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OTE2601 Assignment answers
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QUESTION 1Teachers often asked why they must teach entrepreneurship to all learners if South
Africa does not need all learners to be an entrepreneur. Why do you think is it
important to teach entrepreneurship at school? Give five reasons for your answer.
{25}
Entrepreneurship. This characteristic concerns the development of skills related to
the initiative, as well as the calculated risks involved in conceptualising, financing,
beginning, and managing a business. The special focus is on responsible
entrepreneurship within communities and environments.
· This characteristic introduces accounting, personal finances and consumer
knowledge and skills.
· The learner is able to show knowledge and understanding of the economic cycle
within the context of the economic problem.
· The learner is able to show an understanding of sustainable growth, reconstruction
and development, and to think critically about the related processes.
· The learner is able to show knowledge and the ability to apply various
management, consumer and financial skills.
· The learner is able to develop entrepreneurial knowledge and skills.
· The assessment standards for these two learning outcomes supply the foundation
of the intermediate and senior phase, in which all four learning areas are covered.
QUESTION 2
2.1 What are the benefits to open a Nedbank Stokvel account? {10}
The Nedbank stokvel account is the same as a group savings account, however, the
stokvel account offers additional benefits to the member.
Benefits
• 10% on grocery or school supplies when shopping at selected stores.
• R10 000 burial cover for each member (R20 per month per member).
• Zero account maintenance fees.
• Access to a Nedbank pay-as-you-go account on the Nedbank Money app, with no
monthly maintenance fees.
• Easily add or remove members using USSD cell phone banking.
Fees
, • Zero account maintenance fees.
Interest rates
• Available on request at any Nedbank branch
2.2 Stokvels have been around for a long time now and they are uniquely South
African. The term “stokvel” dates back to the 19th century when English settlers
described their auctions as “stock fairs”. The illiterate ones referred to it as Stokvel
instead of “stock fairs”. During these fairs, farmers and labourers would sometimes
pitch in together to purchase livestock. Elaborate on the role of each of the following
types of stokvel;
2.2.1 Grocery (3)
These stokvels are commonly used to purchase groceries in bulk or to help fund
household expenses. Contributors collect grocery or cash coupons when buying
provisions for the Stokvel parties throughout the year. These are then distributed at
the end of the saving period.
2.2.2 Basic (3)
This differs from the contribution scheme in that the Stokvel functions as a saving
scheme, only paying out for specific circumstances – i.e. Christmas, medical bills,
etc
2.2.3 Funeral cover (3)
According to Sally MatukuI and Edwell Kaseke, burial stokvels are known to provide
material and non-material support to families in the event of a death. Funeral cover
stokvels became popular when workers migrated to the gold mines to secure a
better future.
During this time families could not afford the costs of funerals. In particular, families
could not afford to transport the body to the rural areas where cultural traditions and
customs took place. This led to mineworkers forming burial stokvels among
themselves.
The stokvel usually includes a coffin and transportation costs of the body.
2.2.4 Property (3)
A property stokvel makes property investment more accessible to those who would
like to get in the game but can’t afford to purchase a property. Property investors get
together and pool in their finances to invest in a particular property or purchase land
for commercial, industrial or residential development. Check out the Property Stokvel
Investment Club if you would like to find out how to start a property stokvel.
2.2.5 Investment (3)
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