Gr12 Math Lit: November medium P(1)
512 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

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

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

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

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

    <p>Credit limit</p> Signup and view all the answers

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

    <p>The sum of item prices and the application of VAT</p> Signup and view all the answers

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

    <p>The interest on overdue payments using the APR</p> Signup and view all the answers

    What is the purpose of the Query Period?

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

    What is the formula to calculate Simple Interest?

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

    What is the purpose of verifying payment history?

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

    What is the formula to calculate the VAT amount?

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

    What is the purpose of understanding key financial terms?

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

    What is the definition of Gross Salary?

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

    What is the formula to calculate Net Salary?

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

    What is the definition of Tax-Deductible Deductions?

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

    What is the purpose of determining Taxable Income?

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

    What is the definition of Non-Tax Deductible Expenses?

    <p>General living expenses like food, rent, and entertainment</p> Signup and view all the answers

    What is the purpose of a deduction table?

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

    What is the tax threshold for individuals younger than 65?

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

    What is the purpose of PAYE?

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

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

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

    What is the purpose of an IRP5 form?

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

    What is the formula to calculate taxable income?

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

    What is the primary rebate amount for tax calculation?

    <p>R12,080</p> Signup and view all the answers

    What is the purpose of tax rebates?

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

    How is the annual PAYE calculated?

    <p>Using the SARS tax tables and applying the tax rate to the annual income</p> Signup and view all the answers

    What is the formula to calculate net pay?

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

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

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

    What is a fixed amount in a tariff system?

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

    What is the primary purpose of break-even analysis?

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

    What is the tariff rate in a tariff system?

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

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

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

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

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

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

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

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

    <p>To track income and expenditure over a period of time</p> Signup and view all the answers

    What skill is essential for performing break-even analysis?

    <p>Performing calculations</p> Signup and view all the answers

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

    <p>Household projects, school projects, and community projects</p> Signup and view all the answers

    What is the primary purpose of a budget?

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

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

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

    What does an income-and-expenditure statement show?

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

    What is the break-even point of a business?

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

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

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

    What is the formula to calculate profit?

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

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

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

    What is a loss in a business?

    <p>When total expenditure exceeds total income</p> Signup and view all the answers

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

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

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

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

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

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

    What is the difference between simple interest and compound interest?

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

    What is the formula to calculate the inflation rate?

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

    What is the effect of inflation on savings and investments?

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

    What is the purpose of understanding key financial concepts?

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

    What is the definition of profit?

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

    What is an example of a cost-push inflation?

    <p>Increase in wages and raw material prices</p> Signup and view all the answers

    What is the purpose of analyzing inflation in different contexts?

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

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

    <p>Inflation decreases the purchasing power of consumers</p> Signup and view all the answers

    What is the purpose of understanding the calculation of interest?

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

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

    <p>A loan benefits the lender, while an investment benefits the investor</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</p> Signup and view all the answers

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

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

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

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

    What is compound interest?

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

    What is the purpose of financial planning for loans?

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

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

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

    What is the effect of increasing the monthly investment amount?

    <p>It increases the final investment value due to compounded growth</p> Signup and view all the answers

    What is the total repayment amount of a loan?

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

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

    <p>To process the loan application</p> Signup and view all the answers

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

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

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

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

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

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

    What is the purpose of classifying data?

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

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

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

    What is the benefit of choosing a shorter loan term?

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

    What is the purpose of sample bias control in research?

    <p>To ensure the sample accurately represents the population</p> Signup and view all the answers

    What is the primary purpose of a retirement annuity?

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

    What is the primary advantage of using questionnaires in research?

    <p>They provide respondents with anonymity</p> Signup and view all the answers

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

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

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

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

    What is the primary disadvantage of using interviews in research?

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

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

    <p>The purpose of the account</p> Signup and view all the answers

    What is compound interest calculated on?

    <p>The principal and accrued interest</p> Signup and view all the answers

    What is the primary purpose of organizing data?

    <p>To make the data easier to read and understand</p> Signup and view all the answers

    Why is it important to start investing early?

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

    What is the primary purpose of a fixed deposit account?

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

    What is reflected on a bank statement?

    <p>All transactions, including debits and credits</p> Signup and view all the answers

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

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

    Why is it important to manage interest rates on loans?

    <p>To minimize the total cost of the loan</p> Signup and view all the answers

    What is the primary purpose of creating a frequency table?

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

    What is the purpose of a box and whisker plot?

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

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

    <p>It is less affected by outliers and skewed data</p> Signup and view all the answers

    What is the definition of interquartile range (IQR)?

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

    What is the range in a data set?

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

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

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

    What is the purpose of quartiles in a data set?

    <p>To divide the data set into four equal parts</p> Signup and view all the answers

    What is the primary purpose of graphs in data analysis?

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

    What is the purpose of a histogram?

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

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

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

    What is the definition of median?

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

    What is the purpose of a line graph?

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

    What is the mode in a data set?

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

    What is the purpose of summarizing data?

    <p>To make the data more readable and easier to analyze</p> Signup and view all the answers

    What is the definition of mode?

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

    What is the purpose of classifying data?

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

    What is the purpose of a pie chart?

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

    What is the definition of probability?

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

    What is the purpose of organizing data?

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

    What is the purpose of interpreting and analyzing graphs?

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

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

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

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

    <p>Collect more data over time and use advanced measurement tools</p> Signup and view all the answers

    What is the probability of an impossible event?

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

    What is the purpose of a tree diagram?

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

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

    <p>A positive test result when the person is actually healthy</p> Signup and view all the answers

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

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

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

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

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

    <p>100%</p> Signup and view all the answers

    What is a trial in the context of probability?

    <p>A single attempt or realization of a probability experiment</p> Signup and view all the answers

    What does the probability scale range from?

    <p>0 to 1</p> Signup and view all the answers

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

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

    What is the definition of start-up costs?

    <p>One-time expenses incurred to establish a business</p> Signup and view all the answers

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

    <p>It's the point where total income equals total costs</p> Signup and view all the answers

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

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

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

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

    What is the definition of loss in a business?

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

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

    <p>To attract customers and generate a profit</p> Signup and view all the answers

    What is the purpose of analysing income and expenditure statements?

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

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

    <p>The selling price must cover all costs and generate a profit</p> Signup and view all the answers

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

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

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

    <p>To verify the sum of item prices and the application of VAT</p> Signup and view all the answers

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

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

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

    <p>Credit available</p> Signup and view all the answers

    What is the purpose of an account statement?

    <p>To show the balance to be paid off monthly</p> Signup and view all the answers

    What information is typically found on an account statement?

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

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

    <p>To ensure accuracy and avoid disputes</p> Signup and view all the answers

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

    <p>Balance brought forward</p> Signup and view all the answers

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

    <p>To verify the unit prices when given pack prices and quantities</p> Signup and view all the answers

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

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

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

    <p>The percentage of the base amount calculated as VAT</p> Signup and view all the answers

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

    <p>To familiarize oneself with financial implications on bills</p> Signup and view all the answers

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

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

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

    <p>Disputing or questioning the bill</p> Signup and view all the answers

    What is the difference between Gross Salary and Net Salary?

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

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

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

    What is the purpose of calculating the net salary?

    <p>To plan one's personal budget</p> Signup and view all the answers

    What is the formula to calculate Compound Interest?

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

    What is the purpose of determining Taxable Income?

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

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

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

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

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

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

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

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

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

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

    <p>Mathematical literacy</p> Signup and view all the answers

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

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

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

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

    What is the primary purpose of a budget?

    <p>To plan and manage the finances of a business</p> Signup and view all the answers

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

    <p>Business expenses</p> Signup and view all the answers

    What does the term 'tax bracket' refer to?

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

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

    <p>To plan and manage the finances of the business</p> Signup and view all the answers

    What is the purpose of PAYE?

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

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

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

    What is the primary purpose of an IRP5 form?

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

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

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

    What is the purpose of tax rebates?

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

    What is the formula to calculate net pay?

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

    What is the purpose of calculating taxable income?

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

    What is the primary rebate amount for tax calculation?

    <p>R12,080</p> Signup and view all the answers

    How is the annual PAYE calculated?

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

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

    <p>To guide financial decisions and ensure spending aligns with income</p> Signup and view all the answers

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

    <p>Fixed costs</p> Signup and view all the answers

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

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

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

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

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

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

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

    <p>Variable costs</p> Signup and view all the answers

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

    <p>Break-even point</p> Signup and view all the answers

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

    <p>To analyze broad categories and trends</p> Signup and view all the answers

    What is the formula to calculate profit in a business?

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

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

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

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

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

    What type of cost is a loan repayment?

    <p>Monthly operating cost</p> Signup and view all the answers

    What is the break-even point of a business?

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

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

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

    What is the significance of setting the right selling price?

    <p>To ensure profitability by covering all costs and generating a profit</p> Signup and view all the answers

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

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

    What is the purpose of analysing income and expenditure statements?

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

    What is the formula to calculate loss?

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

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

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

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

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

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

    <p>A reduced loan amount and subsequent interest paid</p> Signup and view all the answers

    Which of the following is an example of an investment?

    <p>Placing money into a retirement annuity</p> Signup and view all the answers

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

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

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

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

    What is the primary benefit of compound interest in investments?

    <p>Exponential growth over time</p> Signup and view all the answers

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

    <p>To balance monthly affordability with total cost</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 principal, while compound interest is calculated on the current balance</p> Signup and view all the answers

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

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

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

    <p>A shorter loan term and reduced total interest paid</p> Signup and view all the answers

    What is the primary purpose of a bank statement?

    <p>To provide a record of all transactions over a specific period</p> Signup and view all the answers

    What is the result of regular contributions to an investment?

    <p>Enhanced growth over time due to compounding effects</p> Signup and view all the answers

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

    <p>To make informed decisions about borrowing and investing</p> Signup and view all the answers

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

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

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

    <p>Balance between monthly affordability and total interest paid</p> Signup and view all the answers

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

    <p>Increased growth over time</p> Signup and view all the answers

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

    <p>Real cost of the loan</p> Signup and view all the answers

    What is the purpose of monitoring interest rates in investments?

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

    What is the benefit of starting investments early?

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

    What is the benefit of starting to invest early?

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

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

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

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

    <p>To maintain living standards</p> Signup and view all the answers

    What is a characteristic of open-ended research questions?

    <p>They allow respondents to answer in their own words</p> Signup and view all the answers

    What is the primary purpose of charging banking fees?

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

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

    <p>It does not accurately represent the population</p> Signup and view all the answers

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

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

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

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

    What is the purpose of classifying and organizing data?

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

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

    <p>Break-even Point</p> Signup and view all the answers

    What is the effect of inflation on savings and investments?

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

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

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

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

    <p>Demand-Pull Inflation</p> Signup and view all the answers

    What is a common application of tariff systems?

    <p>Utility billing and pricing</p> Signup and view all the answers

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

    <p>To determine profit and loss</p> Signup and view all the answers

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

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

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

    <p>To allocate resources effectively</p> Signup and view all the answers

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

    <p>Total Cost</p> Signup and view all the answers

    What is the formula to calculate the inflation rate?

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

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

    <p>It maintains purchasing power</p> Signup and view all the answers

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

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

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

    <p>To visualize the changes in prices over time</p> Signup and view all the answers

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

    <p>Dependent variable</p> Signup and view all the answers

    What is the purpose of a pie chart?

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

    What is the definition of the mode?

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

    What is measured by the interquartile range (IQR)?

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

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

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

    What is the purpose of a box and whisker plot?

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

    What is the range of a data set?

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

    What is the probability of an impossible event?

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

    What is the purpose of a histogram?

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

    What is the median of a data set?

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

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

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

    Which of the following represents an impossible event?

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

    What is the purpose of using tree diagrams in probability?

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

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

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

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

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

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

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

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

    <p>To visualize combined outcomes</p> Signup and view all the answers

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

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

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

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

    What does a probability of 1 represent?

    <p>A certain event</p> Signup and view all the answers

    What is the primary purpose of a frequency table?

    <p>To display the frequency of various outcomes in a sample</p> Signup and view all the answers

    What is the median in a dataset?

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

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

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

    What is the purpose of graphs in data analysis?

    <p>To visually represent data and show relationships between variables</p> Signup and view all the answers

    What is the mode in a dataset?

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

    What is the purpose of quartiles in data analysis?

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

    What is the range in a dataset?

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

    What is the purpose of tally marks in data analysis?

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

    What is the purpose of organizing data?

    <p>To arrange information in a clear and systematic manner, facilitating easier reading and analysis</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 large datasets</p> Signup and view all the answers

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

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

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

    <p>Credit Limit</p> Signup and view all the answers

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

    <p>To apply the annual percentage rate (APR)</p> Signup and view all the answers

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

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

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

    <p>The sum of item prices and VAT</p> Signup and view all the answers

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

    <p>To carry over the previous balance</p> Signup and view all the answers

    What is the purpose of understanding account statements?

    <p>To monitor transactions and balances</p> Signup and view all the answers

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

    <p>Invoice information and shop details</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

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

    How is the annual PAYE calculated?

    <p>By applying the tax rate to the annual taxable income</p> Signup and view all the answers

    What is the purpose of tax rebates?

    <p>To deduct an amount from the total tax payable</p> Signup and view all the answers

    What is the tax threshold for individuals older than 75?

    <p>R117,111</p> Signup and view all the answers

    What is the purpose of determining the tax bracket?

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

    What is PAYE?

    <p>Pay As You Earn</p> Signup and view all the answers

    What is the formula to calculate the taxable income?

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

    What is the purpose of UIF?

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

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

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

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

    <p>To check for any discrepancies in the VAT calculation</p> Signup and view all the answers

    What is the primary rebate amount for tax calculation?

    <p>R12,080</p> Signup and view all the answers

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

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

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

    <p>To ensure accurate calculations of totals and interest</p> Signup and view all the answers

    What is the purpose of calculating the net salary?

    <p>To calculate the take-home pay</p> Signup and view all the answers

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

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

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

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

    What is the variable amount in a tariff system?

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

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

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

    What is the purpose of comparing tariff systems?

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

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

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

    What is the formula to calculate the net salary?

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

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

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

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

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

    What is the purpose of identifying tax-deductible deductions?

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

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

    <p>Start-up cost</p> Signup and view all the answers

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

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

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

    <p>To record and monitor income and expenses</p> Signup and view all the answers

    What is the primary source of income for a business?

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

    What is the definition of break-even point?

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

    What is the purpose of verifying information on financial documents?

    <p>To ensure all required details are present</p> Signup and view all the answers

    What skill is essential for performing break-even analysis?

    <p>Drawing and interpreting graphs</p> Signup and view all the answers

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

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

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

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

    What is the primary purpose of a budget?

    <p>To plan and manage finances effectively</p> Signup and view all the answers

    What is the formula to calculate profit?

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

    What is the significance of setting the right selling price?

    <p>To ensure that the business makes a profit</p> Signup and view all the answers

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

    <p>Make informed financial decisions</p> Signup and view all the answers

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

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

    What is the purpose of managing cash flow?

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

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

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

    What is the formula to calculate loss?

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

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

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

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

    <p>Production costs</p> Signup and view all the answers

    What is the break-even point of a business?

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

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

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

    What is a loss in a business?

    <p>When total expenditure exceeds total income</p> Signup and view all the answers

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

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

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

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

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

    <p>To estimate expected income and expenses</p> Signup and view all the answers

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

    <p>Analyse and prepare future budgets</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

    <p>Demand-Pull Inflation</p> Signup and view all the answers

    What is the purpose of analyzing inflation in different contexts?

    <p>To make informed decisions in various situations, such as salary negotiations and price adjustments</p> 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?

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

    What is the calculation to find profit?

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

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

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

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

    <p>Lower total interest paid</p> 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?

    <p>Retirement Annuity</p> Signup and view all the answers

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

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

    What is the purpose of a fixed deposit account?

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

    What is the key feature of a credit account?

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

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

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

    What is the importance of monitoring interest rates when investing?

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

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

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

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

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

    What is the purpose of a deposit in a loan?

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

    What is the purpose of starting an investment early?

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

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

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

    What is the purpose of checking bank statements?

    <p>To monitor transactions and ensure accuracy</p> Signup and view all the answers

    What is the purpose of choosing a loan term wisely?

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

    What is the real cost of a loan?

    <p>The loan amount plus the interest paid.</p> Signup and view all the answers

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

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

    What is the purpose of an investment?

    <p>To earn interest and increase the value of the original amount.</p> Signup and view all the answers

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

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

    How does compound interest differ from simple interest?

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

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

    <p>To maintain living standards.</p> Signup and view all the answers

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

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

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

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

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

    <p>To collect data without interacting with people.</p> Signup and view all the answers

    What is the purpose of classifying data?

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

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

    <p>They make it easier to count and analyze data.</p> Signup and view all the answers

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

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

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

    <p>They are time-consuming to answer and analyze.</p> Signup and view all the answers

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

    <p>To maintain living standards.</p> Signup and view all the answers

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

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

    What is the purpose of organizing data?

    <p>To make data easier to read and analyze.</p> Signup and view all the answers

    What is the primary purpose of a frequency table?

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

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

    <p>The median is less affected by outliers</p> Signup and view all the answers

    What is the purpose of tally marks?

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

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

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

    What is the main purpose of a histogram?

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

    What is the range of a dataset?

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

    What is the purpose of quartiles?

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

    What is the definition of the median?

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

    What is the purpose of a box and whisker plot?

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

    What is the primary purpose of graphs?

    <p>To visually represent data for various purposes</p> Signup and view all the answers

    What is the Interquartile Range (IQR)?

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

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

    <p>The interquartile range (IQR)</p> Signup and view all the answers

    What is the purpose of a pie chart?

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

    What is the purpose of percentiles?

    <p>To understand the distribution of data and compare individual values</p> Signup and view all the answers

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

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

    What is the purpose of summarising data?

    <p>To make data more concise and easier to read</p> Signup and view all the answers

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

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

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

    <p>Line Graph</p> Signup and view all the answers

    What is the definition of probability?

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

    What is a false positive in a medical test?

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

    What is the benefit of using a grouped frequency table?

    <p>It organizes continuous data into specified ranges</p> Signup and view all the answers

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

    <p>To improve the accuracy of predictions</p> Signup and view all the answers

    What is the purpose of quartiles?

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

    What is the definition of the mode?

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

    What is the probability of an impossible event?

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

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

    <p>To improve the accuracy of predictions</p> Signup and view all the answers

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

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

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

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

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

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

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

    <p>To improve the accuracy of predictions</p> Signup and view all the answers

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

    <p>To calculate the total amount payable</p> Signup and view all the answers

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

    <p>Interest rates will be applied to late payments</p> Signup and view all the answers

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

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

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

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

    What is the credit available on an account statement?

    <p>The remaining credit limit after accounting for the current balance</p> Signup and view all the answers

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

    <p>Account statement details</p> Signup and view all the answers

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

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

    What is the balance brought forward on an account statement?

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

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

    <p>To identify any errors in billing</p> Signup and view all the answers

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

    <p>Query Period</p> Signup and view all the answers

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

    <p>To accurately interpret financial documents</p> Signup and view all the answers

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

    <p>Average Monthly Costs</p> Signup and view all the answers

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

    <p>To follow rounding rules when necessary</p> Signup and view all the answers

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

    <p>To accurately interpret financial documents</p> Signup and view all the answers

    What is the formula to calculate taxable income?

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

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

    <p>To distinguish between essential and non-essential expenses</p> Signup and view all the answers

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

    <p>To accurately interpret financial documents</p> Signup and view all the answers

    Why is it essential to verify information on financial documents?

    <p>To ensure all required details are present</p> 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?

    <p>Unemployment Insurance Fund (UIF)</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

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

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

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

    How is the annual PAYE calculated?

    <p>By using the SARS tax tables</p> Signup and view all the answers

    What is the purpose of determining taxable income?

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

    What is the primary rebate amount for tax calculation?

    <p>R12,080</p> Signup and view all the answers

    What is the formula to calculate net pay?

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

    What is the purpose of PAYE?

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

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

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

    What is the purpose of tax rebates?

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

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

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

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

    <p>Tariff rate</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    What is the break-even point of a business?

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

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

    <p>To plan and manage finances effectively</p> Signup and view all the answers

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

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

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

    <p>To report the actual income and expenses</p> Signup and view all the answers

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

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

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

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

    What is the formula to calculate profit?

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

    What is the definition of a loss in a business?

    <p>When total expenditure exceeds total income</p> Signup and view all the answers

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

    <p>To report the actual income and expenses</p> Signup and view all the answers

    What is the probability scale range?

    <p>From 0 to 1</p> Signup and view all the answers

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

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

    What is the purpose of Tree Diagrams in probability?

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

    What is a False Positive in probability?

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

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

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

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

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

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

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

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

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

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

    <p>To make informed decisions and predict outcomes</p> Signup and view all the answers

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

    <p>Theoretical Probability</p> Signup and view all the answers

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

    <p>To allocate resources efficiently and make informed financial decisions</p> Signup and view all the answers

    What is the definition of start-up costs?

    <p>One-time expenses incurred to establish a business</p> Signup and view all the answers

    What is the primary source of income for a business?

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

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

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

    What is the definition of a break-even point?

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

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

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

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

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

    What is the purpose of analysing income and expenditure statements?

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

    What is the purpose of setting the right selling price?

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

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

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

    What happens when you choose a shorter loan term?

    <p>You pay less interest overall</p> Signup and view all the answers

    What is the primary benefit of starting to invest early?

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

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

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

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

    <p>The investment grows more quickly</p> Signup and view all the answers

    What is the purpose of a bank statement?

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

    What is the effect of regular contributions on an investment?

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

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

    <p>You pay less interest overall</p> Signup and view all the answers

    What is the purpose of monitoring interest rates when investing?

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

    What is the result of compounding interest on an investment?

    <p>It leads to an exponential growth in value</p> Signup and view all the answers

    What is the primary goal of financial planning?

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

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

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

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

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

    What is the purpose of a retirement annuity?

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

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

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

    What is the real cost of a loan?

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

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

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

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

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

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

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

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

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

    What is the difference between simple interest and compound interest?

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

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

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

    What is the purpose of using a sample in research?

    <p>To represent the entire population</p> Signup and view all the answers

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

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

    What is the advantage of using observation in research?

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

    What is the purpose of classifying and organizing data?

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

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

    <p>To count the frequency of items</p> Signup and view all the answers

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

    <p>It leads to sample bias</p> Signup and view all the answers

    What is the advantage of using questionnaires in research?

    <p>They provide anonymity to respondents</p> Signup and view all the answers

    What is the purpose of using interviews in research?

    <p>To clarify ambiguous answers</p> Signup and view all the answers

    What is the primary purpose of a line graph?

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

    What is the main purpose of built-in inflation?

    <p>To keep up with rising costs</p> Signup and view all the answers

    What is the main purpose of a frequency table?

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

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

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

    What is the median of a data set used for?

    <p>To identify the middle value of a data set</p> Signup and view all the answers

    What is the interquartile range (IQR) used for?

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

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

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

    What is the range of a data set?

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

    What is the purpose of a grouped frequency table?

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

    What is the purpose of a box and whisker plot?

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

    What is the main purpose of summarizing data?

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

    What is the interquartile range (IQR)?

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

    What is the purpose of measures of central tendency?

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

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

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

    What is the purpose of graphs in data analysis?

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

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

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

    What is the purpose of probability?

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

    What is the formula to calculate the inflation rate?

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

    What is the purpose of quartiles in data analysis?

    <p>To divide the data into four equal parts</p> Signup and view all the answers

    What is the purpose of a histogram?

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

    What is the purpose of percentiles in data analysis?

    <p>To divide the data into 100 equal parts</p> Signup and view all the answers

    What is the effect of inflation on savings and investments?

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

    What is the primary purpose of a bar graph?

    <p>To represent data sorted into categories</p> Signup and view all the answers

    What is the purpose of representing and interpreting data?

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

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

    <p>To maintain the same standard of living</p> Signup and view all the answers

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

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

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

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

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

    <p>To show the direction of inflation trends</p> Signup and view all the answers

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

    <p>Income minus expenditure equals profit or loss</p> Signup and view all the answers

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

    <p>To determine the financial gain or loss of the business</p> Signup and view all the answers

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

    <p>It decreases banking fees</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser