Gr12 Math Lit: June easy P(1)
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Gr12 Math Lit: June easy P(1)

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Questions and Answers

What is the standard VAT rate in South Africa?

  • 15% (correct)
  • 12%
  • 20%
  • 10%

    • What information is NOT included on a till slip?

  • Invoice information
  • Customer's personal details (correct)
  • Item details
  • Shop details

    • What is the purpose of checking total calculations on a till slip?

  • To determine the unit prices of items
  • To calculate the interest on overdue payments
  • To verify the sum of item prices and the application of VAT (correct)
  • To ensure the customer gets the correct change

    • What is a balance brought forward on an account statement?

    <p>The amount carried over from the previous statement</p> Signup and view all the answers

    What type of bill is a charge for services such as water and electricity?

    <p>Municipal bill</p> Signup and view all the answers

    What is the purpose of checking change calculations on a till slip?

    <p>To ensure that the change given back is correct</p> Signup and view all the answers

    What is exempt from VAT in South Africa?

    <p>Certain essential groceries</p> Signup and view all the answers

    What is the purpose of checking item costs on a till slip?

    <p>To determine the unit prices of items</p> Signup and view all the answers

    What is the minimum amount due to avoid additional charges on a cell phone bill?

    <p>Minimum payment</p> Signup and view all the answers

    What is the formula to calculate simple interest?

    <p>I = P × r × t</p> Signup and view all the answers

    What is the purpose of the query period on a cell phone bill?

    <p>To dispute or question a bill</p> Signup and view all the answers

    What is gross salary?

    <p>The total amount earned in a month, including salary, overtime, bonuses, etc.</p> Signup and view all the answers

    What is the formula to calculate the area of a circle?

    <p>A = πr^2</p> Signup and view all the answers

    What is the purpose of checking calculations on a cell phone bill?

    <p>To ensure the total amount due is correct</p> Signup and view all the answers

    What is the purpose of a deduction table in taxation?

    <p>To provide a quick reference for determining the amount of tax owed based on taxable income and age</p> Signup and view all the answers

    What is the formula to calculate compound interest?

    <p>A = P × (1 + r/n)^(nt)</p> Signup and view all the answers

    What is taxable income?

    <p>Gross income minus tax-deductible deductions</p> Signup and view all the answers

    What is the tax threshold for individuals younger than 65?

    <p>R67,111</p> Signup and view all the answers

    What is the primary function of PAYE (Pay As You Earn)?

    <p>To ensure that taxes are collected regularly throughout the year and avoid a large tax bill at the end of the tax year</p> Signup and view all the answers

    What is the purpose of understanding key financial terms on a cell phone bill?

    <p>To familiarize oneself with key financial terms and their implications</p> Signup and view all the answers

    What is the total UIF contribution by an employee and employer for a gross salary of R10,000?

    <p>R200</p> Signup and view all the answers

    What is net salary?

    <p>Gross salary minus deductions</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

    <p>To summarize total earnings, deductions, and tax deducted</p> Signup and view all the answers

    What is the formula to calculate taxable income?

    <p>Taxable Income = Gross Income - Tax-Deductible Deductions</p> Signup and view all the answers

    What is the tertiary rebate amount?

    <p>R2,250</p> Signup and view all the answers

    What is the purpose of tax rebates?

    <p>To reduce the tax payable</p> Signup and view all the answers

    What is the formula to calculate net pay?

    <p>Net Pay = Gross Salary - Deductions - Monthly Tax + Medical Tax Credits</p> Signup and view all the answers

    What is the purpose of UIF (Unemployment Insurance Fund)?

    <p>To provide short-term relief to workers when they become unemployed or are unable to work due to maternity, illness, or adoption leave</p> Signup and view all the answers

    What is the net salary calculated by?

    <p>Subtracting all deductions from the gross salary</p> Signup and view all the answers

    What is the fixed amount in a tariff system?

    <p>A constant fee that must be paid regardless of usage</p> Signup and view all the answers

    What is the purpose of break-even analysis?

    <p>To compare the cost-effectiveness of different tariff systems</p> Signup and view all the answers

    What is represented on the x-axis of a graph in tariff system comparison?

    <p>The number of units used</p> Signup and view all the answers

    What is the point of intersection on a graph in tariff system comparison?

    <p>The point where the cost of two options is equal</p> Signup and view all the answers

    What is calculated by subtracting the total deductions from the gross salary?

    <p>The net salary</p> Signup and view all the answers

    What determines how much the total cost changes per unit of usage?

    <p>The tariff rate</p> Signup and view all the answers

    What is the variable amount in a tariff system?

    <p>A fee that varies depending on usage</p> Signup and view all the answers

    What is the purpose of drawing graphs in tariff system comparison?

    <p>To visually compare the costs of different tariff systems</p> Signup and view all the answers

    What is essential to ensure when calculating the tariff rate?

    <p>That the units used are consistent</p> Signup and view all the answers

    What is the main purpose of an Income-and-Expenditure Statement?

    <p>To summarize all income received and expenses incurred over a specific period</p> Signup and view all the answers

    What is the primary source of income for a small business?

    <p>Sales of goods or services</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point at which income equals total costs</p> Signup and view all the answers

    What is the purpose of a budget in a small business?

    <p>To plan for future expenses and manage resources effectively</p> Signup and view all the answers

    What are occasional costs in a business?

    <p>Irregular costs that occur from time to time</p> Signup and view all the answers

    What is the formula for calculating profit in a business?

    <p>Total Income - Total Expenditure</p> Signup and view all the answers

    What is a loss in a business?

    <p>A situation where total expenditure exceeds total income</p> Signup and view all the answers

    What is the purpose of comparing actual income and expenses against the budget in a small business?

    <p>To identify variances and make adjustments</p> Signup and view all the answers

    What is the main feature of a budget in a small business?

    <p>It estimates expected costs based on historical data or similar businesses</p> Signup and view all the answers

    What is the main feature of an Income-and-Expenditure Statement in a small business?

    <p>It reports actual expenditure and income</p> Signup and view all the answers

    What is the primary source of income for a business?

    <p>Sales of goods or services</p> Signup and view all the answers

    What is the purpose of a budget in a business?

    <p>To estimate expected costs and income based on historical data</p> Signup and view all the answers

    What is the definition of a loss in a business?

    <p>When total costs exceed total income</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point at which total income equals total costs</p> Signup and view all the answers

    What is the formula to calculate profit in a business?

    <p>Profit = Total Income - Total Costs</p> Signup and view all the answers

    What is the main purpose of an income-and-expenditure statement?

    <p>To report actual expenditure and income over a specific period</p> Signup and view all the answers

    What is the significance of setting the right selling price in a business?

    <p>It covers all costs and generates a profit</p> Signup and view all the answers

    What is the definition of production costs in a business?

    <p>Day-to-day expenses directly related to producing goods or services</p> Signup and view all the answers

    What is the importance of managing cash flow in a business?

    <p>It ensures that there is enough cash to cover operating expenses</p> Signup and view all the answers

    What is the formula to calculate loss in a business?

    <p>Loss = Total Costs - Total Income</p> Signup and view all the answers

    What is the difference between the sale price and the deposit?

    <p>Loan amount</p> Signup and view all the answers

    What is the benefit of a larger deposit when taking out a loan?

    <p>Reduced loan amount and interest paid</p> Signup and view all the answers

    What is the purpose of a retirement annuity?

    <p>To provide income during retirement</p> Signup and view all the answers

    What is the effect of a higher interest rate on a loan?

    <p>Increased total interest paid</p> Signup and view all the answers

    What is the difference between simple interest and compound interest?

    <p>Simple interest is calculated on the original amount, while compound interest is calculated on the current balance</p> Signup and view all the answers

    What is the benefit of starting to invest early?

    <p>Maximizing the benefits of compound interest</p> Signup and view all the answers

    What is the purpose of a stokvel?

    <p>To pool money for shared investments or purchases</p> Signup and view all the answers

    What is the effect of a higher monthly repayment on a loan?

    <p>Reduced loan term and total interest paid</p> Signup and view all the answers

    What is the principal of a loan?

    <p>The original amount borrowed</p> Signup and view all the answers

    What is the total repayment amount of a loan?

    <p>The sum of all monthly repayments over the loan term</p> Signup and view all the answers

    What is the primary purpose of banks charging fees for their services?

    <p>To generate revenue</p> Signup and view all the answers

    Which type of fee is charged for specific transactions like withdrawals, deposits, and payments?

    <p>Transaction Fees</p> Signup and view all the answers

    What is the result of compound interest?

    <p>Interest is calculated on the current balance, including previously earned interest</p> Signup and view all the answers

    What is the definition of profit?

    <p>The financial gain when income exceeds expenditure</p> Signup and view all the answers

    What is the effect of inflation on the value of money?

    <p>It decreases the value of money</p> Signup and view all the answers

    What is the formula to calculate the inflation rate?

    <p>(Current Price - Previous Price) / Previous Price</p> Signup and view all the answers

    What is the result of demand-pull inflation?

    <p>Higher prices due to increased demand</p> Signup and view all the answers

    What is the purpose of using a bank's own ATM?

    <p>To avoid additional charges from other banks</p> Signup and view all the answers

    What is the purpose of limiting over-the-counter transactions?

    <p>To opt for electronic or ATM transactions</p> Signup and view all the answers

    What is the purpose of avoiding unnecessary services?

    <p>To minimize fees and charges</p> Signup and view all the answers

    What is the term for the phenomenon where businesses increase prices to keep up with rising costs and consumers expect and accept higher prices?

    <p>Built-in inflation</p> Signup and view all the answers

    What is the advantage of using open-ended questions in research?

    <p>They can yield detailed and qualitative insights</p> Signup and view all the answers

    What is the purpose of using random sampling in data collection?

    <p>To minimize sample bias</p> Signup and view all the answers

    What is the advantage of using observation as a method of collecting data?

    <p>It avoids interaction biases</p> Signup and view all the answers

    What is the purpose of classifying data?

    <p>To simplify the data for better understanding and analysis</p> Signup and view all the answers

    What is the term for grouping data into classes based on a common feature?

    <p>Classifying data</p> Signup and view all the answers

    What is the purpose of using tally marks when collecting data?

    <p>To count how many items fall into each category</p> Signup and view all the answers

    What is the term for the entire group from which data is collected?

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

    What is the advantage of using questionnaires in research?

    <p>They provide anonymity and encourage honesty</p> Signup and view all the answers

    What is the purpose of adjusting for inflation in financial planning?

    <p>To preserve the value of money</p> Signup and view all the answers

    What is the main difference between a shorter loan term and a longer loan term?

    <p>Shorter loan terms have higher monthly repayments, while longer loan terms have lower monthly repayments.</p> Signup and view all the answers

    What is the primary purpose of a retirement annuity?

    <p>To provide income during retirement</p> Signup and view all the answers

    What is the effect of a higher interest rate on an investment?

    <p>It increases the growth of the investment</p> Signup and view all the answers

    What is the primary purpose of a cheque or current account?

    <p>To deposit and withdraw money regularly</p> Signup and view all the answers

    What is the benefit of making regular contributions to an investment?

    <p>It enhances the value of the investment over time</p> Signup and view all the answers

    What is the purpose of a bank statement?

    <p>To show all transactions in an account over a specific period</p> Signup and view all the answers

    What is compound interest?

    <p>Interest calculated on the principal and accumulated interest</p> Signup and view all the answers

    What is the importance of choosing the right loan term?

    <p>It affects both the monthly repayment amount and the total cost of the loan</p> Signup and view all the answers

    What is the purpose of a fixed deposit account?

    <p>To invest a lump sum for a fixed period</p> Signup and view all the answers

    What is the impact of a higher interest rate on a loan?

    <p>It increases the total cost of the loan</p> Signup and view all the answers

    What is the purpose of a line graph?

    <p>To show the relationship between two quantities over time</p> Signup and view all the answers

    Which type of graph is used to represent continuous data grouped into ranges?

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

    What is the purpose of a scatter plot?

    <p>To study the relationship between two variables</p> Signup and view all the answers

    What is the purpose of a pie chart?

    <p>To show parts of a whole</p> Signup and view all the answers

    What is the formula to calculate the mean?

    <p>(Sum of all values) / (Number of values)</p> Signup and view all the answers

    What is the purpose of the median?

    <p>To provide the central point less affected by outliers</p> Signup and view all the answers

    What is the purpose of the range?

    <p>To indicate how spread out the values are</p> Signup and view all the answers

    What is the purpose of quartiles?

    <p>To show the spread and distribution of data</p> Signup and view all the answers

    What is the purpose of box and whisker plots?

    <p>To summarize data distributions</p> Signup and view all the answers

    What is probability?

    <p>A measure of the likelihood of an event occurring</p> Signup and view all the answers

    What is the primary purpose of a frequency table?

    <p>To identify patterns or trends in the data set</p> Signup and view all the answers

    What is the median in a dataset?

    <p>The middle value in a data set when the values are arranged in ascending or descending order</p> Signup and view all the answers

    What is the purpose of quartiles in a dataset?

    <p>To help understand the spread and distribution of the data</p> Signup and view all the answers

    What is the IQR in a dataset?

    <p>The range of the middle 50% of the data</p> Signup and view all the answers

    What is the purpose of graphs in data analysis?

    <p>To identify patterns and relationships within data</p> Signup and view all the answers

    What is the purpose of tally marks in data analysis?

    <p>To count discrete data quickly and efficiently</p> Signup and view all the answers

    What is the mode in a dataset?

    <p>The value that appears most frequently in the data set</p> Signup and view all the answers

    What is the purpose of classifying data?

    <p>To group data based on shared characteristics</p> Signup and view all the answers

    What is the purpose of organizing data?

    <p>To arrange information in a clear and systematic manner</p> Signup and view all the answers

    What is the purpose of measures of central tendency?

    <p>To provide a single value that represents the central point of the data set</p> Signup and view all the answers

    What is the probability of an event that is impossible?

    <p>0</p> Signup and view all the answers

    What is the probability of rolling a 6 on a fair six-sided dice?

    <p>1/6</p> Signup and view all the answers

    What is the purpose of tree diagrams in probability?

    <p>To visualize the probability of combined events</p> Signup and view all the answers

    What is the probability of an event that is certain?

    <p>1</p> Signup and view all the answers

    What is the term for an event that occurs without any bias or pattern?

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

    What is the purpose of two-way tables in probability?

    <p>To show the probability of combined events</p> Signup and view all the answers

    What is a false positive in a medical test?

    <p>A test that indicates a positive result when it is actually negative</p> Signup and view all the answers

    What is the purpose of understanding probability in real-life situations?

    <p>All of the above</p> Signup and view all the answers

    What is the probability of rolling an even number on a fair six-sided dice?

    <p>1/2</p> Signup and view all the answers

    What is the term for the number of times an event occurs?

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

    What is included on a till slip?

    <p>Invoice number, item details, and VAT charged</p> Signup and view all the answers

    What is VAT?

    <p>Value Added Tax, a tax on the value added to goods and services</p> Signup and view all the answers

    What is the purpose of checking calculations on a till slip?

    <p>To verify the total amount due</p> Signup and view all the answers

    What is an account statement?

    <p>A record of transactions and available credit</p> Signup and view all the answers

    What type of bill charges for services such as water and electricity?

    <p>Municipal bill</p> Signup and view all the answers

    What information does an account statement include?

    <p>Transactions, available credit, and credit limit</p> Signup and view all the answers

    What is the purpose of checking interest on overdue payments?

    <p>To understand the impact of late payments on the account balance</p> Signup and view all the answers

    What is included in a till slip's item details?

    <p>Description of items, VAT charged, and total amount payable</p> Signup and view all the answers

    What is the main purpose of understanding the payment history on a cell phone bill?

    <p>To check for any incorrect charges or errors</p> Signup and view all the answers

    What is the formula used to calculate the VAT amount on a cell phone bill?

    <p>VAT Amount = Total Amount x (VAT Rate / (100 + VAT Rate))</p> Signup and view all the answers

    What is the purpose of checking calculations on a cell phone bill?

    <p>To verify the total amount due</p> Signup and view all the answers

    What is the difference between gross salary and net salary?

    <p>Gross salary is the total salary earned, while net salary is the take-home pay</p> Signup and view all the answers

    What is the purpose of determining taxable income?

    <p>To determine the income tax amount</p> Signup and view all the answers

    What is the formula used to calculate the area of a circle?

    <p>A = πr^2</p> Signup and view all the answers

    What is the purpose of understanding the query period on a cell phone bill?

    <p>To dispute any incorrect charges</p> Signup and view all the answers

    What is the purpose of tax brackets?

    <p>To identify the correct tax rate for a specific range of taxable income</p> Signup and view all the answers

    What is the purpose of checking the total amount on a cell phone bill?

    <p>To ensure the sum of individual charges is correct</p> Signup and view all the answers

    What is the primary function of PAYE (Pay As You Earn)?

    <p>To ensure that taxes are collected regularly throughout the year</p> Signup and view all the answers

    What is the formula used to calculate compound interest?

    <p>A = P(1 + (r/n))^(nt)</p> Signup and view all the answers

    What is the minimum salary before tax is charged?

    <p>Tax threshold</p> Signup and view all the answers

    What is the purpose of understanding the service providers and payment locations on a cell phone bill?

    <p>To know where to pay the bill and who to contact for queries</p> Signup and view all the answers

    What is the amount deducted from the total tax payable?

    <p>Tax rebate</p> Signup and view all the answers

    What summarizes total earnings, deductions, and tax deducted?

    <p>IRP5 form</p> Signup and view all the answers

    What is the process of calculating tax owed?

    <p>Tax calculation</p> Signup and view all the answers

    What is the result of subtracting total deductions from gross salary?

    <p>Net salary</p> Signup and view all the answers

    What is the purpose of using tax tables?

    <p>To identify the correct tax bracket</p> Signup and view all the answers

    What is the contribution towards UIF by an employee?

    <p>1% of gross salary</p> Signup and view all the answers

    What is the formula to calculate net pay?

    <p>Gross salary - deductions + medical tax credits</p> Signup and view all the answers

    What is the total deductions in the given example of net salary calculation?

    <p>R1,813.33</p> Signup and view all the answers

    What is the purpose of tariff systems?

    <p>To specify how charges are applied based on usage</p> Signup and view all the answers

    What is the variable amount in a tariff system?

    <p>An amount that depends on the level of usage</p> Signup and view all the answers

    What determines at what level of usage one option becomes cheaper or more expensive than another?

    <p>Points of intersection</p> Signup and view all the answers

    What is the purpose of break-even analysis?

    <p>To identify the most cost-effective option at different levels of usage</p> Signup and view all the answers

    What is represented on the y-axis of a graph in tariff system comparison?

    <p>The total cost</p> Signup and view all the answers

    What is the main purpose of an Income-and-Expenditure Statement?

    <p>To provide a summary of income and expenses</p> Signup and view all the answers

    What is essential to ensure when calculating the tariff rate?

    <p>That the units used in calculations are consistent</p> Signup and view all the answers

    What is the purpose of drawing graphs in tariff system comparison?

    <p>To visually compare the costs</p> Signup and view all the answers

    What is the fixed amount in a tariff system?

    <p>A constant fee that must be paid regardless of usage</p> Signup and view all the answers

    What is the main purpose of an Income-and-Expenditure Statement?

    <p>To summarize actual income and expenses over a specific period</p> Signup and view all the answers

    What is a budget in a business?

    <p>A financial plan that estimates expected income and expenses for a future period</p> Signup and view all the answers

    What are fixed costs in a business?

    <p>Regular, consistent costs such as rent and salaries</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point at which income equals total costs</p> Signup and view all the answers

    What is the purpose of comparing actual income and expenses against the budget in a small business?

    <p>To identify variances and make adjustments</p> Signup and view all the answers

    What is a loss in a business?

    <p>A situation where total expenditure exceeds total income</p> Signup and view all the answers

    What are occasional costs in a business?

    <p>Irregular costs that occur from time to time</p> Signup and view all the answers

    What is the formula for calculating profit in a business?

    <p>Total Income - Total Expenditure</p> Signup and view all the answers

    What is the main feature of a budget in a small business?

    <p>It estimates expected income and expenses for a future period</p> Signup and view all the answers

    What is the primary source of income for a small business?

    <p>Sales of goods or services</p> Signup and view all the answers

    What type of interest is calculated on the current balance, including previously accrued interest?

    <p>Compound interest</p> Signup and view all the answers

    Which type of loan term results in lower monthly repayments but higher total interest paid?

    <p>Longer loan term</p> Signup and view all the answers

    What is the primary goal of an investment?

    <p>To generate income or appreciation</p> Signup and view all the answers

    What is the outcome of a higher interest rate on an investment?

    <p>It increases the growth of the investment</p> Signup and view all the answers

    What is the purpose of a retirement annuity?

    <p>To provide income during retirement</p> Signup and view all the answers

    What type of account is used for short-term savings and earns interest?

    <p>Savings account</p> Signup and view all the answers

    What is a key component of a bank statement?

    <p>Date of transaction</p> Signup and view all the answers

    What is the purpose of a debit card?

    <p>To make debit transactions</p> Signup and view all the answers

    What is the outcome of a longer loan term on the total interest paid?

    <p>It increases the total interest paid</p> Signup and view all the answers

    What is the purpose of a fixed deposit account?

    <p>For investing a lump sum over a fixed period</p> Signup and view all the answers

    What is the purpose of a deposit when taking out a loan?

    <p>To reduce the loan amount and interest paid</p> Signup and view all the answers

    What is the difference between simple interest and compound interest?

    <p>Simple interest is calculated on the original amount, while compound interest is calculated on the current balance</p> Signup and view all the answers

    What is the result of a higher interest rate on a loan?

    <p>The total cost of borrowing increases</p> Signup and view all the answers

    What is the formula to calculate Loss in a business?

    <p>Loss = Total Costs - Total Income</p> Signup and view all the answers

    What is the effect of a higher monthly repayment amount on a loan?

    <p>The loan term decreases and the total interest paid decreases</p> Signup and view all the answers

    What is the primary purpose of a budget in a small business?

    <p>To estimate expected costs and income based on historical data</p> Signup and view all the answers

    What is the benefit of starting investments early?

    <p>To maximize the benefits of compound interest</p> Signup and view all the answers

    What is the significance of the selling price in a business?

    <p>It determines the profitability of a business</p> Signup and view all the answers

    What is the purpose of financial planning for loans?

    <p>To choose terms and rates that balance monthly affordability with total cost</p> Signup and view all the answers

    What is the real cost of a loan?

    <p>The total amount paid over the life of the loan</p> Signup and view all the answers

    What is the purpose of financial planning in a business?

    <p>To allocate resources efficiently and avoid unnecessary expenses</p> Signup and view all the answers

    What is the definition of monthly operating costs?

    <p>Recurring expenses necessary to run the business</p> Signup and view all the answers

    What is the effect of a higher interest rate on investments?

    <p>The returns on investments increase</p> Signup and view all the answers

    What is the purpose of a loan?

    <p>To borrow a lump sum to make a large purchase</p> Signup and view all the answers

    What is the importance of matching costs with income in a business?

    <p>To ensure profitability</p> Signup and view all the answers

    What is the total interest paid on a loan?

    <p>The real cost of the loan minus the original loan amount</p> Signup and view all the answers

    What is the purpose of an Income-and-Expenditure Statement?

    <p>To report actual expenditure and income over a specific period</p> Signup and view all the answers

    What is the definition of production costs?

    <p>Day-to-day expenses directly related to producing goods or services</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point at which total income equals total costs</p> Signup and view all the answers

    Why is regular analysis of income and expenditure statements important in a business?

    <p>To identify areas where costs can be reduced</p> Signup and view all the answers

    What is the primary purpose of banks charging fees?

    <p>To generate profits for the bank</p> Signup and view all the answers

    What is the result of compound interest?

    <p>Interest is calculated on the current balance, including previously earned interest</p> Signup and view all the answers

    What is the formula to calculate profit?

    <p>Total Income - Total Expenditure</p> Signup and view all the answers

    What is the effect of inflation on savings?

    <p>Inflation erodes the value of money</p> Signup and view all the answers

    What is the purpose of using one's own bank's ATMs?

    <p>To avoid additional charges from other banks</p> Signup and view all the answers

    What is the result of cost-push inflation?

    <p>Increased costs of production, leading to higher prices</p> Signup and view all the answers

    What is the formula to calculate the inflation rate?

    <p>(Current Price - Previous Price) / Previous Price</p> Signup and view all the answers

    What is the purpose of understanding inflation trends?

    <p>To understand the impact of inflation on purchasing power</p> Signup and view all the answers

    What is the result of demand-pull inflation?

    <p>Higher prices due to increased demand</p> Signup and view all the answers

    What is the purpose of salary negotiations in the context of inflation?

    <p>To adjust the salary to maintain purchasing power</p> Signup and view all the answers

    What is the primary purpose of adjusting for inflation in financial planning?

    <p>To keep pace with rising costs and maintain living standards</p> Signup and view all the answers

    What is the main advantage of using open-ended questions in research?

    <p>They provide more detailed and qualitative insights</p> Signup and view all the answers

    What is the purpose of using a sample in data collection?

    <p>To represent a subset of the population</p> Signup and view all the answers

    What is the main disadvantage of using observation in data collection?

    <p>It is limited to observable phenomena</p> Signup and view all the answers

    What is the purpose of classifying data?

    <p>To simplify the data for better understanding and analysis</p> Signup and view all the answers

    What is the purpose of using tally marks in data collection?

    <p>To count the number of items in each category</p> Signup and view all the answers

    What is the main advantage of using closed questions in research?

    <p>They are easier to analyze and compare</p> Signup and view all the answers

    What is the primary purpose of budgeting in financial planning?

    <p>To plan for increased costs in the future</p> Signup and view all the answers

    What is the main disadvantage of using interviews in data collection?

    <p>They may introduce interviewer bias</p> Signup and view all the answers

    What is the primary purpose of using questionnaires in data collection?

    <p>To collect data directly from respondents</p> Signup and view all the answers

    What is the primary purpose of a frequency table?

    <p>To show how often each category or group appears in the data set</p> Signup and view all the answers

    What is the definition of the mode?

    <p>The value that appears most frequently in the data set</p> Signup and view all the answers

    What is the purpose of quartiles?

    <p>To help understand the spread and distribution of the data</p> Signup and view all the answers

    What is the definition of the interquartile range (IQR)?

    <p>The range of the middle 50% of the data</p> Signup and view all the answers

    What is the purpose of graphs in data analysis?

    <p>To visually represent data and identify patterns and relationships</p> Signup and view all the answers

    What is the purpose of tally marks?

    <p>To count discrete data quickly and efficiently</p> Signup and view all the answers

    What is the definition of the range?

    <p>The difference between the highest and lowest values in a data set</p> Signup and view all the answers

    What is the purpose of measures of central tendency?

    <p>To provide a single value that represents the central point of the data set</p> Signup and view all the answers

    What is the purpose of classifying data?

    <p>To group data based on shared characteristics, making it easier to handle and interpret</p> Signup and view all the answers

    What is the purpose of summarising data?

    <p>To provide a concise overview of the main features of a data set</p> Signup and view all the answers

    Which type of graph is used to show the relationship between two variables?

    <p>Scatter Plot</p> Signup and view all the answers

    What is the purpose of histograms in graphing?

    <p>To represent continuous data grouped into ranges</p> Signup and view all the answers

    What is the median of a dataset?

    <p>The middle value in an ordered data set</p> Signup and view all the answers

    What is the purpose of box and whisker plots?

    <p>To summarize data using the five-number summary</p> Signup and view all the answers

    What is the range of a dataset?

    <p>The difference between the highest and lowest values</p> Signup and view all the answers

    What is the purpose of interquartile range (IQR)?

    <p>To measure the spread of the central portion of the data</p> Signup and view all the answers

    What is the purpose of percentiles?

    <p>To analyze the spread of large data sets</p> Signup and view all the answers

    What is the purpose of line graphs?

    <p>To show trends and changes over time</p> Signup and view all the answers

    What is the purpose of bar graphs?

    <p>To compare different categories</p> Signup and view all the answers

    What is the purpose of probability?

    <p>To measure the likelihood of an event occurring</p> Signup and view all the answers

    What is the probability of an event that is impossible to occur?

    <p>0</p> Signup and view all the answers

    What is the probability of rolling a specific number on a fair six-sided dice?

    <p>1/6</p> Signup and view all the answers

    What is the purpose of tree diagrams in probability?

    <p>To visualize the probability of combined events</p> Signup and view all the answers

    What is the term for the number of times an event occurs?

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

    What is the probability of rolling an even number on a fair six-sided dice?

    <p>1/2</p> Signup and view all the answers

    What is the term for a single attempt or realization of a probability experiment?

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

    What is the purpose of two-way tables in probability?

    <p>To visualize the probability of combined events</p> Signup and view all the answers

    What is the term for the probability of an event that is certain to occur?

    <p>1</p> Signup and view all the answers

    What is the purpose of probability in predicting real-life situations?

    <p>To understand the likelihood of an event</p> Signup and view all the answers

    What is the term for an event that occurs without any bias or pattern?

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

    What is the main purpose of checking the payment history on a cell phone bill?

    <p>To identify the service provider and payment locations</p> Signup and view all the answers

    What is calculated by subtracting the total deductions from the gross salary?

    <p>Net salary</p> Signup and view all the answers

    What is the purpose of the query period on a cell phone bill?

    <p>To dispute the bill</p> Signup and view all the answers

    What is the main purpose of a till slip?

    <p>To provide a record of a purchase and the amount of VAT charged</p> Signup and view all the answers

    What is the purpose of checking the total calculation on a till slip?

    <p>To verify the application of VAT where applicable</p> Signup and view all the answers

    What is the formula to calculate the VAT amount?

    <p>VAT Amount = Total Amount × (VAT Rate / (100 + VAT Rate))</p> Signup and view all the answers

    What type of information is typically included on an account statement?

    <p>Transactions, amounts due, due dates, previous balances, and available credit</p> Signup and view all the answers

    What is the purpose of understanding key financial terms on a cell phone bill?

    <p>To ensure accuracy of calculations</p> Signup and view all the answers

    What is the purpose of checking the change calculation on an account statement?

    <p>To ensure the change given back is correct when a customer pays more than the total amount due</p> Signup and view all the answers

    What is the primary function of PAYE (Pay As You Earn)?

    <p>To deduct income tax from salaries</p> Signup and view all the answers

    What is the formula to calculate compound interest?

    <p>A = P × (1 + r/n)^(nt)</p> Signup and view all the answers

    What is the purpose of understanding account statements?

    <p>To manage purchases on credit and keep track of balances and due dates</p> Signup and view all the answers

    What is the purpose of checking the total amount due on a cell phone bill?

    <p>To ensure the accuracy of calculations</p> Signup and view all the answers

    What type of bill is a charge for services such as water, electricity, and refuse removal?

    <p>Municipal bill</p> Signup and view all the answers

    What is the purpose of checking item costs on a till slip?

    <p>To determine the unit price of an item when given the pack price and quantity</p> Signup and view all the answers

    What is the purpose of understanding taxation in relation to cell phone bills?

    <p>To verify the VAT calculation</p> Signup and view all the answers

    What is the total deductions in the example net salary calculation?

    <p>R1,813.33</p> Signup and view all the answers

    What is the purpose of understanding key financial terms in taxation?

    <p>To ensure accuracy of calculations</p> Signup and view all the answers

    What is the primary purpose of a till slip, account statement, and municipal bill?

    <p>To provide a record of a purchase, the amount of VAT charged, and to manage purchases on credit</p> Signup and view all the answers

    What is the purpose of tariff systems?

    <p>To provide structured pricing plans</p> Signup and view all the answers

    What is the fixed amount in a tariff system?

    <p>A constant fee that must be paid regardless of usage</p> Signup and view all the answers

    What is the purpose of determining the tax bracket?

    <p>To apply the tax rate to the taxable income</p> Signup and view all the answers

    What is the purpose of break-even analysis?

    <p>To compare the cost-effectiveness of different tariff systems</p> Signup and view all the answers

    What is represented on the y-axis of a graph in tariff system comparison?

    <p>The total cost</p> Signup and view all the answers

    What is the result of subtracting the total deductions from the gross salary?

    <p>Net salary</p> Signup and view all the answers

    What is the primary function of PAYE?

    <p>To collect taxes regularly throughout the year</p> Signup and view all the answers

    What is the point of intersection on a graph in tariff system comparison?

    <p>The point where the cost graphs of different options cross each other</p> Signup and view all the answers

    What is the tariff rate in a tariff system?

    <p>The amount that determines how much the total cost changes per unit of usage</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

    <p>To summarize the total earnings and deductions</p> Signup and view all the answers

    What is the purpose of an Income-and-Expenditure Statement?

    <p>To compare income and expenditure</p> Signup and view all the answers

    What is the amount deducted from the total tax payable?

    <p>Tax rebate</p> Signup and view all the answers

    What is the primary source of income for a small business?

    <p>Sales revenue</p> Signup and view all the answers

    What is the minimum salary before tax is charged?

    <p>Tax threshold</p> Signup and view all the answers

    What is the purpose of tax rebates?

    <p>To reduce the total tax payable</p> Signup and view all the answers

    What is the purpose of a budget in a small business?

    <p>To compare actual income and expenses against the budget</p> Signup and view all the answers

    What is the total UIF contribution by an employee and employer for a gross salary of R10,000?

    <p>R200</p> Signup and view all the answers

    What is the formula to calculate the net pay?

    <p>Gross salary - deductions + medical tax credits</p> Signup and view all the answers

    What is the purpose of calculating the taxable income?

    <p>To calculate the tax bracket</p> Signup and view all the answers

    What is the main purpose of an Income-and-Expenditure Statement?

    <p>To provide a clear picture of financial performance</p> Signup and view all the answers

    What is the primary source of income for a small business?

    <p>Sales of goods or services</p> Signup and view all the answers

    What is a budget in a small business?

    <p>A financial plan that estimates expected income and expenses</p> Signup and view all the answers

    What is the purpose of comparing actual income and expenses against the budget in a small business?

    <p>To identify variances and make adjustments</p> Signup and view all the answers

    What is a fixed cost in a business?

    <p>A regular, consistent cost such as rent and salaries</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point at which income equals total costs</p> Signup and view all the answers

    What is a loss in a business?

    <p>A situation where the business is spending more than it earns</p> Signup and view all the answers

    What is the purpose of a budget in a small business?

    <p>To help plan for future expenses and manage resources effectively</p> Signup and view all the answers

    What is an occasional cost in a business?

    <p>An irregular cost that occurs from time to time</p> Signup and view all the answers

    What is the formula for calculating profit in a business?

    <p>Total Income - Total Expenditure</p> Signup and view all the answers

    What is the purpose of effective management of income and expenditure in a business?

    <p>To ensure the long-term success of a business</p> Signup and view all the answers

    What is the definition of production costs?

    <p>Day-to-day expenses directly related to producing goods or services</p> Signup and view all the answers

    What is the purpose of determining the correct selling price?

    <p>To ensure profitability</p> Signup and view all the answers

    What is the definition of a loss in a business?

    <p>A financial loss occurs when total costs exceed total income</p> Signup and view all the answers

    What is the purpose of an Income-and-Expenditure Statement?

    <p>To reports actual expenditure and income over a specific period</p> Signup and view all the answers

    What is the importance of matching costs with income in a business?

    <p>To make a profit, a business must ensure that its income matches or exceeds its costs</p> Signup and view all the answers

    What is the purpose of analysing income and expenditure statements?

    <p>To identify areas where costs can be reduced and income can be increased</p> Signup and view all the answers

    What is the importance of managing cash flow in a business?

    <p>To ensure that there is enough cash to cover operating expenses</p> Signup and view all the answers

    What is the purpose of setting the right selling price?

    <p>To ensure that the selling price is high enough to cover all costs and generate a profit</p> Signup and view all the answers

    What is the purpose of a budget in a small business?

    <p>To estimate expected costs and income based on historical data or similar businesses</p> Signup and view all the answers

    What is the purpose of a loan?

    <p>To make a large purchase and repay in smaller amounts with interest</p> Signup and view all the answers

    What is the sale price of an item?

    <p>The price of the item to be purchased</p> Signup and view all the answers

    What is the effect of a larger deposit on a loan?

    <p>It reduces the loan amount and the interest paid</p> Signup and view all the answers

    What is the purpose of an investment?

    <p>To place money into a fund to gain interest and increase the value</p> Signup and view all the answers

    What is the effect of a higher interest rate on a loan?

    <p>It increases the total interest paid</p> Signup and view all the answers

    What is the effect of a higher interest rate on an investment?

    <p>It increases the returns on the investment</p> Signup and view all the answers

    What is the real cost of a loan?

    <p>The total amount paid over the life of the loan</p> Signup and view all the answers

    What is the effect of a shorter loan period on a loan?

    <p>It reduces the total interest paid</p> Signup and view all the answers

    What is the purpose of financial planning?

    <p>To balance monthly affordability with total cost</p> Signup and view all the answers

    What is the difference between simple and compound interest?

    <p>Simple interest is calculated on the original amount, while compound interest is calculated on the current balance</p> Signup and view all the answers

    What is the impact of a shorter loan term on the total interest paid?

    <p>Lower total interest paid</p> Signup and view all the answers

    What is the primary goal of an investment?

    <p>To generate income or appreciation</p> Signup and view all the answers

    What is the effect of a higher interest rate on an investment?

    <p>It increases the growth of the investment</p> Signup and view all the answers

    What is the purpose of a fixed deposit account?

    <p>For investing a lump sum over a fixed period</p> Signup and view all the answers

    What is the main feature of a savings account?

    <p>Earning interest with easy access to funds</p> Signup and view all the answers

    What is the impact of regular contributions on an investment?

    <p>It enhances the value of the investment over time</p> Signup and view all the answers

    What is the purpose of a credit account?

    <p>For allowing purchasing items on credit</p> Signup and view all the answers

    What is the definition of compound interest?

    <p>Interest calculated on the principal and accumulated interest</p> Signup and view all the answers

    What is the importance of choosing the right loan term?

    <p>To balance between monthly affordability and total cost</p> Signup and view all the answers

    What is the purpose of monitoring interest rates in investments?

    <p>To maximize returns on investment</p> Signup and view all the answers

    What is the purpose of banks charging fees for their services?

    <p>To generate revenue and cover operational costs</p> Signup and view all the answers

    Which of the following is a type of interest?

    <p>Both compound and simple interest</p> Signup and view all the answers

    What is profit in a business?

    <p>Total income minus total expenditure</p> Signup and view all the answers

    What is the effect of inflation on the value of money?

    <p>It decreases the value of money</p> Signup and view all the answers

    Which type of graph is used to show the relationship between two variables?

    <p>Scatter Plot</p> Signup and view all the answers

    What is the formula to calculate the inflation rate?

    <p>(Current Price - Previous Price) / Previous Price</p> Signup and view all the answers

    What is the purpose of a histogram?

    <p>To represent continuous data grouped into ranges</p> Signup and view all the answers

    What is the purpose of using own bank's ATMs?

    <p>To avoid additional charges from other banks</p> Signup and view all the answers

    What is the formula to calculate the mean?

    <p>Sum of all values divided by the number of values</p> Signup and view all the answers

    What is demand-pull inflation?

    <p>A situation where the demand for goods and services exceeds supply</p> Signup and view all the answers

    What is the purpose of limiting over-the-counter transactions?

    <p>To reduce banking fees</p> Signup and view all the answers

    What is the interquartile range (IQR)?

    <p>The range of the middle 50% of the data</p> Signup and view all the answers

    What is the probability of an event that is impossible?

    <p>0</p> Signup and view all the answers

    What is the purpose of avoiding unnecessary services?

    <p>To reduce banking fees</p> Signup and view all the answers

    What is the purpose of a pie chart?

    <p>To show parts of a whole</p> Signup and view all the answers

    What is the probability of getting Heads when tossing a coin?

    <p>0.5</p> Signup and view all the answers

    What is the median?

    <p>The middle value in an ordered data set</p> Signup and view all the answers

    What is the result of inflation on savings and investments?

    <p>A decrease in their value</p> Signup and view all the answers

    What is the purpose of a box and whisker plot?

    <p>To summarize data distributions</p> Signup and view all the answers

    What is the probability of rolling a specific number on a dice?

    <p>0.166</p> Signup and view all the answers

    What is the purpose of tree diagrams in probability?

    <p>To visualize the probability of combined events</p> Signup and view all the answers

    What is the main purpose of a frequency table?

    <p>To identify patterns and trends in categorical data</p> Signup and view all the answers

    What is the range?

    <p>The difference between the highest and lowest values</p> Signup and view all the answers

    What is probability?

    <p>A measure of the likelihood of an event occurring</p> Signup and view all the answers

    What is the probability of an event that is certain?

    <p>1</p> Signup and view all the answers

    What is the purpose of grouping data in a frequency table?

    <p>To identify patterns and trends in the data</p> Signup and view all the answers

    What is the median of a dataset?

    <p>The middle value in a dataset when it is arranged in ascending order</p> Signup and view all the answers

    Which type of graph is used to show the distribution of continuous data?

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

    What is the purpose of two-way tables in probability?

    <p>To visualize the probability of combined events</p> Signup and view all the answers

    What is the term for the number of times an event occurs?

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

    What is the purpose of calculating the range of a dataset?

    <p>To provide a measure of the spread of the data</p> Signup and view all the answers

    What is the purpose of understanding probability in real-life situations?

    <p>To make predictions about future events</p> Signup and view all the answers

    What is the interquartile range (IQR) of a dataset?

    <p>The range of the middle 50% of the dataset</p> Signup and view all the answers

    What is the purpose of a graph in data analysis?

    <p>To identify patterns and relationships in the data</p> Signup and view all the answers

    What is the term for an event that occurs without any bias or pattern?

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

    What is the term for a single attempt or realization of a probability experiment?

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

    What is the mode of a dataset?

    <p>The value that appears most frequently in the dataset</p> Signup and view all the answers

    What is the purpose of summarising data?

    <p>To provide a concise and meaningful summary of the data</p> Signup and view all the answers

    What is the purpose of classifying data?

    <p>To group data based on shared characteristics</p> Signup and view all the answers

    What is the purpose of tally marks in data collection?

    <p>To count discrete data quickly and efficiently</p> Signup and view all the answers

    What is the main consequence of built-in inflation?

    <p>Rise in costs and prices</p> Signup and view all the answers

    What is the benefit of using open-ended questions in research?

    <p>Can yield detailed and qualitative insights</p> Signup and view all the answers

    What is the purpose of sampling in research?

    <p>To select a subset of the population</p> Signup and view all the answers

    What is the advantage of using observation in research?

    <p>Avoids interaction biases and is useful for collecting behavioural data</p> Signup and view all the answers

    What is the purpose of classifying data?

    <p>To simplify the data for better understanding and analysis</p> Signup and view all the answers

    What is the purpose of using tally marks in data handling?

    <p>To count how many items fall into each category in an efficient and visually intuitive manner</p> Signup and view all the answers

    What is the impact of inflation on personal finances?

    <p>Need to adjust income and expenditure to maintain living standards</p> Signup and view all the answers

    What is the purpose of budgeting in financial planning?

    <p>To plan for increased costs in the future</p> Signup and view all the answers

    What is the benefit of adjusting for inflation in financial planning?

    <p>Preservation of the value of money</p> Signup and view all the answers

    What is the purpose of research in data handling?

    <p>To develop research questions and collect data</p> Signup and view all the answers

    What is the main purpose of VAT on goods and services?

    <p>To generate revenue for the government</p> Signup and view all the answers

    What information is typically included on an account statement?

    <p>Transactions, amounts due, and due dates</p> Signup and view all the answers

    What is the purpose of checking calculations on a till slip?

    <p>To verify the total amount payable and change given</p> Signup and view all the answers

    What type of bill is a charge for water and electricity services?

    <p>Municipal bill</p> Signup and view all the answers

    What is a credit limit on an account statement?

    <p>The maximum amount of credit allowed</p> Signup and view all the answers

    What is the purpose of checking interest and penalties on an account statement?

    <p>To verify the interest rate and penalties applied</p> Signup and view all the answers

    What information is included on a till slip?

    <p>Shop details, invoice information, and item details</p> Signup and view all the answers

    What is the purpose of understanding account statements?

    <p>To manage cash flow and make informed financial decisions</p> Signup and view all the answers

    What is the total deductions in the given example calculation?

    <p>R1,813.33</p> Signup and view all the answers

    What is the purpose of tariff systems?

    <p>To specify how charges are applied based on usage</p> Signup and view all the answers

    What is represented on the y-axis of a graph in tariff system comparison?

    <p>The total cost</p> Signup and view all the answers

    What is the break-even point in tariff system comparison?

    <p>The point where the cost graphs of different options cross each other</p> Signup and view all the answers

    What is the purpose of drawing graphs in tariff system comparison?

    <p>To compare the costs of different options</p> Signup and view all the answers

    What is the formula to calculate the net salary?

    <p>Gross Salary - Total Deductions</p> Signup and view all the answers

    What is the tariff rate in a tariff system?

    <p>The amount that determines how much the total cost changes per unit of usage</p> Signup and view all the answers

    What is the purpose of step 3 in comparing tariff systems?

    <p>To identify the points of intersection</p> Signup and view all the answers

    What is the importance of understanding the break-even point?

    <p>To decide which option is more cost-effective at different levels of usage</p> Signup and view all the answers

    What is the purpose of step 4 in comparing tariff systems?

    <p>To use the analysis to make informed decisions</p> Signup and view all the answers

    What is the purpose of verifying information on financial documents?

    <p>To check for any errors or omissions</p> Signup and view all the answers

    What is the formula to calculate the VAT amount?

    <p>VAT Amount = Total Amount x (VAT Rate / 100)</p> Signup and view all the answers

    What is the primary purpose of understanding key financial terms on a cell phone bill?

    <p>To understand the implications of financial terms on the bill</p> Signup and view all the answers

    What is the formula to calculate the net salary?

    <p>Net Salary = Gross Salary - Deductions</p> Signup and view all the answers

    What is the purpose of identifying tax-deductible deductions?

    <p>To reduce taxable income</p> Signup and view all the answers

    What is the formula to calculate the area of a circle?

    <p>A = πr^2</p> Signup and view all the answers

    What is the purpose of checking payment history on a cell phone bill?

    <p>To identify any errors or omissions</p> Signup and view all the answers

    What is the primary purpose of understanding taxation?

    <p>To understand the implications of taxation on income</p> Signup and view all the answers

    What is the purpose of checking calculations on a cell phone bill?

    <p>To identify any errors or omissions</p> Signup and view all the answers

    What is the purpose of performing calculations on financial documents?

    <p>To verify the accuracy of calculations</p> Signup and view all the answers

    What is the main purpose of a tax bracket?

    <p>To tax different ranges of taxable income at different rates.</p> Signup and view all the answers

    What is the primary function of PAYE (Pay As You Earn)?

    <p>To ensure that taxes are collected regularly throughout the year and helps in avoiding a large tax bill at the end of the tax year.</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

    <p>To summarize total earnings, deductions, and tax deducted.</p> Signup and view all the answers

    What is the tax threshold for individuals aged 65-75?

    <p>R104,611.</p> Signup and view all the answers

    What is the purpose of tax rebates?

    <p>To reduce the amount of tax owed.</p> Signup and view all the answers

    What is the formula to calculate net pay?

    <p>Net Pay = Gross Salary - Deductions - Monthly Tax + Medical Tax Credits.</p> Signup and view all the answers

    What is the primary function of UIF (Unemployment Insurance Fund)?

    <p>To provide short-term relief to workers when they become unemployed or are unable to work due to maternity, illness, or adoption leave.</p> Signup and view all the answers

    What is the formula to calculate taxable income?

    <p>Taxable Income = Gross Income - Tax-Deductible Deductions.</p> Signup and view all the answers

    What is the total UIF contribution by an employee and employer for a gross salary of R10,000?

    <p>R200.</p> Signup and view all the answers

    What is the purpose of a deduction table in taxation?

    <p>To provide a quick reference for determining the deductions applicable to the taxable income.</p> Signup and view all the answers

    What is the main purpose of an Income-and-Expenditure Statement?

    <p>To provide a clear picture of financial performance</p> Signup and view all the answers

    What is the primary source of income for a small business?

    <p>Sales of goods or services</p> Signup and view all the answers

    What is the purpose of comparing actual income and expenses against the budget in a small business?

    <p>To identify variances and make adjustments</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point at which income equals total costs</p> Signup and view all the answers

    What is the main feature of a budget in a small business?

    <p>It estimates expected income and expenses for a future period</p> Signup and view all the answers

    What is the main feature of an Income-and-Expenditure Statement in a small business?

    <p>It reports actual expenditure and income</p> Signup and view all the answers

    What is profit in a business?

    <p>The total income minus total costs</p> Signup and view all the answers

    What is a loss in a business?

    <p>When total costs exceed total income</p> Signup and view all the answers

    What is the purpose of a budget in a small business?

    <p>To plan for future expenses and manage resources effectively</p> Signup and view all the answers

    What are occasional costs in a business?

    <p>Irregular costs that occur from time to time</p> Signup and view all the answers

    What is the primary purpose of financial planning in a business?

    <p>To provide valuable insights for making informed financial decisions</p> Signup and view all the answers

    What type of costs are usually covered by a loan that is paid back monthly?

    <p>Start-Up Costs</p> Signup and view all the answers

    What is the significance of determining the correct selling price?

    <p>To ensure profitability</p> Signup and view all the answers

    What is the purpose of an Income-and-Expenditure Statement?

    <p>To report actual expenditure and income over a specific period</p> Signup and view all the answers

    What is the definition of a loss in a business?

    <p>A financial loss when total costs exceed total income</p> Signup and view all the answers

    What is the purpose of matching costs with income?

    <p>To ensure income matches or exceeds costs</p> Signup and view all the answers

    What is the importance of analysing income and expenditure statements?

    <p>To identify areas where costs can be reduced</p> Signup and view all the answers

    What is the purpose of setting the right selling price?

    <p>To cover all costs and generate a profit</p> Signup and view all the answers

    What is the importance of managing cash flow in a business?

    <p>To ensure there is enough cash to cover operating expenses</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point at which total income equals total costs</p> Signup and view all the answers

    What is the benefit of a larger deposit when taking out a loan?

    <p>It reduces the loan amount and the interest paid</p> Signup and view all the answers

    What is the purpose of a loan?

    <p>To borrow a lump sum to make a large purchase</p> Signup and view all the answers

    What is the effect of a higher interest rate on an investment?

    <p>It increases the returns on investments</p> Signup and view all the answers

    What is the difference between simple interest and compound interest?

    <p>Simple interest is calculated on the original amount, while compound interest is calculated on the current balance</p> Signup and view all the answers

    What is the purpose of managing loans and investments?

    <p>To reduce the cost of borrowing and maximize returns on investments</p> Signup and view all the answers

    What is the result of a higher monthly repayment amount on a loan?

    <p>It reduces the loan term and total interest paid</p> Signup and view all the answers

    What is the main consequence of built-in inflation on businesses?

    <p>Rising production costs</p> Signup and view all the answers

    Which type of research question is most likely to yield detailed and qualitative insights?

    <p>Open-ended questions</p> Signup and view all the answers

    What is the effect of a longer loan period on the total amount owed?

    <p>It increases the total amount owed</p> Signup and view all the answers

    What is the primary purpose of classifying data?

    <p>To simplify the data for better understanding and analysis</p> Signup and view all the answers

    What is the difference between a loan and an investment?

    <p>A loan involves borrowing money, while an investment involves placing money into a fund</p> Signup and view all the answers

    What is the main advantage of using observation as a method of collecting data?

    <p>It avoids interaction biases and is useful for collecting behavioural data</p> Signup and view all the answers

    What is the purpose of a retirement annuity?

    <p>To provide income during retirement</p> Signup and view all the answers

    What is the main purpose of adjusting for inflation in financial planning?

    <p>To ensure salary growth keeps pace with inflation</p> Signup and view all the answers

    What is the effect of a higher interest rate on a loan?

    <p>It increases the cost of borrowing</p> Signup and view all the answers

    What is the main disadvantage of using closed questions in research?

    <p>They may not accommodate all respondents' views</p> Signup and view all the answers

    What is the main purpose of charging fees by banks?

    <p>To earn revenue and maintain profitability</p> Signup and view all the answers

    What is the main purpose of using tally marks in data handling?

    <p>To count how many items fall into each category</p> Signup and view all the answers

    What type of interest is calculated on the current balance, including previously earned interest?

    <p>Compound Interest</p> Signup and view all the answers

    What is the primary purpose of budgeting in financial planning?

    <p>To plan for increased costs in the future</p> Signup and view all the answers

    What is the result of total expenditure exceeding total income?

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

    What is the main advantage of using interviews as a method of collecting data?

    <p>They can clarify ambiguous answers and probe for more detailed information</p> Signup and view all the answers

    What is the primary purpose of collecting data in research?

    <p>To gain insights and understand phenomena</p> Signup and view all the answers

    What is the rate at which the general level of prices for goods and services rises?

    <p>Inflation Rate</p> Signup and view all the answers

    What type of interest is calculated on the current balance, including previously accrued interest?

    <p>Compound Interest</p> Signup and view all the answers

    What is the effect of inflation on savings and investments?

    <p>It erodes the value of money saved or invested</p> Signup and view all the answers

    What is the effect of a longer loan term on the total interest paid?

    <p>Higher total interest paid</p> Signup and view all the answers

    What is the purpose of using own bank's ATMs?

    <p>To avoid additional charges from other banks</p> Signup and view all the answers

    What is the result of borrowing a sum of money to be repaid with interest over a specified period?

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

    What is the main purpose of a retirement annuity?

    <p>To provide a regular income during retirement</p> Signup and view all the answers

    What is the benefit of starting to invest early?

    <p>Greater accumulation due to the extended period of compounding interest</p> Signup and view all the answers

    What is the financial gain when income exceeds expenditure?

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

    What is the purpose of limiting over-the-counter transactions?

    <p>To opt for electronic or ATM transactions</p> Signup and view all the answers

    What type of bank account is used for short-term savings and earns interest?

    <p>Savings Account</p> Signup and view all the answers

    What is calculated by subtracting the total expenditure from the total income?

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

    What is the purpose of a bank statement?

    <p>To show all transactions in an account over a specific period</p> Signup and view all the answers

    What is the effect of a higher interest rate on an investment?

    <p>Higher growth of the investment</p> Signup and view all the answers

    What is the purpose of a fixed deposit account?

    <p>For investing a lump sum over a fixed period</p> Signup and view all the answers

    What is the benefit of choosing a shorter loan term?

    <p>Lower total interest paid</p> Signup and view all the answers

    What is the purpose of a debit account?

    <p>For making purchases and payments</p> Signup and view all the answers

    Which type of graph is used to show the relationship between two variables?

    <p>Scatter Plot</p> Signup and view all the answers

    What is the purpose of finding the median in a data set?

    <p>To provide the central point less affected by outliers</p> Signup and view all the answers

    What is the interquartile range (IQR) used to measure?

    <p>The spread of the central portion of the data</p> Signup and view all the answers

    What is the purpose of a box and whisker plot?

    <p>To summarize data distributions</p> Signup and view all the answers

    What is the range of a data set?

    <p>The difference between the highest and lowest values</p> Signup and view all the answers

    What is the purpose of a histogram?

    <p>To show the distribution of continuous data</p> Signup and view all the answers

    What is the purpose of a line graph?

    <p>To show trends and changes over time</p> Signup and view all the answers

    What is the primary purpose of a frequency table?

    <p>To show how often each category or group appears in the data set</p> Signup and view all the answers

    What is the probability of an event that is impossible?

    <p>0</p> Signup and view all the answers

    What is the mode of a data set?

    <p>The value that appears most frequently</p> Signup and view all the answers

    What is the definition of the median?

    <p>The middle value in a data set when the values are arranged in ascending or descending order</p> Signup and view all the answers

    What is the purpose of finding the mean of a data set?

    <p>To represent the central point of the data set</p> Signup and view all the answers

    What is the purpose of tally marks?

    <p>To count discrete data quickly and efficiently</p> Signup and view all the answers

    What is the definition of the interquartile range (IQR)?

    <p>The range of the middle 50% of the data</p> Signup and view all the answers

    What is the purpose of quartiles?

    <p>To help understand the spread and distribution of the data</p> Signup and view all the answers

    What is the purpose of graphs in data analysis?

    <p>To visually represent data and identify patterns and relationships</p> Signup and view all the answers

    What is the definition of the mode?

    <p>The value that appears most frequently in the data set</p> Signup and view all the answers

    What is the purpose of measures of central tendency?

    <p>To provide a single value that represents the central point of the data set</p> Signup and view all the answers

    What is the purpose of grouping data into intervals?

    <p>To help identify patterns or trends in continuous data</p> Signup and view all the answers

    What is the purpose of summarising data?

    <p>To provide a clear and concise way to present data findings</p> Signup and view all the answers

    What is the probability of an event that is impossible?

    <p>0</p> Signup and view all the answers

    What is the probability of rolling an even number on a dice?

    <p>1/2</p> Signup and view all the answers

    What is the purpose of a tree diagram in probability?

    <p>To visualize the probability of combined events</p> Signup and view all the answers

    What is a false positive in a medical test?

    <p>A test indicates a positive result when it is actually negative</p> Signup and view all the answers

    What is the purpose of using probability in real-life situations?

    <p>To interpret and predict various real-life situations</p> Signup and view all the answers

    What is the probability of rolling a specific number on a dice?

    <p>1/6</p> Signup and view all the answers

    What is the purpose of a two-way table in probability?

    <p>To visualize the probability of combined events</p> Signup and view all the answers

    What is the probability of an event that is certain?

    <p>1</p> Signup and view all the answers

    What is the purpose of improving the accuracy of probability predictions?

    <p>To collect more data over time</p> Signup and view all the answers

    What is a fair event in probability?

    <p>An event that has an equal chance of occurring</p> Signup and view all the answers

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