Suggested answers 1


Items in the budget


Salary that your father receives Insurance premium on the house Visit to the dentist


Your mother is baking cookies for extra income School fees


Water and electricity bill for the month Savings


Giving all three children pocket money Paying for repairs on the fridge


üü üü üü üü üü üü üü üü üü


2 Service business ü (providing a service) = services rendered ü Retail business ü (selling goods) = sales ü


3 Telephone, water and electricity, wages, salaries, insurance, rent, and so on. (any 3 × 2) Total: 28 marks 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 learner(s): y followed the instructions in the Learner’s Book and understood what to do y can differentiate between main income and other income


y can differentiate between fixed expenses, variable expenses, and occasional expenses


y can identify income for a service business and retail business Activity 4 Understand a personal budget


Guidelines to implement this activity


• This is a pair activity. • The learners need a calculator to do this activity. • Move around the class when learners do this activity to ensure that both partners work on all the questions.


58 Term 2: Financial literacy 9780199052050_OS_Economics_7_TG_CAPS2017.indb 58 11/29/17 9:02 AM Yes Partly No


(18) (2) (2)


Income Main income


Other income


Fixed expenses


Expenses Variable


expenses


Occasional expenses


Learner’s Book page 71


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