1809-E-EMS-NE01

NOVEMBER EXAMINATION 2018

ECONOMIC AND MANAGEMENT SCIENCES 1/1

GRADE 9 %

Learner’s name and surname:

Student number:

Address:

Parent/guardian/centre:

Tel. no.:

Invigilator:

Name and surname:

I declare and affirm that I invigilated during this examination and that the answer sheets/answer books are true
and faithful representations of the learner’s own work.

____________________________
Signature

Send to Impaq
PO Box 15132
Lyttelton
0140
Email [email protected]
Tel. no. 087 743 0700
Fax 086 677 5243

This paper consists of 22 pages © Impaq

November examination 2018
G09 ~ Economic and Management Sciences P1/1

© Impaq Page 2 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

ECONOMIC AND MANAGEMENT SCIENCES

PAPER 1/1
GRADE 9
NOVEMBER EXAMINATION

EXAMINERS: B. Naudé and A. Tolmay TIME: 2 hours

MODERATOR: B. Pelser TOTAL: 200

INSTRUCTIONS

1. This paper consists of FOUR sections and SIX questions:

1.1 Section A: Contextual questions
1.2 Section B: The economy
1.4 Section C: Entrepreneurship
1.3 Section D: Financial literacy
2. Answer all the questions.
3. Number each question as indicated.
4. Write neatly and legibly.
5. Only use a blue ballpoint pen.
6. You may only use a non-programmable calculator.
7. You must show all calculations to obtain full marks.
8. Answer section D on the answer sheet.

Page 3 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

© Impaq Page 4 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

SECTION A: CONTEXTUAL QUESTIONS

QUESTION 1

1.1 Multiple-choice questions. Four options are provided as possible answers for
each of the questions below. Choose the correct answer and only write the
correct letter (A – D) next to the question number (1.1.1 – 1.1.10) e.g., 1.1.11 A.

1.1.1 Which one is not a source document?

A. Cash register roll
B. Duplicate receipts
C. Cash receipts journal
D. Bank deposit slip

1.1.2 A restaurant trades in the ______.

A. primary sector
B. tertiary sector
C. informal sector
D. secondary sector

1.1.3 The concept of a free market economy was dominant since the end of
_______ in the 15th century.
A. feudalism
B. Marxism
C. Communism
D. the Russian revolution

1.1.4 Which one is a disadvantage of a market economy?

A. Entrepreneurship is discouraged.
B. Not everyone can afford the variety of goods and services provided.
C. Income tax rates are relatively high.
D. Uneven distribution of resources.

1.1.5 At the end of each month all the accounts are closed off in the ______,
and a ______ is drawn up.
A. trial balance, double entry principle
B. cash journal, trial balance
C. general ledger, income statement
D. general ledger, trial balance

Page 5 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

1.1.6 Which one is not something that credit providers must give to borrowers,
according to the National Credit Agreement Act?
A. A detailed statement showing all cost amounts to be paid back, etc.
B. A detailed income statement.
C. A detailed account of all their rights and obligations.
D. A detailed statement of all terms and conditions.

1.1.7 Demand curve refers to:

A. a graph that shows the quantity demanded of goods or services at
different prices within a given period.
B. a graph that shows the quantity demanded of goods or services at
the same price within a given period.
C. a table that shows the quantity demanded of goods or services at
different prices within a given period.
D. a table that shows the quantity demanded of goods or services at
the same price within a given period.

1.1.8 The ______ states that there is a direct relationship between the price of a
product or service and quantity supplied and vice versa.
A. law of supply
B. law of demand and supply
C. law of demand
D. law of price

1.1.9 Which one will cause a decrease in demand?

A. An increase in price of substitute products.
B. Increase in consumer income.
C. Greater consumer preference.
D. Decrease in the price of a substitute product.

1.1.10 The _____ of a product is there to place consumers’ attention on the

product.
A. distribution
B. production
C. promotion
D. placement
(10 x 1) = (10)

© Impaq Page 6 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

1.2 Match the descriptions in column B to the words/phrases in column A. Only

write the correct letter (A – L) next to the question number (1.2.1 – 1.2.10), e.g.,
1.2.11 M.

Column A Column B
Control over the transformation of raw materials
1.2.1 Insurance A
into finished products.
1.2.2 Planning function B Obtaining and utilising capital.
Gives the business a feeling of security against
1.2.3 Marketing function C
possible losses due to damage.
1.2.4 Purchasing function D Ensures good client service.
Mobilising the resources of the business to
1.2.5 Production function E
achieve its goals.
Informing clients of choices between products or
1.2.6 Financial function F
services.
Recruitment, selection and placement of
1.2.7 Public relations G
employees.
Identifies deviations of plans and takes remedial
1.2.8 Human relations H
action.
Gives the business direction regarding future
1.2.9 Organising I
goals and how to reach them.
1.2.10 Control J Decreasing and increasing of assets.
K A list of accounts with their respective totals.
Does all the purchases for the business, from
L stationery, equipment and raw material for any
production process to cars.
(10 x 1) = (10)

1.3 Are the statements true or false? If a statement is false, write the correct
statement to make it true. Only write the answer (true or false and the correct
statement) next to the question number (1.3.1 – 1.3.7), e.g., 1.3.8 False.
The main purpose of a company is to make profit.

1.3.1 A business plan is a compilation of the entrepreneur’s business goals and

the method they use to achieve these goals.

1.3.2 A business plan’s cover page should only show the name of the business
and title of the business plan.

1.3.3 A logo should be eye-catching and must be something the consumer

immediately recognises.

1.3.4 When a business is started, it is only necessary to formulate long-term

goals.

Page 7 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

1.3.5 Mass production refers to a system that uses a continuous system to

produce a large number of non-identical products.

1.3.6 The target market is the group of consumers a business thinks will buy its
products.

1.3.7 Market research, in the form of surveys or questionnaires, often occurs

prior to the launch of the final product.
(10)
(30 x 2) = [60]

TOTAL SECTION A: 60
SECTION B: THE ECONOMY

QUESTION 2

2.1 Read the information and answer the questions that follow.

Trade unions are associations of workers who, through joined action, act and promote the
interests of their members. They aim to negotiate the best possible conditions for workers
across a broad area through their leadership. These include interests such as salaries
and wages, rules of employment and dismissal, working hours, procedures of objection,
seniority, holidays and more.
(Adapted and translated: goo.gl/M5o7H2)

2.1.1 Name any TWO trade unions in South Africa. (2)

2.1.2 Discuss the responsibilities trade unions have towards

its members. (3 x 2) = (6)

2.1.3 Identify the two main issues that trade unions negotiate. (2)

2.2 Study the table below and answer the questions that follow.

Price Number of people who

demanded iPods
R 500 90
R1 000 60
R1 500 22
R2 000 10

2.2.1 How many people indicated that they would buy iPods if it was sold at
R500? (2)

© Impaq Page 8 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

2.2.2 Ten people indicated that they would buy iPods at a specific price.
What is this price? (2)

2.2.3 Can you think of an instance where price does not have an influence on
demand? (2)

2.2.4 What would the impact on demand be if the price of iPods should
increase? (2)

2.2.5 Define the following terms:

a) Supply curve
b) Economic problem
c) Quantity supplied
d) Supply schedule (4 x 2) = (8)

2.3 State whether the following characteristics can be linked to a planned economy, a
market economy or a mixed economy.

2.3.1 Government provides services.

2.3.2 A small number of people are extremely wealthy, while the majority of the
population is very poor.

2.3.3 Some companies are owned by the government, others by individuals.

2.3.4 All resources belong to the government.

2.3.5 Production factors belong to individuals. (5 x 2) = (10)

2.4 Distinguish between an open and closed economy. (2 x 2) = (4)

[40]

TOTAL SECTION B: 40

Page 9 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

SECTION C: ENTREPRENEURSHIP

QUESTION 3

3.1 Study the picture and answer the questions.

(Source: goo.gl/swE8Ug)

3.1.1 Name the three economic sectors illustrated in the picture. (3)

3.1.2 Which product’s production process is depicted above? (2)

3.1.3 Briefly explain the role of businesses in each of the sectors

with reference to the manufacturing of products and services. (3 x 2) = (6)

3.1.4 Give an example of a type of business in each economic sector. (3)

3.1.5 Define sustainability. (2)

© Impaq Page 10 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

3.2 Study the information and answer the questions that follow.

Top

Middle

Lower-level
management

3.2.1 What type of decisions do top-, middle- and lower-level management

make? (3 x 2) = (6)

3.2.2 General management must complete four important tasks. Name and
discuss these tasks. (4 x 2) = (8)

3.2.3 What does the term ‘risk management’ mean? (2)

3.2.4 Name the function in the business responsible for:

a) Identify and select suppliers.
b) Manage cash flow and keep record of financial transactions.
c) Developing new product ideas.
d) Cleaning and supply of cafeteria services. (4 x 2) = (8)
[40]

TOTAL SECTION C: 40

Page 11 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

SECTION D: FINANCIAL LITERACY

Answer this section on the answer sheet.

QUESTION 4: ACCOUNTING EQUATION

Complete the accounting equation on the answer sheet.

Owner’s
Transaction Assets Liabilities
equity
E.g. Buy a vehicle on credit, R20 000 +20 000 + 20 000
1 Buy trading stock on credit, R7 560
Pay the water and electricity with a
2
cheque, R2 500
Credit sales, R4 520
3
(Cost price R2 550)
Send back stationery, receive a debit
4
note, R650
Pay the creditor R2 700 in settlement of
5
our account.
[12]

QUESTION 5: JOURNALS

INSTRUCTIONS
Complete the following transactions for May 2017 in the correct journals of Mpumalanga
Shops:

5.1 Cash receipts journal (8)

5.2 Cash payment journal (10)
5.3 Creditors journal (8)
5.4 Debtors journal (6)

You are not required to close off the journals.

© Impaq Page 12 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

INFORMATION
Only the first document numbers are provided. The profit margin is 25%.

Transactions for May 2017

Invoices received

6 Receive invoice no. 100 for R4 120 from Bargain Buy for a printer bought on credit.
19 Receive invoices for the following purchases:
Swiss Wholesalers for goods, R4 200.
Waltons for two office chairs, R1 300 and stationery, R630.
28 Buy trading stock from AZ Store on account for R5 600.

Cheques issued

4 Issue cheque no. 301 to AZ Store in settlement of their account, R1 200.

Receive trading stock, R1 050 and packing material, R280 from Swiss Wholesalers
and pay with a cheque.
15 Pay the wages with a cheque, R4 600.
22 Pay Swiss Wholesalers R2 410 with a cheque, as part payment of our account.
27 Pay the salary of B. Black, the manager, with a cheque, R8 230.
30 Pay the owner’s personal cellphone account with Vodacom, with a business cheque,
R1 820.

Cash register roll and receipts

1 The owner, B. Fourie, increases her capital contribution with R25 000, receipt no. 50
is issued.
3 Receive a cheque from H. Haasbroek in settlement of his account, R4 200.
Cash sales of goods according to the cash register roll, R650 (cost price R325).
12 T. Rex rents part of a building, receive his monthly rent of R5 200, issue a receipt.
17 Cash sales according to the cash register roll, R7 450.

Invoices issued

9 Goods sold on credit according to invoices issued:

No. 61 to D. Daniels, R4 562
No. 62 to H. Haasbroek, R2 330 (cost price R1 600)
27 Sell goods on credit to D. Daniels for R1 045. [32]

Page 13 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

QUESTION 6: POSTING TO THE GENERAL LEDGER

You are provided with totals from the journals of Protea Traders as well as the opening
balances for February 2017.

Complete the following accounts in the general ledger:

6.1 Trading stock (5)
6.2 Debtors control (4)
6.3 Stationary (3)
6.4 Creditors control (4)

Only balance the trading stock and debtors control accounts.

INFORMATION

The following balances appeared in the books for February 2017:

Trading stock R12 350
Debtors control R7 200
Stationary R510
Creditors control R7 400

Totals from the journals for February 2017:

CRJ
Bank Sales Cost of sales Debtors control
35 210 16 200 14 520 9 010

CPJ
Bank Trading stock Stationery Creditors control
28 412 16 300 1012 11 100

DJ
Sales Cost of sales
13 450 10 560

DAJ
Debtors
Cost of sales
allowances
3 500 2 200

© Impaq Page 14 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

CJ
Creditors control Trading stock Stationery
14 230 6 110 8 120

CAJ
Creditors control Trading stock Stationery
3 540 2 300 1 240
[16]

TOTAL SECTION D: 60

GRAND TOTAL: 200

Page 15 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

© Impaq Page 16 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

ECONOMIC AND MANAGEMENT SCIENCES

PAPER 1/1
GRADE 9
NOVEMBER EXAMINATION
ANSWER SHEET

Name: ___________________________ Student number: _______________

SECTION D: FINANCIAL LITERACY

QUESTION 4: ACCOUNTING EQUATION

4.1
Transaction Asset Owner equity Liabilities
E.g. Buy a vehicle on credit, R20 000 + 20 000 + 20 000
1 Buy trading stock on credit, R7 560

2 Pay the water and electricity with a cheque, R2 500

3 Credit sales, R4 520 (Cost price R2 550)

4 Send back stationery, receive a debit note, R650

5 Pay the creditor R2 700 in settlement of our account.

[12]

Page 17 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

QUESTION 5: JOURNALS

5.1 CASH PAYMENT JOURNAL OF MPUMALANGA SHOPS – MAY 2017 CRJ.5

Doc. Analysis of Cost of Debtors Sundry account
Day Details Fol. Bank Sales
no. receipts sales control Amount Fol. Details

(8)

© Impaq Page 18 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

5.2 CASH PAYMENT JOURNAL OF MPUMALANGA SHOPS – MAY 2017 CPJ.5

Doc. Trading Creditors Sundry accounts
Day Details Fol. Bank Wages
no. stock control Amount Fol. Details

(10)

Page 19 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

5.3 CREDITORS JOURNAL OF MPUMALANGA SHOPS – MAY 2017 CJ.8

Doc. Creditors Trading Sundry accounts
Day Creditor Fol. Equipment
no. control stock Amount Fol. Details

(8)

5.4 DEBTORS JOURNAL OF MPUMALANGA SHOPS – MAY 2017

Doc.
Day Details Fol. Sales Cost of sales
no.

(6)
[32]

© Impaq Page 20 of 22
 November examination 2018
G09 ~ Economic and Management Sciences P1/1

QUESTION 6: POSTING TO THE GENERAL LEDGER

GENERAL LEDGER OF PROTEA TRADERS

6.1 TRADING STOCK B5

(5)

6.2 DEBTORS CONTROL B6

(4)

Page 21 of 22 © Impaq
November examination 2018
G09 ~ Economic and Management Sciences P1/1

6.3 STATIONERY B6

(3)

6.4 CREDITORS CONTROL B6

(4)

TOTAL SECTION D: 60

© Impaq Page 22 of 22