,Grade 7 Economic and Management Sciences
Term 1 Assessment
Name: Time: 1H30
Date: Total: / 50
Instructions for learner:
• Read through the entire paper carefully before answering.
• Answer all questions.
• Use the mark allocation as an indication of the details required.
• Write neatly and legibly.
Question 1: Multiple Choice Questions (10)
Read each question and make a circle around the letter A, B, or C that is the correct answer:
1.1 A medium of exchange is:
A) Exchanging goods without using money.
B) Goods and services are exchanged for one another.
C) An item that is used to make trade easier.
1.2 A subsistence economy is:
A) A way of living where people produce everything that they need themselves.
B) People swop what they have for what they want.
C) Ensuring that you are able to buy everything that you need.
1.3 A need is:
A) Something which would be nice to have.
B) Something you can’t do without.
C) Everything which we buy.
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, Grade 7 Economic and Management Sciences Term 1 Assessment
1.4 In economics households are:
A) Groups of people who live together.
B) Groups of people who produce goods.
C) Consumers of luxury items.
1.5 Public goods are:
A) Things that the government provides that everyone in the community uses.
B) What each member of the public would like.
C) Those goods which are for sale to the public.
1.6 Secondary needs are:
A) What we need to survive every day.
B) Always things which we can see and touch.
C) Needs that develop once our basic primary needs have been satisfied.
1.7 Producers are:
A) People or organisations who use or consume goods and/or services.
B) The entire population of a particular country.
C) People or organisations who make or develop goods and/or services.
1.8 A micro-enterprise is:
A) Another name for a business.
B) A very small informal business employing less than five people.
C) A huge business which employs more than 200 people.
1.9 Banks are examples of:
A) Trading businesses.
B) Service businesses.
C) Manufacturing businesses.
1.10 Checkers or Pick ’n Pay are examples of:
A) Trading businesses.
B) Service businesses.
C) Manufacturing businesses.
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, Grade 7 Economic and Management Sciences Term 1 Assessment
Question 2:
2.1 Explain the difference between a debit and a credit card.(3)
2.2 Name four characteristics of money. (4)
2.3 Give two examples of services. (1)
2.4 Explain how a manufacturer makes a profit. (2)
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Term 1 Assessment
Name: Time: 1H30
Date: Total: / 50
Instructions for learner:
• Read through the entire paper carefully before answering.
• Answer all questions.
• Use the mark allocation as an indication of the details required.
• Write neatly and legibly.
Question 1: Multiple Choice Questions (10)
Read each question and make a circle around the letter A, B, or C that is the correct answer:
1.1 A medium of exchange is:
A) Exchanging goods without using money.
B) Goods and services are exchanged for one another.
C) An item that is used to make trade easier.
1.2 A subsistence economy is:
A) A way of living where people produce everything that they need themselves.
B) People swop what they have for what they want.
C) Ensuring that you are able to buy everything that you need.
1.3 A need is:
A) Something which would be nice to have.
B) Something you can’t do without.
C) Everything which we buy.
Page 1 of 6 visit twinkl.co.za
, Grade 7 Economic and Management Sciences Term 1 Assessment
1.4 In economics households are:
A) Groups of people who live together.
B) Groups of people who produce goods.
C) Consumers of luxury items.
1.5 Public goods are:
A) Things that the government provides that everyone in the community uses.
B) What each member of the public would like.
C) Those goods which are for sale to the public.
1.6 Secondary needs are:
A) What we need to survive every day.
B) Always things which we can see and touch.
C) Needs that develop once our basic primary needs have been satisfied.
1.7 Producers are:
A) People or organisations who use or consume goods and/or services.
B) The entire population of a particular country.
C) People or organisations who make or develop goods and/or services.
1.8 A micro-enterprise is:
A) Another name for a business.
B) A very small informal business employing less than five people.
C) A huge business which employs more than 200 people.
1.9 Banks are examples of:
A) Trading businesses.
B) Service businesses.
C) Manufacturing businesses.
1.10 Checkers or Pick ’n Pay are examples of:
A) Trading businesses.
B) Service businesses.
C) Manufacturing businesses.
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, Grade 7 Economic and Management Sciences Term 1 Assessment
Question 2:
2.1 Explain the difference between a debit and a credit card.(3)
2.2 Name four characteristics of money. (4)
2.3 Give two examples of services. (1)
2.4 Explain how a manufacturer makes a profit. (2)
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