Economic And Management Sciences Grade 9 November EC 2011 Memo

Downloaded from hlayiso.com Province of the EASTERN CAPE EDUCATION SENIOR PHASE GRADE 9 NOVEMBER 2011 ECONOMIC AND MANAGEMENT SCIENCES MEMORANDUM MARKS: 100 This memorandum consists of 8 pages.

Downloaded from hlayiso.com 2 ECONOMIC AND MANAGEMENT SCIENCES (NOVEMBER 2011) QUESTION 1 (LO1 AS1; LO2 AS1; LO3 AS4; LO4 AS3) 1.1 MULTIPLE-CHOICE QUESTIONS 1.1.1 C close corporation 1.1.2 B private company 1.1.3 A owned and controlled by the government 1.1.4 B states the financial position of a business at a particular point in time. 1.1.5 A Economic development (5 x 1) (5) 1.2 1.2.1 Rent 1.2.2 Demand 1.2.3 SARS 1.2.4 Stokvels 1.2.5 Employment Equity Act (5 x 1) (5) [10] QUESTION 2 (LO4 AS2) 2.1 (1) Goals of the enterprise (2) Feasibility study (3) Marketing plan (4) Financial plan (5) Management plan (5 x 1) (5) 2.2 JABULANI’S PROJECTED INCOME STATEMENT FOR THE MONTH ENDED JANUARY 2012 Sales (R900 x 50) √√√ R45 000 √ Cost of sales (R600 x 50) (R30 000) √√ GROSS PROFIT R15 000 √ LESS: Expenses (R7 925) √ Stationery (R1 150) ½ mark Wages (R2 500) ½ mark Transport (R 775) ½ mark Advertising (R1 500) ½ mark Packing material (R2 000) ½ mark NET PROFIT FOR THE YEAR R7 075½ mark (11) [16]

Downloaded from hlayiso.com (NOVEMBER 2011) ECONOMIC AND MANAGEMENT SCIENCES 3 MARK ALLOCATION Sales workings(calculation of mark-up R600 x 50/100 = R300) (2 marks) Calculation of selling price i.e. R600 + R300 = R900 (1 mark) Calculation of sales i.e. R900 x 50 = R45 000. (1 marks)…total = 4 marks If the learner did not show workings and wrote only R45 000, give FULL MARKS. Cost of sales (2 marks); Expenses (½ mark each); Total expenses (1 mark) Gross profit (1 mark); Net profit (½ mark) Note: Where the totals for Gross profit; less Expenses and Net profit are different, work with/mark with the learner’s workings! [16] QUESTION 3 (LO4 AS1; LO4 AS2) 3.1 STRENGTHS Good points about the business itself. OR Factors in the internal environment of a business that will make it successful. WEAKNESSES Bad points about the business itself OR Factors in the internal environment of a business that will prevent or slow down the progress of the business and prevent it from being successful. THREATS Bad points about the outside environment where the business is being established. OR Potential problems for a business which are found in the external environment. OPPORTUNITIES Good points about the outside environment where the business is being established. OR Circumstances in the external environment which the business should use in order to be successful. (4 x 2) (8) 3.2 A business plan is necessary for the funding of the business from most financial sources. A business plan can also serve as a guide for the operation of the business. (1) [9]

Downloaded from hlayiso.com 4 ECONOMIC AND MANAGEMENT SCIENCES (NOVEMBER 2011) QUESTION 4 (LO2 AS4; LO4 AS3; LO4 AS4) 4.1 Partnership (1) 4.2 Pieces of traditional art OR They can name items of traditional art (1) 4.3 Cheap and easy to start. Financially stronger than sole trader/more capital. Additional skills and resources available from multiple owners. Partners share in the decision making. Financial institutions are more inclined to grant them loans and credit facilities. (Any 2 disadvantages)(2 x 1) (2) 4.4 Partners are fully liable for the debts and obligations of the business, as a group and individually. They therefore run the risk of losing their personal assets. Poor decisions of one partner legally bind the other partners. Lack of continuity in its operation as if there is any change in ownership due to the death or retirement of any partner, the business must be dissolved. (Any 1 disadvantage) (1) 4.5 The new name must be: JOKO ENTERPRISES CC (1) 4.6 Tourists visiting the country. (1) 4.7 Well trained workers. Invest in up-to date machinery and equipment. Well maintained equipment and machinery. Workers that are healthy and receive good pay and benefits. Introducing flexi time options for workers. (4 x 1) (4) 4.8 SECTOR EXAMPLE Wood from the trees in the nearby PRIMARY village/Forestry SECONDARY Manufacturing by local craftsman TERTIARY JOKO ENTERPRISES selling the goods (6) [17]

Downloaded from hlayiso.com (NOVEMBER 2011) ECONOMIC AND MANAGEMENT SCIENCES 5 QUESTION 5 (LO3 AS4) 5.1 Use the given information to calculate the OWNER’S EQUITY on 30 JUNE 2011. Capital R 500 000 Drawings R 12 000 Income R1 86 000 Expenses R69 000 Net Profit R 117 000 STATEMENT OF OWNER’S EQUITY Capital R500 000 √ Plus Income R186 000√ 117 000√√ Less Expenses (R6 9 000) √ ---------------------- R617 000√ Less Drawings (R 12 000) √ -------------------- Owners equity R605 000√√ on 30 June 2011 -------------------- (7) 5.2 CURRENT ASSETS / CURRENT LIABILITIES (2) [9]

Downloaded from hlayiso.com 6 ECONOMIC AND MANAGEMENT SCIENCES (NOVEMBER 2011) QUESTION 6 (LO1 AS1; LO2 AS1; LO3 AS3) 6.1 A Business pays wages to households. B Households pay for goods and services to businesses. C Households pay taxes to government. D Government provides infrastructure to businesses. (4) 6.2 6.2.1 As the price increases, quantity demanded decreases. (1) 6.2.2 As the price decreases, quantity supplied decreases. (2) 6.2.3 Price of the product Price of complementary goods Price of substitutes Effective advertisement Different tastes and preferences Change in the size of the population Change in the level of consumer income. (Any 2) (2 x 1) (2) 6.2.4 R60,00 (1) 6.2.5 Total Sales = Price x Quantity = R60 (½mark) x 50 (½ mark) = R300√ (½ mark for R60 ½ mark for 50 units and 1 mark for R 300 = 2 marks) (2) 6.3 Redistribute land to landless people. Build over a million houses. Provide clean water and sanitation to all. Provide electricity to 2,5 million new homes. Provide access for all to affordable healthcare and telecommunications. (5) [16]

Downloaded from hlayiso.com (NOVEMBER 2011) ECONOMIC AND MANAGEMENT SCIENCES 7 QUESTION 7 (LO3 AS3) GENERAL LEDGER OF SONWABO GARDENING SERVICES BALANCE SHEET ACCOUNTS SECTION: Dr. BANK [B2] Cr. Date Details Fol Amount Date Details Fol Amount 2011 ½ TOTAL 111 000 2011 ½ TOTAL PAYMENTS April mark √ April mark RECEIPTS 47 474 30 30 √ ----------- BALANCE c/d 63 526 √√ 111 000 111 000 2011 1 May √ BALANCE b/d ½ mark 63 526 (6½) Nominal accounts section: Dr. Fee income [N1] Cr. Date Details Fol Amount Date Details Fol Amount ½ mark 2011 2011 April April 30 BANK 30 500√ (1½) Dr. Advertising [N3] Cr. Date Details Fol Amount Date Details Fol Amount ½ mark 2011 2011 April 10 Bank CPJ 750√ April ½ mark 27 Bank CPJ 1 280√ 2 030√ (4) [12]

Downloaded from hlayiso.com 8 ECONOMIC AND MANAGEMENT SCIENCES (NOVEMBER 2011) QUESTION 8 (LO3 AS5) 8.1 Invoice (1) 8.2 Creditors journal (1) 8.3 R6 350 (2) 8.4 Creditor (1) 8.5 Cash Receipts Journal (1) 8.6 Cash Payments Journal (1) 8.7 Cheque counterfoil (1) 8.8 ASSETS OWNERS EQUITY LIABILITIES +100 000 + 100 000 0 + 5 700 ½ mark -650√ + 6 350√ ½ marks OR +5 700½ mark +5 700 ½ mark -300 ½ mark +300 ½ mark -350 ½ mark +350 ½ mark (3) [11] TOTAL: 100