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

QUESTION 2: [5 marks; 5 minutes]

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 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
SECTION B: FINANCIAL LITERACY 56 MARKS

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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)

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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)

QUESTION 7: [15 marks; 15 minutes]

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 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

QUESTION 9: [15 marks,15 minutes]

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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
hunger health

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)

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