Criteria
The learner(s): y followed the instructions in the Learner’s Book and understood what to do y can calculate the income of the business from the information provided y can calculate the expenses of the business from the information provided y can calculate the surplus/deficit of a business
Case study The Smith family
1 Statement of net worth Statement of net worth of the Smith family on 30 June 20.8 ASSETS
Non-current Assets Land and buildings
Vehicles (280 000 + 85 000 + 10 000)
Equipment (45 000 + 180 000 + 1 500 + 13 400) Current Assets Bank
TOTAL ASSETS
NET WORTH AND LIABILITIES Net Worth (see calculation) Non-current liabilities Loan
Current Liabilities Creditors
TOTAL NET WORTH AND LIBLITIES Net worth calculation = 1 592 900 ü – 212 700 ü = 1 380 200 (ü)
2 Budget 2.1 27 000 ü + 12 000 ü = 39 000 (ü)
2.2 12 700 ü + 2 140 ü + 1 860 ü + 1 580 ü + 8 000 ü + 8 400 ü + 2 000 ü + 1 000 ü = 37 680 (ü)
2.3 39 000 (ü) – 37 680 (ü) = 1 320 (ü)
2.4 Any valid suggestion for example the Smith family can go away once a month and they save R4 000. ü
ü1 464 900 00
ü950 000 00 ü375 000 00 ü139 900 00
ü128 000 00 ü128 000 00 1 592 900 00
ü1 380 200 00 ü200 000 00
ü200 000 00 ü12 700 00 ü12 700 00 ü1 592 900 00 (14) (3)
(9) (3)
(1) Total: 30 marks Learner’s Book page 73
Yes
Partly No
60 Term 2: Financial literacy
9780199052050_OS_Economics_7_TG_CAPS2017.indb 60 11/29/17 9:02 AM
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