GRADE 7

ECONOMIC AND MANAGEMENT SCIENCES

FINAL EXAMINATION PAPER

MARKING GUIDELINE

NOVEMBER 2022

MARKS 100

This marking guideline consists of 09 page

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Economic and Management Sciences 2 FS/NOVEMBER 2022
Grade 7
MARKING GUIDELINE

SECTION A: THE ECONOMY AND ENTREPRENEURSHIP

QUESTION 1

Fill in the missing words. Write correct the word or statement next to the question
number (1.1 – 1.5) in the ANSWER BOOK.

1.1 cannot live without√

1.2 Goods√
1.3 Recycling√
1.4 Inequality√
1.5 Phishing√ 5

QUESTION 2

Various options are provided as possible answers to the following questions. Choose
the correct answer and write only the letter (A–D) next to the question number (2.1 –
2.5) in the ANSWER BOOK.

2.1 A√
2.2 B√
2.3 D√
2.4 B√
2.5 A√ 5

TOTAL MARKS

10

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Economic and Management Sciences 3 FS/NOVEMBER 2022
Grade 7
MARKING GUIDELINE

SECTION B: THE ECONOMY

QUESTION 3

3.1 List FOUR factors of production.

Natural Resources √
Capital √
Labour √
Entrepreneurship√ 4

3.2 Mention TWO advantages of using technology in the production process.

Machines are faster than people√
Machines are more accurate than people√
Machines are more reliable than people [Do not cheat, steal, get sick, or
embark on a labour strike] √
Using machines will help pay less wages or salaries. √
Working with more people sometimes causes a lot of fights. √ 4

3.3 Classify the following goods into and Non-renewable resources:

Renewable Resources Non-Renewable Resources

Maize √ Gold √
2
QUESTION 4
4.1 Define the following concepts:

4.1.1 Production
is when inputs (raw materials) are transformed into outputs (finished
Goods and services. √√

4.1.2 Savings
is that part of income that is not spent on goods and services. √√

4.1.3 Investment
is when you buy a financial product such as a policy or investment plan,
or physical object such as a valuable painting, get some kind of financial 6
return on that object or goods when you sell it or cash it in.√√

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Economic and Management Sciences 4 FS/NOVEMBER 2022
Grade 7
MARKING GUIDELINE

4.2 Mention and explain TWO types of community savings scheme.

Grocery clubs√
Clubs formed to help people save money during the year so that they
can receive a hamper of groceries at the end of the year when they
celebrate Christmas. √
Funeral societies √
The aim of a funeral society is to provide money when a member or
his/her family member dies. √
Stokvels√
informal savings clubs that allow people who cannot afford to have a
bank account to save. √
4

TOTAL MARKS

20

SECTION C: FINANCIAL LITERACY

QUESTION 5

Read the case study below and answer questions that follow. Write the correct
answers next to the question numbers (5.1 – 5.5) in the ANSWER BOOK.

5.1 Differentiate between personal income and business income.

Personal income is money received from various sources by individual
people√
Business income is money received from various sources by business√

5.2 Mention the TWO types of personal income that Joshua and his mother
received.
A disability grant. √
Wages √ 2

5.3 What are the THREE types of personal expenses that Peter helped his
mother with?
Groceries√
Clothes √
Rent √ 3

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Economic and Management Sciences 5 FS/NOVEMBER 2022
Grade 7
MARKING GUIDELINE

5.4 Explain the following terms / concepts

5.4.1 Budget
A plan of how future income will be spent. √√

5.4.2 Savings
money not spent /money left over after all expenses have been
paid√√ 4

5.5 Peter’s guest houses have businesses expenses to pay.

Give only THREE types of business expenses that they are paying
Rent expense; Wages / Salaries; Stock / Groceries; Water and electricity
Advertising; Cleaning materials; Telephone; Stationery; Bank charges
Fuel 3

5.6 Peter’s guest houses is also receiving a lot of income.

Name TWO types of business income these guest houses are receiving.
Services rendered; Fees earned / Membership fees; Sales or sales
income; Discount received for prompt payments of accounts; Interest 2
income / Interest received; Rent income; Commission income; Profit
Dividends

QUESTION 6

Classify the following items and say if they are assets, liability, expense, or income.
Make a tick (x) in the correct column.

ITEMS ASSET CAPITAL LIABILITY EXPENSE INCOME

6.1. Money received

from the sale X✓✓
of goods

6.2. Office furniture

that belongs to X✓✓
the business.

6.3. Salaries and

wages paid to X✓✓
workers.

6.4. R2000
contributed by X✓✓
the owner into
the business
account
8

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QUESTION 7

Discuss one advantage and one disadvantage of the following savings methods in the table below. write your answers in the
ANSWER BOOK.

Forms of saving Description Advantage Disadvantage

Keeping your money at Keeping money in a piggy bank, a safe or You have your money available at any High risk, for anybody, can get
home anywhere at home. time. hold of your money;

No bank charges You, don’t earn interest;

You can spend it unnecessarily

Saving at the post Opening a savings account at the post You earn interest. Charges for withdrawing money.
office office.
Your money is safe. No ATMs

Withdraw money at any Post Office

Saving at bank Opening a savings account at the bank. You earn interest; Higher bank charges;
Your money is safe; High ATM costs
You can do internet /cell phone banking;
You can use ATMs, which give easy
access to money;
You have different banking potions;
Stokvel Placing money in a stokvel monthly. Each No banking options; No interest earned;
month a different person in the stokvel You cannot spend your money You have to be able to trust
receives the lump sum or once a year the unnecessarily; the people who keep the
savings are divided. You can use the lump sum for money(high risk)
whatever is required (any one)
(any one)
16

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QUESTION 8

Read the Case Study and Prepare a Statement of Net Worth of Naledi on 25 June
2022 to calculate her wealth.

STATEMENT OF NET WORTH OF THANDI ON 25 JUNE 2022

ASSETS R R
Nokia Galaxy tablet 2 000 √
Hisense Headsets 1 500 √
Savings account (Bank) (1 000 + 900) 1 900 √√
TOTAL ASSETS 5 400 √√

LIABILITIES
Loan from his uncle 900 √

TOTAL LIABILITIES 900 √

TOTAL NET WORTH 4 500 √√ 10

TOTAL MARKS

50

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Economic and Management Sciences 8 FS/NOVEMBER 2022
Grade 7
MARKING GUIDELINE
SECTION D: ENTREPRENEURSHIP

QUESTION 9

Use the information given in the Case Study to draw a SWOT analysis for Super
Cleaners. Write your answers by completing the table in the below.

STRENGTHS WEAKNESSES
• Learners will use their savings • But two are very lazy √√
to buy cleaning materials √√

• Three of them are very

hardworking and disciplined √√

OPPORTUNITIES
• All groups of learners who will
be selling their products on the
Entrepreneurs’ Day are willing
to pay them for their cleaning
services √√
THREATS
• Super Cleaners are worried
that some businesses might
not be able to pay them as
promised if they do not make a
profit. √√
10

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QUESTION 10
Study the cartoon and use the income and expenses of Super Cleaners given by
their business members to draw their Statement of Income and Expenditure. Their
cleaning business was conducted on their Entrepreneurs’ Day.
Use the template below to complete thier Statement of Income and Expenditure.
THE INCOME AND EXPENDITURE STATEMENT OF SUPER CLEANERS FOR THE
ENTREPRENEURS’ DAY – 30 SEPTEMBER 2022
INCOME R R
Services rendered 600 √
Donation 100 √
700 √√
Less Expenses 70 √√
Licence fee 30 √
Refuse bags 40 √
Profit 630 √√
10

TOTAL MARKS

20

TOTAL: 100

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