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 (C)</p> Signup and view all the answers

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

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

What is exempt from VAT in South Africa?

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

What is the formula to calculate simple interest?

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

What is gross salary?

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

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

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

What is the formula to calculate compound interest?

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

What is taxable income?

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

What is the tax threshold for individuals younger than 65?

<p>R67,111 (D)</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 (C)</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 (D)</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 (C)</p> Signup and view all the answers

What is net salary?

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

What is the purpose of an IRP5 form?

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

What is the formula to calculate taxable income?

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

What is the tertiary rebate amount?

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

What is the purpose of tax rebates?

<p>To reduce the tax payable (B)</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 (B)</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 (A)</p> Signup and view all the answers

What is the net salary calculated by?

<p>Subtracting all deductions from the gross salary (D)</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 (B)</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 (A)</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 (A)</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 (B)</p> Signup and view all the answers

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

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

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

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

What is the variable amount in a tariff system?

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

What is essential to ensure when calculating the tariff rate?

<p>That the units used are consistent (A)</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 (D)</p> Signup and view all the answers

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

<p>Sales of goods or services (B)</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 (A)</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 (C)</p> Signup and view all the answers

What are occasional costs in a business?

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

What is the formula for calculating profit in a business?

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

What is a loss in a business?

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

What is the primary source of income for a business?

<p>Sales of goods or services (A)</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 (D)</p> Signup and view all the answers

What is the definition of a loss in a business?

<p>When total costs exceed total income (D)</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 (C)</p> Signup and view all the answers

What is the formula to calculate profit in a business?

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

What is the formula to calculate loss in a business?

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

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

<p>Loan amount (C)</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 (B)</p> Signup and view all the answers

What is the purpose of a retirement annuity?

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

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

<p>Increased total interest paid (C)</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 (D)</p> Signup and view all the answers

What is the benefit of starting to invest early?

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

What is the purpose of a stokvel?

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

What is the principal of a loan?

<p>The original amount borrowed (C)</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 (B)</p> Signup and view all the answers

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

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

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

<p>Transaction Fees (A)</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 (D)</p> Signup and view all the answers

What is the definition of profit?

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

What is the formula to calculate the inflation rate?

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

What is the result of demand-pull inflation?

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

What is the purpose of avoiding unnecessary services?

<p>To minimize fees and charges (B)</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 (D)</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 (C)</p> Signup and view all the answers

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

<p>To minimize sample bias (B)</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 (D)</p> Signup and view all the answers

What is the purpose of classifying data?

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

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

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

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

<p>Population (C)</p> Signup and view all the answers

What is the advantage of using questionnaires in research?

<p>They provide anonymity and encourage honesty (D)</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 (D)</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. (D)</p> Signup and view all the answers

What is the primary purpose of a retirement annuity?

<p>To provide income during retirement (B)</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 (B)</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 (B)</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 (A)</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 (B)</p> Signup and view all the answers

What is compound interest?

<p>Interest calculated on the principal and accumulated interest (B)</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 (A)</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 (D)</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 (D)</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 (A)</p> Signup and view all the answers

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

<p>Histogram (D)</p> Signup and view all the answers

What is the purpose of a scatter plot?

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

What is the purpose of a pie chart?

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

What is the formula to calculate the mean?

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

What is the purpose of the median?

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

What is the purpose of the range?

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

What is the purpose of quartiles?

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

What is the purpose of box and whisker plots?

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

What is probability?

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

What is the IQR in a dataset?

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

What is the purpose of graphs in data analysis?

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

What is the purpose of classifying data?

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

What is the purpose of organizing data?

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

What is the probability of an event that is impossible?

<p>0 (C)</p> Signup and view all the answers

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

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

What is the purpose of tree diagrams in probability?

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

What is the probability of an event that is certain?

<p>1 (C)</p> Signup and view all the answers

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

<p>Random (B)</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 (D)</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 (A)</p> Signup and view all the answers

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

<p>All of the above (D)</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 (C)</p> Signup and view all the answers

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

<p>Frequency (C)</p> Signup and view all the answers

What is included on a till slip?

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

What is VAT?

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

What is an account statement?

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

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

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

What information does an account statement include?

<p>Transactions, available credit, and credit limit (D)</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 (A)</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 (D)</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 (D)</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)) (D)</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 (A)</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 (A)</p> Signup and view all the answers

What is the purpose of determining taxable income?

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

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

<p>A = πr^2 (A)</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 (C)</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 (B)</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 (D)</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 (D)</p> Signup and view all the answers

What is the formula used to calculate compound interest?

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

What is the minimum salary before tax is charged?

<p>Tax threshold (C)</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 (B)</p> Signup and view all the answers

What is the amount deducted from the total tax payable?

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

What summarizes total earnings, deductions, and tax deducted?

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

What is the process of calculating tax owed?

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

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

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

What is the purpose of using tax tables?

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

What is the contribution towards UIF by an employee?

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

What is the formula to calculate net pay?

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

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

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

What is the purpose of tariff systems?

<p>To specify how charges are applied based on usage (D)</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 (A)</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 (D)</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 (D)</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 (B)</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 (D)</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 (A)</p> Signup and view all the answers

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

<p>To visually compare the costs (D)</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 (D)</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 (A)</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 (A)</p> Signup and view all the answers

What are fixed costs in a business?

<p>Regular, consistent costs such as rent and salaries (B)</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 (D)</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 (A)</p> Signup and view all the answers

What is a loss in a business?

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

What are occasional costs in a business?

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

What is the formula for calculating profit in a business?

<p>Total Income - Total Expenditure (D)</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 (A)</p> Signup and view all the answers

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

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

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

<p>Compound interest (D)</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 (C)</p> Signup and view all the answers

What is the primary goal of an investment?

<p>To generate income or appreciation (B)</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 (D)</p> Signup and view all the answers

What is the purpose of a retirement annuity?

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

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

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

What is a key component of a bank statement?

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

What is the purpose of a debit card?

<p>To make debit transactions (C)</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 (C)</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 (C)</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 (D)</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 (D)</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 (A)</p> Signup and view all the answers

What is the formula to calculate Loss in a business?

<p>Loss = Total Costs - Total Income (D)</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 (C)</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 (B)</p> Signup and view all the answers

What is the benefit of starting investments early?

<p>To maximize the benefits of compound interest (B)</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 (D)</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 (C)</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 (D)</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 (B)</p> Signup and view all the answers

What is the definition of monthly operating costs?

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

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

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

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

<p>To ensure profitability (C)</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 (B)</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 (A)</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 (B)</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 (D)</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 (B)</p> Signup and view all the answers

What is the primary purpose of banks charging fees?

<p>To generate profits for the bank (C)</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 (B)</p> Signup and view all the answers

What is the formula to calculate profit?

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

What is the effect of inflation on savings?

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

What is the result of cost-push inflation?

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

What is the formula to calculate the inflation rate?

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

What is the result of demand-pull inflation?

<p>Higher prices due to increased demand (A)</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 (B)</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 (C)</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 (D)</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 (A)</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 (B)</p> Signup and view all the answers

What is the purpose of classifying data?

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

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

<p>They may introduce interviewer bias (D)</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 (A)</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 (D)</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 (B)</p> Signup and view all the answers

What is the purpose of quartiles?

<p>To help understand the spread and distribution of the data (D)</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 (C)</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 (A)</p> Signup and view all the answers

What is the purpose of tally marks?

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

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

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

What is the purpose of histograms in graphing?

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

What is the median of a dataset?

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

What is the range of a dataset?

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

What is the purpose of percentiles?

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

What is the purpose of line graphs?

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

What is the purpose of bar graphs?

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

What is the purpose of probability?

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

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

<p>0 (B)</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 (D)</p> Signup and view all the answers

What is the purpose of tree diagrams in probability?

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

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

<p>Frequency (D)</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 (A)</p> Signup and view all the answers

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

<p>Trial (B)</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 (C)</p> Signup and view all the answers

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

<p>1 (D)</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 (C)</p> Signup and view all the answers

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

<p>Random (B)</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 (A)</p> Signup and view all the answers

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

<p>Net salary (A)</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 (A)</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 (B)</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 (C)</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)) (D)</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 (B)</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 (A)</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 (B)</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 (C)</p> Signup and view all the answers

What is the formula to calculate compound interest?

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

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

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

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

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

What is the purpose of tariff systems?

<p>To provide structured pricing plans (B)</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 (D)</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 (B)</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 (A)</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 (D)</p> Signup and view all the answers

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

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

What is the primary function of PAYE?

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

What is the purpose of an IRP5 form?

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

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

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

What is the amount deducted from the total tax payable?

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

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

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

What is the minimum salary before tax is charged?

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

What is the purpose of tax rebates?

<p>To reduce the total tax payable (A)</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 (A)</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 (B)</p> Signup and view all the answers

What is the formula to calculate the net pay?

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

What is the purpose of calculating the taxable income?

<p>To calculate the tax bracket (D)</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 (A)</p> Signup and view all the answers

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

<p>Sales of goods or services (A)</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 (B)</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 (D)</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 (D)</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 (D)</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 (B)</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 (D)</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 (C)</p> Signup and view all the answers

What is the formula for calculating profit in a business?

<p>Total Income - Total Expenditure (B)</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 (A)</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 (B)</p> Signup and view all the answers

What is the purpose of determining the correct selling price?

<p>To ensure profitability (D)</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 (A)</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 (C)</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 (D)</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 (B)</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 (C)</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 (C)</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 (A)</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 (B)</p> Signup and view all the answers

What is the sale price of an item?

<p>The price of the item to be purchased (C)</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 (A)</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 (A)</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 (A)</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 (D)</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 (B)</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 (C)</p> Signup and view all the answers

What is the purpose of financial planning?

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

What is the primary goal of an investment?

<p>To generate income or appreciation (A)</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 (B)</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 (D)</p> Signup and view all the answers

What is the main feature of a savings account?

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

What is the purpose of a credit account?

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

What is the definition of compound interest?

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

What is the purpose of monitoring interest rates in investments?

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

Which of the following is a type of interest?

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

What is profit in a business?

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

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

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

What is the formula to calculate the inflation rate?

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

What is the purpose of a histogram?

<p>To represent continuous data grouped into ranges (C)</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 (A)</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 (D)</p> Signup and view all the answers

What is demand-pull inflation?

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

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

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

What is the interquartile range (IQR)?

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

What is the probability of an event that is impossible?

<p>0 (C)</p> Signup and view all the answers

What is the purpose of avoiding unnecessary services?

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

What is the purpose of a pie chart?

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

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

<p>0.5 (B)</p> Signup and view all the answers

What is the median?

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

What is the result of inflation on savings and investments?

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

What is the purpose of a box and whisker plot?

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

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

<p>0.166 (D)</p> Signup and view all the answers

What is the purpose of tree diagrams in probability?

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

What is the range?

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

What is probability?

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

What is the probability of an event that is certain?

<p>1 (B)</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 (A)</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 (A)</p> Signup and view all the answers

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

<p>Histogram (A)</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 (B)</p> Signup and view all the answers

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

<p>Frequency (A)</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 (D)</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 (A)</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 (D)</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 (C)</p> Signup and view all the answers

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

<p>Random (C)</p> Signup and view all the answers

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

<p>Trial (C)</p> Signup and view all the answers

What is the mode of a dataset?

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

What is the purpose of classifying data?

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

What is the main consequence of built-in inflation?

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

What is the purpose of sampling in research?

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

What is the purpose of classifying data?

<p>To simplify the data for better understanding and analysis (C)</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 (D)</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 (A)</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 (A)</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 (B)</p> Signup and view all the answers

What is the purpose of research in data handling?

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

What information is typically included on an account statement?

<p>Transactions, amounts due, and due dates (D)</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 (A)</p> Signup and view all the answers

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

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

What is a credit limit on an account statement?

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

What information is included on a till slip?

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

What is the total deductions in the given example calculation?

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

What is the purpose of tariff systems?

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

What is the formula to calculate the net salary?

<p>Gross Salary - Total Deductions (A)</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 (D)</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 (D)</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 (B)</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 (C)</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 (A)</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) (A)</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 (B)</p> Signup and view all the answers

What is the formula to calculate the net salary?

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

What is the purpose of identifying tax-deductible deductions?

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

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

<p>A = πr^2 (C)</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 (B)</p> Signup and view all the answers

What is the primary purpose of understanding taxation?

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

What is the purpose of performing calculations on financial documents?

<p>To verify the accuracy of calculations (D)</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. (D)</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. (D)</p> Signup and view all the answers

What is the purpose of an IRP5 form?

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

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

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

What is the purpose of tax rebates?

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

What is the formula to calculate taxable income?

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

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

<p>Sales of goods or services (D)</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 (B)</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 (A)</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 (C)</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 (D)</p> Signup and view all the answers

What is profit in a business?

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

What is a loss in a business?

<p>When total costs exceed total income (D)</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 (B)</p> Signup and view all the answers

What are occasional costs in a business?

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

What is the significance of determining the correct selling price?

<p>To ensure profitability (C)</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 (B)</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 (A)</p> Signup and view all the answers

What is the purpose of matching costs with income?

<p>To ensure income matches or exceeds costs (D)</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 (B)</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 (D)</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 (C)</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 (A)</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 (D)</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 (D)</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 (A)</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 (A)</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 (D)</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 (A)</p> Signup and view all the answers

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

<p>Rising production costs (C)</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 (A)</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 (B)</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 (D)</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 (C)</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 (A)</p> Signup and view all the answers

What is the purpose of a retirement annuity?

<p>To provide income during retirement (A)</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 (A)</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 (C)</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 (D)</p> Signup and view all the answers

What is the main purpose of charging fees by banks?

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

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

<p>Compound Interest (D)</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 (B)</p> Signup and view all the answers

What is the result of total expenditure exceeding total income?

<p>Loss (D)</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 (D)</p> Signup and view all the answers

What is the primary purpose of collecting data in research?

<p>To gain insights and understand phenomena (C)</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 (A)</p> Signup and view all the answers

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

<p>Compound Interest (B)</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 (C)</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 (A)</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 (B)</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 (C)</p> Signup and view all the answers

What is the main purpose of a retirement annuity?

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

What is the financial gain when income exceeds expenditure?

<p>Profit (D)</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 (A)</p> Signup and view all the answers

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

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

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

<p>Profit (C)</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 (C)</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 (D)</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 (B)</p> Signup and view all the answers

What is the benefit of choosing a shorter loan term?

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

What is the purpose of a debit account?

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

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

<p>Scatter Plot (B)</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 (A)</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 (D)</p> Signup and view all the answers

What is the purpose of a box and whisker plot?

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

What is the range of a data set?

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

What is the purpose of a histogram?

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

What is the purpose of a line graph?

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

What is the probability of an event that is impossible?

<p>0 (A)</p> Signup and view all the answers

What is the mode of a data set?

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

What is the purpose of tally marks?

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

What is the purpose of quartiles?

<p>To help understand the spread and distribution of the data (A)</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 (C)</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 (C)</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 (B)</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 (C)</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 (B)</p> Signup and view all the answers

What is the probability of an event that is impossible?

<p>0 (A)</p> Signup and view all the answers

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

<p>1/2 (B)</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 (D)</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 (A)</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 (D)</p> Signup and view all the answers

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

<p>1/6 (C)</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 (B)</p> Signup and view all the answers

What is the probability of an event that is certain?

<p>1 (C)</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 (D)</p> Signup and view all the answers

What is a fair event in probability?

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

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