Economics And Management Sciences Grade 8 June 2018 QP

Downloaded from hlayiso.com EMS Mid-Year Examination - 2018 Grade 8 education Department: Education PROVINCE OF KWAZULU-NATAL SENIOR PHASE GRADE 8 JUNE 2018 ECONOMIC AND MANAGEMENT SCIENCES MARKS : 100 TIME : 1% hours This question paper consists of 7 pages. ee ements SS tere Question Paper June Examination Grade 8 - 2018 . Page 1

Downloaded from hlayiso.com Year Examination - 2018 INSTRUCTIONS This question paper consists of 8 questions and FOUR sections. SECTION A : 30marks (Fromall three Topics) SECTION B : 25marks (The Economy) SECTION C : 35 marks (Financial Literacy) SECTION D : 10 marks (Entrepreneurship) This paper must be completed in 90 minutes (1% hours). Answer ALL questions on the ANSWER BOOK provided. Read the instructions for each question carefully and answer only what is required. Show all your workings where applicable. Use the mark allocation to determine the length of answers. Write clearly and neatly. te STS SSE SST Question Paper June Examination Grade 8 - 2018

Downloaded from hlayiso.com EMS Mid-Year Examination - 2018 Grade 8 SECTION A ~ 30 MARKS QUESTION 4 1.1 MULTIPLE CHOICE QUESTIONS Four possible: options are provided as answers to the following questions. Choose one correct answer from the alternatives given. Write only the letter indicating the correct answer next to the number on the answer sheet. (10) 1.1.1 Which of the following is not a current asset? A. Savings Account B. Equipment C. Current bank account D. Trading Stock 1.1.2. The three major role players in the economy are:- Government; factors of production; households Government; households: consumers Government: businesses; households Government; consumers; factors of production DOD>Y 1.1.3 When the owner withdraws money from the business for his personal use this is referred to as A. Drawings B. Expense C. Patty Cash D. Cash float 1.14 An example of a direct tax is A. Excise B. Company tax C. VAT D. Customs 1.1.5 The labour force of a country can be defined as. the total of employed people the total of unemployed people the total of those seeking employment the total of those employed and those unemployed but seeking employment. GO, 1.2 TRUE OR FALSE Indicate whether the following statements are TRUE or FALSE. Write only the answer on the answer booklet. (10) 1.2.1. Zama Nzima is 26 years old and a full time university student. She is part of the economic active population. 1.2.2 Year-end activities in a business cycle involve the preparation of cash journals. 1.2.3. The government can trade on international markets and local markets. 1.2.4 Books of the first entry are also called subsidiary journals. 1.2.5 Businesses sell the factors of production in the factor market. See smear et ESO Question Paper June Examination Grade 8 - 2018 Page 3

Downloaded from hlayiso.com Grade 8 Mid-Year Examination - 204 4.3 MATCHING COLUMNS Match each of the statements in column A with the terms in column B. Write only the letter next to the number on the answer booklet. The institution that collects the taxes for the State. . Liabilities The owner's investment in the business. . Government inhabitants of a particular area, town or country. . Direct Tax Itis paid on salaries of individuals and profit of . Population businesses. Money owed to an outside party e.g. loans, a bank . SARS overdraft and creditors. . Drawings . Capital {30] SECTION B — THE ECONOMY — 25 MARKS QUESTION 2 2:1. Identify from the list below the services rendered by the government and classify them according to the correct levels of the government. List of services rendered e Maintenance of private properties e Health services at hospitals e Promotion of trade with other countries » Garbage disposal e Issuing of identity documents (IDs) e Transporting individuals taking holidays abroad * Provision of electricity to different communities 22 Shortage of water in Cape Town is declared as a national disaster. Businesses are also using volumes of litres. Mention one strategy businesses can apply to reduce water usage. (2) 2.3 Analyse the information below and answer the questions: Summary of 2018/19 Budget Expenditure Economic Development R200.1bn Learning & Culture R351.1bn Health R205.4bn Community Development R196.3bn Social Development R259.4bn Economic Development R200.1bn Peace and Security R200.8bn General Public Services R64bn Debt — Service Cost R180.16n Identify the department that provides the for basic education, give the name of that department, the amount allocated to it and also motivate the reason for the allocation _Which department is police allocation coming from? Mention any two recipients who are benefiting from Social Development allocation Question Paper June Examination Grade 8 - 2018

Downloaded from hlayiso.com EMS QUESTION 3 Mid-Year Examination - 2018 3.1 State the Purpose of the Employment Act. 3.2 Unemployment is a Serious problem in our communities today. Justify one reason why. 3.3 “Development has a negative impact in our environment” statement and give two reasons. Motivate why you agree with the 3.4 Explain by stating one reason why households are important to the economy? SOURCE DOCUMENTS INFORMATION 1 March 2018 SECTION C ~ FINANCIAL LITERACY — 35 MARKS QUESTION 4 Issued cheque no. 001 to the Ekhurulini City for trading license, R1 400, 4.1 Use the information in the above transaction to co counterfoil. mplete the cheque and its 4.2 Identify the three parties to the cheque you completed in question 4.1 Drawer ? Drawee ? Payee ? 4.3 What does EFT stand for? ACCOUNTING CONCEPTS QUESTION 5 Classify the following items as Assets, Liabilities, Owner's Equity, Expenses or Income. Place a cross (X) in the correct box in the Answer Book. No. | Account Name Assets Liabilities Owner’s Equity Expense income 5.1 Service fees 5.2 | Advertising 5.3 | Capital 5.4 | Vehicles 5.5 | Loan from Absa 5.6 | Trading Stock Grade 8 [25] (2) (2) (4) (2) es) (3) (1) (6) Question Paper June Examination Grade 8 - 2018 Page 5

Downloaded from hlayiso.com Mid-Year Examin: QUESTION 6 CASH RECEIPTS JOURNAL AND THE ACCOUNTING EQUATION: Mr T. Mbatha started his own business, TM Express on 1 May 2018. He gave you the source documents for all the transactions that took place during May. Instructions: 4. Record the transactions in the Cash Receipts Journal for the month. Note: Do not cast the journal at the end of the month. 2. Analyse transactions dated 1 May and 25 May on the table given in the Answer book. (Indicate + for increase; - for decrease: - O for No change and the amount) Transactions: May 2018 14. T. Mbatha, the owner, deposited R100 000 into the current bank account of the business as his initial capital contribution. (receipt no. 001) 4. Cash received for transport service rendered to passengers, R3 300 (cash register tape no. 01) 20. Drivers submitted R5 400 cash collected from passengers (CRT 92) 25. Received a cheque of R600 from D. Cele for hiring a taxi (CRT 03) 31. Received R800 cash from one of the drivers, S Dube, for renting a section of business building (receipt no. 002) Cash received from drivers for transport services, R3 900. (CRT 04) Question Paper June Examination Grade 8 - 2018

Downloaded from hlayiso.com SECTION D — ENTREPRENEURSHIP — 10 MARKS QUESTION 7 7.1 Identify the factor of production with its remuneration re 7.1.1 The physical and mental talents of peopie. (2) 7.1.2 Kaizer Motaung, the founder of Kaizer Chiefs football club. (2) presented by each of the following QUESTION 8 Read the passage and answer the questions Andiswa started a dressmaking business with a capital of R95 000. She invested R35 000 from her Own savings in the business and also obtained a loan from ABC bank for the rest of the capital. She employs an accountant, pattern designers, cleaners, messengers and packers.She spent R50 000 on two sewing machines, cutting table, a computer and printer. Questions: 8.1. State the amount of Capital Andiswa used to start her business. 8.2. Calculate borrowed capital. 8.3. Give the amount spent on fixed assets. 8.4. Identify one of the following workers from the case study: 8.4.1 Unskilled worker 8.4.2 — Skilled worker TOTAL MARKS: 100 EE eR Question Paper June Examination Grade 8 - 2018

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