MASAKHANE GIRLS SECONDARY SCHOOL
ECONOMIC AND MANAGEMENT SCIENCES
GRADE 9 TERM 1 ASSIGNMENT
TOTAL MARKS: 50
SECTION A
QUESTION 1
1.1 Complete the following table:
Type of Economic System
Planned
Market
Who decides what to produce?
Who decides how to produce?
Who decides for whom to produce?
[6 marks]
1.2 Give the TERM for the following:
An economic system in which government make all the decisions about the
production and consumption of goods and services. …………………………
1.2.2 An unplanned economy in which land, property and business are owned by
private people not the government. …………………………….
1.2.3 The government as well as people and businesses owns the land and natural
resources. …………………………………
1.2.4 The increased integration of businesses and governments across the world.
…………………………………
[4 marks]
1.2.1
1.3 Read the following statements carefully. Then identify whether these countries
have an open or a closed economy.
1.3.1
1.3.2
1.3.3
1.3.4
1.3.5
1.3.6
South Africa exports iron-ore to China ……………………………….
Zimbabwe don’t let foreigners buy shares in his companies.
…………………………….
Japan does not allow its citizens to work in other countries.
…………………………......
South Africa lend R200 million to Senegal. …………………………………
Russia does not allow its citizens to work in other countries.
……………………………..
England have invested money in oil companies in Nigeria.
……………………………..
[6 marks]
1
QUESTION 2
2.1
STATEMENT
An economic system is the way in which people decide to
organise the production, distribution and consumption of
goods and services.
2.2
What, how and for whom to produce are the basic economic
questions that every society must answer.
2.3
All societies answer the three basic questions in the same
way.
In a planned economy, a central authority makes the
decisions regarding what, how and for whom to produce.
The global economy is characterized by free trade.
2.4
2.5
2.6
In a market economy, only the government decides what
goods and services are produced.
2.7
In a planned economy, the aim of businesses is to make a
profit.
In a planned economy, the government decides how the
goods and services that are produced will be distributed.
2.8
2.9
In a market economy, decisions regarding production and
consumption result from the interaction of consumers and
producers.
2.10
The USA is an example of a planned economy.
ANSWER
[10 marks]
2
SECTION B
QUESTION 3
The following transactions took place at the premises of Too Beautiful Nursery.
Too Beautiful Nursery has a markup of 50%.
Date
01 August 2010
Source
document
Receipt 01
01 August 2010
Cheque 3050
03 August 2010
04 August 2010
Cash register
roll CRR01
Cheque 3051
05 August 2010
05 August 2010
Cheque 3052
Cheque 3053
07 August 2010
10 August 2010
Cash register
roll CRR02
Cheque 3054
12 August 2010
Cheque 3055
15 August 2010
Receipt 02
18 August 2010
20 August 2010
21 August 2010
Cash
Register Roll
CRR03
Cheque 3056
Cheque 3057
25 August 2010
28 August 2010
Cheque 3058
Cheque 3059
29 August 2010
Cheque 3060
Transaction
The owner, P Azalia, makes a cash contribution to the
business of R40 000
The business buys trading stock from Big Tree
Wholesalers to the value of R2 500
Cash sales deposited into bank account, R3 000
The business buys trading stock from Malan Seuns to
the value of R8 000
Writes out a cheque to pay rental, R6 000
Writes out a cheque as a donation to Greenpeace,
R500
Cash sales deposited into bank account, R9 000
The business buys trading stock from Big Tree
Wholesalers to the value of R15 000
Buys consumables to the value of R1 500 from Kit
Kat Stores
Receives rental from Seeds-R-Us for the use of the
storeroom, R2 500
Cash sales deposited into bank account, R7 500
P Azalia takes R2 500 drawings to pay his car repairs
Buys trading stock from Malan Seuns to the value of
R15 000
Pays the salary of Betty Bloom, R6 000
Pays the water and electricity, R1 200, to Ekhuruleni
Metro
Pays the telephone account, R350, to Telkom
a) Enter these cash transactions into CRJ and CPJ.
b) Balance off the journals at the end of the month.
[16 marks]
[8 marks]
3
ANSWER SHEET
NAME: ………………………………………………………………………………………….
SECTION B
CASH RECEIPTS JOURNAL OF TOO BEAUTIFUL NURSERY FOR THE MONTH ENDED AUGUST 2010
Source
doc
Date
Details
Fol
Analysis
of
receipts
Bank
Sales
Cost of
sales
Sundry accounts
Amount
Fol
Details
Balance off: …………………………………………………………………………….……..
CASH PAYMENTS JOURNAL OF TOO BEAUTIFUL NURSERY FOR THE MONTH ENDED AUGUST 2010
Source
doc
Date
Details
Fol
Bank
Trading
stock
Salaries
Sundry accounts
Amount
Fol
Details
Balance off: ……………………………………………………………………………………
4