GRADE 7
ECONOMIC AND MANAGEMENT SCIENCES
FINAL EXAMINATION PAPER
NOVEMBER 2023
TIME: 1½ HOURS
MARKS: 100
This question paper consists of 08 pages.
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Economic and Management Sciences 2 FS/NOVEMBER 2023
Grade 7
INSTRUCTIONS
1. Read ALL instructions carefully.
2. Answer ALL questions.
3. A special ANSWER BOOK is provided in which to answer ALL questions.
4. You may use a calculator.
5. Use only black or blue ink.
6. Write neatly and legibly.
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Economic and Management Sciences 3 FS/NOVEMBER 2023
Grade 7
SECTION A: THE ECONOMY AND ENTREPRENEURSHIP
QUESTION 1
Complete the following statements by using the word(s) provided in the list below.
Write only the word(s) next to the question numbers (1.1 – 1,5) in the ANSWER
BOOK.
Economic Growth; Technology; Non-Renewable Resources; Output;
Renewable Resources; Production Gross Domestic Product; Input
1.1 … is when raw materials are transformed into finished goods or services.
1.2 … helps businesses to be more productive because they can produce more
goods faster.
1.3 … is when more goods and services are produced in a country within a set
period
1.4 … can be used repeatedly and do not run out because they are naturally
replaced.
1.5 The total value of all final goods and services produced in a country in a year
is called ...
(1 x 5) [5]
QUESTION 2
Various options are provided as possible answers to the following questions. Choose
the correct answer and write only the letter (A–D) next to the question number (2.1 –
2.5) in the ANSWER BOOK.
2.1 If productivity is higher …
A more goods and services are produced at lower cost.
B less goods and services are produced at lower cost.
C Gross Domestic Product decreases.
D economic growth is negative.
2.2 An economic definition of savings is …
A money put into an investment account at the bank.
B money put into a savings account at the bank.
C income not spent.
D money used to start a business.
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Economic and Management Sciences 4 FS/NOVEMBER 2023
Grade 7
2.3 … is when money taken out of a bank account.
A Deposit
B Withdrawal
C Investment
D Savings
2.4 One of the roles of banks is to …
A print money.
B increase interest rates.
C mint coins.
D make trading easy.
2.5 One example of a community savings scheme is …
A African bank.
B a community bank.
C Capitec bank.
D a stokvel.
(1 x 5) [5]
TOTAL SECTION A: 10
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Economic and Management Sciences 5 FS/NOVEMBER 2023
Grade 7
SECTION B: THE ECONOMY
QUESTION 3
3.1 Give the form of trade where traders exchange goods for goods? (1)
3.2 What is a written promise to pay someone called? (1)
3.3 Explain the role of money as a medium of exchange. (2)
3.4 Mention TWO advantages of using electronic banking. (4)
3.5 Classify the following services into a Need or a Want. Write your
answers in the ANSWER BOOK.
Services Need / Want
3.5.1 Education. (1)
3.5.2 Electricity. (1)
[10]
QUESTION 4
4.1 Say whether the following businesses provide goods or services:
4.1.1 Hotels (1)
4.1.2 Security companies (1)
4.2 List the FOUR factors of production. (4)
4.3 Mention ONE role of households as producers (2)
4.4 Give ONE disadvantage of recycling. (2)
[10]
TOTAL SECTION B: 20
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Economic and Management Sciences 6 FS/NOVEMBER 2023
Grade 7
SECTION C (FINANCIAL LITERACY)
QUESTION 5
Classify the following items and say if they are assets, liability, expense, or income.
Make a tick (x) in the correct column.
ITEMS ASSET CAPITAL LIABILITY EXPENSE INCOME
5.1. Money received
from the sale of
goods
5.2. Office furniture that
belongs to the
business.
5.3. Salaries and
wages paid to
workers.
5.4. R2000 contributed
by the owner into
the business
account
5.5. Service rendered.
(5 x 2) [10]
QUESTION 6
Use the information given below of John’s Car Wash to prepare a budget for his
business for the month of June 2019. Use the table provided in the ANSWER
BOOK.
Expected income and expenses for the month of June 2019 are as follows:
Income: Expenses:
Services rendered = R10 000 Advertising = R3 000
Sales of products = R3 500 Wages = R3 000
Water and electricity = R1 200
Cleaning materials= R1 500
[10]
TOTAL SECTION C: 20
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Economic and Management Sciences 7 FS/NOVEMBER 2023
Grade 7
SECTION D: ENTREPRENEURSHIP
QUESTION 7
Sort the words given in the table below into skills and characteristics. Complete the
table provided in the ANSWER BOOK.
Problem solving; Honest; Networking; Responsible;
Reliable; Planning; Patient.
(7 x 1) [7]
QUESTION 8
Use the information given below to draw a SWOT analysis for Mary’s Garden service
company. Write your answers by completing the table in the ANSWER BOOK.
Mary intends to start a new Garden service company. She has a lot of experience
in gardening because she used to work at the farm with her parents. There are
many other garden service companies in her town.
She doesn’t have enough capital to buy all the garden equipment that her company
needs. Rates on water are reasonable and affordable in her town and many
residents and businesses are hiring garden service companies to maintain gardens
of their homes and businesses.
(4 x 2) [8]
QUESTION 9
Read the Case study below and analyze Sammy’s Business Goals using the SMART
goals acronym. Write your answers by completing the table provided in the ANSWER
BOOK.
Sammy is planning to take part in the Heritage Day celebration that is going to be
held at his school on 24 September 2023. He is intending to start a doughnut
selling business. His plan is to sell 100 doughnuts on the day. There are 700
learners in his school. He will be selling a doughnut at R1.50 each. He has
conducted research and found out that there is no other business that will be
selling doughnuts on the Heritage Day. His research has also found out that
learners at his school bring a lot of pocket money to school.
(5 x 2) [10]
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Economic and Management Sciences 8 FS/NOVEMBER 2023
Grade 7
QUESTION 10
KK Clothing is a business that manufactures golf shirts. Arrange their costs here-
below into Variable and Fixed costs. Write your answers in the table provided in the
ANSWER BOOK.
Fabric
Rent
Insurance
Packaging
Labels
(5 x 2) [10]
QUESTION 11
Use the information provided here-below to draw an Income and Expenditure
Statement of Mokebe Carpert Cleaners for the period ended 30 September 2022.
Write your answers in table provided in the ANSWER BOOK.
Services Rendered R 4 000
Donation received R 1 000
Petrol R 800
Advertising R 200
Supplies R 250
Transport R 350
Airtime R 250
Wages R 1000
[15]
TOTAL SECTION D: 50
GRAND TOTAL: 100
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