Business Knowledge Assessment

You work with business people everyday. How much do you actually know about business?

1. What do you need to become VAT registered?
2. Can a business volunteer to pay VAT before the threshold above is reached?
3. Who do you go to become VAT registered?
4. Describe the subject of economics in one sentence?
5. Explain the process a dealer must go through to sell a consignment vehicle?
6. What tax numbers must be received for any businesses registered with the organisation above?
7. How did the short-term insurance act affect car dealerships?
8. How do you register a business in SA?
9. How often do businesses need to pay VAT?
10. Describe the balance sheet equation?
11. Describe the income statement equation?
12. What is the report called that combines the income statement and balance sheet?
13. What are any businesses FIC obligations in SA?
14. What are the criteria that determine if a business is small medium or large
15. What are the main things that affect a dealer with the 2nd hands good act of SA?
16. What is the CIPC?
17. What are the primary differences between a PTY and a CC?
18. What determines if a business pays VAT every 2nd month or every month?
19. What does SARS stand for?
20. What is a balance sheet used for?
21. What is an income statement used for?
22. What is FICA?
23. What is the difference between a CEO and an MD?
24. What is the difference between accounting and bookkeeping?
25. What is the FIC?
26. What is the name of the organisation that maintains the register and data of all companies in SA?
27. What is the submission form called, that business use to submit their VAT to SARS
28. When is legally obligatory for a business to start paying VAT?
29. When must someone acquire a second-hand good licence?
30. Where does a dealership go to get a second-hand good licence?
31. Why does the reserve bank raise interest rates?
32. Why was the act amended to include vehicle warranties?