ECONOMIC AND MANAGEMENT SCIENCES MID YEAR EXAM...

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GENERAL EDUCATION AND TRAINING DURATION: 1 HOUR MARKS: 100 ECONOMIC AND MANAGEMENT SCIENCES MID-YEAR EXAM JUNE 2015 GRADE 9 QUESTION PAPER NO. OF PAGES: 9 Question paper: pages 1-5 (bind separately and collect for future revision) Answer sheets – pages 6-9 (bind separately as an answer booklet)

Transcript of ECONOMIC AND MANAGEMENT SCIENCES MID YEAR EXAM...

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GENERAL EDUCATION AND TRAINING

DURATION: 1 HOUR

MARKS: 100

ECONOMIC AND MANAGEMENT SCIENCES

MID-YEAR EXAM JUNE 2015

GRADE 9 QUESTION PAPER

NO. OF PAGES: 9 Question paper: pages 1-5

(bind separately and collect for future revision) Answer sheets – pages 6-9

(bind separately as an answer booklet)

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JUNE 2015 – GR. 9 EMS MID-YEAR EXAM Page 2

JUNE 2015 MID-YEAR EXAM ECONOMIC AND MANAGEMENT SCIENCES DURATION: 1 HOUR GRADE 9 TOTAL: 100 Instructions: x Write your name and surname on your answer sheet. x Answer all questions on your answer sheet (page 6-9). x Write neatly and legibly (easy to read).

SECTION A 1. Choose the correct answer and draw a cross over the correct LETTER on your answer sheet. 1.1 The following are examples of businesses found in the primary industry: A Mining B Forestry C Farming D All of the above 1.2 The law of supply indicates that:

A Producers will offer more of a product at high prices than they will at low prices.

B The product supply curve is down sloping. C Consumers will purchase less of a good at high prices than they will at low

prices. D Producers will offer more of a product at low prices than they will at high

prices. 1.3

A graph drawn from the above data illustrates the following type of graph: A Demand graph B Supply graph C Demand and supply graph D No real graph is possible.

1.4 Assets = Owner’s equity + …………

A Profit B Drawings C Liabilities

D Income.

Selling price of 1 packet of Jelly Tots R1 R2 R3 R4 R5

Number of packets sold 50 40 35 20 10

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JUNE 2015 – GR. 9 EMS MID-YEAR EXAM Page 3

1.5 Which of the following statements are incorrect? A In a planned economy there is a variety of goods available on the market. B In a market economy prices are determined by demand and supply. C Productivity is normally higher in a market economy, when compared to a planned economy. D All of the above statements are correct. (10)

2. Choose the term in COLUMN B that matches the description in COLUMN A. Write only the correct letter of the selected term (A – G) next to the question number ON YOUR ANSWER SHEET.

COLUMN A COLUMN B 2.1 When the owner takes money for personal use. A Non-current

assets 2.2 The money needed to start a business. B Cash float 2.3 All income and expenses will influence ….. C Capital 2.4 Vehicles, land and buildings and equipment. D Liabilities 2.5 The money kept in the cash register for change. E Drawings F Trading stock G Owner’s equity

(10) 3. Choose the correct answer in brackets and write only the correct word next to

the number on your answer sheet: 3.1 The source document for credit sales is the (duplicate / original) credit invoice. 3.2 Tourism is part of the (primary / secondary / tertiary) sector. 3.3 In winter the (demand / quantity demanded) for flu medicine will increase. 3.4 Money owed to an outside party for a period shorter than a year is called (non-current / current) liabilities. 3.5 If better technology decreases the cost of production, the supply of the product will (decrease / increase). (5)

TOTAL SECTION A: 25

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JUNE 2015 – GR. 9 EMS MID-YEAR EXAM Page 4

SECTION B THE ECONOMY

4.1 The following table shows the supply and demand schedule for a bag of mangoes, at various prices.

PRICE PER BAG DEMAND SUPPLY R20 50 450 R18 100 300 R16 125 125 R14 200 100 R12 400 75 R10 500 25

Use the table and plot the supply (SS) and demand (DD) curves on figure 1 (p. 7) of your answer sheet. Also read the equilibrium price and equilibrium quantity from your graph and write it on the dotted lines beneath your graph. (15)

4.2 Briefly explain the role of the government in the circular flow diagram. (5)

TOTAL SECTION B: 20 SECTION C FINANCIAL LITERACY QUESTION 5: RECORD TRANSACTIONS IN JOURNALS Record the following transactions in the books of BOOKS FOR AFRICA:

TRANSACTIONS - JUNE 2015: 1 The owner, A Adams, increased his capital contribution by depositing R30 000

directly into the business’s cheque account. Issued receipt no. 100 for the amount. Issued cheque no. 500 to Creative Books for trading stock, R7 000, and stationery to the value of R250.

2 Cash sales according to the cash register roll, R8 775. The cost price of these goods was R5 850. Received R6 000 for rent from a tenant, C Cook. Issue a receipt.

5 Issued credit invoice no. 10 for R930 to F. Fakude for goods sold on credit. The profit mark-up is 50%. Determine the cost price. Issue a check to Telkom to pay the owner’s personal telephone account for his house, R470. Complete the rest of the document numbers yourself.

12 Cashed a cheque to pay the weekly wages, R2 150. 20 Goods sold on credit to K. Khumalo, R960. The cost price was R640. Issue a

credit invoice. 28 Cash sales for the day, R5 370. Determine the cost price of these goods.

F. Fakude returned goods to the value of R150. Determine the cost price of the goods. Issue credit note no. 15 for the amount. F. Fakude settled his account by paying the final amount owed. Issue a receipt for the amount.

(32)

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JUNE 2015 – GR. 9 EMS MID-YEAR EXAM Page 5

QUESTION 6: NATIONAL CREDIT ACT

6.1 Explain the purpose of the National Credit Act. (2) 6.2 Read the following extract and answer the question that follow:

Reckless granting of credit is prohibited under the National Credit Act. Reckless credit is when a credit provider gives you a loan without determining whether you can repay the loan. The Act reminds you that you have both the right and responsibility to understand and question what payments you will be required to make, and what the terms and conditions involve. You must be given a written quotation which discloses all costs (interest) before you sign a credit agreement.

6.2.1 List THREE things a consumer should know and understand about a credit agreement, before he/she signs the agreement. (3 x 2 = 6) (8)

TOTAL SECTION C: 40

SECTION D ENTREPRENEURSHIP - SECTORS OF THE ECONOMY 7. Indicate to which sector the following businesses belong: 7.1 Eskom 7.2 Travel agency 7.3 A citrus farm 7.4 A nurse (4) 8. Explain the impact of Eskom’s load shedding in the following scenarios: 8.1 A motor vehicle factory reduced the shifts of workers to ensure that they are not working during load shedding hours. 8.1.1 What impact will this decision have on workers? (2) 8.1.2 What impact will this decision have on the business? (4) 8.1.3 Explain how this decision will impact on the taxes that government will receive in future. (2) 8.2 Due to load shedding many robots in Johannesburg is not working, causing many workers to arrive more than an hour late at work. 8.2.1 What impact will this have on a courier business in Johannesburg? (2) 8.2.2 To which sector does the courier business belong? (1) TOTAL SECTION D: 15

GRAND TOTAL 100

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JUNE 2015 – GR. 9 EMS MID-YEAR EXAM Page 6

JUNE EXAMINATION - GRADE 9

ANSWER SHEET (staple separately – no folio paper needed)

NAME: ______________________________________________ GR. 9 ___

SECTION A 1. Draw a cross over the correct 2 Write only the CORRECT LETTER

answer: (A - G) next to the number:

1.1 A B C D 2.1 1.2 A B C D 2.2 1.3 A B C D 2.3 1.4 A B C D 2.4 1.5 A B C D (10) 2.5 (5)

3. Choose the correct answer and write only the correct WORD next to the applicable number:

No. Word:

3.1

3.2

3.3

3.4

3.5 (5)

TOTAL SECTION A: 25

SECTION B THE ECONOMY

4.1 Use the table on page 4 and plot the supply (SS) and demand (DD) curves on figure 1 (page 7 of your answer sheet). Read also the equilibrium price and equilibrium quantity from your graph. (15) 4.2 Role of government:

.................................................................................................................................................

…………………………………………………………………………………………………….……

.............................................................................................................…………………………

…………………………………………………………………………………………………….……

..………………………………………………………………………………………………..……(5)

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JUNE 2015 – GR. 9 EMS MID-YEAR EXAM Page 7

Figure 1

4.1 What is the equilibrium price? …….... and equilibrium quantity? ….…… (2) TOTAL SECTION B: 20 SECTION C QUESTION 5: DEBTORS JOURNAL OF BOOKS FOR AFRICA - JUNE 2015 DJ6 Invoice

no. Day Debtors Fol. Sales Cost of sales

(5) DEBTORS ALLOWANCES JOURNAL OF BOOKS FOR AFRICA - JUNE 2015 DAJ6 C/N no. Day Debtors Fol. Debtors

allowances Cost of sales

(3)

DEMAND AND SUPPLY GRAPH

R 0

R 2

R 4

R 6

R 8

R 10

R 12

R 14

R 16

R 18

R 20

R 22

0 50 100 150 200 250 300 350 400 450 500

QUANTITY DEMANDED/SUPPLIED

PRIC

E IN

RAN

DS

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JUNE 2015 – GR. 9 EMS MID-YEAR EXAM Page 8

QUESTION 5: CASH RECEIPTS JOURNAL OF BOOKS FOR AFRICA - JUNE 2015 CRJ6 Doc. no. Day Details Fol. Analysis of

receipts Bank Sales Cost of sales

Debtors’ control

Sundry accounts Amount Fol Details

(15) CASH PAYMENTS JOURNAL OF BOOKS FOR AFRICA - JUNE 2015 CPJ6 Doc. no. Day Name of payee Fol. Bank Trading

inventory Wages Stationery Sundry accounts Amount Fol Details

(9) QUESTION 6: NATIONAL CREDIT ACT

6.1……………………………………………………………………………………………………………………………………………………………

……………………………………………………………………………………………………………………………………………………………….

6.2.1…………………………………………………………………………………………………………………………………………………………

………………………………………………………………………………………………………………………………………………………….…(7) TOTAL SECTION C: 40

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JUNE 2015 – GR. 9 EMS MID-YEAR EXAM Page 9

SECTION D (Entrepreneurship) (Sectors of the economy) 7. Indicate to which sector the business belong:

7.1 …………………………..……..

7.2 …………………………..…..…

7.3 …………………………..……..

7.4 …………………………..…….. (4)

8. Explain the impact of Eskom’s load shedding in the following scenarios: 8.1.1 What impact will this decision have on workers? …………………………………………………………………………………………

…………………………………………………………………………………………

…………………………………………………………………………………………

……..………………………………………………………………………………(2)

8.1.2 What impact will this decision have on the business?

…………………………………………………………………………………………

…………………………………………………………………………………………

…………………………………………………………………………………………

…………………………………………………………………………………………

…………………………………………………………………………….(2 x 2 = 4)

8.1.3 Explain how this decision will impact on the taxes that government will receive in future.

…………………………………………………………………………………………

…………………………………………………………………………………………

……..………………………………………………………………………………(2)

8.2 8.2.1 What impact will this have on a courier business in Johannesburg?

…………………………………………………………………………………………

…………………………………………………………………………………………

……………………………………………………………………………..………(2)

8.2.2 To which sector does the courier business belong?

…………………………………………………………………………………… (1)

TOTAL SECTION D: 15 GRAND TOTAL 100

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GENERAL EDUCATION AND TRAINING

DURATION: 1 HOUR

MARKS: 100

ECONOMIC AND MANAGEMENT SCIENCES

MID-YEAR EXAM JUNE 2015

GRADE 9 MEMORANDUM

NO. OF PAGES: 7

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JUNE 2015 – GR. 9 EMS Memorandum Page 2

JUNE 2015 MID-YEAR EXAM

ECONOMIC AND MANAGEMENT SCIENCES DURATION: 1 HOUR GRADE 9 TOTAL: 100

MEMORANDUM

SECTION A (Short questions)

1. Draw a cross over the correct 2 Write only the CORRECT LETTER

answer: (A - G) next to the number:

1.1 A B C X √√ 2.1 E √√ 1.2 X B C D √√ 2.2 C √√ 1.3 X B C D √√ 2.3 G √√ 1.4 A B X D √√ 2.4 A √√ 1.5 X B C D √√ (10) 2.5 B √√ (10)

3. Choose the correct answer and write only the correct WORD next to the applicable number:

No. Word:

3.1 Duplicate √

3.2 Tertiary √

3.3 Demand √

3.4 Current √

3.5 Increase √ (5) TOTAL SECTION A: 25

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JUNE 2015 – GR. 9 EMS Memorandum Page 3

SECTION B THE ECONOMY Figure 1

(Make a copy of this graph on a transparency and place it on the learner’s graph for easy marking) Allocate 1 mark for each correct point on the graph = 11 marks And 1 mark for indicating DD and one mark for SS = 2 marks 4.1 What is the equilibrium price ...R16 √ and equilibrium quantity: .125 √ ? (2)

DEMAND AND SUPPLY GRAPH

R 0

R 2

R 4

R 6

R 8

R 10

R 12

R 14

R 16

R 18

R 20

R 22

0 50 100 150 200 250 300 350 400 450 500

QUANTITY OF MANGOES DEMANDED / SUPPLIED

PRIC

E IN

RA

ND

S

QUANTITY DEMANDED (MANGOES)QUANTITY SUPPLIED (MANGOES)

D

DS

S

E

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JUNE 2015 – GR. 9 EMS Memorandum Page 4

4.2 Briefly explain the role of the government in the circular flow diagram. (5)

x Render public goods and services √√ x Receive taxes from households and businesses √√

Only 1 mark for any 3rd role of the government: x Buys factors of production from the factor market / households √ x Pays for these factors of production x Buys goods from the goods market / businesses x Pays for goods and services

TOTAL SECTION B: 20 SECTION C FINANCIAL LITERACY QUESTION 5: RECORD TRANSACTIONS IN JOURNALS � When marking the journals accuracy is important. Marks for the amounts

are awarded only if the rand and cents are correct. If a learner ignored the cents, no mark for the amount.

� A transaction is supposed to be recorded in ONE journal only. If a learner records a transaction in both the CRJ and CPJ or / and the DJ,

allocate the marks in the journal applicable, but indicate a (- 1) in the INCORRECT journal.

When totalling the marks, of the specific journal, subtract all the (- 1)'s. E.g. 10 - 2 = 08 then the learner receives only 08 marks. QUESTION 5:

DEBTORS JOURNAL OF BOOKS FOR AFRICA - JUNE 2015 DJ6 Doc. no. Day Debtors Fol. Sales Cost of sales

10 5 F. Fakude 930 -√ 620 - √√

11 20 K. Khumalo 960 -√ 640 -√

(5)

DEBTORS ALLOWANCES JOURNAL OF BOOKS FOR AFRICA - JUNE 2015 DAJ6 C/N no. Day Debtors Fol. Debtors

allowances Cost of sales

15 28 F. Fakude 150 -√ 100 -√√

(3)

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CASH RECEIPTS JOURNAL OF BOOKS FOR AFRICA - JUNE 2015 CRJ6

Doc. no. Day Details Fol. Analysis of

receipts Bank Sales Cost of sales Debtors control

Sundry accounts Amount Fol Details

100 1 A Adams √ 30 000 √ 30 000 - Capital √ CRR 2 Sales 8 775 - 8 775 √ 5 850 √ 101 C. Cook 6 000 - 14 775 √√ 6 000 - Rent Income √ CRR 28 Sales 5 370 - 5 370 √ 3 580 √√ 103 F. Fakude 780 - 6 150 √√ 780 √ √

(15) CASH PAYMENTS JOURNAL OF BOOKS FOR AFRICA - JUNE 2015 CPJ6

Doc. no. Day Name of payee Fol. Bank Trading

inventory Wages Stationery Sundry accounts Amount Fol. Detail

500 1 Creative Books 7 250 √√ 7 000 √ 250 √

501 5 Telkom * 470 - 470 -√ Drawings√

502 12 Cash * 2 150 - 2 150 -√

√ * Both correct for 1 mark √

(9)

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JUNE 2014 – GR. 9 EMS MID-YEAR MEMORANDUM Page 6

QUESTION 6: 6.1 Explain the purpose of the National Credit Act. (2)

x The National Credit Act was introduced because many poor people could not read and were signing contracts to buy items on credit without understanding the agreement. √√

x This law will protect consumers from high interest rates and to ensure that the customer can afford to repay the debt.

x Maximum: any 1 x 2 marks 6.2 Read the following extract and answer the questions that follow: 6.2.1 List THREE things a consumer should understand and question in a credit agreement, before he/she signs the agreement. (3 x 2 = 6)

x Understand and question what payments you will be required to make.√√ x And what the terms and conditions involve. √√ x Must be given a written quotation which discloses all costs (interest). √√

(8) TOTAL SECTION C: 40 SECTION D ENTREPRENEURSHIP

7. Indicate to which sector the following businesses belong: 7.1 Secondary √ 7.2 Tertiary √ 7.3 Primary √ 7.4 Tertiary √ (4) 8. Explain the impact of Eskom’s load shedding in the following scenarios: 8.1 A motor vehicle factory reduced the shifts of workers to ensure that they are not working during load shedding hours. 8.1.1 What impact will this decision have on workers? (2)

x Their working hours and wages will decrease. √√ x Some might lose their jobs on the long run. x Maximum: any 1 x 2 = 2 marks

8.1.2 What impact will this decision have on the business? (4) x Output/production will decrease √√ x Profit will decrease √√ x Will not be able to compete with other motor manufacturers in

the long run. x Maximum: any 2 x 2 = 4 marks

8.1.3 Explain how this decision will impact on government revenue in future. (2)

x Revenue from income tax and company tax will decrease. √√

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JUNE 2014 – GR. 9 EMS MID-YEAR MEMORANDUM Page 7

8.2 Due to load shedding many robots in Johannesburg is not working, causing many workers to arrive more than an hour late at work. 8.2.1 What impact will this traffic jam have on a courier business in Johannesburg? (2)

x Income/profits will decrease √√ x Expenses on fuel and/or wages might increase. x Maximum: any 1 x 2 = 2 marks

8.2.2 To which sector does the courier business belong? (1) x Tertiary sector √

TOTAL SECTION D: 15

GRAND TOTAL 100