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GELFA ACADEMY TUTORIAL
CENTRE
HIGH SCHOOL
Portion 381 of Farm Hekpoort 504
Mogale City Johannesburg Gauteng
1790
Telephone:061 906 3981
Email address: admin@gelfa.co.za
______________________________________________
FORM 1 EMS PAPER 1
1 HOUR 30 MINUTES
21 NOVEMBER 2022
EXAMINER: Mrs M. ZHAKATA
MODERATOR: MR J. MUGOMA
1. INSTRUCTIONS AND INFORMATION
2. This examination paper consists of THREE sections
3. Write neatly and legibly
4. All questions are COMPULSORY.
5. Read through the questions carefully and make sure that you allocate
enough time for each question.
6. Use of a calculator is permissible
____________________________________“𝑪𝒉𝒂𝒎𝒑𝒊𝒐𝒏𝒊𝒏𝒈 𝑸𝒖𝒂𝒍𝒊𝒕𝒚 𝑬𝒅𝒖𝒄𝒂𝒕𝒊𝒐𝒏_𝑪𝒓𝒆𝒂𝒕𝒊𝒏𝒈 𝒂𝒏𝒅 𝑺𝒆𝒄𝒖𝒓𝒊𝒏𝒈 𝒂 𝑩𝒓𝒊𝒈𝒉𝒕𝒆𝒓 𝑭𝒖𝒕𝒖𝒓𝒆”______________________________________
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QUESTION 1.2. (5 Marks )
Match the description in column A with the term in column B
COLUMN A
COLUMN B
1.2.1
How limited resources satisfies unlimited needs
and wants.
A. Entrepreneur
1.2.2
A plan on how to spend expected income.
B. Assets
1.2.3
People who use resources to make goods or
provide services.
C. Economic problem
1.2.4
A person who invests, organize and runs a D. Statement of net worth
business to make profit.
1.2.5
Possessions of value in a business
E. Producers
F. budget
QUESTION 1.3 TRUE OR FALSE
State whether the following statements are True or False. Write
only the answer next to the question number.
1..3.1
Manufacturing businesses makes money from buying and selling
1.3.2
Households play a role of producers and consumers in the
economy.
Money can be stored for a longer period and still have the same
value.
Expenses decreases the money invested in a business.
Debtors are customers who bought goods from the business but
have not paid for them.
(5)
1.3.3
1.3.4
1.3.5
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SECTION B: QUESTION 2(ECONOMY)
QUESTION 2.1: [15 Marks]
Study the following pictures and answer questions that follow.
2.1.1 Mention one basic need that is shown in the picture.
(2)
2.1.2 Do you think that the need mentioned above is fully
satisfied? give reason for your answer.
(3)
2.1.3 Explain what the concept poverty mean.
(2)
2.1.4 Explain how lack of education can contribute towards
poverty.
(2)
2.1.5 State two ways in which the government helps to
improve their standard of living
(2)
2.1.6 Give one challenge that people with good standard of
living experience in urban cities.
(2)
2.1.7 State 2 differences between needs and wants.
(2)
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QUESTION 2.2
2.2.1 2.2.1 Explain the following concepts:
a) Durable consumer goods
b) Productivity
(2)
2.2.2
This logo about use of resources involves the concept
of ‘Three Rs’. Mention the ‘R’s that it represents.
(3)
2.2.3 Mention two functions/ roles of money.
(2)
2.2.4 Give two advantages of electronic banking.
(2)
2.2.5 Which stage of production deals with extraction of raw
materials / natural resources.
(1)
SECTION C: QUESTION 3 (FINANCIAL LITERACY)
QUESTION 3.1 [10 Marks ]
3.1.1 State the difference between current assets and fixed assets
(2)
3.1.2 Give an example of an expense in a business.
(1)
3.1.3 Define savings.
(1)
3.1.4 Give two services offered by commercial banks.
(2)
3.1.5 Explain how community saving scheme Stokvel works and
state one advantage of saving through it.
(1)
Mention two documents that are required in order to open a
savings account at a bank.
(2)
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