Bedfordview Primary School
CONTROLLED TEST
Name:
Subject: Economic Management Sciences
Examiner: Mrs T. Naidoo
Moderator: Mrs P. Naidoo
__
Grade: 7 A
B
C D
Date: _________2021
Time allocation: 1 Hour
INSTRUCTIONS
1.
2.
3.
4.
5.
An extra 10 minutes will be provided for reading.
Write neatly and legibly.
– Warren Buffet
Answer in the spaces provided on your answer sheet that is provided.
This test consists of 4 pages.
Your attached answer sheet consists of 4 pages
You may separate your answer book from the question paper. Hand in both to your teacher.
SECTION A (15 marks)
QUESTION 1
Match the concepts in Column A with the explanations in Column B. Write the letter ONLY next to
the question, e.g1.1 F.
COLUMN A
COLUMN B
1.1 Retailers
A. Exchanging goods for goods.
1.2 Tertiary Sector
B. A place where money is made.
1.3 Bartering
C. Involved with the extraction of raw materials and is
made up of unskilled and semi-skilled workers
1.4 Primary Sector
D. Provides services and requires a skilled workforce
1.5 Mint
E. Chain stores/ shops that sell goods to consumers.
F. Sell goods in bulk
[1X5=5]
QUESTION 2
Read through the following statements and state whether they are true or false.
Write your answer in the space provided on your answer sheet
2.1
2.2
2.3
2.4
2.5
Secondary needs are called wants.
Consumer spending results in a sustainable way of living.
Crops and livestock were the first form of currency.
Hairdressers, plumbers and advertising agencies are examples of service businesses.
Currency refers to items used for exchange.
[1X5=5]
1 | BEDFORDVIEW PRIMARY EMS
PAGE TOTAL:
QUESTION 3
Use the word bank given below to complete the following statements.
Please write the chosen word in the space provided on your answer sheet.
consumers
households
free goods
clients
economic goods
capital goods
producers
service
services
manufacturing
3.1 Factories and bakeries are examples of … businesses.
3.2 Doctors, nurses, teachers and lawyers render professional… to clients.
3.3 Air, sunlight and sand are examples of …
3.4 Goods that are scarce such as gold, crude oil, platinum, diamonds are called…
3.5 Can be both consumers and producers in the economy.
[1x5=5]
SECTION B (20 Marks)
QUESTION 4
Choose the correct word in brackets and write your answer in space provided on the answer
sheet.
4.1
4.2
4.5
(Commercial/ Industrial) has to do with factories and other places that make products.
(A wholesaler/ A retailer) is a business that sells goods in bulk and can sell directly to the
public
A long period of general economic decline is called a (depression/ recession).
(Unlimited needs and wants with limited resources/ Unlimited resources with limited
needs and wants) can be referred to as the economic problem.
Forestry is an example of a (non-renewable resource/ renewable resource).
4.6
(Bartering/Trading) is the exchange of goods for money.
4.7
(Wants/ Needs) are things that people can live without.
4.8
(Kwanza/Kwacha) is the currency of Angola.
4.9
The currency of Zambia is (Kwanza/Kwacha).
4.10
Hurricanes, floods, drought and veld fires are examples of (natural disasters/health
4.3
4.4
epidemics)
2 | BEDFORDVIEW PRIMARY EMS
[1X10=10]
PAGE TOTAL:
QUESTION 5
5.1
List an advantage of a barter system.
[1]
5.2
List a disadvantage of the barter system.
[1]
5.3
Would the ‘silent barter’ work in our society? Motivate you answer.
[2]
5.4
Read the article below to answer the questions that follow.
BREAKING NEWS
Various Covid19 Vaccines are currently in the process of being administered to frontline health
workers in most countries and will be administered to the rest of their citizens in due course.
Vaccines are an expensive commodity. Vaccines have been classified as a public good as
everyone has the right to be immunized against this pandemic. Poverty and inequality are still
apparent around the world and poorer countries have had difficulty in acquiring these vaccines.
5.4.1 Critically discuss the effects of the Covid19 pandemic on businesses. Motivate your answer
by providing examples of businesses that have been affected negatively and those that have been
advantaged
[4]
5.4.2 Do you think Covid19 vaccines should be a free good for the poorer countries? Give a
reason for your answer.
[2]
SECTION C [15 Marks]
QUESTION 6
Choose the correct answer from the choice given. Please answer on your answer sheet.
6.1
Which of the following is an example of a financial transaction?
A
C
6.2
6.3
salary advice
ATM slip
B
D
promissory note
buying a packet of chips from the tuckshop
A watermark on a bank note is used for_________.
A
decoration
B
identification
C
security
D
quality
Which one of the following will not be an example of a health epidemic?
A
Burns sustained during a bush fire.
B
Cholera
C
HIV
D
TB
3 | BEDFORDVIEW PRIMARY EMS
PAGE TOTAL:
6.4
6.5
Paulina decides to pay R100 as a deposit towards a lay bye transaction. What role is
money playing in this example?
A
Money as a means of exchange
B
Money as a store of value
C
Money as a standard for delayed payment
D
Money as a unit of account
Which statement is incorrect.
A traditional society...
A
lacked technology and most of their activities were subsistence activities.
B
traded very little and therefore not much economic growth was noticed.
C
relied on people with different skills to produce goods and provide
services that they could not produce themselves.
D
was mostly rural and agricultural and basic methods were used to hunt for or harvest
food.
[1X5=5]
QUESTION 7:
Refer to the History of South African money and banking and then represent the information in a
chronological order as a timeline.
[10]
The first European settlers landed on the shores of South Africa in 1652 and brought coins with
them. Amongst the settlers, there was a Dutch explorer, Jan van Riebeeck. He established a
trading station, which was created on behalf of the Dutch East India Company. This trading station
became known as Cape Town. The money used in the newly established trading station was the
Dutch guilder, the official currency of the Netherlands
Money was first introduced into South Africa in 1782 by the Dutch Governor of the Cape of Good
Hope, Baron Joachim Van Plettenberg. All ‘’money’’ had to be handwritten until just after 1800
because there were no printing presses in the Cape. The first bank in South Africa was the state
bank, Lombaard Bank, and it opened its doors in 1793 in Cape Town. The power of the Dutch
crumbled in 1795 when the Dutch East India company went bankrupt. The Cape of Good Hope
Bank was the country’s first private bank and it started trading in 1837.In 1910, following the British
victory in the Anglo-Boer War, the Union of South Africa was created. The South African Reserve
Bank is the oldest central bank in Africa having opened in June 1921. In 1923 the royal Mint in
Pretoria started producing its’ own currency again, issuing coins identical in size and value to
those in Britain. The first banknotes were issued by the Reserve Bank to the public on 19
April,1922. South Africa was granted independence from Britain in 1931.On 14 February 1961, the
Rand replaced the South African pound. It was named after the Witwatersrand, a range of hills
famous for being the source of 40% of the world’s gold. In 1962 a banknote factory was
established in South Africa and this same factory continues to cater for the requirements of the
South African Reserve Bank.
4 | BEDFORDVIEW PRIMARY EMS
PAGE TOTAL: