GRADE 7

ECONOMIC AND MANAGEMENT SCIENCES

FINAL EXAMINATION PAPER
ANSWER BOOK
NOVEMBER 2022
NAME OF SCHOOL
SURNAME & NAME OF LEARNER
CLASS

QUESTION MARKS MARKER MODERATOR

1 5
2 5
3 10
4 10
5 16
6 8
7 16
8 10
9 10
10 10
TOTAL 100

SIGNATURES DATE
MARKER
MODERATOR

This answer book consists of 09 page

Copyright reserved Please turn over

Economic and Management Sciences 2 FS/NOVEMBER 2022
Grade 7
ANSWER BOOK

SECTION A: THE ECONOMY AND ENTREPRENEURSHIP

QUESTION 1

Fill in the missing words. Write correct the word or statement next to the question
number (1.1 – 1.5) in the ANSWER BOOK.

1.1
1.2
1.3
1.4
1.5 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
2.2
2.3
2.4
2.5 5

TOTAL MARKS

10

Copyright reserved Please turn over

Economic and Management Sciences 3 FS/NOVEMBER 2022
Grade 7
ANSWER BOOK

SECTION B: THE ECONOMY

QUESTION 3

3.1 List FOUR factors of production.

3.2 Mention TWO advantages of using technology in the production

process.

3.3 Classify the following goods into and Non-renewable resources:

Renewable Resources Non-Renewable Resources

2
QUESTION 4
4.1 Define the following concepts:

4.1.1 Production

4.1.2 Savings

4.1.3 Investment

Copyright reserved Please turn over

Economic and Management Sciences 4 FS/NOVEMBER 2022
Grade 7
ANSWER BOOK

4.2 Mention and explain TWO types of community savings scheme.

TOTAL MARKS

20

SECTION C: FINANCIAL LITERACY

QUESTION 5

Read the case study below and answer questions that follow. Write the correct
answers next to the question numbers (5.1 – 5.5) in the ANSWER BOOK.

5.1 Differentiate between personal income and business income.

5.2 Mention the TWO types of personal income that Joshua and his mother
received.

5.3 What are the THREE types of personal expenses that Peter helped his
mother with?

Copyright reserved Please turn over

Economic and Management Sciences 5 FS/NOVEMBER 2022
Grade 7
ANSWER BOOK

5.4 Explain the following terms / concepts

5.4.1 Budget

5.4.2 Savings

5.5 Peter’s guest houses have businesses expenses to pay.

Give only THREE types of business expenses that they are paying

5.6 Peter’s guest houses is also receiving a lot of income.

Name TWO types of business income these guest houses are receiving.

QUESTION 6

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

6.1. Money received

from the sale
of goods

6.2. Office furniture

that belongs to
the business.

6.3. Salaries and

wages paid to
workers.

6.4. R2000
contributed by
the owner into
the business
account
8

Copyright reserved Please turn over

QUESTION 7

Discuss one advantage and one disadvantage of the following savings methods in the table below. write your answers in the
ANSWER BOOK.

Forms of saving Description Advantage Disadvantage

Keeping your Keeping money in a piggy bank, a safe

money at home or anywhere at home.

Saving at the post Opening a savings account at the post

office office.

Saving at bank Opening a savings account at the

bank.

Stokvel Placing money in a stokvel monthly.

Each month a different person in the
stokvel receives the lump sum or once
a year the savings are divided.

16

Copyright reserved Please turn over

QUESTION 8

Read the Case Study and Prepare a Statement of Net Worth of Naledi on 25 June
2022 to calculate her wealth.

STATEMENT OF NET WORTH OF THANDI ON 25 JUNE 2022

ASSETS R R

TOTAL ASSETS

LIABILITIES

TOTAL LIABILITIES
TOTAL NET WORTH 10

TOTAL MARKS

50

Copyright reserved Please turn over

Economic and Management Sciences 8 FS/NOVEMBER 2022
Grade 7
ANSWER BOOK

SECTION D: ENTREPRENEURSHIP

QUESTION 9

Use the information given in the Case Study to draw a SWOT analysis for Super
Cleaners. Write your answers by completing the table in the below.

STRENGTHS WEAKNESSES

OPPORTUNITIES THREATS

10

Copyright reserved Please turn over

QUESTION 10
Study the cartoon and use the income and expenses of Super Cleaners given by
their business members to draw their Statement of Income and Expenditure. Their
cleaning business was conducted on their Entrepreneurs’ Day.
Use the template below to complete thier Statement of Income and Expenditure.
THE INCOME AND EXPENDITURE STATEMENT OF SUPER CLEANERS FOR THE
ENTREPRENEURS’ DAY – 30 SEPTEMBER 2022
INCOME R R

Less Expenses

Profit / Loss
10

TOTAL MARKS

20

TOTAL: 100

Copyright reserved Please turn over