SPARK Midrand High 2024 Term 2

Revision Pack

Subject: EMS
Teacher: Miss Bonolo
GRADE 8

Note
- This Revision Pack contains important topics and activities aimed at ensuring that all scholars are
well prepared for their Mid -Year Exams.
- It is the responsibility of all scholars to work through this revision pack and do all activities
contained in this Revision Pack.
- Teachers will provide the necessary support to ensure that scholars understand the content
contained in this Revision Pack.
TOPIC: THE ECONOMY
GOVERNMENT

1. Answer the following questions

1.1 Define “government”. (2)

1.2 How is the government elected? (2)
1.3 Who is the current president of South Africa? (1)
1.4 Where is the seat of the government and the office of the president? (1)
1.5 Briefly discuss one function of the government. (2)
1.6 Briefly discuss three objectives of the government. (3x2) (6)
1.7 Name the three levels of the government. (3x1) (3)
1.8 Name the three branches of the National Assembly. N (3x1) (3)
1.9 Discuss two functions of the national government. (2x2) (4)
1.10 Discuss two functions of the local government. (2x2) (4)
1.11 Discuss two functions of the provincial government. (2x2) (4)
1.12 Briefly discuss the interaction between government and households. (3x2) (6)
1.13Briefly discuss the interaction between government and businesses. (3x2) (6)

TOPIC: THE ECONOMY

NATIONAL BUDGET

2. Indicate whether the following statements are TRUE or FALSE

2.1 The national budget only explains how much money the government makes.
2.2 The budget is read by the minister of Finance.
2.3 The State’s biggest income is taxes.
2.4 Business tax is an example of indirect taxes.
2.5 Direct taxes are what people pay indirectly to the government.
2.6 Wine is an example of sin taxes.
2.7 The national government is not responsible for police services.
2.8 Disability grants are an example of social grants paid by the government.
2.9 Money spent on education helps people to gain skills.
2.10 Inequalities are redressed by paying more for education.
 3. Answer the following questions

3.1 Explain how the national budget is compiled. (3x2) (6)

3.2 Identify and describe three types of revenue for the government. (3x3) (9)
3.3 “One of the main forms of direct tax is income tax.” Describe income tax as a revenue stream of the
State. (4x2) (8)
3.4 Describe Value-added Tax (VAT) as a form of indirect tax. (3x2) (6)
3.5 How does the national budget influence economic growth? (5x2) (10)

TOPIC: THE ECONOMY

STANDARD OF LIVING

4. Indicate whether the following statements are TRUE or FALSE

4.1 The standard of living is not having access to goods and services.
4.2 Self-sufficiency is meeting your own needs through your environment.
4.3 The modern society is where there are few people and their main economic activities are in the primary
sector.
4.4 Rural society is industrialized and uses science and technology.
4.5 Factories pollute our environment.
4.6 An increase in population is good for our environment. (1 x 3) =3
4.7 Unemployment causes a decrease in the standard of living.
4.8 Water and energy promote an unhealthy environment.
4.9 Habitats are destroyed when land is cleared to build buildings.
4.10 Lifestyle is how I live in society and spend my money.

5. Answer the following questions

5.1 Describe the meaning of the concept “standard of living”. (2)

5.2 Explain the difference between rural society and modern society. (4)
5.3 Identify the characteristics of a traditional society. (2x2) (4)
5.4 Name five reasons why some people earn more money than others and can therefore maintain a higher
standard of living. (5x2) (10)
5.5 Name five projects a community can become involved in
to alleviate poverty. (5x2) (10)
TOPIC: FINANCIAL LITERACY
ACCOUNTING CONCEPTS

6. Indicate in the next table which definition best fits the concept. Only write down the correct
letter next to the appropriate concept.
 7. Classify each of the following items whether it is an Asset, Owners’ account, Liability, Income
or Expense:

TOPIC: FINANCIAL LITERACY

SOURCE DOCUMENTS

You are the owner of a hair salon. You do most of your purchases at a wholesaler in
Vredenburg.
8. Answer the questions based on the following document below:
 8.1 Write down the name of the purchaser. (1)
8.2 Write down the name of the seller. (1)

9. Use the following source document to answer the questions that follow.

9.1 When in a business is a receipt issued? (3)

9.2 When was this receipt issued? (2)
9.3 To whom is this receipt issued? (1)
9.4 For what receipt is the receipt issued and for what amount? (2)
9.5 If you paid someone cash, why would you want a receipt? (1)
9.6 Who is the person/company that issued the receipt? (2)
9.7 Name the journal where the receipt will be recorded. (2)
Financial Literacy: Accounting Cycle, The Accounting Equation and Cash
Receipt Journal

10. Multiple choice question

10.1 Sources of capital include _____.

A. loans from family and friends

B. Inheritance
C. Savings
D. all of the above

10.2 An example of an expense is:

A. Vehicle
B. Salaries
C. Rent income
D. None of the above

10.3 Choose the correct effect which the transaction below will have on the accounting equation.

A. Assets increase, Owner’s equity increases

B. Assets increase; Owner’s equity decreases
C. Assets decrease; Owner’s equity decreases
D. Assets decrease; Owner’s equity increases

10.4 The accounting cycle consists of _____ steps.

A. 6
B. 9
C. 7
D. 4

10.5
 (1X5)=5

11. Are the following statements TRUE or FALSE? Write down only the answer (true or false) next to
the question number (1.3.1–1.3.5), e.g. 1.3.6 False

11.1 A service company sells products to customers.

11.2 The following information is included on a deposit slip: date, name of account holder, account number,
type of money received and a name of the person who made the payment.

11.3 Accounting equation: Assets = Owner’s Equity – Liabilities.

11.4 The left-hand side of the accounting equation is always equal to the right-hand side of the equation.

11.5 Salaries are paid weekly

11.6 Drawings is when the owner pays money into the business’s bank account

11.7 Income has a positive effect on the owner’s equity.

11.8 A vehicle is an asset.

(1x8)=8
12. Match the words in column B with the description in column A. Write down only the correct letter
(A–F) next to the QUESTION number (4.1–4.5) e.g. 4.6 G.

NR COLUMN A COLUMN B

12.1 A copy of all the transactions with the bank A. Bank Statement

12.2 Proof that the business received money B. Cash Invoice

12.3 The business pays via the internet. C. Deposit Slip

12.4 When money is deposited into someone’s personal D. EFT

account a _____ is completed.

12.5 Client pays cash. E. Reciept

F. Cheque

(1x5)=5

13. Cash Receipt Journal

13.1 Record the following transactions in the Cash Receipt Journal of G & G Waste Removal or June
2021. (20)

Transactions:

June 2021

2 A capital contribution of R100 000 was made by the owner, G. Swanepoel, and paid into the business’s
account.

3 A tenant, A Muller, pays his monthly rent of R3 000 and the business issues a receipt number 1.

14 Receive money for services rendered, R300, according to the cash register roll.

16 Receive rent on a fixed deposit from ABC Bank, R800

25 A loan was received from ABC Bank to purchase new equipment, R200 000.

ANSWER SHEET
13.2 Analyze the following transactions according to the accounting equation. Use the attached
answer sheet to complete question 13.2.

13.3.1 The owner starts his business and deposits R 25 000 into the current bank account.

13.2.2 The business receives R 9 500 for services rendered.

13.2.3 Buy a vehicle for R 15 000 and pay with an EFT.

13.2.4 The owner takes R 550 for personal use.

13.2.5 Buy stationery for R 450 and pay with a bank transfer.

ANSWER SHEET
TOPIC: FACTORS OF PRODUCTION AND MARKETS

14.1 Name the FOUR production factors. (4)

14.2 Compensation means rewarding someone. Just like that each one of the production factors also has to
be rewarded. Use the table below and indicate what reward each one of the production factors should
receive. Write only the letter (A–D) and the correct answer. (4)
14.3 Indicate the difference between renewable and nonrenewable resources by referring to examples of
each. (2)

14.4 Why should resources be used sustainably? (2)

14.5 Name TWO laws or Acts that provide guidelines for fair employment practices. (2)

14.6 Read the information below and answer the questions that follow.

14.6.1 Name and describe FOUR different market types (8)

14.6.2 When you pay your electricity bill, you do not purchase any tangible goods. Which market do you use
to settle your account? (1)