Economic And Management Sciences Grade 9 November GP 2017 Memo

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION NOVEMBER 2017 GRADE 9 ECONOMIC AND MANAGEMENT SCIENCES MEMORANDUM 11 pages

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ECONOMIC AND MANAGEMENT SCIENCES MEMORANDUM SECTION A QUESTION 1 1.1 MULTIPLE-CHOICE QUESTIONS 1.1.1 C  1.1.2 D  1.1.3 A  1.1.4 B  1.1.5 B  1.1.6 B  1.1.7 D  1.1.8 A  1.1.9 B  1.1.10 B  [20] 1.2 MATCHING ITEMS 1.2.1 H  1.2.2 A  1.2.3 J  1.2.4 C  1.2.5 G  1.2.6 I  1.2.7 F  1.2.8 E  1.2.9 B  1.2.10 D  [20] 1.3 CHOOSE THE CORRECT WORD 1.2.1 market  1.2.2 SWOT-analysis  1.2.3 Sales  1.2.4 products  1.2.5 Break-even point  [10] 1.4 TRUE OR FALSE 1.4.1 True  1.4.2 False  1.4.3 False  1.4.4 True  1.4.5 False  [10] TOTAL SECTION A: 60 2

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 SECTION B QUESTION 2 2.1 ECONOMIC SYSTEMS Workers can be exploited.  Profit making is not a driving force in the economic system, therefore productivity often declines  When something goes wrong with the central planning, the whole economic system is affected Central planning cannot predict the consumer behaviour and cannot foresee how consumers will respond to goods and services offered It is not able to promote economic growth and consumer satisfaction in the long term Any other relevant answer (2x2) (4) 2.2 A = Semi-Control.  B = Yes, it is the driving force.  (2x2) (4) 2.3 Global economy / Globalisation (2) [10] QUESTION 3 – THE CIRCULAR FLOW 3.1 3.1.1 Government  3.1.2 Households  3.1.3 Businesses  (3) 3.2 Wages  ; interest ; rent  ; profits  (any 1) (2) 3.3 circular flow  (1) 3.4 A = Salaries and wages  B = Interest  C = Profit  D = Rent  (4) [10] 3

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 QUESTION 4 – PRICE THEORY 4.1 DEMAND AND SUPPLY SCHEDULE FOR LILY’S KITES S  100 D  Price (R)  80 60 E  40 20 20 40 60 80 100 Quantity  (6) 4.2 R60  (1) 4.3 The higher the price of a good or service, the higher the quantity supplied OR The lower the price of a good or service , the lower the quantity supplied.  (2) 4.4 Weather conditions  Effective advertising; Price Competition; Different tastes and preferences Any other relevant answer (any 1) (1) [10] 4

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 QUESTION 5 – TRADE UNIONS 5.1 It is an organisation of workers  striving to obtain better working conditions for its members.  (2) 5.2 Wages  and working conditions  (2) 5.3 Raw material used in the production process and unfinished products may spoil while the strike is on.  Buyers may go to other businesses to find products because they cannot wait until the strike is over and production continues.  Businesses sales drop. Any other relevant answer (2x2) (4) 5.4 To look after their members’ interest To gain control over labour supply  To ensure skills development for their members takes place in the work place To ensure no discrimination against their members occurs in the work place To maintain good relations with employers and workers To give workers good advice To negotiate with employers in a peaceful manner and not to cause disruption to production To help businesses grow and to create more jobs Consider the rights of communities where workers live. (1x2) (2) [10] TOTAL SECTION B: 40 5

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 SECTION C FINANCIAL LITERACY QUESTION 6 – JOURNALS AND LEDGERS 6.1 CASH RECEIPTS JOURNAL OF LINCOLN BOUTIQUE FOR OCTOBER 2017 CRJ1 Doc Day Details Fol Analysis Bank Sales Cost of Debtors’ Sundry Accounts no. of Sales Control Amount Fol Details Receipts CRR 56 30 Sales 4 060 -  4 060 2 900 21 Kelly Hoover 2 900 -  6 960 -  2 900 *  (8) 6.2 CASH PAYMENTS JOURNAL OF LINCOLN BOUTIQUE FOR OCTOBER 2017 CPJ1 Doc Day Name of Payee Fol Bank Trading Creditors’ Sundry Accounts no. Stock Control Amount Fol Details 100 03 Jozi Fashion Stores  11 800 -  11 800 - 101 24 GP Retailers  9 770 -  7 900 -  1 870 - Packing material *  (7) * Mark allocated if both document number and correct date indicated 6

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 6.3 DEBTORS’ JOURNAL OF LINCOLN BOUTIQUE FOR OCTOBER 2017 DJ1 Doc Day Debtor Fol Sales Cost of Sales No. 88 03 Kelly Hoover  D1  3 920 -  2 800 - *  (5) 6.4 DEBTORS’ ALLOWANCES JOURNAL OF LINCOLN BOUTIQUE FOR OCTOBER 2017 DAJ1 Doc Day Debtor Fol Debtors’ Cost of Sales No. Allowances 31 14 Kelly Hoover  1 680 -  1 200 - *  (5) 6.5 CREDITORS’ JOURNAL OF LINCOLN BOUTIQUE FOR OCTOBER 2017 CJ1 Doc Day Creditor Fol Creditors’ Trading Sundry Accounts No. Control Stock Amount Fol Details F76 08 GP 7 900 - 7 900 - Retailers *  (3) * Mark allocated if both document number and correct date indicated 7

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 6.6 DEBTORS’ LEDGER OF LINCOLN BOUTIQUE – October 2017 Date Details Fol Debit Credit Balance 2017 1 Balance b/d 1 890 - Oct 03 Invoice 88  DJ1  3 920 - 5 810 - 14 Credit note 31  DAJ1  1 680 -  4 130 - 30 Receipt 21  * CRJ1   2 900 - 1 230 - (8) 6.7 ACCOUNTING EQUATION (Transaction 08) Source document Account Debited Account Credited Assets Owner’s equity Liabilities Original invoice  Trading Stock  Creditors’ Control  + 7 900  0 + 7 900  (5) [41] 8

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 QUESTION 7 – GENERAL LEDGER GENERAL LEDGER OF MUZI TRADERS DR TRADING STOCK CR Date Details Fol Amount Date Details Fol Amount 2017 1 Balance b/d 33 475 - 2017 31 Cost of CRJ 10 500 - Sept Sept Sales 6 31 Bank CPJ 11 650 - Creditors’ CAJ 924 6 Allowances 6 Creditors CJ6 10 985 - Cost of DJ6 13 990 Control Sales Cost of Sales DAJ 1 088 - Balance c/d 31 784 6 57 198 - 57 198 2017 1 Balance b/d 31 784 Award 1 mark if balances are the Oct same ()  (8) QUESTION 8 - TRIAL BALANCE Trial balance of Brookes Traders on 31 October 2017 Fol Debit Credit Balance Sheet Accounts Section Capital B1  65 000 - Vehicles B2 63 000 - Bank B3 45 150 - Creditors’ Control B4  32 500 - Nominal Accounts Section Sales N1  47 050 - Cost of sales N2 27 525 - Consumables N3  2 810 - Packing material N4  8 565 - Rent income N5 2 500 - 147 050 - 147 050 -  (Mark may be awarded if totals are the same) (11) TOTAL SECTION C: 60 9

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 SECTION D ENTREPRENEURSHIP QUESTION 9 – SECTORS IN THE ECONOMY 9.1 (a) Primary  (b) Secondary (c) Tertiary  (3) 9.2 Fisheries  Mines  Agriculture Forestry (2x2) (4) 9.3 Primary sector: Corn is extracted from the corn fields.  Secondary: The corn is taken to the mills and ground into flour.  Tertiary: Retailer and grocery shops; restaurants and transport  (6) 9.4 Reuse  Reduce  Recycle  Rethink  (Any three) (3) 9.5 Unskilled labour  Skilled labour and Semi-skilled labour.  (3) [19] QUESTION 10 – FUNCTIONS OF A BUSINESS 10.1 10.1.1 Administration function  (2) 10.1.2 Financial function  (2) 10.1.3 Risk management  (2) 10.1.4 General Management  (2) 10.2 The group of people that you are trying to reach with your business.  (Customers) (Any relevant appropriate answer) (3) [11] 10

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT MEMORANDUM SCIENCES GRADE 9 QUESTION 11 – THE BUSINESS PLAN 11.1 It helps in identifying what action needs to be taken to reach a particular objective or goal.  It helps in anticipating problems and identifying ways around them to make it easier to take quick action when opportunities present themselves.  It helps in convincing people outside the business that the business has a good chance of succeeding. Through business plans, applications for a loan from banks or financial assistance from government becomes easy. Business plans are not only for new businesses, existing businesses may also use them when they want to change the nature of their business. (2x2) (4) 11.2 Name of business  Location  Product or service offered  Form of ownership  Financial plan  Marketing plan  Production plan  (Any 2) (2x2) (4) 11.3 Rent, short term insurance and interest on loans  (Any 1) (1x2) (2) [10] TOTAL SECTION D: 40 TOTAL: 200 11