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GET Term 4 Take Home Package
EMS
Grade 8
EMS
GRADE 8: RESOURCE PACK
TERM 4
INTRODUCTION:
Dear learner
This resource pack is to help and support you to master the content of term 3 and 4. It contains
Financial Literacy, Entrepreneurship, and the Economy. If you worked through all the lesson plans
and activities of term 3 and 4, you are ready to do these activities.
If you completed all these activities, you could mark your work. If you struggle with certain topics, you
must go through the content and activities again. Good luck!!!!
QUESTION 1:
Show what effect each of the following transactions has on assets and/or owner’s equity.
Use the example as indicated in your answer page.
Example: Paid the trading licence with an EFT, R450.
1.
Mr D. Brown started his own business and directly deposited R200 000 in the bank
account of Sweepstakes Cleaners.
2.
Paid the Sunday Times R850 to run a set of advertisements to promote his business.
3.
Mr Brown cleaned 12 homes for the day. He charged R285 each homeowner for
cleaning their homes.
4.
Mr Brown paid the rent for 7 months. The annual rent is R30 000.
5.
The business employs three cleaners and a supervisor. The cleaners each earn R1 000
per week. The supervisor earns R55 per hour for 8 hours and works for 5 days per week.
Withdrew money with a debit card from the ATM to pay the weekly wages.
6.
Paid Telkom with an EFT, R2 900 for the telephone account of the business
(R1 250) as well as the owner’s telephone account.
7.
Purchased receipt books, and pens and pencils, for a combined total of R350.
NO.
ACCOUNT DEBITED
e.g.
Trading license
ACCOUNT
CREDITED
Bank
ASSETS
-450
=
OWNERS
EQUITY
-450
+
LIABILITIES
0
1
2
3
4
5
6
7
QUESTION 2;
Study the CRJ and CPJ of J & J Gardens and post to the General ledger and complete the Trial
balance:
GENERAL LEDGER OF J & J GARDENS
BALANCE SHEET ACCOUNTS SECTION
Dr (-)
CAPITAL
B1
Cr (+)
Dr (+)
DRAWINGS
B2
Cr (-)
Dr (+)
EQUIPMENT
B3
Cr (-)
Dr (+)
BANK
B4
Cr (-)
Dr (-)
NOMINAL ACCOUNTS SECTION
CURRENT INCOME
N1
Cr (+)
Dr (-)
WAGES
N2
Cr (+)
Dr (-)
RENT EXPENSES
N3
Cr (+)
Dr (-)
CONSUMABLE STORES
N4
Cr (+)
Dr (-)
ADVERTISING
N5
Cr (+)
N6
Cr (+)
Dr (-)
TELEPHONE
TRIAL BALANCE OF J & J GARDENS
Fol.
BALANCE SHEET ACCOUNTS SECTION
NOMINAL ACCOUNTS SECTION
QUESTION 3:
Study the following picture and answer the questions that follow:
Debit
Credit
1. Define a market.
2. Name two types of markets and provide an example of each type.
3. Briefly discuss the market for goods and services/goods market.
4. Define the demand for goods and services.
5. Define the supply of goods and services.
6. Briefly discuss the role of the factor market.
7. Define the term “remuneration”.
8. Name the remuneration for the four factors of production.
9. Name the three types of factor markets.
10. Define the labour market.
11. Define the money and financial markets.
12. Name two examples of money and financial markets.
13. Define the land market.
QUESTION 4:
Tabulate the differences between a Partnership and a Private Company. In your answer refer to the
following characteristics:
4.1
4.2
4.3
4.4
4.5
Name of business
Number of owners
Owners are known as
Formation requirements
Liability for debts
No.
4.1
Characteristic
Name of Business
4.2
Number of Owners
4.3
Owners are known as
4.4
Formation
requirements
4.5
Liability for debts
Partnership
Private Company
QUESTION 5:
Study the cartoon below and answer the questions which follow:
A
C
B
5.1
Define the term leadership.
5.2
Name the parts labelled A, B and C.
5.3
List the type of decisions made on each level of management.
5.4
Briefly discuss the four management tasks.
MEMORANDUM
QUESTION 1:
NO.
ACCOUNT DEBITED
e.g.
Trading license
ACCOUNT
CREDITED
ASSETS
=
OWNERS
EQUITY
+
LIABILITIES
Bank
-450
-450
0
1
Bank
Capital
+200 000
+200 000
0
2
Advertisements
Bank
-750
-750
0
3
Bank
Current Income
+3 420
+ 3 420
0
4
Rent expense
Bank
-17 500
-17 500
0
5
Wages
Bank
-5 200
-5 200
0
6
Telephone
Bank
-1 250
-1 250
0
Drawings
Bank
-1 650
-1 650
0
Stationery
Bank
-350
-350
0
7
QUESTION 2:
GENERAL LEDGER OF J & J GARDENS
BALANCE SHEET ACCOUNTS SECTION
Dr (-)
Dr (+)
2020
May 31
CAPITAL
2020
May
DRAWINGS
Bank
CPJ2
300
00
B1
1
Bank
CRJ2
B2
Cr (+)
50 000
00
Cr (-)
Dr (+)
2020
May 31
Dr (+)
2020
May 31
2020
June 1
EQUIPMENT
Bank
Total receipts
Balance
Dr (-)
2020
May 3
Dr (-)
2020
May 5
Dr (-)
2020
May 18
CRJ2
b/d
12 800
00
78 200
BANK
2020
00 May
78 200
00
43 500
00
31
WAGES
Bank
CPJ2
16 000
CPJ2
3 500
CPJ2
800
CPJ2
34 700
00
Balance
c/d
43 500
00
78 200
00
CPJ2
400
N1
CPJ2
Cr (+)
28 200
00
N2
Cr (+)
N3
Cr (+)
N4
Cr (+)
N5
Cr (+)
00
ADVERTISING
Bank
Cr (-)
00
CONSUMABLE STORES
Bank
B4
00
RENT EXPENSES
Bank
Cr (-)
Total Payments
NOMINAL ACCOUNTS SECTION
CURRENT INCOME
2020
May 31 Bank
Dr (-)
Dr (-)
2020
May 31
CPJ2
B3
00
Dr (-)
2020
May 31
TELEPHONE
Bank
CPJ2
900
N6
Cr (+)
00
TRIAL BALANCE OF J & J GARDENS
Fol.
Debit
BALANCE SHEET ACCOUNTS SECTION
Capital
Drawings
Equipment
Bank
Credit
B1
B2
B3
B4
300 00
12 800 00
43 500 00
NOMINAL ACCOUNTS SECTION
Current Income
Wages
Rent expenses
Consumable stores
Advertising
Telephone
N1
N2
N3
N4
N5
N6
50 000 00
28 200 00
16 000
3 500
800
400
900
00
00
00
00
00
78 200 00
78 200 00
QUESTION 3:
1. Any contact or communication between potential buyers and potential sellers of goods and
services.
2. Physical market
o Example: agricultural markets
Non-physical market
o Example: internet
(Accept any other relevant examples.)
3. Businesses produce goods and services.
Households buy these goods and services on the goods market.
Businesses receive income from households for goods and services.
4. Demand = quantity of goods and services households want to buy.
5. Supply = quantity of goods and services businesses produce.
6. A market where factors of production are traded.
Businesses buy the factors of production from households on the factor market.
7. Payment for the use of a factor of production
8. Natural resources: rent
Labour: salaries / wages
Capital: interest
Entrepreneurship: profit
9. Labour market
Money and financial markets
Land market
10. A market where labour is sold (interaction between employees and employers).
11. Markets where financial capital is traded.
12. Banks
Stock exchanges
13. A market where land and natural resources are traded.
QUESTION 4:
No.
4.1
4.2
4.3
4.4
4.5
Characteristic
Name of Business
Number of Owners
Owners are known as
Formation
requirements
Liability for debts
Partnership
No legal requirements
Minimum of 2, no maximum
Partners
Partnership agreement
Jointly and severally liable
for debts of the partnership
Private Company
Must end in (Pty.) Ltd
Minimum of 1, no maximum
Shareholders
Memorandum of
Incorporation
Limited to the number of
shares
QUESTION 5:
5.1
Definition of leadership
Leading is a process whereby the managers of a business will set certain processes to
influence and guide its workers to behave in a certain way
5.2
Levels of management
A
B
C
top level management
lower level management
middle level management
5.3
Types of decisions
Top level:
strategic decisions
Middle level: tactical decisions
Lower level: operational decisions
5.4
Management tasks
Planning
• The setting of goals and objectives
• Need to establish future goals and objectives
• Need to plan strategies to achieve the goals and objectives
Organising
• Refers to HOW the plan will be carried out
Leading
• Giving employees direction to what has to be achieved.
Control
• Ensuring that the plans are successful