CLASS WORK

TERM 1

Assessment Task

The circular flow of money (Individual activity)

Read the case study below. The case study shows how money flows from one person to the next in the economic cycle. Make up your own case study about the circular flow of your pocket money and relate it to the class.

Sarah used R30 to buy a bookcase for her son, who is going to Grade 1. She bought the bookcase from the corner store that is owned by Jake. Jake used the R30 to put petrol in his car at the garage. He then drove to the factory to buy more bookcases. He paid the factory. The money the factory received is used to buy the materials needed to manufacture the bookcases. They buy their cardboard paper from a paper plant. The paper plant uses the money they receive from the factory to plant more trees. They use the fibres from the trees to make the cardboard box material.

Assessment Task

Diagram of the circular flow of money (Individual activity)

Draw a diagram to explain how the circular flow of money in the economic cycle works. Use the production of T-shirts as an example. Add labels to the diagram in order to explain clearly how the economic cycle flows. Refer to the teacher assessment rubric to see how you will be assessed.

Assessment Task

Survey of needs and wants of your household (Individual activity)

Do a quick survey of your household. Discuss the questions below with the adults in your household and complete the table.

a) What needs does our household have?

b) What wants does our household have?

c) How much of our income do we spend on needs?

d) How much of our income do we spend on wants?

	Our household needs	Our household wants
List of needs and wants
Percentage of income spent on needs and wants

Assessment Task

Name the factors of production (Individual activity)

Money is used in the production process to ensure that production takes place. For production to take place, you need four factors of production.

Name these factors of production, explain them and give an example of each. [15 marks]

Assessment Task

Characteristics of goods and services (Individual activity)

Choose the correct word from the box given to explain the characteristics of goods and services.

intangible consumers stored consumption touch

services standardised perishable rendered quality

Goods can be manufactured and __________ for later use. [1 mark]
Some goods are __________, which means that they do not last or they decay, such as fruit. [1 mark]
A service lasts only as long as it is being __________. [1 mark]
Goods are tangible, which means that you can __________ them. [1 mark]
Services are __________, such as repair work, which means you cannot touch or store or keep them. [1 mark]
When goods are stored for later use, __________ of the goods takes place after production. [1 mark]
__________ are consumed at the time they are rendered. [1 mark]
Goods can comply with certain standards to ensure __________. [1 mark]
Services cannot be completely __________ , because the quality of the service depends every time on how the service is rendered at the time. [1 mark]
Goods and services are produced in response to the needs and wants of __________. [1mark]

Assessment Task

How demand and supply influence price (Class and individual activity)

Read the information about auction skills below as well as the auction instructions and rules and do the activities that follow.

Auction skills:

1. Make sure you know which product is up for auction.

2. Decide whether this is a product that you would want to have.

3. Decide beforehand how much you would be willing to buy the product for.

4. Don’t bid more than you are willing to pay.

5. Don’t bid for more than the amount of tokens you have.

6. Don’t try to outbid someone else just to prevent the other person from winning the bid if you are not really interested in the item.

7. Study the auction list to make sure what you would really like to bid on.

Auction instructions:

Hold a class auction. Before you start your auction, make money tokens. You can make tokens with the following values: R10, R20, R50, R100 and R200. Make enough tokens so that each learner has about R1000 worth of tokens. Auction the items listed in the table below. Remember that you cannot bid more for an item than the amount of tokens you have. The auction will take place in two rounds.

Auction rules:

1. The lot will be sold to the highest bidder.

2. Once you have won the lot, you must pay in tokens immediately.

3. You can bid on more than one item.

4. You can buy more than one item, provided you have enough tokens.

5. Once the bidding closes, the person with the highest bid must buy the product.

1. Hold a class auction as instructed and complete the auction list below as your auction progresses.

Product to be auctioned	Price achieved: Round 1	Sold to	Price achieved: Round 2	Sold to
Lot 1 Latest cell phone
Lot 2 My favourite CD
Lot 3 A week-long holiday for one family at the coast
Lot 4 80Gig Apple iPod with pouch
Lot 5 MP4 player pre-loaded with hit music and three latest-release movies

2. Discuss the questions below in class and answer them in your workbook.

a) Which round of the auction achieved the highest prices for the products? Why is that?

b) Who determined the price of the products? How did they do that?

c) In relation to the auction, explain how the supply affected the price achieved.

d) When was there a greater demand for the products, during the first round or the second round? Why?

e) Explain the relationship between the price agreed to and the demand for and supply of the product.

Assessment Task

The relationship between demand, supply and price (Individual activity)

1. Answer the questions in your workbook.

Example:

Question: Why do people buy more grapes in December than in July?

Answer: People buy more grapes in December than in July because grapes are a summer fruit. More farmers sell their grapes in summer. The supply is high and the prices are lower because the demand is satisfied easilyü. [2 marks]

a) Why are oranges more expensive in December than in July? [2 marks]

b) Why is holiday accommodation more expensive during peak holiday seasons? [2 marks]

c) Why do clothing stores have sales at the end of the winter and summer seasons? [2 marks]

2. Record your answers in table format. [9 marks]

	Demand	Supply	Price
Example: Grapes in December	High	High	Low
1. Oranges in December
2. Holiday accommodation during peak holiday season
3. Clothing sales at the end of winter and summer seasons

Assessment Task

Demand curve (Individual activity)

The table below shows the demand for a pair of jeans at different prices. Study the table and answer the questions that follow.

Price per pair of jeans	Quantity demanded
R1000	50
R800	100
R500	200
R300	300

1. Describe the relationship between the demand and price in the table. [1 mark]

2. Draw the relationship on the graph below. [5 marks]

3. Study the curve you have drawn and answer these questions:

a) How many pairs of jeans will be demanded at R600? [1 mark]

b) Explain why the curve has this shape. [1 mark]

c) What is the law of demand? [2 mark

Assessment Task

Demand and supply curve (Individual activity)

Study the tables below and answer the questions that follow.

Price per pair of jeans	Quantity demanded
R1000	50
R800	100
R500	200
R300	300

Price per pair of jeans	Quantity supplied
R1000	300
R800	200
R500	100
R300	50

1. Draw a demand and supply curve on the graph below. This graph will show the quantity supplied and the quantity demanded. [10 marks]

2. Mark the point on the graph where the two curves intersect (meet). [1 mark]

Answer the questions below.

a) What does this point tell you about the demand and supply (at that point)? [1 mark]

b) What is this point called? [1 mark]

c) What is the quantity demanded and supplied at that point? [2 marks]

d) At what price will the pairs of jeans be sold for at this point? [1 mark]

e) Explain what a market price is. [2 marks]

f) What would happen to the demand if the supplier increases the price of the jeans? [1 mark]

g) What would happen to the demand if the supplier reduces the price of the jeans? [1 mark]

Assessment Task

How the interaction between demand, supply and price affects business performance (Individual activity)

Study the table below and do the activity that follows.

Factors of production needed to manufacture a pair of jeans

Raw materials	Labour	Capital	Entrepreneurship
Cotton, fabric	Clothing factory workers, pattern designers, sales people, store managers, advertising people	Money, sewing machines, materials, factory, transport network, communications network	Factory owners, shop owners

Write a report on how an increase in fuel prices would affect each of the factors of production and ultimately the performance of the business. Follow the report writing format below. Look at the rubric below to see how your report will be assessed.

Report writing format

Your report should contain the headings below in bold (if typed) and underlined (if handwritten). The section between the ‘Introduction’ and ‘Conclusion’ forms the main body of your report.

Title: The effect of fuel prices on the factors of production

Summary

Summarise the main points, main conclusions and recommendations. Keep your summary short. (Although your summary appears below the title, you should write it last.)

Introduction

State the problem you are investigating. State the purpose of your report.

Problem and theory

Explain the problem you are investigating. Explain any theory that applies to the problem. (E.g.: Explain how the interaction between demand, supply and price affects every business.). Define your key concept, e.g. ‘factors of production’ and ‘price increases’.

Method and results

Explain the method(s) you are using to obtain your result. State what your results are. Include any tables, diagrams and graphs you may be using to record your results. Address the following:

· How a fuel price increase impacts on the cost of raw materials

· How a fuel price increase impacts on the cost of labour (leading to potential job losses, should the business decide to cut labour costs)

· How a fuel price increase impacts on the cost of capital equipment

· How a fuel price increase affects supply and demand and impacts on the business enterprises and entrepreneurship

Insert the information you gather in a table such as the one below.

Discussion

Assess your results. (E.g.: State whether you obtained the results you had set out to obtain. State whether further investigations are necessary.)

Conclusion

Summarise your results. Explain the importance of your results. Make recommendations about how solutions can be found to the problem you investigated. Include possible actions taken by entrepreneurs to counteract the negative effect of fuel prices.

Table of findings:

Factor of production	How an increase in the fuel price affects the factor	Why the fuel price affects this factor

Teacher assessment rubric: report

Criteria					Marks
Format of report [Marks out of 10]	The learner followed the format provided exactly. [10 marks]	The learner mostly followed the format provided. [8 marks]	The learner sometimes followed the format provided. [6 marks]	The learner did not follow the format provided. [1-4 marks]
Information contained in report [Marks out of 10]	The learner included all the relevant points in the report. [10 marks]	The learner included most of the relevant points in the report. [8 marks]	The learner included some of the relevant points in the report. [6 marks]	The learner left out most of the relevant points in the report. [1-4 marks]
Language use in report [Marks out of 10]	Excellent language usage with no mistakes. [10 marks]	Good language usage with only a few mistakes (fewer than five). [8 marks]	Acceptable language usage with more than five mistakes. [6 marks]	Little attempt to use correct language. [1-4 marks]
Total marks out of 30:

Level 4: 21-30 marks (70–100%) – Outstanding

Level 3: 15-20 marks (50–69%) – Achieved

Level 2: 10-14 marks (35–49%) – Partially achieved

Level 1: 1–9 marks (1–34%) – Not achieved

Assessment Task

Characteristics of goods and services (Individual activity)

Choose the correct word from the box given to explain the characteristics of goods and services.

intangible consumers stored consumption touch

services standardised perishable rendered quality

Goods can be manufactured and __________ for later use. [1 mark]
Some goods are __________, which means that they do not last or they decay, such as fruit. [1 mark]
A service lasts only as long as it is being __________. [1 mark]
Goods are tangible, which means that you can __________ them. [1 mark]
Services are __________, such as repair work, which means you cannot touch or store or keep them. [1 mark]
When goods are stored for later use, __________ of the goods takes place after production. [1 mark]
__________ are consumed at the time they are rendered. [1 mark]
Goods can comply with certain standards to ensure __________. [1 mark]
Services cannot be completely __________ , because the quality of the service depends every time on how the service is rendered at the time. [1 mark]

Goods and services are produced in response to the needs and wants of __________. [1 mark]

Assessment Task:

Investing on the stock exchange (Individual activity)

Read the information below and answer the questions that follow.

What is the JSE and what’s it got to do with me?

The JSE is the engine-room of the South African economy. Here, companies from across the spectrum of industry and commerce gather to raise the public capital that will allow them to expand, in the process creating new jobs, products, services and opportunities.

If you own an insurance policy, a retirement annuity, a unit trust or even a simple savings account, the JSE is where much of your money goes to make more money for you. Directly or indirectly, the movements of the market matter to millions of South Africans, and that’s why more and more South Africans are choosing the direct route to the market – by investing on the JSE.

How do I buy or sell shares on the JSE?

You could pay a visit to your bank and ask an investment consultant to conduct the necessary transactions on your behalf. But the more common route is to go directly to one of the many member firms. Using the sophisticated JSE Trading System, your stockbroker will buy or sell shares on your instructions. Alternatively, you could open a managed account with the stockbroker where, for a fee, he will make the decisions of when and what to buy or sell on your behalf. In either case, you will be charged a negotiated brokerage fee, plus VAT and applicable duties.

Aside from acting as an intermediary between the stock exchange and the investor, a stockbroker will also offer all the advice, guidance and assistance required to take you through what may seem a daunting and intimidating process – which makes it all the more essential to choose the right stockbroker for your individual needs and investment goals.

(Source: www.jse.co.za/beginners_guide.jsp)

a) What does JSE stand for? [1 mark]

b) Why is the JSE called the engine-room of the South African economy? [1 mark]

c) Why does the performance of the JSE matter even to an unemployed person who does not invest in shares? [1 mark]

d) Use a dictionary to look up the meaning of the following words: [5 marks]

commerce

stockbroker

duties

consultant

intermediary

e) What could happen if you choose the wrong stockbroker to handle your investments? [1 mark]

f) Name one investment goal the average family might have (for example: investing to build funds for a child’s education). [1 mark]

[Total: 10 marks]

Assessment Task

How accounting software helps a business (Individual activity) (LO3 AS4)

Complete the crossword puzzle. [10 marks]

Choose your answers from the words in this box:

tutorials immediate journals income statement

payroll VAT financial cash flow

training year-end

Assessment Task

Accounting in retail and service businesses (Individual activity)

Answer the following questions in your workbook.

a) Explain what a retail business is. Give two examples of a retail business. [3 marks]

b) Explain what a service business is. Give two examples of a service business. [3 marks]

c) What is the difference between the earnings and the profit of a business? [2 marks]

d) Why would you want to compile an income statement for a business? [2 marks]

[Total: 10 marks]

Assessment Task

Income statement for a service business (Individual activity)

Use the list of accounts below to draw up an income statement for Soweto Transport Services for the period that ended 28 February 2011.

LIST OF ACCOUNTS OF SOWETO TRANSPORT SERVICES ON 28 FEBRUARY 2011
DETAILS	AMOUNT IN RAND
Current income	488 450
Rental	25 878
Wages	215 998
Fuel and repairs	98 578
Insurance	85 475
Stationery	2 685
Interest expense	471
Interest income	485
Cell phone	5 960
Water and electricity	8 786
Advertising	6 956

Assessment Task

Balance sheet for a retail business (Individual activity)

From the balance sheet accounts section of the general ledger, the accountant of Melody Musical Instruments has been able to extract the following information:

Vehicles	125 000
Buildings	530 000
Accounts receivable	25 850
Interest income	450
Capital at the end of previous year	356 000
Accounts payable	48 659
Cash on hand	19 655
Drawings	36 500
Bank	9 760
Trading stock	162 850

From the income statement, the accountant established that Melody Musical Instruments had made a profit of R29 956.

Draw up the balance sheet for Melody Musical Instruments as on 28 February 2011. Also compile notes to the balance sheet.

Assessment Task

Balance sheet for a service business (Individual activity)

From the balance sheet accounts section of the general ledger, the accountant for Super Savers Carwash has been able to extract the following information:

Vehicles	75 000
Buildings	435 000
Accounts receivable	7 500
Interest income	855
Balance of capital	456 900
Accounts payable	45 590
Cash on hand	1 600
Drawings	14 600
Bank	36 850

From the income statement, the accountant established that Super Savers Carwash made a profit of R68 060.

Draw up the balance sheet for Super Savers Carwash as on 28 February 2011. Also compile notes to the balance sheet.

Assessment Task

Calculating sales price, cost of sales, mark-up and profit (Individual activity)

Make use of the formulas below to do the calculations that follow.

Profit = sales – cost of sales

Sales = cost of sales + profit

100__________

Cost of sales = sales x Mark-up percentage plus 100

a) Barry buys a car at R15 000 and sells it to Tom for R22 500. How much profit did he make? [2 marks]

b) What percentage profit did Barry make in the transaction in a) above? [2 marks]

c) Precious has a 30% mark-up on her vegetables. She buys oranges for R10 a pocket at the Johannesburg Fresh Produce Market. For how much does she sell it? [2 marks]

d) The hardware store sells their paint at a mark-up of 60%. What do they buy it for if they charge R500 for a 25-litre drum? [2 marks]

Assessment Task

CRJ and CPJ for a retail business (Individual activity)

Write the transactions listed below in the CRJ and CPJ of Busa’s Best Buys. Test the totals of your columns at the end of the month of September 2010. Busa’s has a 50% mark-up.

Date	Details	Source document
1	The owner, B Busa, deposits R50 000 in the bank account as start-up capital	Receipt BB01
2	Purchases trading stock from More Wholesalers R19 500	Cheque AB01
2	Purchases shelving to the amount of R1 200 from Shopfitters Anonymous	Cheque AB02
4	Cash sales R1 500 deposited into bank account	Cash register roll C01
6	Pays wages to B Benjamin to the amount of R2 500 and C Claas to the amount of R2 000	Cheque AB03 Cheque AB04
7	Purchases trading stock from Trading Co, R4 650	Cheque AB05
8	Donates R100 to the Church Bazaar Fund	Cheque AB06
10	Buys stationery to the amount of R300 from Stationery Galore	Cheque AB07
13	Receives rental income from C Bree, R3 000	Receipt BB02
15	Pays bank charges, R50 to AB Bank	Cheque AB08
17	Cash sales R6 000 deposited into bank account	Cash register roll C02
19	Pays wages to B Benjamin to the amount of R2 500 and C Claas to the amount of R2 000	Cheque AB09 Cheque AB10
21	B Busa takes drawings of R2 500 for her own use	Cheque AB11
23	Cash sales R4 200 deposited into bank account	Cash register roll C03
26	Buys trading stock from Trading Co, R5 900	Cheque AB12
27	Buys refreshments from New Deli Indian Cuisine for R390	Cheque AB13
28	Pays water and electricity to Ermelo Municipality, R1 650	Cheque AB14
	Cash sales R7 500 deposited into bank account	Cash register roll C04
29	Pays telephone to Neotel, R550	Cheque AB15

Assessment Task

Creditors journal and creditors ledger (Individual activity)

The transactions in the box below took place during January 2011. These are for The Chain & Sprocket, which sells bicycles. Enter these transactions in the creditors journal and then write the creditors in the creditors ledger at the end of the month.

Date	Details	Source document
1	E Bezuidenhout, the owner, bought bicycles as trading stock on credit from Le Tour Wholesalers to the amount of R29 500	Invoice LTW53
2	Trading stock bought on credit from The Bike Shop, R16 800	Invoice TBS92
9	Bought bike racks from The Shed on credit for display purposes, R7820	Invoice 6695
15	Issued a cheque to Le Tour Wholesalers to pay their account, R20 000	Cheque CS445
18	Bought trading stock on credit from The Bike Shop, R6 900	Invoice TBS99
20	Issued a cheque to The Bike Shop to pay their account, R10 500	Cheque CS449
25	Bought trading stock on credit from Le Tour Wholesalers, R6 300	Invoice LTW65

Assessment Task

Debtors journal and debtors ledger (Individual activity)

The transactions in the box below took place during May 2011. These are for The Pen & Quill Stationers who sells stationery. Enter these transactions in the debtors journal and then write the debtors in the debtors ledger at the end of the month. The Pen & Quill works on a 60% mark-up.

Date	Details	Source document
5	Sold stationery on credit to PJ Administrators, R1 520	Duplicate invoice PQ56
8	Sold stationery on credit to Thembi Crafts, R624	Duplicate invoice PQ57
10	Receive R1 520 from PJ Administrators to settle their account	Receipt PQR05
11	Sold stationery on credit to Jackson Editors, R288	Duplicate invoice PQ58
13	Receive R620 from Thembi Crafts to settle their account	Receipt PQR06
16	Sold stationery on credit to PJ Administrators, R480	Duplicate invoice PQ59
19	Sold stationery on credit to Thembi Crafts, R128	Duplicate invoice PQ60
25	Sold stationery on credit to Jackson Editors, R384	Duplicate invoice PQ61
28	Receive R500 from Jackson Editors as partial payment of their account	Receipt PQR07

Assessment Task

General ledger sections (Individual activity)

Read the information below about the sections of the general ledger and answer the questions that follow.

The general ledger consists of two sections.

The first is the ‘balance sheet section’ that contains all the accounts from which the balance sheet is compiled. These accounts have to do with assets, liabilities and owner’s equity.

The second section is the nominal accounts section, which is also called the ‘profit and loss accounts’ section. This section contains accounts that have to do with income and expenses.

Indicate in which section of the general ledger the following accounts will appear by writing a B or an N next to the account. [20 marks]

1. Bank costs		11. Interest expense
2. Equipment		12. Cost of sales
3. Debtors control		13. Vehicles
4. Sales		14. Capital
5. Wages		15. Trading stock
6. Bank		16. Water and electricity
7. Donations		17. Interest income
8. Creditors control		18. Packing material
9. Current income		19. Buildings
10. Drawings		20. Telephone

Assessment Task

Calculating ratios to interpret the financials (Individual activity)

Study the information below about Imbuia Environmental Equipment.

The income statement and balance sheet of Imbuia Environmental Equipment revealed the following:

Long-term loan from OXV Bank: R180 000

Cash and cash equivalents: R82 900

Creditors’ control: R3 900

Fixed assets: R250 000

Trading stock: R65 000

Debtors’ control: R18 500

Calculate the following ratios and say whether they are over or under the accepted norm and what that implies for the business.

a) Debt ratio

b) Current ratio

c) Quick ratio

Assessment Task

Paying in cash is best! (Individual activity)

Read the two case studies below and answer the questions that follow.

Landela’s mother always taught her to work carefully with her money. When she started working, she saved her money until she had enough to move into a flat. She furnished her flat with second-hand goods until she could afford decent new furniture, which she bought for cash. She then sold the second-hand furniture and put the money she got into a savings account. She always buys her clothes and groceries for cash. She applied for a cash card from a clothing store and the store where she buys her toiletries and make-up. Whenever she pays for goods in cash, she earns cash-back vouchers. This saves her some money each year that she uses to buy her mom a Christmas gift.

Gina lives for the moment. She buys what she wants, when she wants it. She buys all her monthly groceries, clothing and other goods on her credit cards. Very soon she finds it hard to pay off all the debt she has made. She sits down to do some calculations. She finds that she owes R10 000 on her credit cards. She is paying 18% per year on that amount. In one year she pays R1 800 in interest only.

a) Give one reason why buying for cash is better than buying on credit. [1 mark]

b) Why is the interest rate on credit cards so high? [1 mark]

c) How do banks make it possible for you to buy for cash without carrying around much cash? Name three ways. [3 marks]

d) Why is it better to buy groceries for cash than on credit? [2 marks]

e) What security feature protects your account when you use an ATM? [1 mark]

[Total: 8 marks]

TERM 2

Assessment Task:

What are regional agreements? (Individual activity)

Read the information below and complete the task that follows.

Regional agreements are agreements, set up with countries in the surrounding region, that pertain to trade and other issues.

All countries in Africa belong to the African Union, except for Morocco. The African Union also aims to attract foreign investment to African countries to stimulate growth and development.

South Africa is a member of the Southern African Development Community (SADC). This is a group of 14 nations that trade with each other in a free trade area. The other countries that belong to the SADC are Swaziland, Lesotho, Botswana, Namibia, Zimbabwe, Mozambique, Mauritius, Seychelles, Angola, Zambia, Tanzania, Madagascar and the DRC.

One of the oldest customs unions in the world is the Southern African Customs Union (SACU). Botswana, Namibia, South Africa, Lesotho and Swaziland belong to this union, which was set up in 1910. In 2004 an agreement came into effect between member states which allows for a common external tariff, a revenue-sharing formula and trade between members that is exempt from customs duties.

South Africa also supports the New Partnership for African Development (NEPAD). This initiative was set up by Mr Thabo Mbeki, former South African president, and is meant to gain support for health, education and water issues from the eight most industrialised countries in the world, who are known as the G8. The G8 consist of Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States.

Unscramble the letters in each word in the box below to complete the sentences that follow:

gonialer cenudatio orcocom bimek anpaj

stocums fortuene sloothe CAUS medveplento

a) The __________ is one of the oldest customs unions in the world.

b) __________ agreements are important for they enable South Africa to maintain relations with its neighbours regarding trade and other issues.

c) There are __________ countries that belong to the SADC.

d) NEPAD is meant to gain support for, amongst others, __________ issues.

e) This country does not belong to the African Union.

f) A member of the SADC.

g) His name is synonymous with NEPAD.

h) These duties are usually paid when trading with other countries, but not by members of the Southern African Customs Union.

i) A member of the G8 that is in the Far East.

j) The AU aims to stimulate this by attracting foreign investment.

[Total: 10 marks]

Assessment Task

Understanding the concept of sustainable development (Individual activity)

Read the definition and explanation of sustainable development below and answer the questions that follow on your workbook.

The most common definition of sustainable development is: ‘Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.’

There are three pillars to sustainable development. These pillars, which appear in the slogan used at the World Summit for Sustainable Development, are ‘Care and respect for People; Planet; and Prosperity’. All three these aspects are equally important and should be addressed at the same time. The pillar called ‘People’ has to do with poverty alleviation. ‘Planet’ deals with conservation. ‘Prosperity’ deals with business development.

What does ‘compromise’ mean in this context? [1 mark]
What is ‘the World Summit for Sustainable Development’? [3 marks]
What are the three pillars of sustainable development? [3 marks]
Why are the three pillars equally important and why should they be addressed at the same time? [4 marks]
Explain in your own words what sustainable development is. [1 mark]

[Total: 12 marks]

Assessment Task

Supply curve (Individual activity)

The table below shows how many pairs of jeans a supplier would be prepared to supply at different prices. Study the table and answer the questions that follow.

Price per pair of jeans	Quantity supplied
R1000	300
R800	200
R500	100
R300	50

1. Describe the relationship between the supply and price in the table. [1 mark]

2. Draw the relationship on the graph provided below: [5 marks]

3. Study the curve you have drawn and answer these questions:

a) How many pairs of jeans will the supplier be prepared to sell at R700? [1 mark]

b) Explain why the curve has this shape. [1 mark]

c) What is the law of supply? [2 marks]

Draw up a trial balance (Individual activity)

Use the general ledger accounts below to draw up a trial balance for Busa’s Best Buys for the month of 30 September 2010.

GENERAL LEDGER OF BUSA’S BEST BUYS

BALANCE SHEET ACCOUNTS

Dr Capital B1 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
					Sept		Bank	CRJ	50 000

Dr Bank B2 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	30	Sundry accounts	CRJ	72 200	Sept	30	Sundry accounts	CPJ	45 790
							Balance	c/o	26 410
				72 200					72 200
Oct	1	Balance	b/d	26 410

Dr Trading stock B3 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	30	Bank	CPJ	30 050	Sept	30	Cost of sales	CRJ	12 800
							Balance	c/o	17 250
				30 050					30 050
Oct	1	Balance	b/d	17 250

Dr Drawings B4 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	21	Bank	CPJ	2 500

NOMINAL ACCOUNTS

Dr Sales N1 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
					Sept	30	Bank	CRJ	19 200

Dr Cost of sales N2 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	30	Trading stock		12 800

Dr Rental income N3 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
					Sept	13	Bank	CRJ	3 000

Dr Stationery N4 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	30	Bank	CPJ	300

Dr Wages N5 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	30	Bank	CPJ	9 000

Dr Donation N6 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	8	Bank	CPJ	100

Dr Bank charges N7 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	15	Bank	CPJ	50

Dr Telephone N8 Cr

Month	Day	Details	Fol	Amount	Month	Day	Details	Fol	Amount
Sept	29	Bank	CPJ	550

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