APEX EXCELLENCE TUTORS
GRADE 8 ECONOMIC MANAGEMENT SCIENCES
MID-YEAR EXAMINATION
July 2021
EXAMINER: MRS U DUROW
MODERATOR: MRS R BOUWER
MARKS: 150
TIME: 1 ½ hours
INSTRUCTIONS:
1.
2.
3.
4.
5.
6.
This paper consists of 6 pages.
Please check that your question paper is complete.
Read the questions carefully.
Answer the questions on the answer booklet supplied.
It is in your interest to write legibly and present your work neatly.
You may NOT use green or red ink. You may use a pencil, but please use a soft, dark
pencil.
7. Try to keep to the time allocation suggested below.
TOPIC
LO:AS
MARK
ACHIEVED
MARK
AVAILABLE
TIME
1 Forms of ownership
LO 4
16
10
2 Entrepreneurship
LO 4
20
10
3 Swot analysis
LO 4
14
10
4 Source documents
LO 3
6
5
5 Cash journals
LO 3
32
15
6 General ledger
LO 3
40
15
7 Accounting concepts
LO 3
20
10
150
90
MINUTES
TOTALS
QUESTION 1:
FORMS OF OWNERSHIP
Grade 8 Economic Management Science July Examination 2021
(16 MARKS; 10 MINUTES)
Page 1
LO 4: Entrepreneurship
AS 3: Differentiate between the different forms of ownership
REQUIRED:
Complete the crossword puzzle in your ANSWER BOOKLET by answering the following
questions:
Across
Down
3
The name of a close corporation must
end with the letters ……..
1
This form of ownership has between two and twenty
owners.
5
The business owns its own assets and is
responsible for its own liabilities
2
When the personal possessions of the owners of a
business can be removed to pay the debts of the
business, it is said that they have ……. Liability for the
debts of the business.
6
The financial statements of a public
company must be …..
4
This form of ownership has a maximum of ten owners.
(Two words)
7
A public company must have a minimum
of ……. Owners
8
This form of ownership can have only one owner.
(Two words)
9
Exists independently from the owners of
a business
10
In a partnership, the owners are ……. Liable for the
debts of the business
11
Shares are bought and sold on the ……..
(abbreviation)
12
Besides contributing money in a business a potential
owner in a business can also contribute a ………..
12
The owners of a public company are
known as ……..
13
Only ……. Persons are allowed to
become owners of a close corporation.
14
The name of a public company must
always end with ……
15
If a business is a legal entity, it is
required to pay ……. On the profits it
makes. (Two words)
16
The name of this form of ownership
ends with the letters (Pty) Ltd
Grade 8 Economic Management Science July Examination 2021
Page 2
QUESTION 2:
ENTREPRENEURSHIP
(20 MARKS; 10 MINUTES)
LO 4: Entrepreneurial knowledge and skills
AS 3: Identify the characteristics of an entrepreneur
2.1 Indicate if the following people are an entrepreneur or an intrapreneur. You must
give a reason for your answer.
a)
Richard Branson
b)
Raymond Ackerman
c)
A product developer at a business
d)
A doctor in private practice
e)
Mrs Russell at Dainfern College
(2)
(2)
(2)
(2)
(2)
2.2 What qualities do you think an entrepreneur should have?
List five and give an appropriate reason for each of the qualities you have given.
(10)
QUESTION 3
SWOT analysis
(14 MARKS, 10 MINUTES)
Read the information below and do a SWOT analysis for Tony’s Ice Cream (in point
form – do NOT write an entire long sentences!).
Tony is an entrepreneur who has started an Ice-Cream Parlour on the main beach at
Umhlanga. He has 42 different flavours of ice-cream, the biggest variety of all the ice-cream
stores. In summer, Umhlanga beach is full of holiday-makers who love his ice-cream. The
weather is also usually warm for most of the year in Umhlanga – perfect weather for ice-cream!
Tony has two workers – Sarah and Jane. Sarah is the accountant of the business but has just left school
so she does not have a great deal of experience. Jane is the manager, but is a mother of six children so
sometimes has to leave work early to transport the children, take them to the doctor and take them to
extra-murals, etc. This means that the store sometimes has to close early.
There are 118 other stores in Umhlanga that sell ice-cream. Some of these are in the large Gateway
shopping centre, which is far away from the beach, but hundreds of people visit this centre each day –
usually during the hottest part of the day, when there is a high risk of sunburn on the beach.
Because of its concern about the unhealthy eating habits of children and teenagers, the South African
government is launching a major initiative where it encourages young people to eat healthy foods and
cut down on ice-cream, in particular. However, Tony’s friend, Michelle, is busy developing a special,
healthy ice-cream in bizarre flavours such as broccoli, pumpkin and spinach. It has been tested on a few
people, and they seem to love it!
(14)
Grade 8 Economic Management Science July Examination 2021
Page 3
QUESTION 4
SOURCE DOCUMENTS
(6 MARKS; 5 MINUTES)
Complete the table by naming the source document that will be used in each case.
Transaction
The business sells goods on credit
Source document
The business pays its expenses
Someone pays the business for services rendered
The business receives cash from the owner as his capital
contribution
The business buys goods on credit
The business deposits money into the current bank
account.
QUESTION 5
CASH JOURNALS
(32 MARKS; 15 MINUTES)
LO 3: Managerial , consumer and Financial Knowledge and skills
As 3 Complete cash transactions in the books of services and retail businesses
Sara’s Decorators is a business owned by Sarah Mohamed. The business earns income by
decorating shopping malls and has one big client, the Putfontein Mall.
The following transactions took place in July 2010. State which cash journal will be used to
record each of the following transactions; the TWO accounts affected and the amount
Date
Transaction
CPJ/
CRJ
Account
Amount
EXAMPLE
Sara contributed R7 000 capital to the business. Receipt no.75
was issued.
The businesss paid HG Agencies for the rent of its offices, R2 700.
Cheque no 102 was used.
The business bought paper and pencils to the value of R250 from
Grab ‘n Pay.
The business took out a loan from Nedbank for R5 500. The full
amount was received on this day.
The business received R2 500 from Putfontein Mall for services
rendered.
Sara’s computer at home broke. She used the business’ money to
pay Compufix R500 for repairs to this computer.
The business paid Design Centre R1600 for office furniture.
The business paid the salaries of its workers with a cheques;
R8 000
The business received R15 000 fee income from Putfontein Mall
CRJ
Capital
Bank
7 000
1
3
4
7
12
14
27
28
Grade 8 Economic Management Science July Examination 2021
Page 4
QUESTION 6
GENERAL LEDGER
(40 MAKRS; 30 MINUTES)
Post the Cash receipts and Cash payments journal of Amy Plumbers to the
General ledger on 31 July 2010.
Total or balance the necessary accounts.
CASH RECEIPTS JOURNAL OF AMY PLUMBERS FOR JULY 2010
D
o
c
R20
D
A
y
1
CRR
5
Bank
Details
G Fertig
Analysis
of receipts
80 000
80 000
Service
15 500
15 500
Current
Income
Sundry accounts
Amount
Fol Details
80 000
Capital
8 000
Rent income
15 500
Rendered
R21
12
CRR
G Taylor
8 000
Service
6 000
14 000
6 000
109 500
21 500
Rendered
88 000
CASH PAYMENTS JOURNAL AMY PLUMBERS FOR JULY 2010
D
o
c
C001
D
A
y
1
002
Name of Payee Bank
Stationery
Martin & Co
10 800
800
Cutler & Son
950
Wages
Amount
Sundry accounts
Fol Details
10 000
Equipment
950
Consumable goods
003
5
Cash
480
004
10
G Fertig
300
300
Drawings
Stark Motors
35 000
35 000
Vehicles
Cash
528
005
006
12
48 058
480
528
800
1008
Grade 8 Economic Management Science July Examination 2021
46 250
Page 5
QUESTION 7
ACCOUNTING CONCEPTS
(20 MARKS; 10 MINUTES)
Match the accounting term in column A with the correct definition in column B by only
writing the letter next to the corresponding number.
Column A
Accounting term
1. Current Asset
2. Fixed deposit
a)
b)
3. Income
c)
4.
5.
6.
7.
Expenses
Capital
Drawings
Transactions
d)
e)
f)
g)
8. Trading stock
h)
9. Fixed Assets
10. Creditor
i)
j)
Column B
Definition
Money that the business earns
These assets will be turned into cash within a 12
month period
Money that the owner takes out of the business for
his personal use
It has a lifespan of longer than 12 months
The goods the business sells
Someone to whom the business owes money
Money that the business pays that cannot be
recovered
A bank account where the money cannot be
withdrawn for a specific time period
Money that the owner puts into the business
Whenever money changes hands for business
reason
Grade 8 Economic Management Science July Examination 2021
Page 6