GRADE 8 DBE EMS

NOVEMBER EXAMINATION 2023

QUESTION PAPER

Examiner: A Slabber Date: 27 November 2023

Moderator: X Nyhonyha Time: 2 hours

Marks: 100

QUESTION Questions Marks Time

Section A Multiple choice/Match the 30 36 min

column/True and False

Section B Short questions 60 72 min

Section C Data response 10 12 min

TOTAL 100 120 min

INSTRUCTIONS
PLEASE READ THE FOLLOWING INSTRUCTIONS CAREFULLY
1. This question paper consists of 7 pages. Please check that your paper is
complete. There is also an answer booklet for the financial literacy.
2. Read the questions carefully and make sure that all the financial literacy
questions are answered on the answer sheets provided. Make sure that your
name and class appears on all your answer sheets.
3. In Section C ONLY one question must be answered – either question 4.1 OR 4.2.
4. You may use an approved non-programmable and non-graphical calculator.
5. It is in your interest to write legibly and to present your work neatly.
6. Only the use of a black or blue pen will be allowed.

Page 1 of 7
Section A (30 Marks)

Question 1.1 (20 Marks)

Instructions
Carefully read all the following multiple choice questions and choose the one which
you believe to be the most accurate. Ensure that you mark your answer clearly next
to the correct number. If 2 letters are chosen for one number, it will automatically be
marked as incorrect.

1.1.1 Factors of production in a market economy are owned by:

A the government.
B the business
C the foreign market
D households

1.1.2 People living in a rural society rely mainly on the _______ sector for their
income.
A primary
B secondary
C tertiary
D manufacturing

1.1.3 These types of goods can be used by everyone as they do not have to pay for
them.
A private goods
B common goods
C club goods
D scarce goods

1.1.4 This type of business can only have one owner:

A sole trader
B partnership
C public company
D private company

1.1.5 An example of this level of management is a foreman:

A top level
B middle level
C lower level
D operational level

Page 2 of 7
1.1.6 An example of an asset is:
A stationery
B current income
C vehicles
D capital

1.1.7 Money taken by the owner for her own use is known as:
A capital
B drawings
C income
D expense

1.1.8 Accounts in the nominal accounts section will include:

A assets
B liabilities
C capital
D income

1.1.9 When posting to the general ledger, the principle of ______ will be followed
A balancing
B posting
C double entry
D transactions

1.1.10 The term used for services rendered is:

A sales
B capital
C income
D current income

Question 1.2 (5 Marks)

State whether the following statements are True or False. You must write True or
False out in full so that it is clear which one has been chosen.

1.2.1 Wages is classified as an income.

1.2.2 The accounting equation states: A = OE + L
1.2.3 An example of a club good would be Netflix.
1.2.4 The product market is where the factors of production are found.
1.2.5 An example of a natural resource is timber.

Page 3 of 7
Question 1.3 (5 Marks)

Match up Column A with Column B. Only write the correct number with the correct
letter.

Column A Column B
1.3.1 The payment for entrepreneurship as a factor of A Tax on exports
production.
1.3.2 The payment for capital as a factor of production. B Tax on imports
1.3.3 The tax charged on customs duty. C interest
1.3.4 The journal used when the owner receives money from D profit
the business for her own use.
1.3.5 The journal used when the owner pays money into the E CRJ
business as her initial capital contribution.
F CPJ

Section B (60 Marks)

Question 2

ECONOMICS AND ENTREPRENEURSHIP (24 marks)

Answer all the questions from Section B making sure that you number correctly.

2.1 What is the percentage of VAT charged in South Africa? (1)

2.2 Give one other example of direct tax. (1)

2.3 Write a short paragraph of two lines as to how the government can address
the problem of unemployment amongst the youth. (4)

2.4 Briefly describe the living conditions in a rural area. (4)

2.5 Provide the labels A – D from the circular flow diagram given. Make sure that
A-D is very clearly marked on your answer sheet. (4)

Page 4 of 7
2.6 List four possible challenges facing entrepreneurs. (4)

2.7 List the four components of management. (4)

2.8 What does the name of a Private company end with? (2)

Question 3

FINANCIAL LITERACY (36 marks)

The answer sheets provided must be used to answer all the Financial literacy
questions. Please make sure that you put your name and class on the answer sheet
and after the exam, you need to attach it to all the other answer sheets.

3.1 ACCOUNTING EQUATION (12 marks)

Record the following in the accounting equation on the answer sheet

provided. Please take note of the example given.

Number ASSETS OWNER’S LIABILITIES

EQUITY
Effect Reason Effect Reason Effect Reason
Example +5 000 Bank +5 000 Capital
increases

Example: The owner deposited R5 000 into the current account of the business
as her capital contribution.

1. The telephone account of R550 was paid.

2. Money received from the tenant for rent amounted to R1 100.
3. Equipment was purchased for cash, R1 900.

3.2 JOURNALS (16 marks)

Use the given information to draw up the Journals of Nomlanga Services for
November 2023 on the answer sheet provided. NOTE: The journals do NOT
need to be totalled and no marks will be awarded for totalling the journals.

Page 5 of 7
Transactions for November 2023

3 The owner, M Nomlanga, started up her business, Nomlanga Services, by

depositing R100 000 directly into the current banking account. Receipt R01
was issued.

12 An EFT was done to pay for the rent to Aadinadh Estates, R4 200.

15 Money received for services rendered amounted to R1 900.

17 Equipment was purchased from Arjun Traders and a transfer was done to
make the payment, R2 800.

29 Cash withdrawn from the bank amounted to R3 000. R1 400 was to pay for
the weekly wages and the remainder was taken by the owner for her own use.

30 Money received for services rendered amounted to R1 500.

30 The owner increased her capital contribution by R3 000. (Note: the payment
was NOT made directly into the current banking account of the business.)

3.3 GENERAL LEDGER (8 marks)

From the given information use the answer sheet to draw up the following two
general ledger accounts in the books of Khethiwe Services for October 2023:

3.3.1 Bank account which must be properly balanced at the end of the month. (4)
3.3.3 Stationery (2)

Some of the following amounts appeared in the CRJ and CPJ for October 2023:
Cash receipts journal for October Cash payments journal for October
2023 2023
Bank 17 980 Bank 12 140
Current income 12 110 Sundry 2 190

Included in the sundry accounts column in the CPJ is an amount paid for stationery
on 4th October of R810.

Page 6 of 7
Section C (10 Marks)

Answer ONE of the following questions – either question 4.1 OR 4.2. If you answer
both questions only the first one will be marked.

4.1
You have decided to start up a business and you have approached your
best friend to go into business with you and have suggested that the two of
you either start up a partnership or a private company.

4.1.1 Outline three advantages to her of starting up a partnership. (6)

4.1.2 Expain to your friend what the following terms mean:
4.1.2.1 Legal entity (2)
4.1.2.2. Limited liability (2)
OR

4.2
The owner of a business is looking for a new general manager for his
business and needs to appoint someone for this position. It has been
suggested that he should either appoint a democratic leader or a
charismatic leader.

4.2.1 Explain the difference between a democratic leader and a charismatic leader
to the owner so that he is clear as to what he is looking for when interviewing
the candidates. (10)

Page 7 of 7