Economic Management Sciences Grade 7 June 2021 QP

Bedfordview Primary School MID- YEAR TEST Name: Grade: Subject: ECONOMIC MANAGEMENT SCIENCES Examiner: Mrs T. Naidoo Date: 22 June 2021 Moderator: Mrs P. Naidoo Time Allocation: 90 minutes 1 2 3 4 5 6 7 % 0 – 29% 30 – 39% 40 – 49% 50 – 59% 60 – 69% 70 – 79% 80 – 100% 100 INSTRUCTIONS 1. An extra 10 minutes will be provided for reading. 2. Write neatly and legibly. 3. Answer in the spaces provided. 4. This question paper consists of 6 pages. SECTION A: THE ECONOMY 30 MARKS QUESTION 1: [10 marks; 5 minutes] Match the term in Column A to the explanation in Column B. Only write the letter as an answer for the corresponding term on the answer sheet provided. COLUMN A COLUMN B 1. Modern society A. Water and Food 2. Economic goods B. Scarcity of resources with greater demand 3. Primary needs C. Lasts a long time 4. Labour D. Smaller shops that sell goods to consumers. 5.Poverty line E. Legally binding agreement between buyers and sellers 6.Tertiary F. Gold, Platinum, Oil 7.Retailer G. The people of a country’s capacity to work 8. Sustainable H. On the third level 9. Economic problem I. The minimum amount of money that you can earn to provide for your basic needs. 10.Promisory note J. Where the average incomes and standard of living are high. K. Milk, bread, toiletries 1 | BEDFORDVIEW PRIMARY SCHOOL EMS PAGE TOTAL:

QUESTION 2: [5 marks; 5 minutes] We can divide the economy into three sectors. Indicate for each business below, to which sector it belongs. Tick the correct sector on the answer sheet provided. Only use one tick per row. BUSINESS PRIMARY SECONDARY TERTIARY 2.1 Mining 2.2 Restaurants 2.3 Farming 2.4 Car factory 2.5 Hospitals QUESTION 3: [10marks; 5 minutes] Fill the missing word. Use the word bank below to choose the correct answer. Write your answer on the answer sheet provided. non- renewable resources electronic banking cowrie shells capital goods consumers free goods public goods services cheque renewable resources producers economic manufacturing 3.1 Factories and bakeries are examples of ___________ businesses. 3.2 Doctors, nurses, teachers and lawyers provide professional ____________ to clients. 3.3 Air, sunlight and pebbles are examples of _________________. 3.4 Gold, Platinum, Crude Oil are examples of ______________________ goods. 3.5 People who buy and use goods and services are called _________________. 3.6 A _______________________ is an example of representative money. 3.7 Oil, fresh water and coal are examples of ___________________________. 3.8 Covid 19 vaccines are examples of ________________________________. 3.9 _______________________were first used in China. 3.10 ______________________________ is the latest development in the history of money. QUESTION 4: [5 marks; 5 minutes] Write out the acronym in full on the answer sheet provided. 4.1 BBBEE 4.2 ATM 4.3 EFT 4.4 EPWP 4.5 GDP 2 | BEDFORDVIEW PRIMARY SCHOOL EMS PAGE TOTAL:

SECTION B: FINANCIAL LITERACY 56 MARKS QUESTION 5: [14 marks; 14 minutes] Classify the following accounts by ticking the appropriate column on your answer sheet. (14) 5.1 Vehicles 5.7 creditors 5.2 Fuel 5.8 petty cash 5.3 Trading stock 5.9 bank overdraft 5.4 Mortgage 5.10 equipment 5.5 Telephone 5.11 debtors 5.6 Land & buildings 5.12 cash float 5.13 discount 5.14 bank Account FIXED CURREN LONG CURRENT ASSETS T ASSETS TERM LIABILITIES LIABILITIES E.G. LOAN √ QUESTION 6: [14marks; 14minutes] Multiple Choice Choose the correct answer and record your answer onto the answer sheet that has been provided. 6.1.1 Possessions of a business are known as.... A) capital B) income C) liabilities D) assets (1) 6.1.2 An incentive for sale representatives to do more sales and to earn more is called… A) Dividends B) Commission C) Royalties D) Bonuses (1) 3 | BEDFORDVIEW PRIMARY SCHOOL EMS PAGE TOTAL:

6.1.3 ...is the profit a person receives for buying shares in a business A) Income tax B) Royalties C) Net worth D) Dividends (1) 6.1.4 A 13th cheque is …. A) an employment benefit or perk B) Commission C) Bonus D) Both A & C (1) 6.1.5 The interest payable on a loan is considered as a /an___________. A) current liability B) deficit C) expense D) long term liability (1) 6.1.6 Money received for services rendered to a client is referred as ________________ in the book of accounts. A) current income B) sales C) rent income D) interest earned (1) 6.2 Differentiate between a profit and a loss (4) 6.3 Differentiate between a financial record and a financial transaction. (2) 6.4 Provide any two examples of financial records. (2) 4 | BEDFORDVIEW PRIMARY SCHOOL EMS PAGE TOTAL:

QUESTION 7: [15 marks; 15 minutes] Zamani Nkosi’s parents give him a monthly allowance of R1000, but on the condition that he pays for all his own expenses, excluding his clothing and food. Zamani needs to budget as he needs to buy his dad a gift for Father’s Day. He has decided to buy his dad a tie. He has seen one for a R100. 7.1 Compile the personal budget for Zamani in the given template on the answer sheet. (9) Zamani’s expenses are as follows: Tuck shop R100 Entertainment R100 Travel costs R250 Cellphone airtime R50 Cellphone data R170 Toiletries R100 Haircuts R185 7.2 Does he have enough money to buy the gift for his dad? (2) 7.3 Provide any TWO savings tips that you have come across in class that you can give to Zamani to be able to save more effectively in the future? (2) 7.4 Differentiate between investing and saving? (2) QUESTION 8: [12marks, 12 minutes] Three Format Statement of net worth. First Column is details of Assets and Liabilities, Second Column is their Amounts and Third Column is Totals. Using the following information, draw up a statement of net worth of Anneline Kriel for 31 May 2021 Town house 500 000 Car 115 000 Furniture 87 000 Savings 17 000 House Loan 200 000 Car payment 64 000 Furniture loan 40 000 5 | BEDFORDVIEW PRIMARY SCHOOL EMS PAGE TOTAL:

QUESTION 9: [15 marks,15 minutes] 9.1 In 2000, South Africa signed the United Nations Millennium Declaration which aimed at achieving these goals by 2015. End poverty and Improve maternal health hunger Get education for Fight HIV/ Aids everyone United Nations Millennium Fight for gender Make our lives more Development Goals environmentally equality sustainable Improve child health Work together as global partners 9.1.1 Have we managed to reduce inequality and poverty in South Africa? Give a reason for your answer. (2) 9.1.2 Which one of the above goals would you say has been partially attained or attained to a large degree? Provide a reason for your answer? (2) 9.1.3 What do you think is the main cause of the socio- economic imbalances in South Africa? (2) 9.1.4 Explain why there are still socio-economic imbalances in South Africa 27 years after our democracy? (2) 9.1.5 What is the most effective way of fighting inequality and injustice? Why do you say so? (2) 9.2 Read the statement below and answer the questions that follow. Unemployment is a huge problem in South Africa. The unemployment rate was 11.1% in June 2020, 7.4% higher than in June 2019. With the Covid 19 pandemic, our unemployment rate in the second quarter is currently 32,5% 9.2.1 How has the Covid 19 pandemic affected the job market? Motivate your answer. (2) 9.2.2 Banks play an important part in any economy. List TWO ways in which banks provide support to citizens of a country? (2) 9.2.3 What do you think would be a way of improving our unemployment situation in South Africa? (1) 6 | BEDFORDVIEW PRIMARY SCHOOL EMS PAGE TOTAL: