Economic And Management Sciences Grade 9 November EC 2013 Memo

Downloaded from hlayiso.com SENIOR PHASE GRADE 9 NOVEMBER 2013 ECONOMIC AND MANAGEMENT SCIENCES MEMORANDUM MARKS: 100 This memorandum consists of 8 pages.

Downloaded from hlayiso.com 2 ECONOMICS AND MANAGEMENT SCIENCES (NOVEMBER 2013) SECTION A QUESTION 1 1.1 1.1.1 C informal (1) 1.1.2 A R1 260 (1) 1.1.3 D E=B–L (1) 1.1.4 D ensuring the business has the right skills in the right quantity at the right time (1) 1.1.5 C Supply (1) 1.1.6 D Pravin Gordhan (1) 1.1.7 B the possibility of gaining more market share (1) 1.2 1.2.1 True (1) 1.2.2 True (1) 1.2.3 False (1) 1.2.4 False (1) 1.2.5 True (1) 1.2.6 True (1) 1.2.7 False (1) 1.3 1.3.1 G (1) 1.3.2 D (1) 1.3.3 E (1) 1.3.4 F (1) 1.3.5 A (1) 1.3.6 B (1) TOTAL SECTION A: 20

Downloaded from hlayiso.com (NOVEMBER 2013) ECONOMICS AND MANAGEMENT SCIENCES 3 SECTION B QUESTION 2 2.1 2.1.1 200 coats (1) 2.1.2 500 – 200 = 300 oversupply (1) 2.1.3 B change in quantity demanded (1) 2.1.4 350 coats (1) 2.1.5 R400 (1) 2.2 2.2.1 Business plan: Is a formal document that describes the future strategy and financial development of the business. It shows a clear idea of where the owners (business) want to go. It aims to convince people outside the business that the business has a good chance of succeeding. (2) 2.2.2 Marketing research: Finding out from possible customers their needs and preferences, and whether they are likely to buy the product or service at the proposed price. (2) 2.2.3 Communism/Command economy: An economic system in which all property and resources are owned and controlled centrally, by the government and the ruling political party. (2) 2.2.4 Exports: Goods and services that are produced in one’s country and sold to consumers in another country. (2) 2.3  Consumers and producers are brought together in the market for goods and services and the market for the factors of production.  Exchange in these markets cause goods and services, and money to flow in various directions.  Consumers receive income from businesses in exchange for the use of the factors of production.  They then use their income to buy domestic goods and services from producers.  Producers buy the services of the factors of production from consumers in order to produce the goods and services.  The producers then sell their goods and services to consumers. (6 x 1) (6) [19]

Downloaded from hlayiso.com 4 ECONOMICS AND MANAGEMENT SCIENCES (NOVEMBER 2013) QUESTION 3 3.1 3.1.1  Teachers must be trained. √  Schools needs infrastructure such as classrooms, toilets, sports, fields and equipment. √  Schools need to be built. √ (3 x 1) (3) 3.1.2  Social services √  Disability grants √  Old age grants √ (2 x 1) (2) 3.1.3  Build over a million houses. √  Redistribution of land to landless people. √  Provide clean water and sanitation to all. √  Provide electricity to 2,5 million new homes. √  Provide access to affordable health care and telecommunications √ (Any 3 x 1) (3) [8] TOTAL SECTION B: 27

Downloaded from hlayiso.com (NOVEMBER 2013) ECONOMICS AND MANAGEMENT SCIENCES 5 SECTION C QUESTION 4 4.1  There is no cash in the cash box. √  There is an oversupply of stock. √ (Any relevant answer) (2 x 1) (2) 4.2  They need to plan their finances better – maybe draw up a budget. √  Need to work out how much juice is demanded by the market. √  Find a more suitable way of distributing the juices. √ (Any 2 x 1) (2) 4.3  Insist that more planning is done. √  The manager will want to see where the money that has been invested is being spent. √ (Any relevant answer) (2 x 1) (2) 4.4  They would know the needs of the market. √  They would know the best price to sell the product for. √  They would advertise to reach their target market, i.e. they would be able to develop new ways of distributing the product. √  They could draw up a projected income statement to see if the ideas are viable. √  They could better suppliers and better ways of preserving the product. √  They could package the product in more suitable way. √  They could find cheaper and better ways to produce the juice. √ (Any 4 x 1) (4) 4.5 Goals of the business √ Feasibility Study √ Marketing Plan √ Financial Plan (Projected Income Statement) √ Management √ (5 x 1) (5) [15]

Downloaded from hlayiso.com 6 ECONOMICS AND MANAGEMENT SCIENCES (NOVEMBER 2013) QUESTION 5: TRANSACTION ANALYSIS, JOURNALS AND GENERAL LEDGER 5.1 Analyse the following transactions according to the example. At the accounting equation, show an increase with a “+” before the amount, a decrease with a “–” before the amount and no effect with a “0”. Assume that bank has a debit balance. Example: Pay wages with a cash cheque, R3 230. Transactions: 1 The owner, T Rasenyallo, started a business by contributing R140 000 as capital contribution to the business. 2 Bought a vehicle from Toyota Traders on credit for R234 500. 3 The owner paid his personal rent for R1 540 using a business cheque. 4 Sold merchandise (Cost price R3 000) to A Adams on credit for R6 000. ANSWER SHEET: ACCOUNTING EQUATION No. Assets Owners’ Equity Liabilities Ex. -3 230 -3 230 0 1 + 140 000 √ + 140 000 √ 2 + 234 500 √ + 234 500 √ 3 - 1 540 √ - 1 540 √ 4 - + 6 000 √ - +6 000 √ - 3 000 √ - 3 000 √ (10)

Downloaded from hlayiso.com (NOVEMBER 2013) ECONOMICS AND MANAGEMENT SCIENCES 7 GENERAL LEDGER OF PATRICIA TRADERS Dt. Trading Stock B5 Cr. Date Details Fol. Amount Date Details Fol. Amount April 1 Balance b/d √ 44 600 √ April 1 Cost of sales CRJ 19 000 √ 30 Bank CPJ 18 000 √ 30 Cost of sales DJ 6 400 √ Creditors CJ 15 300 √ Balance c/d √ 52 500 √√ 77 900 77 900 May 1 Balance b/d 52 500 √ (9) Dt. Stationery N8 Cr. Date Details Fol. Amount Date Details Fol. Amount April 1 Total B/d 4 800 √ 30 Bank CPJ 1 900 √ 30 Creditors CJ 840 √ 7 540 √√ (5)

Downloaded from hlayiso.com (NOVEMBER 2013) ECONOMICS AND MANAGEMENT SCIENCES 8 Cash Receipt Journal of LUXA Lawns Garden Service – March 2013 CRJ Doc Day Details Fol. Analysis of Bank Current Cost of Debtors Sundry accounts Receipts Income sales control Amount Fol. Details LL01 1 L Luxa 100 000 100 000 √ 100 000 √ Capital √ CRT 7 Services 3 250 3 250 √ 3 250 √ 371-380 15 B Black 1 000 1 000 √ 1 000 √ 1 000 √ Rent income √ CRT 17 Services 1 660 1 660 √ 1 660 √ 381-390 105 910 √ 4 910 √ 101 000 Cash Payments Journal of LUXA Lawns Garden Service – March 2013 CPJ Doc Day Name of Fol. Bank Equipment Wages Fuel Creditors Sundry accounts payee Control Amount Fol. Details 5201 2 Lawnmower 49 500 √ 49 500 √ Sales and Services 5202 2 Pete’s 1 200 √ 1 200 √ Garage 12 Cash 2 000 √ 2 000 √ 20 Cash 2 200 √ 2 200 √ 54 900 √ 49 500 4 200 √ 1 200 Creditors Journal of LUXA Lawns Garden Service – March 2013 CJ Doc Day Name of Creditors Fol. Creditors Equipment Station Sundry accounts Control ery Amount Fol. Details Inv 65 8 Toivo Traders 1 350 √ 1 350 √ Cleaning material Inv 75 18 Blue Bells Manufacturers 3 000 √ 3 000 √ 4 350 √ 3 000 1 350 (28 2) (14) [38] TOTAL SECTION C: 53 GRAND TOTAL: 100