem

Answer 23

unlimited needs and wants but limited resources

Question 24

economics

Answer 24

the study of needs and how to satisfy them

Question 25

goods

Answer 25

things we consume

Question 26

services

Answer 26

work done for the benefit of another

Question 27

consume

Answer 27

to use up or finnish

Question 28

consumer

Answer 28

a person / business that consumes

Question 29

government agancy

Answer 29

an organisation that supplies goods or services to people. Example: Telkom

Question 30

producers

Answer 30

people or organisations who make goods and / or services.

Question 31

entrepreneurs

Answer 31

people with skills that start their own businesses

Question 32

operating costs

Answer 32

cost of running a business

Question 33

constitution

Answer 33

all the laws governing a country

Question 34

grant

Answer 34

an allowance which means that no payment is required

Question 35

effectively

Answer 35

choosing the best option to get what you need at the best price at the best time

Question 36

efficiently

Answer 36

getting the best results from what is available with the least possible waste in time and materials

Question 37

market share

Answer 37

the part of the market in which you sell your goods and services

Question 38

What is an informal business?

Answer 38

a business not regulated or controlled by the government.

Question 39

What is a formal business?

Answer 39

A business that is regulated or controlled by the government

Question 40

What are accounting records?

Answer 40

books or records that are drawn up by a business to keep track of all their transactions and business deals.

Question 41

What is tax?

Answer 41

A payment charged by the government to pay for the provision of goods and services that are needed to run the country.

Question 42

What is VAT?

Answer 42

Tax paid on the goods and services that you buy.

Question 43

What is an expenditure?

Answer 43

money you spend

Question 44

What is a deficit?

Answer 44

The extra amount of money you need when your expenses are more than your income

Question 45

What is a surplus?

Answer 45

when you have money left over after you have paid all your expenses

Question 46

What is a budget?

Answer 46

a money plan to make sure that you do not spend more than you earn

Question 47

What is investing?

Answer 47

Taking money you have saved and using it to make more money.

Question 48

What is income?

Answer 48

money earned by a business or person

Question 49

What is an expense?

Answer 49

Costs that a person or business has.

Question 50

What is a statement of Net Worth

Answer 50

a list of assets and liabilities

Question 51

What is insurance?

Answer 51

An agreement whereby a company agrees to pay for loss of or damage to your business in return for a monthly fee.

Question 52

What is a transaction?

Answer 52

A business deal

Question 53

What is a source document?

Answer 53

A record of a transaction that took place in a business

Question 54

What is a current account?

Answer 54

A bank account used for daily transactions

Question 55

What are finances?

Answer 55

money or funds

Question 56

What is capital?

Answer 56

what the owner puts into their business

Question 57

What are assets?

Answer 57

possessions that are used to run a business

Question 58

Hierarchy of needs:

Answer 58

Self actualization
Esteem
love/belonging
Safety
Physological