Gr12 Math Lit: November medium P(1)
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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 (B)</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 (A)</p> Signup and view all the answers

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

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

What is the formula to calculate Simple Interest?

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

What is the purpose of understanding key financial terms?

<p>To ensure accuracy in financial calculations (D)</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. (B)</p> Signup and view all the answers

What is the formula to calculate Net Salary?

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

What is the definition of Tax-Deductible Deductions?

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

What is the purpose of determining Taxable Income?

<p>To calculate income tax (C)</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 (A)</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 (B)</p> Signup and view all the answers

What is the tax threshold for individuals younger than 65?

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

What is the purpose of PAYE?

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

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

<p>R200 (C)</p> Signup and view all the answers

What is the purpose of an IRP5 form?

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

What is the formula to calculate taxable income?

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

What is the primary rebate amount for tax calculation?

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

What is the purpose of tax rebates?

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

What is the formula to calculate net pay?

<p>Net Pay = Gross Salary - Deductions - Monthly Tax (B)</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 (D)</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 (D)</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 (D)</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 (D)</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 (A)</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 (C)</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 (C)</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 (B)</p> Signup and view all the answers

What skill is essential for performing break-even analysis?

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

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

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

What does an income-and-expenditure statement show?

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

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

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

What is the formula to calculate profit?

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

What is a loss in a business?

<p>When total expenditure exceeds total income (D)</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 (B)</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 (C)</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 (D)</p> Signup and view all the answers

What is the difference between simple interest and compound interest?

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

What is the formula to calculate the inflation rate?

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

What is the purpose of understanding key financial concepts?

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

What is the definition of profit?

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

What is an example of a cost-push inflation?

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

What is the purpose of analyzing inflation in different contexts?

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

What is the purpose of understanding the calculation of interest?

<p>To make informed financial decisions (A)</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 (D)</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 (B)</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 (C)</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 (D)</p> Signup and view all the answers

What is compound interest?

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

What is the purpose of financial planning for loans?

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

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

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

What is the effect of increasing the monthly investment amount?

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

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

<p>To process the loan application (B)</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 (A)</p> Signup and view all the answers

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

<p>Open-ended question (A)</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 (C)</p> Signup and view all the answers

What is the purpose of classifying data?

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

What is the benefit of choosing a shorter loan term?

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

What is the primary purpose of a retirement annuity?

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

What is the primary advantage of using questionnaires in research?

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

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

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

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

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

What is the primary disadvantage of using interviews in research?

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

What is compound interest calculated on?

<p>The principal and accrued interest (C)</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 (B)</p> Signup and view all the answers

Why is it important to start investing early?

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

What is reflected on a bank statement?

<p>All transactions, including debits and credits (D)</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 (A)</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 (A)</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 (A)</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 (A)</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 (B)</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 (C)</p> Signup and view all the answers

What is the range in a data set?

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

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

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

What is the purpose of a histogram?

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

What is the definition of median?

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

What is the purpose of a line graph?

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

What is the definition of mode?

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

What is the purpose of classifying data?

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

What is the purpose of a pie chart?

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

What is the definition of probability?

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

What is the purpose of organizing data?

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

What is the purpose of interpreting and analyzing graphs?

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

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

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

What is the probability of an impossible event?

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

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

<p>100% (D)</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 (B)</p> Signup and view all the answers

What does the probability scale range from?

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

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

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

What is the definition of start-up costs?

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

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

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

What is the purpose of analysing income and expenditure statements?

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

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

<p>To ensure that there is enough cash to cover operating expenses (B)</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 (C)</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 (D)</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 (C)</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 (A)</p> Signup and view all the answers

What information is typically found on an account statement?

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

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

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

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

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

What is the purpose of calculating the net salary?

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

What is the formula to calculate Compound Interest?

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

What is the purpose of determining Taxable Income?

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

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

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

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

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

What is the purpose of PAYE?

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

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

<p>R200 (D)</p> Signup and view all the answers

What is the purpose of tax rebates?

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

What is the formula to calculate net pay?

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

What is the primary rebate amount for tax calculation?

<p>R12,080 (D)</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 (B)</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 (D)</p> Signup and view all the answers

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

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

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

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

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

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

What is the formula to calculate profit in a business?

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

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

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

What type of cost is a loan repayment?

<p>Monthly operating cost (B)</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 (C)</p> Signup and view all the answers

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

<p>To report actual expenditure and income over a specific period (D)</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 (C)</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 (B)</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 (D)</p> Signup and view all the answers

What is the formula to calculate loss?

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

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

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

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

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

Which of the following is an example of an investment?

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

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

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

What is the primary benefit of compound interest in investments?

<p>Exponential growth over time (B)</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 (A), To maximize the benefits of compound interest (D)</p> Signup and view all the answers

What is the difference between simple interest and compound interest?

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

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

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

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

<p>Increased growth over time (A)</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 (D)</p> Signup and view all the answers

What is the purpose of monitoring interest rates in investments?

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

What is the benefit of starting investments early?

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

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

<p>To maintain living standards (B)</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 (D)</p> Signup and view all the answers

What is the primary purpose of charging banking fees?

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

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

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

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

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

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

<p>Break-even Point (D)</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 (A)</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 (A)</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 (A)</p> Signup and view all the answers

What is a common application of tariff systems?

<p>Utility billing and pricing (B)</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 (C)</p> Signup and view all the answers

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

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

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

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

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

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

What is the formula to calculate the inflation rate?

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

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

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

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

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

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

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

What is the purpose of a pie chart?

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

What is the definition of the mode?

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

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

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

What is the range of a data set?

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

What is the probability of an impossible event?

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

What is the purpose of a histogram?

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

What is the median of a data set?

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

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

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

Which of the following represents an impossible event?

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

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

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

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

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

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

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

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

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

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

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

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

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

What does a probability of 1 represent?

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

What is the mode in a dataset?

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

What is the purpose of quartiles in data analysis?

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

What is the range in a dataset?

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

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

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

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

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

What is the purpose of understanding account statements?

<p>To monitor transactions and balances (A)</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 (C)</p> Signup and view all the answers

What is the purpose of an IRP5 form?

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

How is the annual PAYE calculated?

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

What is the purpose of tax rebates?

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

What is the tax threshold for individuals older than 75?

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

What is PAYE?

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

What is the formula to calculate the taxable income?

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

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

<p>R200 (B)</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 (D)</p> Signup and view all the answers

What is the primary rebate amount for tax calculation?

<p>R12,080 (A)</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) (B)</p> Signup and view all the answers

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

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

What is the purpose of calculating the net salary?

<p>To calculate the take-home pay (A)</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)) (D)</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 (C)</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 (B)</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 (B)</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 (A)</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 (D)</p> Signup and view all the answers

What is the formula to calculate the net salary?

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

What is the purpose of identifying tax-deductible deductions?

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

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

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

What is the primary source of income for a business?

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

What skill is essential for performing break-even analysis?

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

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

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

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

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

What is the primary purpose of a budget?

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

What is the formula to calculate profit?

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

What is the formula to calculate loss?

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

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

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

What is a loss in a business?

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

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

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

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

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

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

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

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

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

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

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

What is the calculation to find profit?

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

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

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

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

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

What is the purpose of a fixed deposit account?

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

What is the key feature of a credit account?

<p>Allows purchasing items on credit, to be paid later (C)</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. (B)</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 (C)</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 (D)</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. (D)</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. (C)</p> Signup and view all the answers

What is the purpose of starting an investment early?

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

What is the purpose of checking bank statements?

<p>To monitor transactions and ensure accuracy (C)</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 (D)</p> Signup and view all the answers

What is the real cost of a loan?

<p>The loan amount plus the interest paid. (C)</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. (D)</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. (D)</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. (D)</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. (B)</p> Signup and view all the answers

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

<p>To maintain living standards. (D)</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. (D)</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. (A)</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. (B)</p> Signup and view all the answers

What is the purpose of classifying data?

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

What is the purpose of organizing data?

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

What is the primary purpose of a frequency table?

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

What is the purpose of tally marks?

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

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

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

What is the main purpose of a histogram?

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

What is the range of a dataset?

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

What is the purpose of quartiles?

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

What is the definition of the median?

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

What is the primary purpose of graphs?

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

What is the Interquartile Range (IQR)?

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

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

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

What is the purpose of a pie chart?

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

What is the purpose of percentiles?

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

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

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

What is the purpose of summarising data?

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

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

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

What is the purpose of quartiles?

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

What is the definition of the mode?

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

What is the probability of an impossible event?

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

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

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

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

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

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

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

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

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

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

<p>Account statement details (D)</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 (C)</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 (C)</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 (B)</p> Signup and view all the answers

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

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

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

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

What is the formula to calculate taxable income?

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

What is the purpose of an IRP5 form?

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

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

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

How is the annual PAYE calculated?

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

What is the purpose of determining taxable income?

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

What is the primary rebate amount for tax calculation?

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

What is the formula to calculate net pay?

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

What is the purpose of PAYE?

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

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

<p>R200 (B)</p> Signup and view all the answers

What is the purpose of tax rebates?

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

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

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

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

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

What is the formula to calculate profit?

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

What is the definition of a loss in a business?

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

What is the probability scale range?

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

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

<p>0.5 (A)</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 (C)</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 (D)</p> Signup and view all the answers

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

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

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

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

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

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

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

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

What is the definition of start-up costs?

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

What is the primary source of income for a business?

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

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

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

What is the purpose of analysing income and expenditure statements?

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

What happens when you choose a shorter loan term?

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

What is the primary benefit of starting to invest early?

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

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

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

What is the purpose of a bank statement?

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

What is the effect of regular contributions on an investment?

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

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

<p>You pay less interest overall (B)</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 (B)</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 (A)</p> Signup and view all the answers

What is the primary goal of financial planning?

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

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

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

What is the purpose of a retirement annuity?

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

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

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

What is the real cost of a loan?

<p>The total amount paid over the life of the loan (B)</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 (C)</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 (D)</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 (D)</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 (C)</p> Signup and view all the answers

What is the difference between simple interest and compound interest?

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

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

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

What is the purpose of using a sample in research?

<p>To represent the entire population (B)</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 (C)</p> Signup and view all the answers

What is the advantage of using observation in research?

<p>It avoids interaction biases (D)</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 (B)</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 (C)</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 (B)</p> Signup and view all the answers

What is the advantage of using questionnaires in research?

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

What is the purpose of using interviews in research?

<p>To clarify ambiguous answers (D)</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 (B)</p> Signup and view all the answers

What is the main purpose of built-in inflation?

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

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

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

What is the range of a data set?

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

What is the purpose of a box and whisker plot?

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

What is the main purpose of summarizing data?

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

What is the interquartile range (IQR)?

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

What is the purpose of measures of central tendency?

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

What is the purpose of probability?

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

What is the purpose of a histogram?

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

What is the primary purpose of a bar graph?

<p>To represent data sorted into categories (B)</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 (B)</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 (A)</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 (B)</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 (B)</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 (A)</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 (C)</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 (D)</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 (B)</p> Signup and view all the answers

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