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Summaries · Grade 7 EMS › Personal finance and banking services
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Personal finance and banking services

Assets and liabilities, net worth, banking services, interest, SMART goals and budgets. Read one part at a time and tap “I know this”. Then test yourself in the quiz.

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What you own and owe

Assets−Liabilities=Net worth
The most important formula in EMS.
  • Asset: a vehicle you own. Liability: a bank loan.
  • An IOU (“I owe you”) admits a debt; a promissory note is a written promise to repay.
Banking services on your phone and at the branch.
Banking services on your phone and at the branch.
Tap when you could tell someone without looking.

Banking services

WordMeaning
Long-term savings planSaving for years, like a fixed deposit
Tax-free savings accountThe interest is not taxed
Bank chargesFees; fewer with online banking and fewer cash withdrawals

A borrower must repay the loan plus interest. VAT (15%) is not charged on basic foods like brown bread and milk. The government uses tax for schools, hospitals, roads and safety.

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Goals and budgets

A clear, SMART goal is easier to achieve. A budget shows whether your income covers your expenses.

LetterMeaning
SSpecific
MMeasurable
AAttainable
RRealistic
TTime-bound
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Remember this and test yourself

Remember this: your summary
  • Net worth = assets − liabilities. A fixed asset lasts long, like a building.
  • Deposit: money in; withdrawal: money out; bank charges: fees for services.
  • You earn interest on savings and pay interest on loans; start saving early, so interest has time to grow.
  • SMART: specific, measurable, attainable, realistic, time-bound.
  • Surplus: income more than expenses. Deficit: expenses more than income.

Write these points in your book. Read them again the night before the test.

Memory trick

SMART: specific, measurable, attainable, realistic, time-bound: a goal you can see, count and finish.

Flash cards · Tap to turn over

Important words

First say what the word means, then turn the card over.

Test yourself · Part 2

True or false?

Read the question and the answer. Is the answer right? Tap True or False.

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    Follows CAPS for Grade 7 Economic and Management Sciences (EMS). Always check your teacher’s notes and textbook too.

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