TERM 1
Class test
1.
Fill in the correct word: [5
marks]
a)
Households are important to the economy because they consist of __________ with
needs and wants creating a demand in the economy.
b)
Services are __________
(cannot be touched) products produced in the market to address needs and wants,
such as repairs.
c) Services are ‘perishable’, because the service lasts only
as long as it is being __________.
d) International trade refers to the __________ and __________ of goods across international borders.
2. Say whether the following statements are true or
false: [5
marks]
a) A developing country is a wealthy and
technologically advanced country, with sophisticated manufacturing and service
industries.
b) The economic problem refers to the inability to satisfy
unlimited needs and wants with limited resources.
c)
Factors of production are what are required for demand
to take place.
d) Consumers will be
willing to pay any price a producer puts on a product; the demand will never
cease.
e) In times of drought, famine and war, the price of
food goes up.
3. Choose the correct answer: [5 marks]
a) An __________ is when the supply of a product exceeds the
demand.
|
(i)
|
undersupply
|
(ii)
|
oversupply
|
(iii)
|
deficit
|
(iv)
|
increase
|
b) When demand for a
product increases, the price will increase because producers would have to pay
more __________.
|
(i)
|
input costs
|
(ii)
|
tax
|
(iii)
|
VAT
|
(iv)
|
inflation
|
c) The point where the demand and supply curves intersect on a
graph is called the __________.
|
(i)
|
diversion
point
|
(ii)
|
demand
point
|
(iii)
|
supply
point
|
(iv)
|
equilibrium
|
d)
Minimum __________
workers cannot earn less than a certain amount per month.
|
(i)
|
paid
|
(ii)
|
wage
|
(iii)
|
income
|
(iv)
|
slave
|
e) Fringe benefits are things such as a __________ and __________.
|
(i)
|
salary
and wage
|
(ii)
|
income
and expense
|
(iii)
|
investment
and savings
|
(iv)
|
medical
aid and pension fund
|
4.
For production to take place you need four factors. Name these factors, explain
them and give an example of each. [12 marks]
5. When a business sells its goods to a market
overseas, and is paid in euros, this brings foreign exchange into the country.
How does this influence the local economy? [3
marks]
6.
Name three negative effects of strike action and stay aways. [3
marks]
7.
Name three positive effects of strike action and stayaways. [3
marks]
8.
In the production of a pair of jeans, name one of each of these factors of
production. Complete the table: [4
marks]
|
Raw materials
|
Labour
|
Capital
|
Entrepreneurship
|
|
|
|
|
|
9.
Give three advantages of trade unions and two disadvantages of trade unions. [5 marks]
10.
The national budget is Government’s income and plan. Name the main source of
income of Government, as well as four things Government spends its money on.
[5
marks][Total: 50 marks]
TERM 2
Class test
1.
Explain the difference between economic growth and economic development. [2 marks]
2.
What is the main indicator showing that growth is taking
place? [1
mark]
3.
Name three countries that belong to the SADC. [3
marks]
4.
Explain what an expansionary budget is and what it aims to achieve. [2 marks]
5.
Does a restrictive budget grow or slow down the economy? [1 mark]
6.
What does MTEF stand for? [1
mark]
7.
Underline the correct word/s from the options given:
a)
When taxes are (reduced/increased) a household will have more money available
to spend on goods and services, which will lead to economic growth. [1
mark]
b)
One of the three pillars of sustainable development is called ‘People’ and has
to do with (making people rich/alleviating poverty). [1
mark]
c)
Increased (savings/spending) will help us all to be more prepared for unforeseen
circumstances.
[1
mark]
8.
What is inflation? [1 mark]
9.
Explain how higher productivity can contribute to economic growth. [3 marks]
10.
Name three areas in which the RDP has achieved success. [3 marks]
11.
Give one example of the effective use of resources in a business and one
example of the ineffective use of resources in a business. [2
marks]
12.
When a person knows his/her job, is honest and hardworking and has a positive
loyal attitude towards his/her job, we say the person has a good work
__________. [1
mark]
13.
Name two of the three elements of the production process. [2
marks]
[Total: 25 marks]
TERM 3
Class test
1. Explain what an income statement is. [1
mark]
2. Explain what a balance sheet reveals. [1
mark]
3. Name three objectives that could be reached by
setting up a public relations department in a company. [3
marks]
4. In terms of the King II report, what is one
of the seven primary characteristics of good governance that allows a business
to give back to the community? [1
mark]
5. Name four benefits of corporate social
responsibility for the business. [4
marks]
6. How have economic activities impacted
negatively on the environment? (Name two examples.) [2
marks]
7. Indicate the source documents that will be
used to journalise the following transactions:
Transaction
|
Source document
|
Goods
sold for cash
|
|
Cash
received for services rendered
|
|
Cash
received for any other transaction
|
|
Cash
paid into bank account
|
[4
marks]
8. Name three features of electronic accounting
software programs. [3
marks]
9. Give three reasons why a business would want to
analyse its statements. [3
marks]
10. Give two reasons why paying in cash is an easier form of
payment. [2 marks]
11.
Name two ways in which you can buy on credit. [2
marks]
12.
What is the best payment terms for a service business to maintain and why? [2 marks]
13. Name two things governed by the
Basic Conditions of Employment Act. [2
marks]
[Total:
30 marks]
TERM 4
Assessment Task
Section
A
1. Name the four role players in the economic cycle
that would be involved in the production of a pair of jeans and explain the
contribution they each make to the economy. [8
marks]
2. What do you call the point where the demand curve
and supply curve meet and what does that point tell you? [2
marks]
3. Name one positive and one negative effect of strike
action and stayaways. [2
marks]
4. What are the two sides to a budget? [2
marks]
5. Savings are important. How would your savings
contribute to economic prosperity and wealth?
[3 marks]
6. Explain what productivity is. [1
mark]
7. What does SMMEs stand for? [1 mark]
8. Name two benefits of selling on credit. [2
marks]
9. Explain what a survivalist microenterprise in the
informal sector is and state why it does not contribute to wealth creation. [2
marks]
10. Name two industries that form part of the
manufacturing sector. [2
marks]
[Total:
25 marks]
Section
B
11. The following transactions took place at the
premises of Too Beautiful Nursery.
Date
|
Source
document
|
Transaction
|
01 August 2010
|
Receipt 01
|
The owner, P Azalia, makes a cash contribution to
the business of R40 000
|
01 August 2010
|
Cheque 3050
|
The business buys trading stock from Big Tree
Wholesalers to the value of R2 500
|
03 August 2010
|
Cash register roll CRR01
|
Cash sales deposited into bank account, R3 000
|
04 August 2010
|
Cheque 3051
|
The business buys trading stock from Malan Seuns to
the value of R8 000
|
05 August 2010
|
Cheque 3052
|
Writes out a cheque to pay rental, R6 000
|
05 August 2010
|
Cheque 3053
|
Writes out a cheque as a donation to Greenpeace,
R500
|
07 August 2010
|
Cash register roll CRR02
|
Cash sales deposited into bank account, R9 000
|
10 August 2010
|
Cheque 3054
|
The business buys trading stock from Big Tree Wholesalers
to the value of R15 000
|
12 August 2010
|
Cheque 3055
|
Buys consumables to the value of R1 500 from
Kit Kat Stores
|
15 August 2010
|
Receipt 02
|
Receives rental from Seeds-R-Us for the use of the
storeroom, R2 500
|
18 August 2010
|
Cash Register Roll CRR03
|
Cash sales deposited into bank account, R7 500
|
20 August 2010
|
Cheque 3056
|
P Azalia takes R2 500 drawings to pay his car
repairs
|
21 August 2010
|
Cheque 3057
|
Buys trading stock from Malan Seuns to the value of
R15 000
|
25 August 2010
|
Cheque 3058
|
Pays the salary of Betty Bloom, R6 000
|
28 August 2010
|
Cheque 3059
|
Pays the water and electricity, R1 200, to
Ekhuruleni Metro
|
29 August 2010
|
Cheque 3060
|
Pays the telephone account, R350, to Telkom
|
Too Beautiful Nursery has a markup of 50%.
a) Enter these cash transactions into the appropriate
journals. [½ x 16 = 8
marks]
b) Close the journals at the end of the month. [½
x 8 = 4 marks]
c) Post the journal amounts to the general ledger. [½ x 13
= 6½ marks]
d) Draw up a trial balance. [½
x 13 = 6½ marks]
[Total:
25 marks]
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