Province of the
EASTERN CAPE
DEPARTMENT OF EDUCATION
BUFFALO CITY METRO DISTRICT
Grade 8
Economic and Management Sciences
Total: 50 Marks
Term 1
Controlled Test
Time: 60 Min
Learner Name ______________________
School ________________________________
___________________________________________________________________________
Instructions
1. Answer all the questions on this question paper in the spaces provided.
2. Write neat and legibly.
3. Where explanations are required, use full sentences to explain your answers.
____________________________________________________________________________
Question 1
1.1
[18]
Choose the correct word from the options given. Draw a line though the incorrect
answer.
(a)
(Employment / unemployment) refers to a condition where people who are willing
and able to work, are looking for work, but are unable to find work.
(b)
In a (rural/ modern) society, people will have a higher standard of living.
(c)
(Deposit slip/ receipt) is used when the business puts money into its bank
account.
(d)
(Income/ Expenses) is/are money earned by the business for example through
the selling of goods or rendering of services.
(e)
(Liabilities/ assets) is the money the business owes other people or businesses.
(10)
1.2
Indicate whether the following statements are true or false. Write only T or F in the
spaces provided.
No
1.2.1
1.2.2
1.2.3
1.2.4
Description
Standard of living refers to the level at which people’s needs and
wants are satisfied
A business owned by one person is a sole trader
Subsidiary journals are also known as the books of first entry
EFT stands for Electronic Finance Transfer
Write T or F
(8)
Question 2
SOURCE DOCUMENTS
[14]
Consider the Source Document below and answer the questions based on it.
BKP Fish and Chips
Curry Street EL
Date: 12 February 2024
Items
3 Hake and chips R 225,00
@ R 75 each
Total includes VAT of 15%
R 9,78
Received Cash R 250,00
Change R 50,00
2.1 What is the name of the business from whom the items were purchased?
(2)
___________________________________
2.2 According to the document, what is the percentage of VAT that was paid by the
customer?
_________
2.3 What does VAT stand for?
_________________________
(1)
(3)
2.4 Is VAT a direct or an indirect tax?
(1)
___________________________
2.5 What items were purchased by the customer?
(1)
_____________________________________________________
2.6 What do we call the version of this source document kept by the business?
( 2)
________________________
2.7 Give ONE example of an EFT payment.
(1)
______________________________
2.8 In your opinion, is it better to use cash, or to pay by means of an EFT payment. Give a
reason for your answer.
(3)
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
QUESTION 3: STANDARDS OF LIVING
[8]
3.1 Explain how a modern society differs from a rural society.
(2x2=4)
___________________________________________________________________
___________________________________________________________________
____________________________________________________________________
3.2 List TWO challenges faced by rural societies.
(2x2=4)
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
Question 4
Accounting Concepts
[10]
Match the Accounting concept in Column A with the correct explanation in column B
Column A
Example: Wages
A
B
1. Capital
C
2. Debit
D
3. Profit
E
4. Accounting Equation
5. Income
F
Column B
Answer
Expense
An entry on the left side of the
General Ledger
Assets equals owner’s equity
plus liabilities
Money received by the
business
Money or items contributed by
the owner to start the
business.
A
Income is more than expenses
(10)