Grade 8 EMS Examination Paper
Economic and Management Sciences
Duration: 1 hour 30 minutes
Marks: 100
Instructions:
- Answer all questions.
- Use a blue or black pen.
- Neat, complete answers will earn more marks.
- Where calculations are needed, show all working.
SECTION A: THE ECONOMY AND GOVERNMENT (25 marks)
1.1 Match the concepts in Column A with the definitions in Column B. Write only the letter (A-E) next to the
number. (5)
Column A
| Column B
--------------------|-----------------------------------------------------1.1.1 Government
| A. Measurement of income per person in a country
1.1.2 Standard of Living | B. Money collected and spent by the state
1.1.3 National Budget | C. Controls and regulates a country
1.1.4 Tax
| D. The total value of goods/services in an economy
1.1.5 Economy
| E. Compulsory payment to the government
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1.2 Define the following concepts: (6)
a) Standard of Living
b) Gross Domestic Product (GDP)
c) National Budget
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Grade 8 EMS Examination Paper
Economic and Management Sciences
Duration: 1 hour 30 minutes
Marks: 100
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1.3 Briefly explain two ways in which the government affects the economy. (4)
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1.4 Study the budget allocation table and answer the questions:
| Department
| Budget Allocation (R)
|
|--------------------|---------------------------|
| Education
| Health
| 350 billion
| 250 billion
| Social Development | 280 billion
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1.4.1 Which department received the highest allocation? (1)
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1.4.2 What percentage of the total budget is allocated to Health? (3)
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1.4.3 Suggest a reason why Education might get a high budget. (2)
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1.4.4 Do you think this budget supports an improved standard of living? Explain. (4)
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Grade 8 EMS Examination Paper
Economic and Management Sciences
Duration: 1 hour 30 minutes
Marks: 100
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SECTION B: ACCOUNTING CONCEPTS AND CYCLE (35 marks)
2.1 Choose the correct term from the box to complete the sentences. (6)
*Source document, transaction, asset, liability, income, expense*
a) A _________ is an event that changes the financial position of a business.
b) A _________ is a document that provides proof of a transaction.
c) Rent paid is classified as an _________.
d) A loan from the bank is a _________.
e) Cash received from a sale is considered _________.
f) Equipment owned by the business is an example of an _________.
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2.2 Complete the accounting equation for each transaction: (9)
| No | Transaction
| Assets (A) | Owner's Equity (OE) | Liabilities (L) |
|----|--------------------------------------|------------|----------------------|------------------|
| 1 | Owner deposits R5 000 in the bank
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| 2 | Buys stock for R2 000 cash
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| 3 | Takes out a loan of R10 000
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Grade 8 EMS Examination Paper
Economic and Management Sciences
Duration: 1 hour 30 minutes
Marks: 100
2.3 Identify the type of source document used in each case: (5)
a) Bought stationery for cash
b) Paid wages to a worker
c) Issued a receipt for services rendered
d) Bought equipment on credit
e) Paid rent by EFT
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