Grade 7 EMS June Test + Memo
About this resource
Help your Grade 7 learner prepare for their Term 2 June Economic Management Sciences (EMS) assessment with this comprehensive 100-mark practice test, complete with a full memorandum. The test has a duration of 90 minutes and covers both basic economic concepts and financial literacy/accounting, providing thorough preparation for the June assessment.
The test covers:
- History of money
- Bartering
- Early forms of money
- Commodity money
- Coins and banknotes
- Development of money over time
- Needs and wants
- Primary and secondary needs
- Limited resources and resource allocation
- Goods and services
- Manufacturers and profit
- Revenue
- Inequality and poverty
- Socio-economic inequality in South Africa
- Government strategies to reduce poverty
- Accounting concepts
- Capital
- Assets and liabilities
- Income and expenses
- Profit and loss
- Bank statements and bank accounts
- Loans
- Savings and investments
- Salaries and wages
- Budgets
- Net worth
- Different sources of personal income
- Common household expenses
- Difference between savings and investments
- Importance of budgeting
- Savings accounts
- Fixed deposits
- Advantages and disadvantages of different saving options
- Statements of Net Worth
- Possessions and debts
- Calculating net worth
- Household budgets
- Total income and total expenses
- Overspending
- Identifying areas where spending can be reduced
- Creating room for savings and emergencies
Total: 100 marks | Duration: 90 minutes | Full memorandum included | PDF format.
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