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Term 2 Ems Revision Activity Memo

The document outlines key concepts in financial management, including definitions of assets, liabilities, and expenses, as well as the importance of budgeting. It explains the significance of savings and investments, and how they contribute to financial stability and business growth. Additionally, it provides examples of income sources and calculations related to net worth and budgeting for personal finances.

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15 views3 pages

Term 2 Ems Revision Activity Memo

The document outlines key concepts in financial management, including definitions of assets, liabilities, and expenses, as well as the importance of budgeting. It explains the significance of savings and investments, and how they contribute to financial stability and business growth. Additionally, it provides examples of income sources and calculations related to net worth and budgeting for personal finances.

Uploaded by

n7nhhh84bv
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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TERM 2 EMS REVISION ACTIVITY MEMO

Topic 5:
1.
Assets Liabilities Expenses
Bank Loan from Absa Bank Stationary
Stock Rent paid
Equipment Advertising
Vehicles Telephone
Land and buildings Water & Electricity
Interest on loan

2. A) A transaction is any business deal that takes place between 2 or


more parties.
B) Savings refers to money that is kept safe for future use and
emergencies.
C) A loss happens when expenses are more than the income in a
particular business.

3. Assets: G
Capital: D
Fixed deposit: K
Bank Account: F
Budgets: C
Savings: A
Liability: B
Call Account: J
Loan: L
Current income: E
Salaries and wages: H
Interest on loan: I

Topic 6:

1a) Both
b) Personal
c) Both
d) Business
e) Business
f) Business

2a) Business
b) Business
c) Both
d) Both
e) Both
f) Business
3a) Commission income: Money an employee makes based on how many
sales they have made.
b) Savings: Money put aside for future/ emergency use.
c) Investments: Putting money into a business with the hope of earning
even more money back.
d) Interest Rate: The amount a lender charges a borrower. It is usually a
percentage of the original amount that was borrowed.

4a) Total Possessions: R989 200


Total Debts: R572 300
Net worth= R416 900

b) Net worth= Total Assets – Total Liabilities = R416 900

c) She most likely used the money to help pay for her house.

d) She can lower her debt by cutting down on using her credit cards. She
can also pay off and close unnecessary accounts and save up to buy
things that she wants to have.

5. Savings refers to money that is kept safe for future use and
emergencies.

6. You are always prepared for unexpected expenses, and you are able to
use your savings to purchase things so that you don’t end up with a lot of
debt.

7. The amount a lender charges a borrower. It is usually a percentage of


the original amount that was borrowed.

8. A fixed deposit would earn higher positive interest rather than a savings
account because you cannot easily access/ withdraw the money.

9. Savings and investments make money available to start new


businesses because they are a good form of start-up capital.

Topic 7

1. A budget is a plan on how you are going to spend your money in a


particular month/year. It is important to have a budget because it
helps you track your spending. It helps you plan out where your
money is going and it is usually a great way to tell if you can afford
your expenses. A budget allows us to save and spend money in a
financially healthy manner.
2. The money earned (Income) and the money spent (Expenses) and
how much money we are left with at the end of a particular month.
You must also indicate which month your budget is for.
3. He has drawn up a personal budget for himself as a Grade 7 learner.
4. It means that he did not have any savings coming into the month of
January. He did not have a surplus (extra money) at the end of the
previous month (December). Therefore he started off January
without any money.
5. He earns an allowance of R200, he also earns R50 for cleaning up
the house and he also earns R45 for working in the garden.
6. 45÷15 = 3. He mowed the lawn 3 times in January.
7. 15 x 4 = 60. If he mowed the lawn every week in a month, he could
earn R60.

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