GRADE 7

EMS MEMO
NOVEMBER 2023
MARKS: 100
SECTION A
QUESTION 1
1.1 1.1.1 C
1.1.2 B
1.1.3 A
1.1.4 D
1.1.5 C [5]
1.2 1.2.1 E
1.2.2 C
1.2.3 D
1.2.4 B
1.2.5 A [5]
1.3 1.3.1 True
1.3.2 True
1.3.3 False
1.3.4 False
1.3.5 True [5]
1.4 1.4.1 competitor
1.4.2 account
1.4.3 financial
1.4.4 advertising
1.4.5 goals [5]
SECTION A TOTAL [20]
SECTION B: THE ECONOMY
QUESTION 2
2.1 8÷2=4
Renewable resources Non-renewable resources
Rhino Oil
Tree Coal
Fish
Paper
Water
Fertile soil
2.2 2.2.1 Renewable resources are resources that cannot be replaced once 2
used up. Any relevant answer
2.2.2 Production is when raw materials are transformed into product or 2
service that is useful. Any relevant answer
2.3 Natural resources 4
Labour
Entrepreneur
Capital

1
2.4 2.4.1 Flour/sugar/ yeast/water (anyone) 1
2.4.2 c) stove/basin/electricity/spoon (anyone) 1
2.5 Economic growth is the number of goods and services produced in 2
the country in a year compared to the previous year.

2.6 Encourage existing businesses to grow 2

Promoting entrepreneurship
Ensure better management
Improve level of productivity
(ANY RELATED 2)
2.7 2
New Advantage Disadvantage
technology
Cell phone Communicate People access phone
with people while driving and cause
anywhere accidents

Hacking (be able to

access someone’s
account using another
device.
Any relevant answer
SECTION B TOTAL [20]
SECTION C: FINANCIAL LITERACY
QUESTION 3
3.1 3.1.1 Parents go to the bank with their children 2
They must bring along parents ID and the child’s birth
certificate
3.1.2 2% 1
3.2 ABSA 2
FNB
Capitec
African bank
Nedbank
Standard bank (ANY TWO)
3.3 Provide loans to customers 2
Allow customers to save money
Allow customers to invest their money
Send SMS
Cell phone banking
Issue credit card
Open bank account for customers
(any related two)

3.4 To provide for unexpected expenses 2

To make more money (earn interest)

2
 To buy expensive items  (e.g. furniture)
3.5 Grocery club help a person to save money during the year so that 2
he/she can receive grocery at the end of the year

3.6 Honest people could be cheated out of their savings by 1

untrustworthy people (any relevant answer)

3.7 -Pay debts and stay out of debtsANY TWO 2

-Have a financial goal
-Have cash for basic needs
-Never spent more money than you earn
-Learn from the past and plan for the future
-Keep money for emergency (Any relevant answer)

3.8 The results 6

The aim of the stokvel
Are the members trusted
Who is the organizer of the meeting
How the money is going to be received (ANY THREE)

SECTION C TOTAL [20]

SECTION D: ENTREPRENEURSHIP
QUESTION 4
4.1 Fixed costs are costs that do not change no matter how many 2
products are made.
Variable costs are cost that changes depending on how many
products are made
4.2 4.2.1 fixed cost 1
4.2.2 variable cost 1
4.2.3 fixed cost 1
4.2.4 variable cost 1
4.2.5 fixed cost 1
4.3 A person who sets up a business or businesses, taking on financial 2
risks in the hope of profit.Any relevant answer
4.4 Ambition to achieveDiscipline Optimistic, confident, 3
calm, Risk taker, Persistent; Sense of responsibility; Passionate
about learning and flexible ; Display leadership qualities ; Socially
outgoing (ANY THREE)
4.5 Self-starter  Leadership and management skills – 4
planning, organising, leading and control 

Responsible , Goal orientated , Good at Decision making ,

Knowledgeable about product or service they want to sell ● Good
at time management ● Good communication skills ● Good
networking skills ● Good at fundraising ● Team player (ANY

3
 FOUR)
4.6 Selling 4
Producing
Buying
Making profit
QUESTION 5
5.1 Strength, Weakness, Opportunity and Threats 1
5.2 He has experience of working with tools and material 3
He worked as a handyman for many year
He has management experience in the hardware business
He knows suppliers and can buy
He has an experience as a good salesman
Her daughter offered to help him with bookkeeping and
administration
He knows most of the building contractors (ANY THREE)

5.3 He does not have a startup capital 2

He has no knowledge of accounting and costing and is not good
with administration

5.4 A new factory in Hendrina has brought new contractors to the area 1
New houses are going to be built for the factory workers
Two contractors offered him commission of 10 percent for building
contracts that Moses could get for them (ANYONE)

5.5 internet, Radio, TV, Newspaper, Social media, Posters, 2

flyers, magazines, billboards (ANY TWO)

5.6 Goal must be written down and referred to 3

Goals should have fixed time frame
Should be realistic and achievable
5.7 A-attention 4
I-interest
D-desire
A-action
6 4
Cost price Mark-up Selling
Items price
1. Cold drink R6 R4 R10
2. Sweets R5 R2 R7
3. Hot dogs R200 R75 R275
4. Chips R52,50 R7,05 R59,55
SECTION D TOTAL [40]