CANDIDATE

MEMORANDUM
NAME

Economic Management Sciences: Examination Term 4

Grade 7 Date: November 2023
Examiner: 1 hour 30 minutes
Moderator:
Candidates answer on the Question Paper and Exam Pad Paper provided.

READ THESE INSTRUCTIONS FIRST

Write your name in the space at the top of this page.
Make sure to write in pencil.
At the end of the assessment, make sure to fasten all your work securely together.
Answer all questions.
The number of marks is given in brackets [ ] at the end of each question or part question.
Time limit per question is as follows: Section A = 22 minutes; Section B = 44 minutes and Section C
= 44 minutes.
The maximum number of marks is 100.

This document consists of 4 typed pages.

Section A: 20
Section B: 40
Section C: 40
Grand Total: 100
Percentage: 100
Code:

Signature: Date:

Moderator: Date:
Memorandum:
Blooms
Question Answer
Level
1. D ✓✓ 1
2. D ✓✓ 1
1 3. B ✓✓ 1
4. B ✓✓ 1
5. D ✓✓ 1
1. C ✓ 1
2. E ✓ 1
2 3. D ✓ 1
4. A ✓ 1
5. B ✓ 1
1. FALSE ✓ 1
2. FALSE ✓ 1
3 3. FALSE ✓ 1
4. TRUE ✓ 1
5. FALSE ✓ 1
1. Production ✓ 2
2. Needs: Needs are all the things that we cannot live without like water, food,
clothing, and shelter ✓✓ Wants: Wants are all those things that we want but we 3
can live without it, like a cell phone ✓✓
3. Inputs ✓ 2
4.1. Service ✓
4.2. Goods✓
4.3. Service✓ 2
4
4.4. Goods✓
4.5. Goods✓
5. Land ✓ Entrepreneurship ✓ Capital ✓ Labour ✓ 2
6. Disadvantages: Costly to purchase: technology is very expensive to buy. ✓✓
Loss of jobs: technology can replace manual labour because it is faster. ✓✓
3
Expensive to maintain: technology and machines needs to be fixed regularly. ✓✓
(accept any two relevant answers)
7. non-renewable✓ 2
5 1. Strengths: Rina is the owner of a Hair salon in a very big city. ✓✓ She is a 3
talented hairdresser and has a lot of regular clients ✓✓ *ANY ONE REASON –
MAX TWO MARKS*
Weaknesses: She struggles a bit with back problems and to work for 8 hours a
day is very difficult✓✓ Some of her employees resigned due to the fear of
COVID 19 and she is short of employees. ✓✓ She decided to advertise her
business to get more clients but are unsure of how to design any advertisement.
✓✓ *ANY ONE REASON – MAX TWO MARKS*
Opportunities: She wants to expand her business, because she have a lot of extra
space ✓✓ She also considering to start a nail salon in part of the building ✓✓

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 *ANY ONE REASON – MAX TWO MARKS*
Threats: She needs to apply for a loan at the local bank to do the expansion ✓✓
The outbreak of COVID 19 affected her business badly and she was forced to
close during the lockdown period. ✓✓ There is also another hair and nail salon
down the street that offers a free head massage with every appointment. ✓✓
*ANY ONE REASON – MAX TWO MARKS*
2. Entrepreneurs must have a good idea before they start a business. ✓ It is
important to make time to plan. ✓ Paying attention to detail will lead to success.
✓ They have to make decisions about: The product. ✓ Who to sell the product to. 3
✓ The location of the business. ✓ The cost of starting a business✓.
Where to get money to start the business ✓ *ACCEPT ANY THREE*
3. A - attention ✓ I – Interest ✓ D – Desire ✓ A – Action ✓ 2
4. It is important in your business to use recycled material or to reduce the use of
resources ✓ Using recycled materials will save costs for the business ✓ It will
3
also contribute to the environment ✓ It will reduce pollution ✓ *ACCEPT ANY
TWO*
5. Put sanitizer at the door of the salon ✓ Clean the salon regularly ✓ Keep social
distancing as far as possible ✓ Wear masks ✓ Wash hands regularly with soap
3
and water ✓ Do not allow too many people at once in the salon ✓ *ACCEPT
ANY THREE*
1. Vehicles ✓ 2
2. Raw Material ✓ 2
3. Capital ✓ 2
4. Trading stock ✓ 2
5. Bank account ✓ 2
6
6. Petty Cash ✓ 2
7. Liabilities ✓ 2
8. Overdraft ✓ 2
9. Stationary ✓ 2
10. Maintenance ✓ 2
7 1.1. Expense ✓
1.2. Expense ✓
1.3. Expense ✓
1.4. Income ✓
1.5. Income ✓
1
1.6. Expense ✓
1.7. Income ✓
1.8. Expense ✓
1.9. Income ✓
1.10. Expense ✓
2. Income – Expenses = Profit / Loss ✓✓ 5
Income: R250 + R7 800 + R1 000 + R200 = R 9 250 ✓✓
Expenses: R1 800 + R150 + R1 000 + R1 500 + R800 + R3 000 = R 8 250 ✓✓
Profit: R9 250 – R8 250 = R1 000 ✓

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 3.1. Profit ✓
3.2. Break even ✓ 4
3.3. Loss ✓
STATEMENT OF NET WORTH
ASSETS 363 000
House 300 000 ✓
Vehicle 50 000 ✓
Furniture 8 000 ✓
Savings Account 5 000 ✓
INCOME 15 000

8 Salary 15 000 ✓ 6
EXPENSES 15 000
Groceries 15 000 ✓
LIABILITIES 35 000
Clothing account 2 000 ✓
Bank overdraft 3 000 ✓
Loan to pay another vehicle 30 000 ✓
NET WORTH 328 000 ✓

Blooms Taxonomy
Real Mark % according to
Question
Cognitive Levels Blooms % Allocation in Mark Allocation in
Numbers
Test Test
Lower Order
30% 1; 2; 3; 7.1 30 30%
(Level 1)
Middle Order
50% 4; 5; 6 50 50%
(Level 2 & 3)
Higher Order
20% 7.2; 7.3; 8 20 20%
(Level 4, 5 & 6)
Total 100% 8 100 100%

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