192 Questions
What is the primary purpose of a budget?
To plan the future finances of an event, business, or organization
What is the main difference between a budget and a statement of income-and-expenditure?
The purpose of the document
What is the term for the difference between total income and total expenditure in a statement of income-and-expenditure?
Net Income
What is the purpose of comparing predicted values with actual values in a budget?
To evaluate the performance of the organization
What is the term for the estimated income and expenditure items in a budget?
Predicted Values
What is the purpose of using historical data in a budget?
To inform future predictions based on observed data
What is the main benefit of using a budget?
It provides a framework to compare planned financial performance against actual performance
What is the purpose of a statement of income-and-expenditure?
To describe what has actually been spent and earned
What is the formula for calculating Net Income?
Total Income - Total Expenditure
What is the purpose of comparing predicted and actual values in a budget?
To determine the accuracy of predictions and assess performance
What is the formula for calculating the difference between predicted and actual values?
Actual Value - Predicted Value
What is the definition of Cost Price?
The total cost involved in making an item or providing a service
What is the formula for calculating the Cost of Quantity Needed?
(Quantity Needed / Packet Size) × Packet Price
Why is it important to understand Cost Price?
To determine how much the item must be sold for to cover the costs involved
What is the definition of Selling Price?
The price at which an item is sold or a service provided
Why is it important to consider additional costs when determining the Selling Price?
To include operational costs not covered in the initial cost price
What is the purpose of comparing income and expenditure statements for two different periods?
To understand the financial performance over a specific period
What is the formula for calculating the Change in a value over time?
Value in Later Period - Value in Earlier Period
What is the break-even point in a business or organization?
The amount of income that the business must make to cover all expenses incurred
What are the two components of the break-even value?
Horizontal axis value and vertical axis value
What is the formula to calculate the total cost?
Total Cost = Fixed Costs + (Variable Cost per Unit x Number of Units Sold)
What is the method of determining the break-even value by drawing graphs?
Method of Drawing Graphs
What is the formula to calculate the break-even quantity?
Break-even Quantity = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)
What is the type of interest calculated on the original amount of money (principal)?
Simple Interest
What is the formula to calculate the interest in simple interest?
Interest = P x r x t
What is the formula to calculate the amount in compound interest?
Amount = P x (1 + r)^t
What is the graphical representation of simple interest?
A linear graph indicating a constant increase
What is the cost price per item?
Total Cost of Batch / Number of Items in Batch
What is the purpose of a floor plan?
To show the design and dimensions of the inside of a building or structure
What is visible on an elevation plan?
Dimensions and layout of the outside of a building
What is the purpose of a design drawing?
To show the design, layout, and components of an item to be constructed or manufactured
What is the formula for calculating plan measure from actual dimension?
Plan Measure = Actual Dimension ÷ Scale Factor
What is the purpose of building 3D models from 2D plans?
To understand how to take a flat, 2D drawing and fold it to create a 3D object
What is the primary purpose of models in this section?
To facilitate the movement between 2D and 3D representations of objects
What is the purpose of using scale to determine dimensions on a plan?
To accurately measure and determine the actual dimensions of features shown on the plan
What is the purpose of a cutting list in a design plan?
To identify and demonstrate a possible way to cut the different parts from a larger piece of material
What is the purpose of describing the item or object shown on a design plan?
To understand what is represented in the design plan
What is the purpose of matching features between plans?
To connect features shown on a floor plan with those shown on elevation plans of the same building or structure
What is the main difference between simple and compound interest?
Compound interest is calculated on the principal plus any accumulated interest
What is the shape of the graph representing compound interest?
A curve showing exponential growth
What is the formula for calculating the total amount in a compound interest scenario?
P × (1 + r)^t
What type of account is used for regular transactions, such as withdrawals, payments, and deposits?
Transactional Account
How is interest calculated in a Fixed Deposit Account?
Monthly based on the balance at the beginning of the month
What is the total cost of a loan or hire purchase?
The sum of the deposit, all payments, and any interest or fees
What is the formula for Structure 1 of bank fee structures?
Fee = Fixed cost + (Percentage of transaction value)
What is the shape of the graph representing Structure 1 of bank fee structures?
A linear graph increasing at a rate of the given percentage
What is the main difference between a hire purchase and a loan?
A hire purchase is for buying an item, while a loan is for borrowing money
What is the term for purchasing an item now and paying for it later through installments?
Buying on credit
What is the main purpose of creating a budget?
To plan and manage future finances
What is included in a statement of income-and-expenditure?
Actual income and expenditure
Why are historical data used in budgeting?
To inform future predictions based on observed data
What is the benefit of comparing predicted and actual values in a budget?
To evaluate performance and assess financial decisions
What is the key feature of a budget that allows for performance assessment?
Comparison of predicted and actual values
What is the main difference between a budget and a statement of income-and-expenditure?
A budget is used for planning, while a statement of income-and-expenditure is used for tracking
What is the purpose of comparing income and expenditure statements for two different periods?
To evaluate performance and assess financial decisions
What is the result of comparing predicted values with actual values in a budget?
Evaluation of performance and assessment of financial decisions
What is the primary difference between simple and compound interest?
Simple interest is calculated only on the principal, while compound interest is calculated on the principal and accumulated interest.
What is the shape of the graph representing compound interest?
A curve showing exponential growth.
What is the formula for calculating the total amount in a compound interest scenario?
Total Amount = P x (1 + r)^t
What type of account is used for regular transactions, such as withdrawals, payments, and deposits?
Transactional Account
How is interest calculated in a Fixed Deposit Account?
Monthly, based on the balance at the beginning of the month.
What is the total cost of a loan or hire purchase?
Deposit + Monthly Payments + Interest
What is the formula for Structure 1 of bank fee structures?
Fee = Fixed cost + (Percentage of transaction value)
What is the shape of the graph representing Structure 1 of bank fee structures?
Linear graph increasing at a rate of the given percentage for every unit.
What is the main difference between a hire purchase and a loan?
A hire purchase is used for buying an item and paying for it later, while a loan is used for borrowing money and repaying it with interest.
What is the term for purchasing an item now and paying for it later through installments?
Buying on Credit
What does the break-even point indicate in a business or organization?
The point where the business must make to avoid a loss and start making a profit
What are the two components of the break-even value?
Horizontal Axis Value and Vertical Axis Value
What method involves drawing two graphs, one for total costs and one for total income, to determine the break-even value?
Method 1: Drawing Graphs
What is the formula to calculate the total cost?
Total Cost = Fixed Costs + (Variable Cost per Unit × Number of Units Sold)
What is the formula to calculate the break-even quantity?
Break-even Quantity = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)
What type of interest is calculated on the original amount of money (principal)?
Simple Interest
What is the formula to calculate the amount in compound interest?
Amount = P × (1 + r)^t
What is the graphical representation of simple interest?
Linear (straight line) graph
What is the formula to calculate the cost price per item?
Cost Price per Item = Total Cost of Batch / Number of Items in Batch
What is the purpose of break-even analysis?
To determine the amount of income needed to cover all expenses
What is the primary purpose of comparing income and expenditure statements for two different periods?
To understand the financial performance over a specific period
What is the formula for calculating the cost of a specific quantity needed?
(Quantity Needed ÷ Packet Size) × Packet Price
What is the purpose of adjusting the cost price to account for other costs not considered?
To ensure all costs are covered
What is the result of subtracting the predicted value from the actual value?
Difference
Why is it important to consider additional costs when determining the selling price?
To ensure a profit margin
What is the formula for calculating the net income?
Total Income - Total Expenditure
What is the purpose of comparing the predicted and actual values in a budget?
To assess performance and determine the accuracy of predictions
What is the term for the price at which an item will be sold or a service provided?
Selling price
What is the formula for calculating the change in a value over time?
Value in Later Period - Value in Earlier Period
Why is it important to understand the cost price?
To ensure profitability and cover costs
What is the primary function of a floor plan?
To show the design and dimensions of the inside of a building or structure
What is the purpose of an elevation plan?
To show the design and dimensions of the outside of a building or structure
What is the purpose of a design drawing?
To show the design, layout, and components of an item to be constructed or manufactured
What is one of the key concepts for working with plans?
Match features between plans
What is the formula for calculating plan measure from actual dimension?
Plan Measure = Actual Dimension ÷ Scale Factor
What is one of the key skills and objectives for Grade 11 learners in models?
Build 3D models from 2D plans
What is the primary purpose of models in this section?
To facilitate the movement between 2D and 3D representations of objects
What is the purpose of using scale to determine dimensions on a plan?
To accurately measure the dimensions of a building or structure
What is the purpose of a cutting list in a design plan?
To identify a possible way to cut the different parts from a larger piece of material
What is one of the key concepts for design drawings?
Describe the item or object shown on the design plan
What is the purpose of comparing income and expenditure statements for two different periods?
To identify the differences in income and expenditure over time
What is the formula for calculating the Cost of Quantity Needed?
Cost of Quantity Needed = (Quantity Needed / Packet Size) × Packet Price
What is the purpose of understanding the cost price of an item?
To understand how much the item must be sold for to cover the costs involved
What is the formula for calculating the net income?
Net Income = Total Income - Total Expenditure
What is the purpose of analyzing income-and-expenditure statements?
To understand the financial performance over a specific period
What is the primary function of a budget in an event, business, or organization?
To provide a framework for comparing planned financial performance with actual performance
What is the purpose of including historical data in a budget?
To inform future predictions based on observed data rather than guesses
What is the purpose of comparing predicted and actual values in a budget?
To assess the accuracy of predictions and performance
What is the key feature of a statement of income-and-expenditure?
It summarizes the actual income and expenditure items for an event, business, or organization
What is the formula for calculating the difference between predicted and actual values?
Difference = Actual Value - Predicted Value
What is the purpose of determining the selling price of an item?
To ensure a profit margin and cover all costs involved
What is the purpose of comparing income and expenditure statements for two different periods?
To evaluate the performance of an event, business, or organization over time
What is the importance of considering additional costs when determining the selling price?
To cover all costs involved
What is the benefit of using a budget in an event, business, or organization?
It provides a framework for comparing planned financial performance with actual performance
What is the term for the total revenue generated from various sources in a statement of income-and-expenditure?
Income Items
What is the purpose of calculating the total cost of a batch?
To find the total cost of all ingredients or materials used in the batch
What is the purpose of a budget in terms of financial performance?
To understand how the business or event is expected to perform financially
What is the key feature of a budget that allows for a performance assessment?
The comparison of predicted values with actual values
What is the break-even point in a business or organization?
The point where the total income equals the total cost
What is the formula to calculate the break-even quantity?
Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)
What is the graphical representation of the break-even point?
The intersection of two graphs
What is the importance of break-even analysis?
To determine how much money a business must make to avoid a loss
What is the formula to calculate the total cost?
Fixed Costs + (Variable Cost per Unit x Number of Units Sold)
What is the difference between simple interest and compound interest?
Simple interest is calculated on the original amount, while compound interest is calculated on the changing value
What is the formula to calculate the interest in simple interest?
P x r x t
What is the formula to calculate the amount in compound interest?
P x (1 + r)^t
What is the graphical representation of simple interest?
A linear graph
What is the cost price per item?
Total Cost of Batch / Number of Items in Batch
What is the primary function of a floor plan?
To show the design and dimensions of the inside of a building or structure
What is the purpose of a design drawing?
To show the design, layout, and components of an item to be constructed or manufactured
What is the purpose of an elevation plan?
To show the design and dimensions of the outside of a building or structure
What is the key concept for working with plans that involves identifying various elements like rooms, windows, and doors on the plan?
Describe features of a building/structure
What is the formula for calculating the plan measure from an actual dimension?
Plan Measure = Actual Dimension ÷ Scale Factor
What is the primary purpose of building 3D models from 2D plans?
To facilitate the movement between 2D and 3D representations of objects
What is the purpose of a cutting list in a design plan?
To identify a possible way to cut the different parts from a larger piece of material
What is the key concept for working with plans that involves understanding terms like North, South, East, and West Elevation?
Understand compass directions
What is the primary purpose of models in this section?
To facilitate the movement between 2D and 3D representations of objects
What is the key concept for working with plans that involves using a given scale to accurately measure and determine the actual dimensions of features shown on the plan?
Use scale to determine dimensions
What is the primary characteristic of a compound interest graph?
A curve showing exponential growth.
What is the formula for calculating the total amount in a simple interest scenario?
P + (P × r × t)
In a transactional account, how is interest calculated?
Daily based on the balance at the end of each day.
What is the purpose of a fixed deposit account?
To invest money for a set period with interest.
What is the total cost of a loan or hire purchase?
The sum of the deposit, all payments, and any interest or fees.
What is the formula for Structure 2 of bank fee structures?
Fee = Fixed cost + (Percentage of transaction value), if calculated fee exceeds the maximum fee, then the maximum fee is charged.
What is the main difference between a hire purchase and a loan?
The ownership of the item during the repayment period.
What is the term for the cost of borrowing money, added to the principal amount?
Interest
What is the graphical representation of Structure 1 of bank fee structures?
A linear graph increasing at a rate of the given percentage.
What is the term for purchasing an item now and paying for it later through installments?
Buying on credit
What is the primary benefit of using historical data in a budget?
To ensure that predictions are based on observed data rather than guesses
What is the purpose of comparing income and expenditure statements for two different periods?
To evaluate the performance of the business or organization over time
What is the key feature of a budget that allows for a performance assessment?
The comparison of predicted and actual values
What is the primary purpose of a statement of income-and-expenditure?
To describe what has actually been spent and earned
What is the benefit of using a budget to understand how the business or event is expected to perform financially?
To provide a framework to compare planned financial performance against actual performance
What is the primary component of a budget that allows for the evaluation of performance?
The comparison of predicted and actual values
What is the purpose of a budget in planning the future finances of an event, business, or organization?
To make predictions about future income and expenditure
What is the key feature of a statement of income-and-expenditure that describes the current finances of an event, business, or organization?
The total revenue received and total costs incurred
What is the importance of break-even point in a business or organisation?
To indicate how much money a business must make to avoid a loss and start making a profit
What is the formula to calculate the break-even quantity?
Break-even Quantity = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)
What is the graphical representation of compound interest?
A curved graph
What is the formula to calculate the total amount in a simple interest scenario?
Total Amount = P + (Interest x t)
What is the difference between simple interest and compound interest?
Simple interest is calculated on the original amount, while compound interest is calculated on the changing value
What is the purpose of calculating the break-even point?
To determine the minimum amount of income required to avoid a loss and start making a profit
What is the formula to calculate the income in a business?
Income = Selling Price per Unit x Number of Units Sold
What is the method of determining the break-even value by drawing graphs?
Drawing two graphs: one for total costs and one for total income
What is the cost equation in a business?
Total Cost = Fixed Costs + (Variable Cost per Unit x Number of Units Sold)
What is the importance of understanding the cost price per item?
To calculate the total cost of production
What is the main purpose of calculating the difference between predicted and actual values in a budget?
To determine the accuracy of predictions and assess performance.
What is the formula for calculating the cost of a specific quantity needed, given the packet size and price?
Cost of Quantity Needed = (Quantity Needed / Packet Size) x Packet Price
What is the purpose of comparing income and expenditure statements for two different periods?
To compare the financial performance over a specific period.
What is the importance of understanding the cost price of an item or service?
It is essential to determine how much the item must be sold for or how much must be charged for the service to cover the costs involved.
What is the term used to describe the process of moving from a 2D drawing to constructing a 3D object?
Folding
What is the formula for calculating the change in a value over time?
Change = Value in Later Period - Value in Earlier Period
What is the purpose of using a scale to determine dimensions on a plan?
To accurately measure and determine the actual dimensions of features shown on the plan
What is the purpose of adjusting the cost price per item?
To account for other costs not considered, such as electricity, water, or rental costs.
What is the formula for calculating plan measure from actual dimension?
Plan Measure = Actual Dimension ÷ Scale Factor
What is the purpose of considering additional costs when determining the selling price?
To include other costs not covered in the initial cost price, such as operational costs.
What is the formula for calculating the total cost of a batch?
Total Cost of Batch = Sum of Cost of Each Ingredient or Material
What is the primary purpose of designing a floor plan?
To show the design and dimensions of the inside of a building or structure
What is the purpose of comparing the selling price with market prices?
To set a competitive price and ensure the selling price is reasonable.
What is the term used to describe the process of moving from a 3D model to creating 2D drawings/nets/plans of the model?
Unfolding
What is the importance of understanding the selling price of an item or service?
It needs to be higher than the cost price to cover all costs involved and avoid a loss.
What is the purpose of creating a cutting list in a design plan?
To identify and demonstrate a possible way to cut the different parts from a larger piece of material
What is the purpose of describing the item or object shown on a design plan?
To understand what is represented in the design plan
What is the purpose of matching features between plans?
To connect features shown on a floor plan with those shown on elevation plans of the same building/structure
What is the purpose of using compass directions in building plans?
To understand terms like North, South, East, and West Elevation and the position of sides of the house shown on these different elevations
What is the primary purpose of models in this section?
To facilitate the movement between 2D and 3D representations of objects
What is the main difference between the interest calculation in a Transactional Account and a Fixed Deposit Account?
Interest is calculated on the principal amount in a Transactional Account but on the balance at the beginning of the month in a Fixed Deposit Account.
What is the formula for calculating the total cost of a hire purchase or loan?
Total Cost = Deposit + Monthly Payments + Interest
What is the shape of the graph representing the bank fee structure of a flat fee plus a percentage of the transaction value?
Linear graph with a fixed slope
What is the main difference between simple interest and compound interest?
Simple interest is calculated on the principal amount, while compound interest is calculated on the principal plus interest.
What is the formula for calculating the total amount in a compound interest scenario?
Total Amount = P x (1 + r)^t
What is the term for the cost of borrowing money, added to the principal amount?
Interest
What is the type of account used for regular transactions, such as withdrawals, payments, and deposits?
Transactional Account
What is the formula for calculating the fee in Structure 2 of bank fee structures, if the calculated fee exceeds the maximum fee?
Fee = Maximum fee
What is the main difference between a hire purchase and a loan?
A hire purchase is used for buying goods on credit, while a loan is used for borrowing money.
What is the term for purchasing an item now and paying for it later through installments?
Buying on Credit
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