2024 | EMS | Test 1
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Questions and Answers

What is the primary output of the productivity activity described?

  • Paper chains (correct)
  • Measuring units
  • Paper strips
  • Drawn rectangles

    • Productivity is solely about producing the maximum number of outputs regardless of quality.

    False

    What are the dimensions of the rectangles to be drawn for the paper strips?

    15cm by 2cm

    The process of combining input and output efficiently is known as __________.

    <p>productivity</p> Signup and view all the answers

    What must exist between members for a stokvel to be legally recognized?

    <p>A shared common bond</p> Signup and view all the answers

    Match the following components with their respective categories:

    <p>Newspaper = Input Ruler = Capital (equipment) Paper Chain = Output Scissors = Capital (equipment)</p> Signup and view all the answers

    Stokvels are illegal under the Banks Act of South Africa.

    <p>False</p> Signup and view all the answers

    What does NASASA stand for?

    <p>National Association of Stokvels in South Africa</p> Signup and view all the answers

    A stokvel operates as a formal or informal __________ credit scheme.

    <p>rotating</p> Signup and view all the answers

    Match the following terms related to stokvels:

    <p>Community saving scheme = Supports shared objectives Regulation = Facilitates legal recognition Common bond = Identity among members NASASA = National Association of Stokvels</p> Signup and view all the answers

    What is one key factor that boosts productivity in a country?

    <p>A larger population</p> Signup and view all the answers

    Productivity does not affect the standard of living in a country.

    <p>False</p> Signup and view all the answers

    What happens to businesses when people start buying more things?

    <p>Businesses make more profits.</p> Signup and view all the answers

    More efficient production could be achieved by having more _______.

    <p>people</p> Signup and view all the answers

    Match the following factors with their corresponding effects on productivity:

    <p>More people = Increases workforce Efficient plans for production = Improves processes Workers working faster = Boosts output Buying more things = Increases business profits</p> Signup and view all the answers

    Which of the following statements about entrepreneurship in South Africa is true?

    <p>One in every 18 adults is an entrepreneur.</p> Signup and view all the answers

    Commercial banks primarily fund larger businesses due to lower risk.

    <p>True</p> Signup and view all the answers

    What is a critical requirement for securing a loan from commercial banks?

    <p>A business plan and a good credit rating.</p> Signup and view all the answers

    _________ Enterprise Finance is an agency that facilitates access to finance for SMEs.

    <p>Khula</p> Signup and view all the answers

    Match the following institutions with their primary focus:

    <p>Business Partners Limited = SME funding Commercial Banks = Various financing solutions for SMEs Khula Enterprise Finance = Agency facilitating access to finance for SMEs Non-bank retail financial intermediaries = Funding for black-owned businesses</p> Signup and view all the answers

    Which of the following is considered a natural resource in Feta cheese production?

    <p>Fertilizer</p> Signup and view all the answers

    The labor involved in Feta cheese production includes activities performed by farm workers and cheese-makers.

    <p>True</p> Signup and view all the answers

    What is the primary type of milk used in making Feta cheese?

    <p>Goat's milk</p> Signup and view all the answers

    A key skill required in Feta cheese production is ______.

    <p>cheese-making skills</p> Signup and view all the answers

    Match the following factors of production to their corresponding examples:

    <p>Natural Resource = Salt water Capital = Milking shed Labor = Cheese-maker Entrepreneurship = Careful planning</p> Signup and view all the answers

    What is one effective way to improve productivity in a business?

    <p>Training workers better</p> Signup and view all the answers

    Higher productivity does not contribute to economic growth.

    <p>False</p> Signup and view all the answers

    What is the primary benefit of a higher economic growth rate for a country's citizens?

    <p>Improved standard of living</p> Signup and view all the answers

    A business can increase productivity by improving worker ______.

    <p>training</p> Signup and view all the answers

    Match the following productivity improvements with their descriptions:

    <p>Better training = Enhances worker skills and efficiency Efficient factory layout = Reduces unnecessary movement of workers Redesigned tools = Makes tasks easier and quicker Product design changes = Increases production efficiency</p> Signup and view all the answers

    What is the primary purpose of community saving schemes?

    <p>Collective saving and buying services</p> Signup and view all the answers

    Stokvels can operate with as few as three members.

    <p>False</p> Signup and view all the answers

    Name one advantage of community saving schemes.

    <p>Collective buying of expensive products</p> Signup and view all the answers

    A community saving scheme that assists members by providing funeral services is called a __________.

    <p>burial society</p> Signup and view all the answers

    Match the following forms of stokvels with their descriptions:

    <p>Revolving saving scheme = Members take turns receiving the pooled money Shared buying schemes = Buying goods in bulk for cheaper prices Loan schemes = Investing in business opportunities Home loan schemes = Providing loans for buying homes</p> Signup and view all the answers

    What is the estimated amount of money placed in stokvels monthly in South Africa?

    <p>R400 million</p> Signup and view all the answers

    Larger community saving schemes may lead to potential mismanagement.

    <p>True</p> Signup and view all the answers

    What role do the chairperson and treasurer play in a stokvel?

    <p>They manage the investments.</p> Signup and view all the answers

    Which sector does the farmer who grows trees belong to?

    <p>Primary Sector</p> Signup and view all the answers

    The secondary sector deals with the selling of completed products.

    <p>False</p> Signup and view all the answers

    What is the primary role of the tertiary sector?

    <p>Selling completed products</p> Signup and view all the answers

    The factory that produces the desk is part of the ______ sector.

    <p>secondary</p> Signup and view all the answers

    Match each example with the correct sector of production:

    <p>Farmer = Primary Sector Factory = Secondary Sector Retail Store = Tertiary Sector Wood = Natural Resource</p> Signup and view all the answers

    What is the first step in making flavored popcorn?

    <p>Heat the oil in a large pot</p> Signup and view all the answers

    You should look inside the pot while the popcorn is popping.

    <p>False</p> Signup and view all the answers

    What are the main ingredients needed to make caramel flavored popcorn?

    <p>1 cup white sugar, 4 tablespoons water, 2 tablespoons butter, ½ teaspoon vinegar, pinch of cream of tartar</p> Signup and view all the answers

    To make butter-and-salt flavored popcorn, you must melt some ______ over heat.

    <p>butter</p> Signup and view all the answers

    What is the main specialty of Jenny's tuckshop?

    <p>Fresh sandwiches</p> Signup and view all the answers

    Match the following flavoring methods with their descriptions:

    <p>Butter-and-salt = Melt butter and sprinkle salt over popcorn Caramel = Mix sugar, water, butter, vinegar, and cream of tartar</p> Signup and view all the answers

    Jenny took out a loan to cover her rental expenses and to purchase capital equipment.

    <p>True</p> Signup and view all the answers

    What are the primary materials required in the production of sandwiches at Trinity Cafe?

    <p>Bread, margarine, tomatoes, cheese, cooked chicken, mayonnaise</p> Signup and view all the answers

    An entrepreneur is someone who uses their ideas and skills to start a __________.

    <p>business</p> Signup and view all the answers

    Match the following factors of production with their definitions:

    <p>Entrepreneur = Person who starts a business Capital = Money used for production Materials = Natural resources needed for production Labourers = Employees working for the entrepreneur</p> Signup and view all the answers

    Which of the following is an example of capital equipment used in Jenny's tuckshop?

    <p>Mixing bowls</p> Signup and view all the answers

    Labourers are not considered a factor of production.

    <p>False</p> Signup and view all the answers

    What skills are involved in entrepreneurship?

    <p>Marketing, decision-making, risk-taking, problem-solving</p> Signup and view all the answers

    Study Notes

    Community Saving Schemes

    • Community saving schemes, often called stokvels, are a popular form of financial services in South Africa.
    • Stokvels are among the oldest forms of saving and buying services.
    • They are like a burial society that also offers services like funeral services.
    • Stokvels have an estimated 800 000 stokvel, burial societies and associations in South Africa with an estimated membership of 8.25 million members.
    • Membership is placed in these schemes.

    Stokvel Forms

    • Stokvels can come in various forms
    • Members put all monthly contributions into a revolving savings scheme.
    • Members collectively buy in bulk, then divide the items.
    • Stokvels often invest in business opportunities for individual members.
    • Some schemes also offer home loans.

    Advantages

    • Stokvels provide accessible collective banking services.
    • Stokvels allow the ability to insure and sell new products and services directly through their channels.
    • Members can collectively buy expensive products.

    Disadvantages

    • The scheme can become too big, which can lead to mismanagement or corruption becoming more likely.
    • These schemes work best with 12-150 members, if they have too many members control can be lost or the money can be mismanaged.
    • If the scheme is too small the amount of money available is less.

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    Description

    Test your knowledge on productivity principles and the concept of stokvels in South Africa. This quiz covers definitions, legal aspects, and factors affecting productivity. Perfect for students learning about economics and finance.

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