Ems GR 8 Worksheet

Province of the
EASTERN CAPE
EDUCATION
WORKSHEETS FOR HOME SCHOOLING GUIDE – MAY 2020
SUBJECT: ECONOMIC & MANAGEMENT SCIENCES (EMS)
GRADE 8 - CONTINUATION
TOPIC: OVERVIEW OF THE ACCOUNTING CYCLE
ACTIVTY 5
The diagram below represents the steps of the accounting cycle below. Draw the
diagram and fill in each step in the correct order:
1.
6. 2.
5. 3.
4.
POSSIBLE ANSWERS
ACCOUNTING CYCLE
1. TRANSACTIONS
6. FINANCIAL 2. SOURCE
STATEMENTS DOCUMENTS
5. TRIAL 3. JOURNALS
BALANCE
4. GENERAL
LEDGERS
TOPIC: FACTORS OF PRODUCTION
ACTIVITY 6
Answer the following questions and write the answers in your class work book.
1. Explain the difference between own and borrowed capital in your own words.
2. Why do you think it is an advantage to start a business using your own

capital?
3. Define capital goods and mention three examples of capital goods.
POSSIBLE ANSWERS
1. Own capital refers to the money invested by the owner of the business.
This is the money gathered from own savings, family members, assets and
inheritance.
Borrowed capital refers to money borrowed by the entrepreneur form either
individuals or financial institutions such as banks.
Borrowed capital can be used by business as a loan.
The entrepreneur will repay the money borrowed from the bank with interest.
2. You do not have to pay interest on own capital.
3. Machinery, tools and buildings

ACTIVITY 7
7.1 Read the following case study and answer the questions in you work book:
Case study
Mpho Hlako works for EG Hygiene Company which employs 30 people to perform
different types of jobs. The business was started by Eric Gule. He started the
business with R550 000. He inherited the money from the estate of his late father.
The business is growing and secured contracts to provide hygiene services for
Eskom offices in the Pretoria area.
Mpho transport the workers to the different locations and fetches them on a daily
basis. He is also responsible for repairing and servicing the company vehicles in the
workshop. Precious supervisors the employees and ensures the day’s work is
completed within the stipulated time and attends to queries from clients. Thando and
other workers keeps rest rooms clean, change bins and ensures that there are
enough paper towels.
7.1.1 Identify and explain the type of labour that is performed by Mpho?
7.1.2 What do we call the type of labour performed by Thando and the other workers
who keep rest rooms clean?
7.1.3 Explain what type of capital used by Eric Gule to start his business?
7.1.4 If Gule decides to grow his business and needs more money, makes a loan
with the Development Bank of South Africa. What do we call the capital?
7.2. Draw a mind map of the factor of production labour. Your answer must include
definitions of the different types of labourers; show at least 3 pictures of
different types of labourers.
POSSIBLE ANSWERS
7.1.1 Mpho is semi -skilled worker, undergone some training for driving vehicles and
for repairing and servicing vehicles.
7.1.2 Unskilled and do not require any training.
7.1.3 Own capital
7.1.4 Borrowed capital and must pay interest on the loan.
7.2 Mind Map: Labour as a factor of production

N.B Pictures to be shown in learner’s responses.
Labour refers to
physical or mental Skilled labour
Unskilled effort needed to refers to workers
labour refers to produce goods and who have
workers who services completed some
do not have form of higher
formal education and are
eductaion or trained in a
training in any particulr area. It
job. e.g. can be both
cleaners, farm physical and
workers and Semi-skilled mental. e.g.
mine workers. labour refers to Accountant,
workers who lawyer and doctor.
have received
training in a
particulr area. e.g
motor mechanic,
bricklayer, baker
ACTIVITY 8
Use an A4 paper to make a poster of the factor of production Natural resources.
8.1 Divide your poster into four sections. Each section should have a heading, e.g.
Natural resources from Mining industry, Forestry, Farming and Fishing.
8.2 Collect pictures from magazines or newspapers or draw pictures of the different
natural resources. You should at least have 2 pictures of goods produced from
the natural resources.
8.3 Indicate which ones are renewable or not.
8.4 Name a few alternative energy sources

Example of layout of poster:
NATURAL RESOURCES
MINING FARMING
Coal Electricity Mealies Mealie meal

(Non- renewable) (Renewable)
FORESTRY FISHING
Trees Furniture Fish Trawlers Canned fish

(Renewable) (Non-renewable)
ALTERNATIVE ENERGY RESOURCES

Wind energy – wind turbines
Solar energy – from the sun
TOPIC: MARKETS
ACTIVITY 9
9.1 Define each of the following terms in your own words

1.1. Market
1.2. Goods and services market
9.2 Name three types of goods markets
9.3 Give three examples of services rendered by service markets.
9.4 Find out how the introduction of money has changed the goods and services \
market. Write a paragraph of five lines about your findings.
POSSIBLE ANSWERS
9.1
1.1 A market is a place where buyers and sellers meet in order to exchange goods
and services in economic transactions.
1.2 A goods and services market is a place where products (such as food, clothing,
Furniture and accessories) or services (such garden services, telephone repair
services) are sold.
9.2 Types of goods markets:
Wholesale, Retail, Farm, Dairy, Fruits and Vegetables, etc.
9.3 Examples of services rendered by service markets:
dentist, electrical, legal services (lawyers), plumbing.
9.4 The introduction of money and banking has changed the way consumers and
businesses exchange goods and services.
• The introduction of money has changed the system of bartering; consumers
had to have the exact value of a product to exchange.
• The introduction of technology has eliminated the actual use and carrying
large amount of cash, internet banking and telephone banking can be used to
pay large sum of money for goods and services to be rendered. Goods can be
imported and exported locally and internationally and paid for electronically.
ACTIVITY 10
Match the description in Column A with the word or words in Column B.
Column A Column B
10.1 A place where buyers and sellers A Factor market
meet to buy and sell goods and or
services.
10.2 A place where the factors of B Shareholders
production are bought and sold.
10.3 An example of a financial capital C Businesses
market.
10.4 Own and bought shares in the D Shares
public company.
10.5 The remuneration for E Market
entrepreneur.
F Interest
G Profit
POSSIBLE ANSWERS
10.1 E
10. 2 A
10. 3 D
10. 4 B
10. 5 G

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Province of the

WORKSHEETS FOR HOME SCHOOLING GUIDE – MAY 2020

SUBJECT: ECONOMIC & MANAGEMENT SCIENCES (EMS)

TOPIC: OVERVIEW OF THE ACCOUNTING CYCLE

TOPIC: FACTORS OF PRODUCTION

2. Why do you think it is an advantage to start a business using your own

3. Define capital goods and mention three examples of capital goods.

2. You do not have to pay interest on own capital.

3. Machinery, tools and buildings

7.1.2 Unskilled and do not require any training.

7.1.3 Own capital

7.1.4 Borrowed capital and must pay interest on the loan.

7.2 Mind Map: Labour as a factor of production

Use an A4 paper to make a poster of the factor of production Natural resources.

8.3 Indicate which ones are renewable or not.

8.4 Name a few alternative energy sources

Coal Electricity Mealies Mealie meal

Trees Furniture Fish Trawlers Canned fish

ALTERNATIVE ENERGY RESOURCES

9.1 Define each of the following terms in your own words

9.2 Name three types of goods markets

9.3 Give three examples of services rendered by service markets.

Match the description in Column A with the word or words in Column B.

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