Gr 11 Math Lit: Term Test 3
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Questions and Answers

What is the primary purpose of a budget?

  • To describe the current financial situation of an organization
  • To plan the future finances of an event, business, or organization (correct)
  • To predict the profit or loss of an organization
  • To compare the performance of two different organizations

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

  • The type of data used
  • The format of the document
  • The length of the document
  • The purpose of the document (correct)

    • What is the term for the difference between total income and total expenditure in a statement of income-and-expenditure?

  • Net Loss
  • Net Income (correct)
  • Net Expenditure
  • Net Profit

    • What is the purpose of comparing predicted values with actual values in a budget?

    <p>To evaluate the performance of the organization</p> Signup and view all the answers

    What is the term for the estimated income and expenditure items in a budget?

    <p>Predicted Values</p> Signup and view all the answers

    What is the purpose of using historical data in a budget?

    <p>To inform future predictions based on observed data</p> Signup and view all the answers

    What is the main benefit of using a budget?

    <p>It provides a framework to compare planned financial performance against actual performance</p> Signup and view all the answers

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

    <p>To describe what has actually been spent and earned</p> Signup and view all the answers

    What is the formula for calculating Net Income?

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

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To determine the accuracy of predictions and assess performance</p> Signup and view all the answers

    What is the formula for calculating the difference between predicted and actual values?

    <p>Actual Value - Predicted Value</p> Signup and view all the answers

    What is the definition of Cost Price?

    <p>The total cost involved in making an item or providing a service</p> Signup and view all the answers

    What is the formula for calculating the Cost of Quantity Needed?

    <p>(Quantity Needed / Packet Size) × Packet Price</p> Signup and view all the answers

    Why is it important to understand Cost Price?

    <p>To determine how much the item must be sold for to cover the costs involved</p> Signup and view all the answers

    What is the definition of Selling Price?

    <p>The price at which an item is sold or a service provided</p> Signup and view all the answers

    Why is it important to consider additional costs when determining the Selling Price?

    <p>To include operational costs not covered in the initial cost price</p> Signup and view all the answers

    What is the purpose of comparing income and expenditure statements for two different periods?

    <p>To understand the financial performance over a specific period</p> Signup and view all the answers

    What is the formula for calculating the Change in a value over time?

    <p>Value in Later Period - Value in Earlier Period</p> Signup and view all the answers

    What is the break-even point in a business or organization?

    <p>The amount of income that the business must make to cover all expenses incurred</p> Signup and view all the answers

    What are the two components of the break-even value?

    <p>Horizontal axis value and vertical axis value</p> Signup and view all the answers

    What is the formula to calculate the total cost?

    <p>Total Cost = Fixed Costs + (Variable Cost per Unit x Number of Units Sold)</p> Signup and view all the answers

    What is the method of determining the break-even value by drawing graphs?

    <p>Method of Drawing Graphs</p> Signup and view all the answers

    What is the formula to calculate the break-even quantity?

    <p>Break-even Quantity = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)</p> Signup and view all the answers

    What is the type of interest calculated on the original amount of money (principal)?

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

    What is the formula to calculate the interest in simple interest?

    <p>Interest = P x r x t</p> Signup and view all the answers

    What is the formula to calculate the amount in compound interest?

    <p>Amount = P x (1 + r)^t</p> Signup and view all the answers

    What is the graphical representation of simple interest?

    <p>A linear graph indicating a constant increase</p> Signup and view all the answers

    What is the cost price per item?

    <p>Total Cost of Batch / Number of Items in Batch</p> Signup and view all the answers

    What is the purpose of a floor plan?

    <p>To show the design and dimensions of the inside of a building or structure</p> Signup and view all the answers

    What is visible on an elevation plan?

    <p>Dimensions and layout of the outside of a building</p> Signup and view all the answers

    What is the purpose of a design drawing?

    <p>To show the design, layout, and components of an item to be constructed or manufactured</p> Signup and view all the answers

    What is the formula for calculating plan measure from actual dimension?

    <p>Plan Measure = Actual Dimension ÷ Scale Factor</p> Signup and view all the answers

    What is the purpose of building 3D models from 2D plans?

    <p>To understand how to take a flat, 2D drawing and fold it to create a 3D object</p> Signup and view all the answers

    What is the primary purpose of models in this section?

    <p>To facilitate the movement between 2D and 3D representations of objects</p> Signup and view all the answers

    What is the purpose of using scale to determine dimensions on a plan?

    <p>To accurately measure and determine the actual dimensions of features shown on the plan</p> Signup and view all the answers

    What is the purpose of a cutting list in a design plan?

    <p>To identify and demonstrate a possible way to cut the different parts from a larger piece of material</p> Signup and view all the answers

    What is the purpose of describing the item or object shown on a design plan?

    <p>To understand what is represented in the design plan</p> Signup and view all the answers

    What is the purpose of matching features between plans?

    <p>To connect features shown on a floor plan with those shown on elevation plans of the same building or structure</p> Signup and view all the answers

    What is the main difference between simple and compound interest?

    <p>Compound interest is calculated on the principal plus any accumulated interest</p> Signup and view all the answers

    What is the shape of the graph representing compound interest?

    <p>A curve showing exponential growth</p> Signup and view all the answers

    What is the formula for calculating the total amount in a compound interest scenario?

    <p>P × (1 + r)^t</p> Signup and view all the answers

    What type of account is used for regular transactions, such as withdrawals, payments, and deposits?

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

    How is interest calculated in a Fixed Deposit Account?

    <p>Monthly based on the balance at the beginning of the month</p> Signup and view all the answers

    What is the total cost of a loan or hire purchase?

    <p>The sum of the deposit, all payments, and any interest or fees</p> Signup and view all the answers

    What is the formula for Structure 1 of bank fee structures?

    <p>Fee = Fixed cost + (Percentage of transaction value)</p> Signup and view all the answers

    What is the shape of the graph representing Structure 1 of bank fee structures?

    <p>A linear graph increasing at a rate of the given percentage</p> Signup and view all the answers

    What is the main difference between a hire purchase and a loan?

    <p>A hire purchase is for buying an item, while a loan is for borrowing money</p> Signup and view all the answers

    What is the term for purchasing an item now and paying for it later through installments?

    <p>Buying on credit</p> Signup and view all the answers

    What is the main purpose of creating a budget?

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

    What is included in a statement of income-and-expenditure?

    <p>Actual income and expenditure</p> Signup and view all the answers

    Why are historical data used in budgeting?

    <p>To inform future predictions based on observed data</p> Signup and view all the answers

    What is the benefit of comparing predicted and actual values in a budget?

    <p>To evaluate performance and assess financial decisions</p> Signup and view all the answers

    What is the key feature of a budget that allows for performance assessment?

    <p>Comparison of predicted and actual values</p> Signup and view all the answers

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

    <p>A budget is used for planning, while a statement of income-and-expenditure is used for tracking</p> Signup and view all the answers

    What is the purpose of comparing income and expenditure statements for two different periods?

    <p>To evaluate performance and assess financial decisions</p> Signup and view all the answers

    What is the result of comparing predicted values with actual values in a budget?

    <p>Evaluation of performance and assessment of financial decisions</p> Signup and view all the answers

    What is the primary difference between simple and compound interest?

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

    What is the shape of the graph representing compound interest?

    <p>A curve showing exponential growth.</p> Signup and view all the answers

    What is the formula for calculating the total amount in a compound interest scenario?

    <p>Total Amount = P x (1 + r)^t</p> Signup and view all the answers

    What type of account is used for regular transactions, such as withdrawals, payments, and deposits?

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

    How is interest calculated in a Fixed Deposit Account?

    <p>Monthly, based on the balance at the beginning of the month.</p> Signup and view all the answers

    What is the total cost of a loan or hire purchase?

    <p>Deposit + Monthly Payments + Interest</p> Signup and view all the answers

    What is the formula for Structure 1 of bank fee structures?

    <p>Fee = Fixed cost + (Percentage of transaction value)</p> Signup and view all the answers

    What is the shape of the graph representing Structure 1 of bank fee structures?

    <p>Linear graph increasing at a rate of the given percentage for every unit.</p> Signup and view all the answers

    What is the main difference between a hire purchase and a loan?

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

    What is the term for purchasing an item now and paying for it later through installments?

    <p>Buying on Credit</p> Signup and view all the answers

    What does the break-even point indicate in a business or organization?

    <p>The point where the business must make to avoid a loss and start making a profit</p> Signup and view all the answers

    What are the two components of the break-even value?

    <p>Horizontal Axis Value and Vertical Axis Value</p> Signup and view all the answers

    What method involves drawing two graphs, one for total costs and one for total income, to determine the break-even value?

    <p>Method 1: Drawing Graphs</p> Signup and view all the answers

    What is the formula to calculate the total cost?

    <p>Total Cost = Fixed Costs + (Variable Cost per Unit × Number of Units Sold)</p> Signup and view all the answers

    What is the formula to calculate the break-even quantity?

    <p>Break-even Quantity = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)</p> Signup and view all the answers

    What type of interest is calculated on the original amount of money (principal)?

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

    What is the formula to calculate the amount in compound interest?

    <p>Amount = P × (1 + r)^t</p> Signup and view all the answers

    What is the graphical representation of simple interest?

    <p>Linear (straight line) graph</p> Signup and view all the answers

    What is the formula to calculate the cost price per item?

    <p>Cost Price per Item = Total Cost of Batch / Number of Items in Batch</p> Signup and view all the answers

    What is the purpose of break-even analysis?

    <p>To determine the amount of income needed to cover all expenses</p> Signup and view all the answers

    What is the primary purpose of comparing income and expenditure statements for two different periods?

    <p>To understand the financial performance over a specific period</p> Signup and view all the answers

    What is the formula for calculating the cost of a specific quantity needed?

    <p>(Quantity Needed ÷ Packet Size) × Packet Price</p> Signup and view all the answers

    What is the purpose of adjusting the cost price to account for other costs not considered?

    <p>To ensure all costs are covered</p> Signup and view all the answers

    What is the result of subtracting the predicted value from the actual value?

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

    Why is it important to consider additional costs when determining the selling price?

    <p>To ensure a profit margin</p> Signup and view all the answers

    What is the formula for calculating the net income?

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

    What is the purpose of comparing the predicted and actual values in a budget?

    <p>To assess performance and determine the accuracy of predictions</p> Signup and view all the answers

    What is the term for the price at which an item will be sold or a service provided?

    <p>Selling price</p> Signup and view all the answers

    What is the formula for calculating the change in a value over time?

    <p>Value in Later Period - Value in Earlier Period</p> Signup and view all the answers

    Why is it important to understand the cost price?

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

    What is the primary function of a floor plan?

    <p>To show the design and dimensions of the inside of a building or structure</p> Signup and view all the answers

    What is the purpose of an elevation plan?

    <p>To show the design and dimensions of the outside of a building or structure</p> Signup and view all the answers

    What is the purpose of a design drawing?

    <p>To show the design, layout, and components of an item to be constructed or manufactured</p> Signup and view all the answers

    What is one of the key concepts for working with plans?

    <p>Match features between plans</p> Signup and view all the answers

    What is the formula for calculating plan measure from actual dimension?

    <p>Plan Measure = Actual Dimension ÷ Scale Factor</p> Signup and view all the answers

    What is one of the key skills and objectives for Grade 11 learners in models?

    <p>Build 3D models from 2D plans</p> Signup and view all the answers

    What is the primary purpose of models in this section?

    <p>To facilitate the movement between 2D and 3D representations of objects</p> Signup and view all the answers

    What is the purpose of using scale to determine dimensions on a plan?

    <p>To accurately measure the dimensions of a building or structure</p> Signup and view all the answers

    What is the purpose of a cutting list in a design plan?

    <p>To identify a possible way to cut the different parts from a larger piece of material</p> Signup and view all the answers

    What is one of the key concepts for design drawings?

    <p>Describe the item or object shown on the design plan</p> Signup and view all the answers

    What is the purpose of comparing income and expenditure statements for two different periods?

    <p>To identify the differences in income and expenditure over time</p> Signup and view all the answers

    What is the formula for calculating the Cost of Quantity Needed?

    <p>Cost of Quantity Needed = (Quantity Needed / Packet Size) × Packet Price</p> Signup and view all the answers

    What is the purpose of understanding the cost price of an item?

    <p>To understand how much the item must be sold for to cover the costs involved</p> Signup and view all the answers

    What is the formula for calculating the net income?

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

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

    <p>To understand the financial performance over a specific period</p> Signup and view all the answers

    What is the primary function of a budget in an event, business, or organization?

    <p>To provide a framework for comparing planned financial performance with actual performance</p> Signup and view all the answers

    What is the purpose of including historical data in a budget?

    <p>To inform future predictions based on observed data rather than guesses</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values in a budget?

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

    What is the key feature of a statement of income-and-expenditure?

    <p>It summarizes the actual income and expenditure items for an event, business, or organization</p> Signup and view all the answers

    What is the formula for calculating the difference between predicted and actual values?

    <p>Difference = Actual Value - Predicted Value</p> Signup and view all the answers

    What is the purpose of determining the selling price of an item?

    <p>To ensure a profit margin and cover all costs involved</p> Signup and view all the answers

    What is the purpose of comparing income and expenditure statements for two different periods?

    <p>To evaluate the performance of an event, business, or organization over time</p> Signup and view all the answers

    What is the importance of considering additional costs when determining the selling price?

    <p>To cover all costs involved</p> Signup and view all the answers

    What is the benefit of using a budget in an event, business, or organization?

    <p>It provides a framework for comparing planned financial performance with actual performance</p> Signup and view all the answers

    What is the term for the total revenue generated from various sources in a statement of income-and-expenditure?

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

    What is the purpose of calculating the total cost of a batch?

    <p>To find the total cost of all ingredients or materials used in the batch</p> Signup and view all the answers

    What is the purpose of a budget in terms of financial performance?

    <p>To understand how the business or event is expected to perform financially</p> Signup and view all the answers

    What is the key feature of a budget that allows for a performance assessment?

    <p>The comparison of predicted values with actual values</p> Signup and view all the answers

    What is the break-even point in a business or organization?

    <p>The point where the total income equals the total cost</p> Signup and view all the answers

    What is the formula to calculate the break-even quantity?

    <p>Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)</p> Signup and view all the answers

    What is the graphical representation of the break-even point?

    <p>The intersection of two graphs</p> Signup and view all the answers

    What is the importance of break-even analysis?

    <p>To determine how much money a business must make to avoid a loss</p> Signup and view all the answers

    What is the formula to calculate the total cost?

    <p>Fixed Costs + (Variable Cost per Unit x Number of Units Sold)</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 changing value</p> Signup and view all the answers

    What is the formula to calculate the interest in simple interest?

    <p>P x r x t</p> Signup and view all the answers

    What is the formula to calculate the amount in compound interest?

    <p>P x (1 + r)^t</p> Signup and view all the answers

    What is the graphical representation of simple interest?

    <p>A linear graph</p> Signup and view all the answers

    What is the cost price per item?

    <p>Total Cost of Batch / Number of Items in Batch</p> Signup and view all the answers

    What is the primary function of a floor plan?

    <p>To show the design and dimensions of the inside of a building or structure</p> Signup and view all the answers

    What is the purpose of a design drawing?

    <p>To show the design, layout, and components of an item to be constructed or manufactured</p> Signup and view all the answers

    What is the purpose of an elevation plan?

    <p>To show the design and dimensions of the outside of a building or structure</p> Signup and view all the answers

    What is the key concept for working with plans that involves identifying various elements like rooms, windows, and doors on the plan?

    <p>Describe features of a building/structure</p> Signup and view all the answers

    What is the formula for calculating the plan measure from an actual dimension?

    <p>Plan Measure = Actual Dimension ÷ Scale Factor</p> Signup and view all the answers

    What is the primary purpose of building 3D models from 2D plans?

    <p>To facilitate the movement between 2D and 3D representations of objects</p> Signup and view all the answers

    What is the purpose of a cutting list in a design plan?

    <p>To identify a possible way to cut the different parts from a larger piece of material</p> Signup and view all the answers

    What is the key concept for working with plans that involves understanding terms like North, South, East, and West Elevation?

    <p>Understand compass directions</p> Signup and view all the answers

    What is the primary purpose of models in this section?

    <p>To facilitate the movement between 2D and 3D representations of objects</p> Signup and view all the answers

    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?

    <p>Use scale to determine dimensions</p> Signup and view all the answers

    What is the primary characteristic of a compound interest graph?

    <p>A curve showing exponential growth.</p> Signup and view all the answers

    What is the formula for calculating the total amount in a simple interest scenario?

    <p>P + (P × r × t)</p> Signup and view all the answers

    In a transactional account, how is interest calculated?

    <p>Daily based on the balance at the end of each day.</p> Signup and view all the answers

    What is the purpose of a fixed deposit account?

    <p>To invest money for a set period with interest.</p> Signup and view all the answers

    What is the total cost of a loan or hire purchase?

    <p>The sum of the deposit, all payments, and any interest or fees.</p> Signup and view all the answers

    What is the formula for Structure 2 of bank fee structures?

    <p>Fee = Fixed cost + (Percentage of transaction value), if calculated fee exceeds the maximum fee, then the maximum fee is charged.</p> Signup and view all the answers

    What is the main difference between a hire purchase and a loan?

    <p>The ownership of the item during the repayment period.</p> Signup and view all the answers

    What is the term for the cost of borrowing money, added to the principal amount?

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

    What is the graphical representation of Structure 1 of bank fee structures?

    <p>A linear graph increasing at a rate of the given percentage.</p> Signup and view all the answers

    What is the term for purchasing an item now and paying for it later through installments?

    <p>Buying on credit</p> Signup and view all the answers

    What is the primary benefit of using historical data in a budget?

    <p>To ensure that predictions are based on observed data rather than guesses</p> Signup and view all the answers

    What is the purpose of comparing income and expenditure statements for two different periods?

    <p>To evaluate the performance of the business or organization over time</p> Signup and view all the answers

    What is the key feature of a budget that allows for a performance assessment?

    <p>The comparison of predicted and actual values</p> Signup and view all the answers

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

    <p>To describe what has actually been spent and earned</p> Signup and view all the answers

    What is the benefit of using a budget to understand how the business or event is expected to perform financially?

    <p>To provide a framework to compare planned financial performance against actual performance</p> Signup and view all the answers

    What is the primary component of a budget that allows for the evaluation of performance?

    <p>The comparison of predicted and actual values</p> Signup and view all the answers

    What is the purpose of a budget in planning the future finances of an event, business, or organization?

    <p>To make predictions about future income and expenditure</p> Signup and view all the answers

    What is the key feature of a statement of income-and-expenditure that describes the current finances of an event, business, or organization?

    <p>The total revenue received and total costs incurred</p> Signup and view all the answers

    What is the importance of break-even point in a business or organisation?

    <p>To indicate how much money a business must make to avoid a loss and start making a profit</p> Signup and view all the answers

    What is the formula to calculate the break-even quantity?

    <p>Break-even Quantity = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)</p> Signup and view all the answers

    What is the graphical representation of compound interest?

    <p>A curved graph</p> Signup and view all the answers

    What is the formula to calculate the total amount in a simple interest scenario?

    <p>Total Amount = P + (Interest x t)</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 changing value</p> Signup and view all the answers

    What is the purpose of calculating the break-even point?

    <p>To determine the minimum amount of income required to avoid a loss and start making a profit</p> Signup and view all the answers

    What is the formula to calculate the income in a business?

    <p>Income = Selling Price per Unit x Number of Units Sold</p> Signup and view all the answers

    What is the method of determining the break-even value by drawing graphs?

    <p>Drawing two graphs: one for total costs and one for total income</p> Signup and view all the answers

    What is the cost equation in a business?

    <p>Total Cost = Fixed Costs + (Variable Cost per Unit x Number of Units Sold)</p> Signup and view all the answers

    What is the importance of understanding the cost price per item?

    <p>To calculate the total cost of production</p> Signup and view all the answers

    What is the main purpose of calculating the difference between predicted and actual values in a budget?

    <p>To determine the accuracy of predictions and assess performance.</p> Signup and view all the answers

    What is the formula for calculating the cost of a specific quantity needed, given the packet size and price?

    <p>Cost of Quantity Needed = (Quantity Needed / Packet Size) x Packet Price</p> Signup and view all the answers

    What is the purpose of comparing income and expenditure statements for two different periods?

    <p>To compare the financial performance over a specific period.</p> Signup and view all the answers

    What is the importance of understanding the cost price of an item or service?

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

    What is the term used to describe the process of moving from a 2D drawing to constructing a 3D object?

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

    What is the formula for calculating the change in a value over time?

    <p>Change = Value in Later Period - Value in Earlier Period</p> Signup and view all the answers

    What is the purpose of using a scale to determine dimensions on a plan?

    <p>To accurately measure and determine the actual dimensions of features shown on the plan</p> Signup and view all the answers

    What is the purpose of adjusting the cost price per item?

    <p>To account for other costs not considered, such as electricity, water, or rental costs.</p> Signup and view all the answers

    What is the formula for calculating plan measure from actual dimension?

    <p>Plan Measure = Actual Dimension ÷ Scale Factor</p> Signup and view all the answers

    What is the purpose of considering additional costs when determining the selling price?

    <p>To include other costs not covered in the initial cost price, such as operational costs.</p> Signup and view all the answers

    What is the formula for calculating the total cost of a batch?

    <p>Total Cost of Batch = Sum of Cost of Each Ingredient or Material</p> Signup and view all the answers

    What is the primary purpose of designing a floor plan?

    <p>To show the design and dimensions of the inside of a building or structure</p> Signup and view all the answers

    What is the purpose of comparing the selling price with market prices?

    <p>To set a competitive price and ensure the selling price is reasonable.</p> Signup and view all the answers

    What is the term used to describe the process of moving from a 3D model to creating 2D drawings/nets/plans of the model?

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

    What is the importance of understanding the selling price of an item or service?

    <p>It needs to be higher than the cost price to cover all costs involved and avoid a loss.</p> Signup and view all the answers

    What is the purpose of creating a cutting list in a design plan?

    <p>To identify and demonstrate a possible way to cut the different parts from a larger piece of material</p> Signup and view all the answers

    What is the purpose of describing the item or object shown on a design plan?

    <p>To understand what is represented in the design plan</p> Signup and view all the answers

    What is the purpose of matching features between plans?

    <p>To connect features shown on a floor plan with those shown on elevation plans of the same building/structure</p> Signup and view all the answers

    What is the purpose of using compass directions in building plans?

    <p>To understand terms like North, South, East, and West Elevation and the position of sides of the house shown on these different elevations</p> Signup and view all the answers

    What is the primary purpose of models in this section?

    <p>To facilitate the movement between 2D and 3D representations of objects</p> Signup and view all the answers

    What is the main difference between the interest calculation in a Transactional Account and a Fixed Deposit Account?

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

    What is the formula for calculating the total cost of a hire purchase or loan?

    <p>Total Cost = Deposit + Monthly Payments + Interest</p> Signup and view all the answers

    What is the shape of the graph representing the bank fee structure of a flat fee plus a percentage of the transaction value?

    <p>Linear graph with a fixed slope</p> Signup and view all the answers

    What is the main difference between simple interest and compound interest?

    <p>Simple interest is calculated on the principal amount, while compound interest is calculated on the principal plus interest.</p> Signup and view all the answers

    What is the formula for calculating the total amount in a compound interest scenario?

    <p>Total Amount = P x (1 + r)^t</p> Signup and view all the answers

    What is the term for the cost of borrowing money, added to the principal amount?

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

    What is the type of account used for regular transactions, such as withdrawals, payments, and deposits?

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

    What is the formula for calculating the fee in Structure 2 of bank fee structures, if the calculated fee exceeds the maximum fee?

    <p>Fee = Maximum fee</p> Signup and view all the answers

    What is the main difference between a hire purchase and a loan?

    <p>A hire purchase is used for buying goods on credit, while a loan is used for borrowing money.</p> Signup and view all the answers

    What is the term for purchasing an item now and paying for it later through installments?

    <p>Buying on Credit</p> Signup and view all the answers

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