Gr12 Math Lit: November medium P(1)

What information is typically found on a till slip?

Customer's address and phone number

Store's refund and exchange policies

Customer's account balance and payment history

Shop details, invoice information, and item details (correct)

What is the standard VAT rate in South Africa?

12%

15% (correct)

20%

10%

Which of the following items is exempt from VAT in South Africa?

Cellphone

Electricity

Bread (correct)

Milk

What does the term 'Balance Brought Forward' refer to on an account statement?

The amount carried over from the previous statement Signup and view all the answers

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

Municipal bill Signup and view all the answers

Which of the following is a key term related to account statements?

Credit limit Signup and view all the answers

When checking calculations on a till slip, what should you verify?

The sum of item prices and the application of VAT Signup and view all the answers

What should you calculate when checking interest on overdue payments on an account statement?

The interest on overdue payments using the APR Signup and view all the answers

What is the purpose of the Query Period?

To allow time to dispute or question a bill Signup and view all the answers

What is the formula to calculate Simple Interest?

I = P × r × t Signup and view all the answers

What is the purpose of verifying payment history?

To understand the impact of previous payments on the current balance Signup and view all the answers

What is the formula to calculate the VAT amount?

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

What is the purpose of understanding key financial terms?

To ensure accuracy in financial calculations Signup and view all the answers

What is the definition of Gross Salary?

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

What is the formula to calculate Net Salary?

Net Salary = Gross Salary - Deductions Signup and view all the answers

What is the definition of Tax-Deductible Deductions?

Expenses that reduce taxable income Signup and view all the answers

What is the purpose of determining Taxable Income?

To calculate income tax Signup and view all the answers

What is the definition of Non-Tax Deductible Expenses?

General living expenses like food, rent, and entertainment Signup and view all the answers

What is the purpose of a deduction table?

To determine the amount of tax owed based on taxable income and age Signup and view all the answers

What is the tax threshold for individuals younger than 65?

R67,111 Signup and view all the answers

What is the purpose of PAYE?

To ensure that taxes are collected regularly throughout the year Signup and view all the answers

What is the total UIF contribution for an employee earning R10,000 per month?

R200 Signup and view all the answers

What is the purpose of an IRP5 form?

To summarize total earnings and deductions Signup and view all the answers

What is the formula to calculate taxable income?

Taxable Income = Gross Income - Tax-Deductible Deductions Signup and view all the answers

What is the primary rebate amount for tax calculation?

R12,080 Signup and view all the answers

What is the purpose of tax rebates?

To decrease the tax payable Signup and view all the answers

How is the annual PAYE calculated?

Using the SARS tax tables and applying the tax rate to the annual income Signup and view all the answers

What is the formula to calculate net pay?

Net Pay = Gross Salary - Deductions - Monthly Tax Signup and view all the answers

What is the purpose of calculating the total deductions from the gross salary?

To calculate the net salary Signup and view all the answers

What is a fixed amount in a tariff system?

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

What is the primary purpose of break-even analysis?

To identify the point where the total costs of two options are equal Signup and view all the answers

What is the tariff rate in a tariff system?

The amount that the total cost changes per unit of usage Signup and view all the answers

Why is it essential to ensure consistent units in tariff rate calculations?

To ensure that the units used in calculations are consistent Signup and view all the answers

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

To visualize the costs of different options Signup and view all the answers

What do points of intersection on graphs of different tariff systems indicate?

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

What is an income-and-expenditure statement used for?

To track income and expenditure over a period of time Signup and view all the answers

What skill is essential for performing break-even analysis?

Performing calculations Signup and view all the answers

What is the context in which tariff systems are commonly used?

Household projects, school projects, and community projects Signup and view all the answers

What is the primary purpose of a budget?

To estimate expected income and expenses for a future period Signup and view all the answers

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

Sales of goods or services Signup and view all the answers

What does an income-and-expenditure statement show?

Actual income and expenses over a specific period Signup and view all the answers

What is the break-even point of a business?

The point at which income equals total costs Signup and view all the answers

What is categorized into fixed, variable, and occasional costs?

Expenditure Signup and view all the answers

What is the formula to calculate profit?

Total Income - Total Expenditure Signup and view all the answers

What is the purpose of preparing an income-and-expenditure statement for a small business?

To report actual income and expenditure Signup and view all the answers

What is a loss in a business?

When total expenditure exceeds total income Signup and view all the answers

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

To estimate expected costs based on historical data Signup and view all the answers

What does an income-and-expenditure statement help a small business to do?

Compare actual income and expenses against the budget Signup and view all the answers

What is the purpose of limiting over-the-counter transactions to reduce banking fees?

To opt for electronic transactions Signup and view all the answers

What is the difference between simple interest and compound interest?

Simple interest is calculated on the principal only, while compound interest is calculated on the current balance Signup and view all the answers

What is the formula to calculate the inflation rate?

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

What is the effect of inflation on savings and investments?

Inflation erodes the value of money saved or invested if the return is lower than the inflation rate Signup and view all the answers

What is the purpose of understanding key financial concepts?

To make informed financial decisions Signup and view all the answers

What is the definition of profit?

The total income minus total expenditure Signup and view all the answers

What is an example of a cost-push inflation?

Increase in wages and raw material prices Signup and view all the answers

What is the purpose of analyzing inflation in different contexts?

All of the above Signup and view all the answers

What is the effect of inflation on the purchasing power of consumers?

Inflation decreases the purchasing power of consumers Signup and view all the answers

What is the purpose of understanding the calculation of interest?

To make informed financial decisions Signup and view all the answers

What is the main difference between a loan and an investment?

A loan benefits the lender, while an investment benefits the investor Signup and view all the answers

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

To reduce the loan amount Signup and view all the answers

What happens to the total interest paid on a loan if the interest rate increases?

It increases Signup and view all the answers

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

It decreases the loan term Signup and view all the answers

What is compound interest?

Interest calculated on the current balance, including previous interest Signup and view all the answers

What is the purpose of financial planning for loans?

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

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

It increases the returns on the investment Signup and view all the answers

What is the effect of increasing the monthly investment amount?

It increases the final investment value due to compounded growth Signup and view all the answers

What is the total repayment amount of a loan?

The sum of all monthly repayments over the loan term Signup and view all the answers

What is the purpose of an initiation fee on a loan?

To process the loan application Signup and view all the answers

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

To ensure salary or income growth keeps pace with inflation Signup and view all the answers

What type of research question allows respondents to answer in their own words?

Open-ended question Signup and view all the answers

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

It avoids interaction biases Signup and view all the answers

What is the purpose of classifying data?

To simplify data for better understanding and analysis Signup and view all the answers

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

They may not accommodate all respondents' views Signup and view all the answers

What is the benefit of choosing a shorter loan term?

Lower total interest paid Signup and view all the answers

What is the purpose of sample bias control in research?

To ensure the sample accurately represents the population Signup and view all the answers

What is the primary purpose of a retirement annuity?

To provide income during retirement Signup and view all the answers

What is the primary advantage of using questionnaires in research?

They provide respondents with anonymity Signup and view all the answers

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

It increases the growth of the investment Signup and view all the answers

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

To count the data efficiently Signup and view all the answers

What is the primary disadvantage of using interviews in research?

They may introduce interviewer bias Signup and view all the answers

What is the main difference between a cheque account and a savings account?

The purpose of the account Signup and view all the answers

What is compound interest calculated on?

The principal and accrued interest Signup and view all the answers

What is the primary purpose of organizing data?

To make the data easier to read and understand Signup and view all the answers

Why is it important to start investing early?

To maximize the benefits of compound interest Signup and view all the answers

What is the primary purpose of a fixed deposit account?

For investing a lump sum over a fixed period Signup and view all the answers

What is reflected on a bank statement?

All transactions, including debits and credits Signup and view all the answers

What is the effect of regular monthly contributions on an investment?

It enhances the value of the investment over time Signup and view all the answers

Why is it important to manage interest rates on loans?

To minimize the total cost of the loan Signup and view all the answers

What is the primary purpose of creating a frequency table?

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

What is the purpose of a box and whisker plot?

To summarize data using the five-number summary Signup and view all the answers

What is the advantage of using the median instead of the mean?

It is less affected by outliers and skewed data Signup and view all the answers

What is the definition of interquartile range (IQR)?

The range of the middle 50% of the data Signup and view all the answers

What is the range in a data set?

The difference between the highest and lowest values Signup and view all the answers

What type of graph is used to study the relationship between two variables?

Scatter plot Signup and view all the answers

What is the purpose of quartiles in a data set?

To divide the data set into four equal parts Signup and view all the answers

What is the primary purpose of graphs in data analysis?

To identify patterns and relationships within the data Signup and view all the answers

What is the purpose of a histogram?

To represent continuous data grouped into ranges Signup and view all the answers

What is the interquartile range (IQR) in a data set?

The range of the middle 50% of the data Signup and view all the answers

What is the definition of median?

The middle value in an ordered data set Signup and view all the answers

What is the purpose of a line graph?

To show trends and changes over time Signup and view all the answers

What is the mode in a data set?

The value that appears most frequently in the data set Signup and view all the answers

What is the purpose of summarizing data?

To make the data more readable and easier to analyze Signup and view all the answers

What is the definition of mode?

The value that appears most frequently Signup and view all the answers

What is the purpose of classifying data?

To group data based on shared characteristics Signup and view all the answers

What is the purpose of a pie chart?

To show parts of a whole Signup and view all the answers

What is the definition of probability?

A measure of the likelihood of an event occurring Signup and view all the answers

What is the purpose of organizing data?

To arrange information in a clear and systematic manner Signup and view all the answers

What is the purpose of interpreting and analyzing graphs?

To identify patterns and correlations in data Signup and view all the answers

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

1/2 Signup and view all the answers

What is the best way to improve the accuracy of weather predictions?

Collect more data over time and use advanced measurement tools Signup and view all the answers

What is the probability of an impossible event?

0% Signup and view all the answers

What is the purpose of a tree diagram?

To visualize and calculate the probability of combined events Signup and view all the answers

What is a false positive in the context of medical tests?

A positive test result when the person is actually healthy Signup and view all the answers

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

1/6 Signup and view all the answers

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

To visualize and calculate the probability of combined events Signup and view all the answers

What is the probability of an event that is certain to happen?

100% Signup and view all the answers

What is a trial in the context of probability?

A single attempt or realization of a probability experiment Signup and view all the answers

What does the probability scale range from?

0 to 1 Signup and view all the answers

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

To make informed financial decisions Signup and view all the answers

What is the definition of start-up costs?

One-time expenses incurred to establish a business Signup and view all the answers

What is the significance of the break-even point in a business?

It's the point where total income equals total costs Signup and view all the answers

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

To report actual expenditure and income over a specific period Signup and view all the answers

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

To ensure profitability Signup and view all the answers

What is the definition of loss in a business?

A financial loss when total costs exceed total income Signup and view all the answers

Why is setting the right selling price important in a business?

To attract customers and generate a profit Signup and view all the answers

What is the purpose of analysing income and expenditure statements?

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

What is the relationship between the selling price and costs in a business?

The selling price must cover all costs and generate a profit Signup and view all the answers

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

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

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

To verify the sum of item prices and the application of VAT Signup and view all the answers

What type of bill is used to charge for municipal services such as water and electricity?

Municipal bill Signup and view all the answers

What is the term for the remaining credit limit after accounting for the current balance?

Credit available Signup and view all the answers

What is the purpose of an account statement?

To show the balance to be paid off monthly Signup and view all the answers

What information is typically found on an account statement?

Transactions, amounts due, and due dates Signup and view all the answers

What is the primary purpose of verifying payments and balances on an account statement?

To ensure accuracy and avoid disputes Signup and view all the answers

What is the term for the amount carried over from the previous account statement?

Balance brought forward Signup and view all the answers

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

To verify the unit prices when given pack prices and quantities Signup and view all the answers

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

To ensure that previous payments do not affect the current balance Signup and view all the answers

What does the VAT amount represent on a cell phone bill?

The percentage of the base amount calculated as VAT Signup and view all the answers

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

To familiarize oneself with financial implications on bills Signup and view all the answers

What is the formula to calculate the Area of a Circle?

A = πr^2 Signup and view all the answers

What does the query period on a cell phone bill allow for?

Disputing or questioning the bill Signup and view all the answers

What is the difference between Gross Salary and Net Salary?

Gross Salary is the total amount earned, while Net Salary is the take-home pay Signup and view all the answers

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

To ensure the total amount is correct by verifying individual charges and VAT Signup and view all the answers

What is the purpose of calculating the net salary?

To plan one's personal budget Signup and view all the answers

What is the formula to calculate Compound Interest?

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

What is the purpose of determining Taxable Income?

To calculate income tax Signup and view all the answers

Which of the following is an example of a variable amount in a tariff system?

Cost of pages copied at a rate of R0.10 per page Signup and view all the answers

What is the purpose of identifying points of intersection in tariff system comparisons?

To identify the most cost-effective option at different usage levels Signup and view all the answers

What is the difference between Tax-Deductible Deductions and Non-Tax Deductible Expenses?

Tax-Deductible Deductions reduce taxable income, while Non-Tax Deductible Expenses do not Signup and view all the answers

What is the break-even point in break-even analysis?

The point at which the total costs of two options are equal Signup and view all the answers

What skill is essential for drawing and interpreting graphs in tariff system comparisons?

Mathematical literacy Signup and view all the answers

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

To show the financial position of a business over a specific period Signup and view all the answers

What is the purpose of using tax tables in South Africa?

To determine the tax bracket and calculate annual tax Signup and view all the answers

What is the primary purpose of a budget?

To plan and manage the finances of a business Signup and view all the answers

What is categorized into fixed, variable, and occasional costs?

Business expenses Signup and view all the answers

What does the term 'tax bracket' refer to?

A range of taxable incomes charged at a specific tax rate Signup and view all the answers

What is the primary purpose of preparing an income-and-expenditure statement for a small business?

To plan and manage the finances of the business Signup and view all the answers

What is the purpose of PAYE?

To ensure that taxes are collected regularly throughout the year Signup and view all the answers

What is the difference between a profit and a loss in a business?

A profit is revenue, while a loss is an expense Signup and view all the answers

What is the primary purpose of an IRP5 form?

To summarize total earnings, deductions, and tax deducted Signup and view all the answers

What is the total UIF contribution for an employee earning R10,000 per month?

R200 Signup and view all the answers

What is the purpose of tax rebates?

To reduce the tax payable Signup and view all the answers

What is the formula to calculate net pay?

Gross salary - deductions - monthly tax + medical aid deduction Signup and view all the answers

What is the purpose of calculating taxable income?

To determine the tax bracket and calculate annual tax Signup and view all the answers

What is the primary rebate amount for tax calculation?

R12,080 Signup and view all the answers

How is the annual PAYE calculated?

By using the SARS tax tables and applying the tax rate to the annual income Signup and view all the answers

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

To guide financial decisions and ensure spending aligns with income Signup and view all the answers

What type of costs include expenses such as rent and salaries?

Fixed costs Signup and view all the answers

What is the purpose of analyzing income-and-expenditure statements and budgets in small businesses?

To compare actual income and expenses against the budget Signup and view all the answers

What occurs when total expenditure exceeds total income in a business?

Loss Signup and view all the answers

What is the purpose of preparing an income-and-expenditure statement for a small business?

To report actual expenditure and income Signup and view all the answers

What type of costs include expenses such as raw materials and utilities?

Variable costs Signup and view all the answers

At what point does a business neither make a profit nor incur a loss?

Break-even point Signup and view all the answers

What is the purpose of income-and-expenditure statements in larger organizations?

To analyze broad categories and trends Signup and view all the answers

What is the formula to calculate profit in a business?

Total Income - Total Expenditure Signup and view all the answers

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

Sales of goods or services Signup and view all the answers

What is the primary purpose of managing income and expenditure in a business?

To make informed financial decisions and ensure long-term success Signup and view all the answers

What type of cost is a loan repayment?

Monthly operating cost Signup and view all the answers

What is the break-even point of a business?

The point at which total income equals total costs Signup and view all the answers

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

To report actual expenditure and income over a specific period Signup and view all the answers

What is the significance of setting the right selling price?

To ensure profitability by covering all costs and generating a profit Signup and view all the answers

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

To ensure profitability by ensuring income matches or exceeds costs Signup and view all the answers

What is the purpose of analysing income and expenditure statements?

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

What is the formula to calculate loss?

Total Costs - Total Income Signup and view all the answers

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

Sales of goods or services Signup and view all the answers

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

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

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

A reduced loan amount and subsequent interest paid Signup and view all the answers

Which of the following is an example of an investment?

Placing money into a retirement annuity Signup and view all the answers

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

Increases the cost of borrowing Signup and view all the answers

What is the primary advantage of choosing a shorter loan term?

Lower total interest paid Signup and view all the answers

What is the primary benefit of compound interest in investments?

Exponential growth over time Signup and view all the answers

What is the purpose of financial planning when it comes to loans and investments?

To balance monthly affordability with total cost Signup and view all the answers

What is the difference between simple interest and compound interest?

Simple interest is calculated on the original principal, while compound interest is calculated on the current balance Signup and view all the answers

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

Savings Account Signup and view all the answers

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

A shorter loan term and reduced total interest paid Signup and view all the answers

What is the primary purpose of a bank statement?

To provide a record of all transactions over a specific period Signup and view all the answers

What is the result of regular contributions to an investment?

Enhanced growth over time due to compounding effects Signup and view all the answers

What is the purpose of understanding key financial terms related to loans and investments?

To make informed decisions about borrowing and investing Signup and view all the answers

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

Increases the returns on investments Signup and view all the answers

What is the primary factor to consider when choosing a loan term?

Balance between monthly affordability and total interest paid Signup and view all the answers

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

Increased growth over time Signup and view all the answers

What is the total amount paid over the life of a loan?

Real cost of the loan Signup and view all the answers

What is the purpose of monitoring interest rates in investments?

To achieve better returns on investment Signup and view all the answers

What is the benefit of starting investments early?

Maximizes the benefits of compound interest Signup and view all the answers

What is the benefit of starting to invest early?

Greater accumulation due to the extended period of compounding interest Signup and view all the answers

What is the primary goal of financial planning in relation to loans and investments?

To balance affordability and total cost Signup and view all the answers

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

To maintain living standards Signup and view all the answers

What is a characteristic of open-ended research questions?

They allow respondents to answer in their own words Signup and view all the answers

What is the primary purpose of charging banking fees?

To generate revenue for the bank Signup and view all the answers

What is a potential disadvantage of using sample bias in data collection?

It does not accurately represent the population Signup and view all the answers

What is an advantage of using observation as a data collection method?

It avoids interaction biases Signup and view all the answers

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

Compound Interest Signup and view all the answers

What is the purpose of classifying and organizing data?

To simplify data for better understanding and analysis Signup and view all the answers

What is the financial concept that occurs when total income equals total expenditure?

Break-even Point Signup and view all the answers

What is the effect of inflation on savings and investments?

It erodes their value if the return is lower than the inflation rate Signup and view all the answers

What is the primary purpose of using tally marks in data analysis?

To count and categorize data efficiently Signup and view all the answers

What type of inflation occurs when the demand for goods and services exceeds supply?

Demand-Pull Inflation Signup and view all the answers

What is a common application of tariff systems?

Utility billing and pricing Signup and view all the answers

What is the primary purpose of preparing an income-and-expenditure statement for a small business?

To determine profit and loss Signup and view all the answers

What is the primary purpose of analyzing inflation in different contexts?

To make informed financial decisions Signup and view all the answers

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

To allocate resources effectively Signup and view all the answers

What is the result of a loan, including the principal and accumulated interest?

Total Cost Signup and view all the answers

What is the formula to calculate the inflation rate?

(Current Price - Previous Price) / Previous Price * 100% Signup and view all the answers

What is a key benefit of adjusting for inflation in financial planning?

It maintains purchasing power Signup and view all the answers

What is the result of total expenditure exceeding total income in a financial context?

Loss Signup and view all the answers

What is the purpose of using graphs to represent inflation trends?

To visualize the changes in prices over time Signup and view all the answers

What is typically shown on the vertical (y) axis of a graph?

Dependent variable Signup and view all the answers

What is the purpose of a pie chart?

To show parts of a whole Signup and view all the answers

What is the definition of the mode?

The value that appears most frequently Signup and view all the answers

What is measured by the interquartile range (IQR)?

The range of the middle 50% of the data Signup and view all the answers

What type of graph is used to study the relationship between two variables?

Scatter plot Signup and view all the answers

What is the purpose of a box and whisker plot?

To summarize data using the five-number summary Signup and view all the answers

What is the range of a data set?

The difference between the highest and lowest values Signup and view all the answers

What is the probability of an impossible event?

0 Signup and view all the answers

What is the purpose of a histogram?

To represent continuous data grouped into ranges Signup and view all the answers

What is the median of a data set?

The middle value in an ordered data set Signup and view all the answers

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

1/2 Signup and view all the answers

Which of the following represents an impossible event?

0 Signup and view all the answers

What is the purpose of using tree diagrams in probability?

To calculate the probability of combined events Signup and view all the answers

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

Random Signup and view all the answers

What is the probability of not rolling a specific number on a dice?

1 - (1/6) Signup and view all the answers

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

Frequency Signup and view all the answers

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

To visualize combined outcomes Signup and view all the answers

What is a common application of probability in real-life situations?

All of the above Signup and view all the answers

What is the term for the result of a probability experiment?

Outcome Signup and view all the answers

What does a probability of 1 represent?

A certain event Signup and view all the answers

What is the primary purpose of a frequency table?

To display the frequency of various outcomes in a sample Signup and view all the answers

What is the median in a dataset?

The middle value when the values are arranged in ascending or descending order Signup and view all the answers

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

The range of the middle 50% of the data Signup and view all the answers

What is the purpose of graphs in data analysis?

To visually represent data and show relationships between variables Signup and view all the answers

What is the mode in a dataset?

The value that appears most frequently in the dataset Signup and view all the answers

What is the purpose of quartiles in data analysis?

To divide the data into four equal parts and understand the spread and distribution of the data Signup and view all the answers

What is the range in a dataset?

The difference between the highest and lowest values Signup and view all the answers

What is the purpose of tally marks in data analysis?

To count discrete data quickly and efficiently Signup and view all the answers

What is the purpose of organizing data?

To arrange information in a clear and systematic manner, facilitating easier reading and analysis Signup and view all the answers

What is the purpose of classifying data?

To group data based on shared characteristics, making it easier to handle and interpret large datasets Signup and view all the answers

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

To verify the application of VAT Signup and view all the answers

What type of account statement detail indicates the maximum amount of credit allowed?

Credit Limit Signup and view all the answers

What is the purpose of calculating interest on overdue payments on an account statement?

To apply the annual percentage rate (APR) Signup and view all the answers

What type of bill is used to charge for municipal services?

Municipal Bill Signup and view all the answers

What should you verify when checking calculations on a till slip?

The sum of item prices and VAT Signup and view all the answers

What is the function of the 'Balance Brought Forward' on an account statement?

To carry over the previous balance Signup and view all the answers

What is the purpose of understanding account statements?

To monitor transactions and balances Signup and view all the answers

What information is typically found on a till slip besides item details?

Invoice information and shop details Signup and view all the answers

What is the purpose of an IRP5 form?

To summarize total earnings, deductions, and tax deducted Signup and view all the answers

How is the annual PAYE calculated?

By applying the tax rate to the annual taxable income Signup and view all the answers

What is the purpose of tax rebates?

To deduct an amount from the total tax payable Signup and view all the answers

What is the tax threshold for individuals older than 75?

R117,111 Signup and view all the answers

What is the purpose of determining the tax bracket?

To determine the tax rate applicable to the taxable income Signup and view all the answers

What is PAYE?

Pay As You Earn Signup and view all the answers

What is the formula to calculate the taxable income?

Gross Income - Tax-Deductible Deductions Signup and view all the answers

What is the purpose of UIF?

To provide short-term relief to employees when they become unemployed Signup and view all the answers

What is the total UIF contribution for an employee earning R10,000 per month?

R200 Signup and view all the answers

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

To check for any discrepancies in the VAT calculation Signup and view all the answers

What is the primary rebate amount for tax calculation?

R12,080 Signup and view all the answers

What is the formula to calculate the amount accumulated in a compound interest scenario?

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

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

To ensure accurate calculations of totals and interest Signup and view all the answers

What is the purpose of calculating the net salary?

To calculate the take-home pay Signup and view all the answers

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

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

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

To understand the impact of previous payments on the current balance Signup and view all the answers

What is the variable amount in a tariff system?

A fee that depends on the level of usage Signup and view all the answers

What is the purpose of determining taxable income for income tax calculation?

To calculate the income tax liability Signup and view all the answers

What is the purpose of comparing tariff systems?

To identify the most cost-effective option for specific ranges of usage Signup and view all the answers

What is the main purpose of financial planning for a business?

To ensure long-term success and make informed financial decisions Signup and view all the answers

What is the formula to calculate the net salary?

Net Salary = Gross Salary - Deductions Signup and view all the answers

What does the break-even point represent in a tariff system comparison?

The point where the cost graphs of different options intersect Signup and view all the answers

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

To visually compare the costs and identify the most cost-effective option Signup and view all the answers

What is the purpose of identifying tax-deductible deductions?

To reduce the amount of taxable income Signup and view all the answers

What type of cost is a one-time expense incurred to establish a business?

Start-up cost Signup and view all the answers

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

To dispute or question the bill Signup and view all the answers

What is an income-and-expenditure statement used for?

To record and monitor income and expenses Signup and view all the answers

What is the primary source of income for a business?

Sales of goods or services Signup and view all the answers

What is the definition of break-even point?

The point at which total income equals total costs Signup and view all the answers

What is the purpose of verifying information on financial documents?

To ensure all required details are present Signup and view all the answers

What skill is essential for performing break-even analysis?

Drawing and interpreting graphs Signup and view all the answers

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

To report actual expenditure and income over a specific period Signup and view all the answers

What is the context in which tariff systems are commonly used?

All of the above Signup and view all the answers

What is the primary purpose of a budget?

To plan and manage finances effectively Signup and view all the answers

What is the formula to calculate profit?

Total Income - Total Costs Signup and view all the answers

What is the significance of setting the right selling price?

To ensure that the business makes a profit Signup and view all the answers

What does an income-and-expenditure statement help a small business to do?

Make informed financial decisions Signup and view all the answers

What is the purpose of regularly analyzing income and expenditure statements?

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

What is the purpose of managing cash flow?

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

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

To provide a clear picture of financial performance over a specific period Signup and view all the answers

What is the formula to calculate loss?

Total Costs - Total Income Signup and view all the answers

What is the main difference between a budget and an income-and-expenditure statement?

A budget estimates future income and expenses, while an income-and-expenditure statement reports actual expenditure and income Signup and view all the answers

What type of costs does a small business incur to produce goods or services?

Production costs Signup and view all the answers

What is the break-even point of a business?

The point at which income equals total costs Signup and view all the answers

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

To identify variances and make adjustments Signup and view all the answers

What is a loss in a business?

When total expenditure exceeds total income Signup and view all the answers

What is the purpose of an income-and-expenditure statement for a small business?

To report actual expenditure and income Signup and view all the answers

What is categorized into fixed, variable, and occasional costs?

Expenditure Signup and view all the answers

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

To estimate expected income and expenses Signup and view all the answers

What does an income-and-expenditure statement help a small business to do?

Analyse and prepare future budgets Signup and view all the answers

What is the primary reason for banks charging monthly maintenance fees?

To generate revenue to cover operational costs Signup and view all the answers

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

Compound Interest Signup and view all the answers

What is the term for the financial gain when income exceeds expenditure?

Profit Signup and view all the answers

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

It decreases the value of money Signup and view all the answers

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

Inflation Rate Signup and view all the answers

What type of inflation occurs when the demand for goods and services exceeds supply?

Demand-Pull Inflation Signup and view all the answers

What is the purpose of analyzing inflation in different contexts?

To make informed decisions in various situations, such as salary negotiations and price adjustments Signup and view all the answers

What is the term for the money received, typically on a regular basis, from work, investments, or other sources?

Income Signup and view all the answers

What is the calculation to find profit?

Total Income - Total Expenditure Signup and view all the answers

What is the purpose of limiting transactions at ATMs from other banks?

To reduce banking fees Signup and view all the answers

What is the main benefit of opting for a shorter loan term?

Lower total interest paid Signup and view all the answers

What type of investment is a regular payment made into a fund that grows over time, providing income during retirement?

Retirement Annuity Signup and view all the answers

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

Increases the growth of the investment Signup and view all the answers

What is the purpose of a fixed deposit account?

For investing a lump sum over a fixed period Signup and view all the answers

What is the key feature of a credit account?

Allows purchasing items on credit, to be paid later Signup and view all the answers

What is the main difference between a loan and an investment?

A loan benefits the lender, while an investment benefits the investor. Signup and view all the answers

What is the importance of monitoring interest rates when investing?

To maximize the benefits of compound interest Signup and view all the answers

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

Enhances the value of the investment over time due to compounding effects Signup and view all the answers

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

The monthly repayment amount decreases, and the total interest paid increases. Signup and view all the answers

What is the purpose of a deposit in a loan?

To reduce the loan amount and the interest paid. Signup and view all the answers

What is the purpose of starting an investment early?

To maximize the benefits of compound interest Signup and view all the answers

How does a longer loan term affect the total interest paid on a loan?

It increases the total interest paid. Signup and view all the answers

What is the purpose of checking bank statements?

To monitor transactions and ensure accuracy Signup and view all the answers

What is the purpose of choosing a loan term wisely?

To balance between monthly affordability and total cost Signup and view all the answers

What is the real cost of a loan?

The loan amount plus the interest paid. Signup and view all the answers

How does a higher monthly repayment amount affect the total interest paid on a loan?

It reduces the total interest paid. Signup and view all the answers

What is the purpose of an investment?

To earn interest and increase the value of the original amount. Signup and view all the answers

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

They provide predefined options for respondents to choose from. Signup and view all the answers

How does compound interest differ from simple interest?

Compound interest is calculated on the current balance, including previous interest. Signup and view all the answers

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

To maintain living standards. Signup and view all the answers

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

The returns on the investment increase. Signup and view all the answers

What is the purpose of financial planning when taking out a loan or making an investment?

To balance monthly affordability with total cost. Signup and view all the answers

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

To collect data without interacting with people. Signup and view all the answers

What is the purpose of classifying data?

To simplify data for better understanding and analysis. Signup and view all the answers

What is the primary advantage of using tally marks in data organization?

They make it easier to count and analyze data. Signup and view all the answers

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

To collect data directly from respondents. Signup and view all the answers

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

They are time-consuming to answer and analyze. Signup and view all the answers

What is the purpose of ensuring salary or income growth keeps pace with inflation?

To maintain living standards. Signup and view all the answers

What is the primary advantage of using interviews in data collection?

They can clarify ambiguous answers and probe for more detailed information. Signup and view all the answers

What is the purpose of organizing data?

To make data easier to read and analyze. Signup and view all the answers

What is the primary purpose of a frequency table?

To identify patterns or trends in data Signup and view all the answers

What is the advantage of using the median over the mean?

The median is less affected by outliers Signup and view all the answers

What is the purpose of tally marks?

To count discrete data quickly and efficiently Signup and view all the answers

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

Scatter Plot Signup and view all the answers

What is the main purpose of a histogram?

To represent continuous data grouped into ranges Signup and view all the answers

What is the range of a dataset?

The difference between the highest and lowest values Signup and view all the answers

What is the purpose of quartiles?

To help understand the spread and distribution of the data Signup and view all the answers

What is the definition of the median?

The middle value in an ordered data set Signup and view all the answers

What is the purpose of a box and whisker plot?

To summarize data using the five-number summary Signup and view all the answers

What is the primary purpose of graphs?

To visually represent data for various purposes Signup and view all the answers

What is the Interquartile Range (IQR)?

The range of the middle 50% of the data Signup and view all the answers

What is the range of the middle 50% of the data?

The interquartile range (IQR) Signup and view all the answers

What is the purpose of a pie chart?

To show parts of a whole Signup and view all the answers

What is the purpose of percentiles?

To understand the distribution of data and compare individual values Signup and view all the answers

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

1/2 Signup and view all the answers

What is the purpose of summarising data?

To make data more concise and easier to read Signup and view all the answers

What is the purpose of a tree diagram in probability calculations?

To illustrate the probability of combined events Signup and view all the answers

What type of graph is used to show trends and changes over time?

Line Graph Signup and view all the answers

What is the definition of probability?

A measure of the likelihood of an event occurring between 0 and 1 Signup and view all the answers

What is a false positive in a medical test?

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

What is the benefit of using a grouped frequency table?

It organizes continuous data into specified ranges Signup and view all the answers

What is the purpose of collecting more data over time in probability calculations?

To improve the accuracy of predictions Signup and view all the answers

What is the purpose of quartiles?

To show the spread and distribution of data Signup and view all the answers

What is the definition of the mode?

The value that appears most frequently Signup and view all the answers

What is the probability of an impossible event?

0 Signup and view all the answers

What is the purpose of using advanced measurement tools and analysis methods in probability calculations?

To improve the accuracy of predictions Signup and view all the answers

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

1/6 Signup and view all the answers

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

To illustrate the probability of combined events Signup and view all the answers

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

1 Signup and view all the answers

What is the purpose of verifying the accuracy of sources and data used in probability calculations?

To improve the accuracy of predictions Signup and view all the answers

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

To calculate the total amount payable Signup and view all the answers

What is the implication of not paying an account statement on time?

Interest rates will be applied to late payments Signup and view all the answers

Which type of bill is used to charge for municipal services?

Municipal bill Signup and view all the answers

What is the purpose of verifying the sum of item prices and VAT on a till slip?

To ensure the correct total amount payable Signup and view all the answers

What is the credit available on an account statement?

The remaining credit limit after accounting for the current balance Signup and view all the answers

Which of the following is NOT typically found on a till slip?

Account statement details Signup and view all the answers

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

To ensure the correct change is given back Signup and view all the answers

What is the balance brought forward on an account statement?

The amount carried over from the previous statement Signup and view all the answers

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

To identify any errors in billing Signup and view all the answers

Which of the following is a key concept related to cell phone bills?

Query Period Signup and view all the answers

What is the purpose of understanding key financial terms related to cell phone bills?

To accurately interpret financial documents Signup and view all the answers

What should you calculate when checking the total amount due on a cell phone bill?

Average Monthly Costs Signup and view all the answers

Why is it essential to ensure accuracy when performing arithmetic operations on financial documents?

To follow rounding rules when necessary Signup and view all the answers

What is the purpose of understanding taxation concepts related to income?

To accurately interpret financial documents Signup and view all the answers

What is the formula to calculate taxable income?

Gross Income - Tax-Deductible Deductions Signup and view all the answers

What is the purpose of determining non-tax deductible expenses?

To distinguish between essential and non-essential expenses Signup and view all the answers

What is the purpose of understanding gross salary and net salary concepts?

To accurately interpret financial documents Signup and view all the answers

Why is it essential to verify information on financial documents?

To ensure all required details are present Signup and view all the answers

What is the name of the fund that provides short-term relief to workers when they become unemployed or are unable to work due to maternity, illness, or adoption leave?

Unemployment Insurance Fund (UIF) Signup and view all the answers

What is the purpose of an IRP5 form?

To summarize total earnings, deductions, and tax deducted Signup and view all the answers

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

R104,611 Signup and view all the answers

How is the annual PAYE calculated?

By using the SARS tax tables Signup and view all the answers

What is the purpose of determining taxable income?

To determine the tax bracket Signup and view all the answers

What is the primary rebate amount for tax calculation?

R12,080 Signup and view all the answers

What is the formula to calculate net pay?

Gross Salary - Deductions - Monthly Tax + Medical Tax Credits Signup and view all the answers

What is the purpose of PAYE?

To ensure that taxes are collected regularly throughout the year Signup and view all the answers

What is the total UIF contribution for an employee earning R10,000 per month?

R200 Signup and view all the answers

What is the purpose of tax rebates?

To reduce taxable income Signup and view all the answers

What is the formula to calculate the total deductions from the gross salary?

Gross Salary - (UIF + PAYE + Pension + Medical Aid) Signup and view all the answers

In a tariff system, what determines how much the total cost changes per unit of usage?

Tariff rate Signup and view all the answers

What is the purpose of identifying points of intersection on graphs of different tariff systems?

To understand the cost-effectiveness of each option at various usage levels Signup and view all the answers

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

The point where the total costs of two different options are equal Signup and view all the answers

What is the primary purpose of drawing graphs in tariff system comparisons?

To visually compare the costs Signup and view all the answers

What is the importance of understanding the break-even point in a tariff system comparison?

It helps to decide which option is more cost-effective at different levels of usage Signup and view all the answers

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

To show the income and expenditure of a business over a specific period Signup and view all the answers

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

To estimate expected income and expenses for a future period Signup and view all the answers

What is categorized into fixed, variable, and occasional costs?

Costs Signup and view all the answers

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

It summarizes the actual income and expenses over a specific period Signup and view all the answers

What is the purpose of preparing an income-and-expenditure statement for a small business?

To make informed financial decisions Signup and view all the answers

What is the break-even point of a business?

The point at which income equals total costs Signup and view all the answers

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

To plan and manage finances effectively Signup and view all the answers

What is the purpose of analyzing an income-and-expenditure statement and a budget?

To identify variances and make adjustments Signup and view all the answers

What is the purpose of preparing an income-and-expenditure statement for a small business?

To report the actual income and expenses Signup and view all the answers

What is the primary purpose of budgeting for a small business?

To plan for future expenses and manage resources effectively Signup and view all the answers

What is categorized into fixed, variable, and occasional costs?

Expenditure Signup and view all the answers

What is the formula to calculate profit?

Total Income - Total Expenditure Signup and view all the answers

What is the definition of a loss in a business?

When total expenditure exceeds total income Signup and view all the answers

What is the purpose of an income-and-expenditure statement for a small business?

To report the actual income and expenses Signup and view all the answers

What is the probability scale range?

From 0 to 1 Signup and view all the answers

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

0.5 Signup and view all the answers

What is the purpose of Tree Diagrams in probability?

To visualize all possible outcomes of combined events Signup and view all the answers

What is a False Positive in probability?

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

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

Frequency Signup and view all the answers

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

0.5 Signup and view all the answers

What is the purpose of Two-Way Tables in probability?

To show the probability of combined events Signup and view all the answers

What is the term for each outcome in a probability experiment?

Trial Signup and view all the answers

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

To make informed decisions and predict outcomes Signup and view all the answers

What is the term for the calculated probability, not the actual result?

Theoretical Probability Signup and view all the answers

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

To allocate resources efficiently and make informed financial decisions Signup and view all the answers

What is the definition of start-up costs?

One-time expenses incurred to establish a business Signup and view all the answers

What is the primary source of income for a business?

Sales of goods or services Signup and view all the answers

What is the purpose of determining the selling price of a product or service?

To cover all costs and generate a profit Signup and view all the answers

What is the definition of a break-even point?

The point at which total income equals total costs Signup and view all the answers

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

To report actual expenditure and income over a specific period Signup and view all the answers

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

To ensure that income matches or exceeds costs Signup and view all the answers

What is the purpose of analysing income and expenditure statements?

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

What is the purpose of setting the right selling price?

To cover all costs and generate a profit, but also be competitive enough to attract customers Signup and view all the answers

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

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

What happens when you choose a shorter loan term?

You pay less interest overall Signup and view all the answers

What is the primary benefit of starting to invest early?

Maximizing the benefits of compound interest Signup and view all the answers

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

Savings Account Signup and view all the answers

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

The investment grows more quickly Signup and view all the answers

What is the purpose of a bank statement?

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

What is the effect of regular contributions on an investment?

It enhances the value of the investment over time Signup and view all the answers

What is the primary benefit of choosing a lower interest rate on a loan?

You pay less interest overall Signup and view all the answers

What is the purpose of monitoring interest rates when investing?

To maximize the returns on your investment Signup and view all the answers

What is the result of compounding interest on an investment?

It leads to an exponential growth in value Signup and view all the answers

What is the primary goal of financial planning?

To balance monthly affordability with total cost Signup and view all the answers

What is the main difference between a loan and an investment?

The purpose of the transaction Signup and view all the answers

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

The loan amount and interest paid decrease Signup and view all the answers

What is the purpose of a retirement annuity?

To provide income during retirement Signup and view all the answers

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

The returns on the investment increase Signup and view all the answers

What is the real cost of a loan?

The total amount paid over the life of the loan Signup and view all the answers

What is the effect of a shorter loan period on the total interest paid?

The total interest paid decreases Signup and view all the answers

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

To maintain the value of money Signup and view all the answers

What is the purpose of financial planning in relation to loans?

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

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

They provide detailed and qualitative insights Signup and view all the answers

What is the difference between simple interest and compound interest?

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

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

The loan term and total interest paid decrease Signup and view all the answers

What is the purpose of using a sample in research?

To represent the entire population Signup and view all the answers

What is the purpose of financial planning in relation to investments?

To start investing early to maximize the benefits of compound interest Signup and view all the answers

What is the advantage of using observation in research?

It avoids interaction biases Signup and view all the answers

What is the purpose of classifying and organizing data?

To simplify the data for better understanding and analysis Signup and view all the answers

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

To count the frequency of items Signup and view all the answers

What is the risk of using a non-representative sample in research?

It leads to sample bias Signup and view all the answers

What is the advantage of using questionnaires in research?

They provide anonymity to respondents Signup and view all the answers

What is the purpose of using interviews in research?

To clarify ambiguous answers Signup and view all the answers

What is the primary purpose of a line graph?

To show the relationship between two quantities over time Signup and view all the answers

What is the main purpose of built-in inflation?

To keep up with rising costs Signup and view all the answers

What is the main purpose of a frequency table?

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

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

Scatter plot Signup and view all the answers

What is the median of a data set used for?

To identify the middle value of a data set Signup and view all the answers

What is the interquartile range (IQR) used for?

To measure the spread of the central portion of the data Signup and view all the answers

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

To provide the central point less affected by outliers Signup and view all the answers

What is the range of a data set?

The difference between the highest and lowest values Signup and view all the answers

What is the purpose of a grouped frequency table?

To identify patterns and trends in continuous data Signup and view all the answers

What is the purpose of a box and whisker plot?

To summarize data distributions Signup and view all the answers

What is the main purpose of summarizing data?

To identify patterns and trends in the data Signup and view all the answers

What is the interquartile range (IQR)?

The range of the middle 50% of the data Signup and view all the answers

What is the purpose of measures of central tendency?

To provide a single value that represents the central point of the data Signup and view all the answers

What is the primary purpose of charging monthly maintenance fees by banks?

To generate revenue for the bank Signup and view all the answers

What is the purpose of graphs in data analysis?

To identify patterns and trends in the data Signup and view all the answers

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

It decreases the value of money Signup and view all the answers

What is the purpose of probability?

To measure the likelihood of an event occurring Signup and view all the answers

What is the formula to calculate the inflation rate?

((Current Price - Previous Price) / Previous Price) x 100% Signup and view all the answers

What is the purpose of quartiles in data analysis?

To divide the data into four equal parts Signup and view all the answers

What is the purpose of a histogram?

To represent continuous data grouped into ranges Signup and view all the answers

What is the purpose of percentiles in data analysis?

To divide the data into 100 equal parts Signup and view all the answers

What is the effect of inflation on savings and investments?

It erodes the value of savings and investments if the return is lower than the inflation rate Signup and view all the answers

What is the primary purpose of a bar graph?

To represent data sorted into categories Signup and view all the answers

What is the purpose of representing and interpreting data?

To identify patterns and trends in the data Signup and view all the answers

What is the purpose of adjusting salaries and wages based on inflation rates?

To maintain the same standard of living Signup and view all the answers

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

To represent the central point of the data set Signup and view all the answers

What is the difference between demand-pull inflation and cost-push inflation?

Demand-pull inflation occurs when demand exceeds supply, while cost-push inflation occurs when production costs increase Signup and view all the answers

What is the purpose of using graphs to represent inflation trends?

To show the direction of inflation trends Signup and view all the answers

What is the relationship between income and expenditure in a business?

Income minus expenditure equals profit or loss Signup and view all the answers

What is the purpose of calculating profit or loss in a business?

To determine the financial gain or loss of the business Signup and view all the answers

What is the effect of reducing over-the-counter transactions on banking fees?

It decreases banking fees Signup and view all the answers

Gr12 Math Lit: November medium P(1)

Questions and Answers

What information is typically found on a till slip?

What is the standard VAT rate in South Africa?

Which of the following items is exempt from VAT in South Africa?

What does the term 'Balance Brought Forward' refer to on an account statement?

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

Which of the following is a key term related to account statements?

When checking calculations on a till slip, what should you verify?

What should you calculate when checking interest on overdue payments on an account statement?

What is the purpose of the Query Period?

What is the formula to calculate Simple Interest?

What is the purpose of verifying payment history?

What is the formula to calculate the VAT amount?

What is the purpose of understanding key financial terms?

What is the definition of Gross Salary?

What is the formula to calculate Net Salary?

What is the definition of Tax-Deductible Deductions?

What is the purpose of determining Taxable Income?

What is the definition of Non-Tax Deductible Expenses?

What is the purpose of a deduction table?

What is the tax threshold for individuals younger than 65?

What is the purpose of PAYE?

What is the total UIF contribution for an employee earning R10,000 per month?

What is the purpose of an IRP5 form?

What is the formula to calculate taxable income?

What is the primary rebate amount for tax calculation?

What is the purpose of tax rebates?

How is the annual PAYE calculated?

What is the formula to calculate net pay?

What is the purpose of calculating the total deductions from the gross salary?

What is a fixed amount in a tariff system?

What is the primary purpose of break-even analysis?

What is the tariff rate in a tariff system?

Why is it essential to ensure consistent units in tariff rate calculations?

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

What do points of intersection on graphs of different tariff systems indicate?

What is an income-and-expenditure statement used for?

What skill is essential for performing break-even analysis?

What is the context in which tariff systems are commonly used?

What is the primary purpose of a budget?

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

What does an income-and-expenditure statement show?

What is the break-even point of a business?

What is categorized into fixed, variable, and occasional costs?

What is the formula to calculate profit?

What is the purpose of preparing an income-and-expenditure statement for a small business?

What is a loss in a business?

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

What does an income-and-expenditure statement help a small business to do?

What is the purpose of limiting over-the-counter transactions to reduce banking fees?

What is the difference between simple interest and compound interest?

What is the formula to calculate the inflation rate?

What is the effect of inflation on savings and investments?

What is the purpose of understanding key financial concepts?

What is the definition of profit?

What is an example of a cost-push inflation?

What is the purpose of analyzing inflation in different contexts?

What is the effect of inflation on the purchasing power of consumers?

What is the purpose of understanding the calculation of interest?

What is the main difference between a loan and an investment?

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

What happens to the total interest paid on a loan if the interest rate increases?

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

What is compound interest?

What is the purpose of financial planning for loans?

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

What is the effect of increasing the monthly investment amount?

What is the total repayment amount of a loan?

What is the purpose of an initiation fee on a loan?

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

What type of research question allows respondents to answer in their own words?

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

What is the purpose of classifying data?

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

What is the benefit of choosing a shorter loan term?

What is the purpose of sample bias control in research?

What is the primary purpose of a retirement annuity?

What is the primary advantage of using questionnaires in research?

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