Suggested answers
1 1.1 Prepare a budget to establish the family’s monthly income and expenses. üü (2) 1.2 Subtract their total expenses from total income per month. üü 1.3 Savings. ü
(2) (1)
1.4 Sample answer: Open a savings account ü and deposit their savings every month. ü Use discretion with the learners’ answers as they have been asked for their opinion.
Assessment guidelines
• This activity is intended for informal assessment. • Use the suggested answers supplied above to assess learners informally. • Use the checklist below to assess learners. Give learners feedback on their performance to prepare them for formal assessment.
Criteria
The learners: y followed the instructions in the Learner’s Book and understand what to do y are aware of different ways to save y know how to prepare a personal budget
Activity 7 Revise accounting concepts Guidelines to implement this activity
Background knowledge Learners need a good grasp of all the concepts dealt with in this unit.
Suggested answers 1 1.1 Financial institution ü such as a bank. ü
1.2 Nedbank, ABSA, FNB, and so on. üü 1.3 Any financial institution. üü 1.4 Internet or online banking üü
(2) (2) (2) (2)
1.5 An action or event involving an exchange of goods or services for monetary value, the details of which are recorded by date in the books of account of the business. üü
(2)
1.6 To keep a record of vitally important information of all their transactions. üü (2) 1.7 A service business renders a service to clients; examples are doctors, taxis, plumbers, cell phone repair shops, and so on. üü A retail business sells goods to customers; examples are supermarkets, clothing stores, furniture stores, motor car dealers, and so on. üü
1.8 R240/3 = R80. üüü Unit 1: Accounting concepts
9780199052050_OS_Economics_7_TG_CAPS2017.indb 49
(4) (3)
Total: 17 marks 49
11/29/17 9:02 AM Learner’s Book page 56
• This is an individual activity. • Let the learners do the activity and give them the marking memo. • Give them feedback on their performance.
Yes Partly No (2) Total: 7 marks
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