Date: MARCH 2025
Time: 1 HOUR (60 MIN)
Marks: 50 MARKS
Grade: 8
Subject: EMS FINANCIAL LITERACY (ACCOUNTING)
Paper: 1
Name and Surname:
General instructions for the writing of exams:
1. Quickly scan through your entire paper.
2. Read the question twice before you begin.
3. Make sure to answer ALL questions.
4. Write neatly and legibly.
5 If you struggle too much with a question, move on to the next one and return once
you have answered all the other questions.
6. If the question calls for a longer answer, plan before you start writing.
7. For any answer longer than 1-2 words, always write in full sentences.
8. Make sure every point you make refers to the central question.
9. Use correct grammar, spelling, and punctuation to the best of your ability.
10. If you make a mistake, cross it out clearly with a single, neat line and write the
correct answer instead.
11. Number the answers correctly according to the numbering system used in this
question paper.
12. Present your answers according to the instructions for each question.
Good luck with your exam!
Topics covered in this test.
Financial Literacy
Basic Accounting Concepts
Financial Terms
Financial Statements and Concepts
Classification of Transactions
Source Documents
Business Transactions and Calculations
QUESTION 1
Pg www.summariessa.co.za Author: DAN SMI
EMS MARCH
Grade: 8 Subject: Date:
(ACCOUNTING) 2025
, Various options are provided to answer the following question. Choose
the correct answer and write down only the correct letter next to the
question number.
1.1 (1)
What does the abbreviation EFT stand for?
A. Electronic Funds Transaction
B. Electronic Finance Transfer
C. Electronic Financial Transaction
D. Electronic Fund Transfer
1.2 (1)
For which of the following transactions will a till slip be
used?
A. Online purchase
B. Bank transfer
C. Grocery shopping at a Checkers
D. Cash withdrawal from the ATM
1.3 (1)
Nico decided to download a bank statement for three
months. Which of the following dates represents three
months?
A. 31 August 2024 – 2 November 2024
B. 1 January 2024 – 31 March 2025
C. 30 November 2024 – 1 February 2024
D. 1 June 2024 – 31 August 2024
1.4 What information is typically included in a bank statement? (1)
A. List of future planned expenses
B. Summary of credit card rewards points
C. Detailed list of personal loans
D. Summary of all transactions over a specific period
1.5 Which of the following is an advantage of using a banking
app?
A. Limited access to account information
Pg www.summariessa.co.za Author: DAN SMI
EMS MARCH
Grade: 8 Subject: Date:
(ACCOUNTING) 2025
, B. Higher transaction fees
C. Convenient access to banking services anytime
D. Longer processing times for transactions
[5]
ANSWERS
1.1
1.2
1.3
1.4
1.5
Pg www.summariessa.co.za Author: DAN SMI
EMS MARCH
Grade: 8 Subject: Date:
(ACCOUNTING) 2025
Time: 1 HOUR (60 MIN)
Marks: 50 MARKS
Grade: 8
Subject: EMS FINANCIAL LITERACY (ACCOUNTING)
Paper: 1
Name and Surname:
General instructions for the writing of exams:
1. Quickly scan through your entire paper.
2. Read the question twice before you begin.
3. Make sure to answer ALL questions.
4. Write neatly and legibly.
5 If you struggle too much with a question, move on to the next one and return once
you have answered all the other questions.
6. If the question calls for a longer answer, plan before you start writing.
7. For any answer longer than 1-2 words, always write in full sentences.
8. Make sure every point you make refers to the central question.
9. Use correct grammar, spelling, and punctuation to the best of your ability.
10. If you make a mistake, cross it out clearly with a single, neat line and write the
correct answer instead.
11. Number the answers correctly according to the numbering system used in this
question paper.
12. Present your answers according to the instructions for each question.
Good luck with your exam!
Topics covered in this test.
Financial Literacy
Basic Accounting Concepts
Financial Terms
Financial Statements and Concepts
Classification of Transactions
Source Documents
Business Transactions and Calculations
QUESTION 1
Pg www.summariessa.co.za Author: DAN SMI
EMS MARCH
Grade: 8 Subject: Date:
(ACCOUNTING) 2025
, Various options are provided to answer the following question. Choose
the correct answer and write down only the correct letter next to the
question number.
1.1 (1)
What does the abbreviation EFT stand for?
A. Electronic Funds Transaction
B. Electronic Finance Transfer
C. Electronic Financial Transaction
D. Electronic Fund Transfer
1.2 (1)
For which of the following transactions will a till slip be
used?
A. Online purchase
B. Bank transfer
C. Grocery shopping at a Checkers
D. Cash withdrawal from the ATM
1.3 (1)
Nico decided to download a bank statement for three
months. Which of the following dates represents three
months?
A. 31 August 2024 – 2 November 2024
B. 1 January 2024 – 31 March 2025
C. 30 November 2024 – 1 February 2024
D. 1 June 2024 – 31 August 2024
1.4 What information is typically included in a bank statement? (1)
A. List of future planned expenses
B. Summary of credit card rewards points
C. Detailed list of personal loans
D. Summary of all transactions over a specific period
1.5 Which of the following is an advantage of using a banking
app?
A. Limited access to account information
Pg www.summariessa.co.za Author: DAN SMI
EMS MARCH
Grade: 8 Subject: Date:
(ACCOUNTING) 2025
, B. Higher transaction fees
C. Convenient access to banking services anytime
D. Longer processing times for transactions
[5]
ANSWERS
1.1
1.2
1.3
1.4
1.5
Pg www.summariessa.co.za Author: DAN SMI
EMS MARCH
Grade: 8 Subject: Date:
(ACCOUNTING) 2025
