general education and training economic...

GENERAL EDUCATION AND TRAINING

ECONOMIC AND MANAGEMENT SCIENCES

MID-YEAR EXAMINATION JUNE 2015

GRADE 7

QUESTION PAPER

NO. OF PAGES: 7

DURATION: 1 HOUR

MARKS: 75

NAME OF LEARNER: _______________________________________________

SCHOOL : _______________________________________________

MARK DISTRIBUTION

SECTION A SECTION B SECTION C SECTION D TOTAL

20 12 37 6 75

GR.7 EMS, MID-YEAR EXAMINATION 2015

INSTRUCTIONS: Read the following instructions carefully before answering the questions:

1. This question paper consists of Section A (20 marks), Section B (12 marks), Section C (37 marks) AND Section D (6 marks)

2. All questions are compulsory. 3. Read the instructions for each question carefully and only answer what is

required. 4. Answer all questions in the spaces provided.

SECTION A

QUESTION 1

Choose the correct answer and write only the LETTER in the space provided.

1.1 The possessions of a business are called its ___________________ A income B capital C assets D liability

1.2 A loan is an example of: ____________________ A Expenses B Assets C Liabilities D Income

1.3 The following are services NOT provided by the bank.___________ A Automated teller machines (ATMs) B Cellphone and Internet banking services C Drawing up a Statement of Net Worth D Applications for loans

1.4 Woolworths is an example of a/an_________ A formal business B trading business C informal business D both A and B

1.5 South African Airways (SAA) is an example of a ___________ A Service business B A and C C Trading business D None of the above (5)


QUESTION 2 Match COLUMN A with COLUMN B and write only the correct LETTER in the space provided. COLUMN A COLUMN B ANSWER 2.1 Informal

businesses A. Money supplied by the owner to start a business

2.2 Renewable resources

B. Telephone accounts, water and electricity, wages and salaries.

2.3 Financial records

C. Resources that can be replaced and will never run out.

2.4 Bartering D. The difference between income and expenses, when income is more than expenses.

2.5 Budgets E. Act of using the services that a bank provides.

2.6 Expenses F. Someone who pays for goods and services.

2.7 Profit G. A list showing the money you expect to earn and the expenses you expect to have to cover within a specific period.

2.8 Capital H. When the total income of a budget is more than the total expenditure of the budget.

2.9 Banking I. Till slips, bank deposit slips, payrolls, credits notes, electronic payment notifications from the bank.

2.10 Losses J. Are not officially registered and not paying tax. K. The difference between income and expenses

when expenses are more than the income.

L. A form of trade in which people exchange goods without using money.

(10)

QUESTION 3 Indicate whether the following statements are TRUE or FALSE.

3.1. A service business buys and sells goods. __________________

3.2 Secondary needs are our most basic needs to survive. _______________

3.3 The economic problem refers to the scarcity of resources to satisfy unlimited needs and wants with limited resources. _______________

3.4 Traditional societies are mostly industrialized and use technology to produce products for trade. _____________________

3.5 A business uses a budget to control how money will be spent. ____________ (5) TOTAL SECTION A: 20


SECTION B: THE ECONOMY Read the following case study and answer the questions that follow. Themba and his sister Sihle live with their mother in a rural village just outside KwaMhlanga. Their father works in Pretoria whilst their mother keeps a vegetable garden to provide fresh vegetables for them and to supply the local Spar Supermarket. They attend school at Matimba Primary School which is 5 kilometres away from their home. The learners receive textbooks and the workbooks which are supplied by the Department of Education. They get meals from the schools‟ nutrition programme. Lihle helps her mother by peeling the vegetables needed for cooking. She also assists by cleaning the house and washing their clothes. Themba collects the vegetable peels to make compost for the vegetable garden. He waters the garden every second day with water from the nearby river. His home-made compost helps the plants to produce beautiful, healthy vegetables. Every morning Themba has to milk the cows before he and her sister could take their long walk to school. He sells the fresh milk to teachers at the school. He collects empty cold-drink bottles from the teachers and return them the next morning filled with fresh milk. 4.1 Briefly describe “consumers”. (2)

4.2 Give TWO examples of the services used by the Ngwenya family. (2)

4.3 Briefly describe “producers”. (2) 4.4 Give TWO goods produced by the Ngwenya family. (2)

4.5 Briefly describe the recycling done by the Ngwenya family. (2)


4.6 Briefly describe the reuse of goods by the Ngwenya family. (2)

(12) TOTAL SECTION B: 12

SECTION C: FINANCIAL LITERACY QUESTION 5 Study the information below and answer the questions that follow. In October 2014 the Mahlangu family had the following income and expenses. Salary earned by Mrs. Mahlangu R10 100 Rent paid R5 200 Transport and fuel costs R780 Entertainment R3 000 Children‟s pocket money R400 School fees R700 Money earned from savings R300 Bank charges R150 Profit earned from Mr. Mahlangu‟s plumbing business

R12 000 Domestic worker R3 400

Water and Electricity R900 Cellphone costs R1 000 Rent received for outside room R450 Groceries R5 000 Telephone and internet costs R2 200 5.1 Calculate their total income for October. (5) 5.2 Calculate their total expenses for October. (13) 5.3 Calculate whether the Mahlangu family will have enough income to cover their expenses. (3) 5.4 Suggest ONE expense that could be decreased to improve their budget. (1)

(22)


QUESTION 6 6.1 Define “business expenses”. (2)

6.2 Give TWO examples of business expenses. (2)

6.3 Give TWO sources of business income. (2)

6.4 Briefly describe investments in businesses. (2)

(8)


QUESTION 7 7.1Calculate the missing figures in the table below and write your answer in the space provided. Work out the amount for a) and b) (4) Statement of net worth of Anna Tholi on 30 June 2013 Possessions House 400 000 Cars 60 000 Furniture 10 000 Computer 5 500 Money 1 500 Fixed deposit 52 200 TOTAL POSSESSIONS a) DEBTS Loan at the bank 285 000 Credit cards 29 500 Truworths account 12 300 TOTAL DEBTS b) NET WORTHS 7.2 Determine Anna Tholi‟s Net Worth. (3)

(7) TOTAL SECTION C: 37

SECTION D: ENTREPRENEURSHIP QUESTION 8 Complete the table by placing a TICK in the correct column for each. (6) Natural disaster Health epidemic 8.1 Hurricanes and tornadoes

8.2 Foot and mouth disease

8.3 HIV and AIDS

8.4 Floods and droughts

8.5 Earthquake

8.6 „Ebola‟

TOTAL SECTION D: 6

GRAND TOTAL 75

GENERAL EDUCATION AND TRAINING

ECONOMIC AND MANAGEMENT SCIENCES

MID-YEAR EXAMINATION JUNE 2015

GRADE 7

MEMORANDUM

NO. OF PAGES: 7

DURATION: 1 HOUR

MARKS: 75

NAME OF LEARNER: _______________________________________________

SCHOOL : _______________________________________________

MARK DISTRIBUTION

SECTION A SECTION B SECTION C SECTION D TOTAL

20 12 37 6 75

GR.7 EMS, MID-YEAR EXAMINATION 2015 Page 2

INSTRUCTIONS: Read the following instructions carefully before answering the questions:

1. This question paper consists of Section A (20 marks), Section B (12 marks), Section C (37 marks) AND Section D (6 marks)

2. All questions are compulsory. 3. Read the instructions for each question carefully and only MARK what is

required. 4. Allocate marks in-line with the memo. 5. Enter the marks per section on the COVER PAGE and work out the totals.

SECTION A QUESTION 1 Choose the correct answer and write only the LETTER in the space provided. 1.1 C√ 1.2 C√ 1.3 C√ 1.4 D√ 1.5 A√

(5) QUESTION 2 Match COLUMN A to column B and write only the correct LETTER in the space provided COLUMN A ANSWER 2.1 Informal businesses J√ 2.2 Renewable resources C√ 2.3 Financial records I√ 2.4 Bartering L√ 2.5 Budgets G√ 2.6 Expenses B√ 2.7 Profit D√ 2.8 Capital A√ 2.9 Banking E√ 2.10 Losses K√

(10) QUESTION 3 Indicate whether the following statements are TRUE or FALSE. 3.1 False√ 3.2 False√ 3.3 True√ 3.4 False√ 3.5 True√ (5) TOTAL SECTION A: 20


SECTION B: THE ECONOMY 4.1Briefly describe a consumer. (2)

x Consumers are people or other businesses that use goods and services to

satisfy their needs and wants. √√

4.2 Give TWO examples of the services used by the Ngwenya family. (2)

x Themba and Sihle attend school at Matimba√

x Get meals from school√

x Textbooks and workbooks√

x Cleaning of the house; washing of clothes.√

x Any relevant answer to be allocated ONE mark.

4.3 Briefly describe producers. (2)

x A person or business which uses resources to make goods or provide services√√ 4.4 Give TWO goods produced by the Ngwenya family. (2)

x Milk√ x Fresh vegetables√ x Compost√ x (Any two)

4.5 Briefly describe which recycling is done by the Ngwenya family. (2)

x Themba collects the vegetable peels to make compost for the vegetable garden.√√

4.6 Briefly describe the reuse of goods by the Ngwenya family. (2)

x Themba collects empty cold-drink bottles from the teachers and return them the next morning filled with fresh milk.√√

(12) TOTAL SECTION B: 12


SECTION C: FINANCIAL LITERACY QUESTION 5 Study the information below and answer the questions that follow. In October 2014 the Mahlangu family had the following income and expenses. Salary earned by Mrs. Mahlangu R10 100 Rent paid R5 200 transport and fuel costs R780 Entertainment R3 000 Children‟s pocket money R400 School fees R700 Money earned from savings R300 Bank charges R150 Profit from Mr. Mahlangu‟s plumbing business

R12 000 Domestic worker R3 400

Water and Electricity R900 Cellphone costs R1 000 Rent received for outside room R450 Groceries R5 000 Telephone and internet costs R2 200 5.1 Calculate their total income for October. (5) Income= 10 100√+ 300√+ 12 000√+450√

=22 850√ 5.2 Calculate their total expenses for October. (13) Exp=780√+400√+900√+2 200√+5 200√+3 000√+700√+150√+3 400√+1 000√+5 000√ =22 730√√ 5.3 Calculate whether the Mahlangu family will have enough income to cover their expenses. (3) =22 850√-22 730√ =120 surplus√ 5.4 Suggest ONE expense item they that could be decreased to improve the budget. (1)

x Telephone and internet costs√ x Entertainment√ x Cellphone costs√ x Groceries√ x Domestic worker cost√ x Allocate ONE mark for the correct answer

(22) QUESTION 6 6.1 Define “business expenses”. (2)

x Are the costs that businesses pay to keep running in order to generate income for the businesses.√√


6.2 Give TWO examples of business expenses. (2)

x Staff salaries√ x Education and training of staff√ x Renting of business premises√ x Interest on loans√ x Water and electricity√ x Phone and internet connection√ x Allocate ONE mark for any relevant business expenses.

6.3 Give TWO sources of business income. (2)

x Sales√ x Commission income√ x Income from services rendered√ x Rent received√ x Dividends√ x Royalties√ x Interests√ x Allocate ONE mark for any relevant answer.

6.4 Briefly describe investments in businesses. (2)

x Businesses commit their money to earn future income or profit over a period of time√√.

x It involves buying something, x e.g. a final product, such as a policy or investment plan, or a physical object,

such as a valuable painting and getting a financial return on that object or product when you sell it.

(8) QUESTION 7 7.1 Calculate the missing amounts in the table below and write your answer in the space provided. Work out the amount for a) and b) (4) Statement of net worth of Anna Tholi on 30 June 2013. TOTAL POSSESSIONS a) 529 200√√ TOTAL DEBTS b) 326 800√√ 7.2 Determine Anna Tholi‟s Net Worth. (3) Net Worth= total possessions minus total debts = 529 200√- 326 800√ = 202 400√ (7)

TOTAL SECTION C: 37


SECTION D: ENTREPRENEURSHIP QUESTION 8 Complete the table by placing a TICK in the correct column for each. (6) Natural disaster Health epidemic 8.1 Hurricanes and tornadoes √ 8.2 Foot and mouth disease √ 8.3 HIV and AIDS √ 8.4 Floods and droughts √ 8.5 Earthquake √ 8.6 „Ebola‟ √

TOTAL SECTION D: 6 GRAND TOTAL 75

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