Gr 11 Math Lit: June Mix P(1)
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Questions and Answers

What is the portion of an employee's salary on which tax is calculated?

  • Gross Salary
  • Taxable Income (correct)
  • Net Pay
  • Basic Salary

    • What is the document that provides a guideline of all the costs that a customer will have to pay if they choose to buy an item/service?

  • Invoice
  • Receipt
  • Payslip
  • Quotation (correct)

    • What is the formula to calculate the Gross Salary?

  • Gross Salary = Basic Salary - Additional Incomes
  • Gross Salary = Basic Salary + Additional Incomes (correct)
  • Gross Salary = Basic Salary / Additional Incomes
  • Gross Salary = Basic Salary x Additional Incomes

    • What is the document that provides proof that a customer has paid for an item/service and gives a summary of the costs for buying the item/service and the payment details for the customer?

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

    What is the difference between the Gross Salary and the total deductions, reflecting the actual amount of money that the employee will receive at the end of the month?

    <p>Net Pay</p> Signup and view all the answers

    What is the formula to calculate the Net Pay?

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

    What is the term for the number of items being bought?

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

    What is the term for the price of each individual item?

    <p>Unit Price</p> Signup and view all the answers

    What is the first step in determining the gross salary?

    <p>Sum the basic salary and any additional incomes</p> Signup and view all the answers

    What is the term for income received from sources other than employment?

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

    What is the purpose of budgeting?

    <p>To create a plan for how to allocate income</p> Signup and view all the answers

    What is the term for the total income earned before any deductions or taxes?

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

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities</p> Signup and view all the answers

    What is the term for setting aside a portion of income for future use or emergencies?

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

    What is the first step in understanding and managing sources of income?

    <p>Identify all sources of income</p> Signup and view all the answers

    What is the purpose of income diversification?

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

    What is the term for payments made by the government to individuals?

    <p>Government Transfers</p> Signup and view all the answers

    What is the purpose of calculating net income?

    <p>To understand how much income is available for spending</p> Signup and view all the answers

    What is the employer's contribution to the UIF?

    <p>1% of gross salary</p> Signup and view all the answers

    What is the total contribution to the UIF from both the employee and employer?

    <p>2% of gross salary</p> Signup and view all the answers

    What is the salary ceiling for calculating UIF?

    <p>R12,478.00 per month</p> Signup and view all the answers

    What is the maximum UIF deduction from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What does an exchange rate show?

    <p>The value of a currency in relation to another currency</p> Signup and view all the answers

    What is the formula for accurate currency conversions?

    <p>Converted amount = Foreign currency amount x Exchange rate</p> Signup and view all the answers

    What determines the strength of a currency in relation to another?

    <p>The exchange rate</p> Signup and view all the answers

    What is the buying power of a currency influenced by?

    <p>The comparative cost of living and earning power</p> Signup and view all the answers

    What is an example of an incremental tariff system?

    <p>Water tariffs</p> Signup and view all the answers

    What is the purpose of estimating currency conversions?

    <p>To get a general idea of the exchanged amount</p> Signup and view all the answers

    What is the purpose of a step-function graph in tariff systems?

    <p>To show the same tariff charged for water consumption within a certain bracket</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a prepaid system?

    <p>Monthly Cost = Rate per Unit × Units Used</p> Signup and view all the answers

    What does an increasing gradient in a graph represent?

    <p>A higher rate for higher usage levels</p> Signup and view all the answers

    What is the purpose of break-even analysis?

    <p>To determine the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>Percentage Increase = (New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the purpose of identifying the options in decision-making?

    <p>To gather detailed information about each option</p> Signup and view all the answers

    What is the purpose of benefit analysis in decision-making?

    <p>To identify and quantify the benefits of each option</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in decision-making?

    <p>To organize and visualize the data</p> Signup and view all the answers

    What is the purpose of documenting the comparison process?

    <p>To document the comparison process, including all calculations and rationales for the decision</p> Signup and view all the answers

    What is the purpose of cost analysis in decision-making?

    <p>To calculate the total cost associated with each option</p> Signup and view all the answers

    What is the main purpose of a budget?

    <p>To plan the future finances of an event, business, or organization</p> Signup and view all the answers

    What is the formula for calculating total expenditure?

    <p>Sum of all expense items</p> Signup and view all the answers

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

    <p>To describe the current finances of an event, business, or organization</p> Signup and view all the answers

    How is net income calculated?

    <p>Total income - total expenditure</p> Signup and view all the answers

    What is the purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is an employee's UIF contribution calculated?

    <p>1% × gross salary</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values?

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

    How is the percentage change in expenditure calculated?

    <p>(Actual Value - Previous Value) ÷ Previous Value × 100%</p> Signup and view all the answers

    What is the employer's contribution to UIF?

    <p>1% of the gross salary</p> Signup and view all the answers

    What is the main benefit of monitoring and adjusting a budget?

    <p>To ensure the budget is being followed</p> Signup and view all the answers

    What is the primary purpose of comparing two options in a financial decision?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the first step in comparing two options?

    <p>Define the options</p> Signup and view all the answers

    What is the purpose of using mathematical tools in comparing options?

    <p>To organize the data and calculate key metrics</p> Signup and view all the answers

    What is the document that provides a summary of all the costs that a customer must pay?

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

    What skills are required to work with financial documents?

    <p>Understanding terminology and demonstrating values</p> Signup and view all the answers

    What is the last step in comparing two options?

    <p>Document and present the findings</p> Signup and view all the answers

    What should be considered when evaluating the potential risks of each option?

    <p>Both the likelihood and impact of the risk</p> Signup and view all the answers

    What is the purpose of a payslip?

    <p>To show the employee's salary details</p> Signup and view all the answers

    What is the benefit of using visual aids in presenting the findings?

    <p>To make the findings more clear and logical</p> Signup and view all the answers

    What is the purpose of establishing criteria in comparing two options?

    <p>To cover all important aspects of the decision</p> Signup and view all the answers

    What is the purpose of including both predicted and actual income and expenditure values in a budget?

    <p>To make informed predictions for future periods</p> Signup and view all the answers

    What is a statement of income-and-expenditure used for?

    <p>To describe the current finances of an event</p> Signup and view all the answers

    What is the formula to calculate the total expenditure?

    <p>Total Expenditure = ∑ All Expense Items</p> Signup and view all the answers

    What is the purpose of calculating the difference between predicted and actual values?

    <p>To identify areas for improvement</p> Signup and view all the answers

    What is the formula to calculate the percentage change?

    <p>Percentage Change = (Actual Value - Previous Value) × 100%</p> Signup and view all the answers

    What is the purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is the employee's contribution to UIF calculated?

    <p>Employee's contribution = 1% × gross salary</p> Signup and view all the answers

    What is the total contribution to UIF from both the employee and employer?

    <p>Total contribution = 2% × gross salary</p> Signup and view all the answers

    What is the salary ceiling for UIF?

    <p>R12,478.00 per month</p> Signup and view all the answers

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

    <p>To identify areas for improvement</p> Signup and view all the answers

    What is the primary purpose of a budget?

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

    What type of income is received from sources other than employment?

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

    What is the term for the total income earned before any deductions or taxes?

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

    What is the process of declaring income to the tax authorities and calculating the amount of tax owed or the refund due?

    <p>Filing Taxes</p> Signup and view all the answers

    What is the purpose of break-even analysis in the context of electricity tariffs?

    <p>To find the intersection of the graphs of two tariff systems</p> Signup and view all the answers

    Which of the following is a step in comparing two options?

    <p>Establish the criteria for comparison</p> Signup and view all the answers

    What is the term for setting aside a portion of income for future use or emergencies?

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

    What is the formula to calculate the monthly cost in a prepaid system?

    <p>Monthly Cost = Rate per Unit × Units Used</p> Signup and view all the answers

    What is the term for using income to purchase assets that can generate additional income or appreciate in value over time?

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

    What does a flat line section in a graph represent in the context of electricity tariffs?

    <p>A period where the cost does not change</p> Signup and view all the answers

    What is the first step to understand and manage sources of income?

    <p>Identify All Sources of Income</p> Signup and view all the answers

    What is the purpose of cost analysis in comparing two options?

    <p>To calculate the total cost associated with each option</p> Signup and view all the answers

    What is the term for the remaining income after all deductions, such as taxes, pension contributions, and other mandatory deductions?

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

    What is the purpose of budgeting?

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

    What is the term for evaluating the potential risks associated with each option?

    <p>Risk assessment</p> Signup and view all the answers

    What is the term for payments made by the government to individuals, including grants, social security benefits, and unemployment benefits?

    <p>Government Transfers</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>Percentage Increase = (New Value - Old Value) × 100</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in comparing two options?

    <p>To organize and visualize the data</p> Signup and view all the answers

    What is the final step in comparing two options?

    <p>Make an informed decision</p> Signup and view all the answers

    What is the purpose of documenting and presenting the comparison process?

    <p>To provide a clear and logical summary of the findings</p> Signup and view all the answers

    What is the maximum UIF amount that can be deducted from an employee’s salary?

    <p>R124.78</p> Signup and view all the answers

    What is an exchange rate?

    <p>A comparison of the value of one currency in relation to another currency</p> Signup and view all the answers

    What is the purpose of estimating currency conversions?

    <p>To provide a general idea of the exchanged amount for travelers</p> Signup and view all the answers

    What is a strong currency in relation to another currency?

    <p>One that exchanges for more than one unit of another currency</p> Signup and view all the answers

    What is the purpose of a water tariff system?

    <p>To charge different rates for different portions of water consumption</p> Signup and view all the answers

    What is a step-function graph used for in tariff systems?

    <p>To show the same tariff charged for water consumption within a certain bracket</p> Signup and view all the answers

    What is the formula for calculating the total UIF contribution?

    <p>2% × gross salary</p> Signup and view all the answers

    What is the purpose of accurate currency conversions?

    <p>To determine precisely how much to pay or charge for goods</p> Signup and view all the answers

    What is the buying power of a currency?

    <p>How much of a foreign currency is needed to purchase goods or services</p> Signup and view all the answers

    What is the purpose of graph comparison in tariff systems?

    <p>To analyse costs under different conditions</p> Signup and view all the answers

    What is the total contribution to the UIF from both the employee and employer?

    <p>2% of gross salary</p> Signup and view all the answers

    What is the purpose of an exchange rate?

    <p>To compare the value of one currency to another</p> Signup and view all the answers

    What is the maximum UIF deduction from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What is the salary ceiling for calculating UIF?

    <p>R12,478.00 per month</p> Signup and view all the answers

    What is the formula for accurate currency conversions?

    <p>Converted amount = Foreign currency amount x Exchange rate</p> Signup and view all the answers

    What determines the strength of a currency in relation to another?

    <p>The exchange rate</p> Signup and view all the answers

    What is the buying power of a currency influenced by?

    <p>The exchange rate, the cost of living, and the earning power</p> Signup and view all the answers

    What is an example of an incremental tariff system?

    <p>Water tariffs</p> Signup and view all the answers

    What is the purpose of estimating currency conversions?

    <p>To get a general idea of the amount of currency</p> Signup and view all the answers

    What is the formula to calculate the employee's UIF contribution?

    <p>Employee's contribution = 1% of gross salary</p> Signup and view all the answers

    What is the primary purpose of a payslip?

    <p>To show the actual amount of money an employee will receive at the end of the month</p> Signup and view all the answers

    What is the term for the total income earned before any deductions or taxes?

    <p>Gross Salary</p> Signup and view all the answers

    What is the purpose of a quotation?

    <p>To provide a guideline of all the costs that a customer will have to pay if they choose to buy an item or service</p> Signup and view all the answers

    What is the formula to calculate the total deductions?

    <p>Sum of All Deduction Values</p> Signup and view all the answers

    What is the term for the amount of money deducted from an employee's salary for items such as Medical Aid and Pension?

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

    What is the first step in determining the gross salary?

    <p>Identifying the basic salary and any additional incomes</p> Signup and view all the answers

    What is the purpose of a receipt?

    <p>To provide proof that a customer has paid for an item or service</p> Signup and view all the answers

    What is the term for the actual amount of money that an employee will receive at the end of the month?

    <p>Net Pay</p> Signup and view all the answers

    What is the primary purpose of creating a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What type of income is received from sources other than employment?

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

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities</p> Signup and view all the answers

    What is the term for setting aside a portion of income for future use or emergencies?

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

    What is the purpose of identifying all sources of income?

    <p>To list all the ways in which income is received</p> Signup and view all the answers

    What is the purpose of income diversification?

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

    What is the term for the total income earned before any deductions or taxes?

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

    What is the purpose of calculating net income?

    <p>To determine the income remaining after all deductions</p> Signup and view all the answers

    What is the term for payments made by the government to individuals?

    <p>Government Transfers</p> Signup and view all the answers

    What is the purpose of creating a budget and managing finances?

    <p>To achieve financial goals and ensure financial stability</p> Signup and view all the answers

    What is the purpose of a budget?

    <p>To predict income and expenditure for an event, business, or organization</p> Signup and view all the answers

    What does a statement of income-and-expenditure show?

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

    What is the formula to calculate the total expenditure?

    <p>Total Expenditure = ∑ All Expense Items</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values?

    <p>To understand how the expenditure has changed over time</p> Signup and view all the answers

    How is the percentage change in expenditure calculated?

    <p>Percentage Change = (Actual Value - Previous Value) / Previous Value × 100%</p> Signup and view all the answers

    What is the purpose of monitoring and adjusting a budget?

    <p>To ensure the budget is being followed and adjust as necessary</p> Signup and view all the answers

    What is the formula to calculate the net income?

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

    What is the purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is an employee's UIF contribution calculated?

    <p>Employee's contribution = 1% × gross salary</p> Signup and view all the answers

    What is the purpose of a statement of income-and-expenditure in comparison to a budget?

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

    What is the main purpose of establishing criteria in comparing two options?

    <p>To cover all important aspects of the decision</p> Signup and view all the answers

    What is the purpose of using charts and graphs in presenting financial findings?

    <p>To support the analysis and make it more clear</p> Signup and view all the answers

    What is the next step after gathering data for each option?

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

    What is the purpose of documenting the comparison process?

    <p>To record the calculations and rationales</p> Signup and view all the answers

    What is the first step in determining the net pay?

    <p>Calculating the gross salary</p> Signup and view all the answers

    What is the purpose of understanding terminology in financial documents?

    <p>To learn and understand the different terms used</p> Signup and view all the answers

    What is the purpose of comparing the options based on the criteria?

    <p>To make an informed decision</p> Signup and view all the answers

    What is the purpose of assessing risks in comparing two options?

    <p>To evaluate the potential risks of each option</p> Signup and view all the answers

    What is the purpose of using mathematical tools in comparing two options?

    <p>To organize the data and calculate key metrics</p> Signup and view all the answers

    What is the final step in comparing two options?

    <p>Documenting the comparison process</p> Signup and view all the answers

    What is the main purpose of a step-function graph in tariff systems?

    <p>To illustrate the incremental nature of the tariff system</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a non-prepaid system?

    <p>Service Charge + Network Charge + (Rate per Unit x Units Used)</p> Signup and view all the answers

    What is the purpose of break-even analysis in tariff systems?

    <p>To determine the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is the purpose of identifying the options in decision-making?

    <p>To clearly define the two options that need to be compared</p> Signup and view all the answers

    What is the purpose of cost analysis in decision-making?

    <p>To calculate the total cost associated with an option</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in decision-making?

    <p>To organize and visualize the data, and to calculate key metrics</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>((New Value - Old Value) / Old Value) x 100</p> Signup and view all the answers

    What is the purpose of benefit analysis in decision-making?

    <p>To identify and quantify the benefits of an option</p> Signup and view all the answers

    What is the purpose of documenting the comparison process in decision-making?

    <p>To document the comparison process, including all calculations and rationales for the decision</p> Signup and view all the answers

    What is the primary purpose of comparing two options in a financial decision?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the primary purpose of creating a budget?

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

    What is the difference between gross income and net income?

    <p>Gross income is before deductions, while net income is after deductions</p> Signup and view all the answers

    What is the purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What is the term for income received from employment?

    <p>Earned income</p> Signup and view all the answers

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities and calculate the amount of tax owed or the refund due</p> Signup and view all the answers

    What is the term for setting aside a portion of income for future use or emergencies?

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

    What is the first step in understanding and managing sources of income?

    <p>Identify all sources of income</p> Signup and view all the answers

    What is the purpose of a budget in financial planning?

    <p>To create a plan for how to allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the term for payments made by the government to individuals?

    <p>Government transfers</p> Signup and view all the answers

    What is the purpose of calculating net income?

    <p>To subtract deductions from gross income</p> Signup and view all the answers

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

    <p>To describe the current financial situation of an event, business, or organization</p> Signup and view all the answers

    How is the total expenditure calculated?

    <p>By adding all the expense items together</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values?

    <p>To see how the business actually performed versus how it was planned or predicted to perform</p> Signup and view all the answers

    How is the percentage change in expenditure calculated?

    <p>By dividing the difference between the actual value and the previous value by the previous value, and then multiplying by 100%</p> Signup and view all the answers

    Why are informed predictions often more accurate than mere guesses?

    <p>Because they are based on actual data from a previous period</p> Signup and view all the answers

    What is the purpose of break-even analysis?

    <p>To identify the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is the purpose of budgets?

    <p>To provide a guideline for planning and managing income and expenditure</p> Signup and view all the answers

    What does the statement of income-and-expenditure often include?

    <p>Values for two different time periods</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a prepaid system?

    <p>Monthly Cost = Rate per Unit × Units Used</p> Signup and view all the answers

    What is the difference between the total expenditure and the net income?

    <p>The total expenditure is the sum of all the expenses, while the net income is the total income minus the total expenditure</p> Signup and view all the answers

    What does an increasing gradient in a graph represent in a tariff system?

    <p>A higher rate for higher usage levels</p> Signup and view all the answers

    What is the purpose of identifying the options in decision-making?

    <p>To clearly define the two options that need to be compared</p> Signup and view all the answers

    Why is it important to compare predicted and actual values?

    <p>To see how the business actually performed versus how it was planned or predicted to perform</p> Signup and view all the answers

    What is the primary purpose of calculating the difference between predicted and actual values?

    <p>To identify areas where the business needs to improve</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>Percentage Increase = ((New Value - Old Value) / Old Value) × 100</p> Signup and view all the answers

    What is the purpose of benefit analysis in decision-making?

    <p>To identify and quantify the benefits of each option</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in decision-making?

    <p>To organize and visualize the data, and to calculate key metrics</p> Signup and view all the answers

    What is the purpose of documenting the comparison process?

    <p>To document the comparison process, including all calculations and rationales for the decision</p> Signup and view all the answers

    What is the purpose of cost analysis in decision-making?

    <p>To calculate the total cost of each option, including initial costs, ongoing costs, and any additional expenses</p> Signup and view all the answers

    What is the primary purpose of comparing two options in a financial decision?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the maximum amount of UIF that can be deducted from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What is the purpose of exchange rates?

    <p>To compare the value of currencies</p> Signup and view all the answers

    What is the formula for calculating the total UIF contribution?

    <p>2% × gross salary</p> Signup and view all the answers

    Which of the following is an example of an incremental tariff system?

    <p>Water tariff system</p> Signup and view all the answers

    What determines the strength of a currency in relation to another?

    <p>The exchange rate</p> Signup and view all the answers

    What is the purpose of calculating the total UIF contribution?

    <p>To ensure accurate financial planning</p> Signup and view all the answers

    What is the formula for estimating currency conversions?

    <p>Approximating the amount of currency using a rounded exchange rate</p> Signup and view all the answers

    What is the buying power of a currency influenced by?

    <p>The comparative cost of living and earning power</p> Signup and view all the answers

    What is the purpose of a step-function graph in tariff systems?

    <p>To show the relationship between the quantity of water used and the cost</p> Signup and view all the answers

    What is the maximum UIF contribution from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What is the purpose of a quotation?

    <p>To provide a guideline of all the costs that a customer will have to pay if they choose to buy an item/service</p> Signup and view all the answers

    What is the first step in determining the net pay of an employee?

    <p>Determine the gross salary</p> Signup and view all the answers

    What is the term for the total of all the income sources of the employee?

    <p>Gross Salary</p> Signup and view all the answers

    What is the purpose of an invoice?

    <p>To provide a summary of all the costs that a customer must pay</p> Signup and view all the answers

    What is the term for items such as Medical Aid and Pension for which a payment is required from the employee?

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

    What is the formula to calculate the total deductions?

    <p>Total Deductions = Sum of All Deduction Values</p> Signup and view all the answers

    What is the term for the actual amount of money that the employee will receive at the end of the month?

    <p>Net Pay</p> Signup and view all the answers

    What is the purpose of understanding the terminology used in financial documents?

    <p>To learn and understand the different terms used in financial documents</p> Signup and view all the answers

    What is the primary purpose of creating a budget?

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

    What is the term for income received from working?

    <p>Earned income</p> Signup and view all the answers

    What is the purpose of saving?

    <p>To set aside a portion of income for future use or emergencies</p> Signup and view all the answers

    What is the term for the total income earned before any deductions or taxes?

    <p>Gross income</p> Signup and view all the answers

    What is the purpose of income diversification?

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

    What is the first step in understanding and managing sources of income?

    <p>Identify all sources of income</p> Signup and view all the answers

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities and calculate the amount of tax owed or the refund due</p> Signup and view all the answers

    What is the term for payments made by the government to individuals?

    <p>Government transfers</p> Signup and view all the answers

    What is the purpose of budgeting in financial planning?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the purpose of calculating net income?

    <p>To determine the income remaining after all deductions</p> Signup and view all the answers

    What is the purpose of estimating currency conversions?

    <p>To get a general idea of the exchanged amount for travelers</p> Signup and view all the answers

    What is the maximum UIF deduction from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What does an exchange rate show?

    <p>The value of one currency in relation to another</p> Signup and view all the answers

    What is the formula for accurate currency conversions?

    <p>Converted amount = Foreign currency amount x Exchange rate</p> Signup and view all the answers

    What determines the strength of a currency in relation to another?

    <p>The exchange rate</p> Signup and view all the answers

    What is an example of an incremental tariff system?

    <p>Water tariffs</p> Signup and view all the answers

    What is the salary ceiling for calculating UIF?

    <p>R12,478.00 per month</p> Signup and view all the answers

    What is the total contribution to the UIF from both the employee and employer?

    <p>2% of gross salary</p> Signup and view all the answers

    How is an employee's UIF contribution calculated?

    <p>1% of gross salary</p> Signup and view all the answers

    What is the purpose of the UIF?

    <p>To provide financial assistance to employees who have lost their jobs</p> Signup and view all the answers

    What is the main purpose of a budget?

    <p>To plan and predict future income and expenditure</p> Signup and view all the answers

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

    <p>To describe the current finances of an event, business, or organization</p> Signup and view all the answers

    What is the formula to calculate net income?

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

    What is the purpose of comparing predicted and actual values?

    <p>To identify areas for improvement and adjust the budget</p> Signup and view all the answers

    What is the formula to calculate the percentage change in expenditure?

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

    What is the purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is an employee's UIF contribution calculated?

    <p>1% x gross salary</p> Signup and view all the answers

    What is the main benefit of monitoring and adjusting a budget?

    <p>To ensure the budget is being followed and make adjustments as necessary</p> Signup and view all the answers

    What is the purpose of a statement of income-and-expenditure in comparison to a budget?

    <p>To describe the current finances of an event, business, or organization</p> Signup and view all the answers

    What is the purpose of calculating total expenditure?

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

    What type of tariff system is represented by a step-function graph?

    <p>Tiered tariff system</p> Signup and view all the answers

    What is the purpose of break-even analysis in comparing two tariff systems?

    <p>To find the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a non-prepaid system?

    <p>Monthly Cost = Service Charge + Network Charge + (Rate per Unit × Units Used)</p> Signup and view all the answers

    What is the primary purpose of creating a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What does an increasing gradient in a graph represent in a tariff system?

    <p>Higher rates for higher usage levels</p> Signup and view all the answers

    What is the term for income received from employment, such as salaries, wages, and bonuses?

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

    What is the term for the total income earned before any deductions or taxes?

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

    What is the purpose of comparing two options in a financial decision?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the purpose of identifying all sources of income?

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

    What is the formula to calculate the percentage increase?

    <p>Percentage Increase = (New Value - Old Value) / Old Value × 100</p> Signup and view all the answers

    What is the purpose of cost analysis in decision-making?

    <p>To calculate the total cost associated with each option</p> Signup and view all the answers

    What is the term for the income remaining after all deductions, such as taxes, pension contributions, and other mandatory deductions?

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

    What is the purpose of using mathematical tools and techniques in decision-making?

    <p>To organize and visualize the data</p> Signup and view all the answers

    What is the purpose of income diversification?

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

    What is the purpose of documenting the comparison process?

    <p>To provide a record of the decision-making process</p> Signup and view all the answers

    What is the term for the process of declaring income to the tax authorities and calculating the amount of tax owed or the refund due?

    <p>Filing Taxes</p> Signup and view all the answers

    What is the term for setting aside a portion of income for future use or emergencies?

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

    What is the purpose of benefit analysis in decision-making?

    <p>To quantify the benefits of each option</p> Signup and view all the answers

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

    <p>To monitor and adjust the budget</p> Signup and view all the answers

    What is the primary purpose of a budget in financial planning?

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

    What is the primary purpose of using charts and graphs in financial decision-making?

    <p>To present findings in a clear and logical manner</p> Signup and view all the answers

    What is the next step after establishing the criteria in comparing two options?

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

    What is the purpose of calculating the cost-benefit ratio?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the purpose of identifying the benefits of each option in decision-making?

    <p>To identify the most advantageous option</p> Signup and view all the answers

    What is the purpose of assessing the potential risks of each option?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in decision-making?

    <p>To organize and analyze the data</p> Signup and view all the answers

    What is the purpose of documenting the comparison process?

    <p>To record the comparison process and all calculations</p> Signup and view all the answers

    What is the primary purpose of comparing two options in a financial decision?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the purpose of calculating the gross salary?

    <p>To identify the basic salary and additional incomes</p> Signup and view all the answers

    What is the purpose of calculating the total deductions?

    <p>To identify the sum of all deduction values</p> Signup and view all the answers

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

    <p>To describe the current finances of a business or organization</p> Signup and view all the answers

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

    <p>To understand how the business performed versus the plan</p> Signup and view all the answers

    What is the formula to calculate the total expenditure of a business?

    <p>Total Expenditure = Sum of All Expense Items</p> Signup and view all the answers

    Why are informed predictions important in budgeting?

    <p>They are based on actual data from a previous period</p> Signup and view all the answers

    What is the purpose of calculating the percentage change in expenditure?

    <p>To understand how the expenditure has changed over time</p> Signup and view all the answers

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

    <p>It allows for a comparison of how the business actually performed versus how it was planned or predicted to perform</p> Signup and view all the answers

    What is the purpose of calculating the net income of a business?

    <p>To determine the profitability of a business</p> Signup and view all the answers

    What is the benefit of using actual values from a previous period in budgeting?

    <p>It makes the predictions more accurate</p> Signup and view all the answers

    What is the purpose of comparing the performance of a business over time?

    <p>To understand how the business has improved or declined over time</p> Signup and view all the answers

    What is the formula to calculate the difference between predicted and actual values?

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

    What is the maximum amount that can be deducted from an employee's salary for UIF?

    <p>R124.78</p> Signup and view all the answers

    What is the purpose of an exchange rate?

    <p>To show the comparison of the value of one currency to another</p> Signup and view all the answers

    What is the result of multiplying the amount of foreign currency by the exchange rate?

    <p>The accurate converted amount</p> Signup and view all the answers

    What is a characteristic of a strong currency?

    <p>One unit exchanges for more than one unit of another currency</p> Signup and view all the answers

    What is the purpose of a water tariff system?

    <p>To charge different rates for different portions of water usage</p> Signup and view all the answers

    What is represented by a step-function graph in a tariff system?

    <p>The different rates charged for different portions of water usage</p> Signup and view all the answers

    What is the employer's contribution to the UIF?

    <p>1% of the gross salary</p> Signup and view all the answers

    How is the total contribution to the UIF calculated?

    <p>2% of the gross salary</p> Signup and view all the answers

    What is the purpose of estimating currency conversions?

    <p>To get a general idea of the exchanged amount</p> Signup and view all the answers

    What affects the buying power of a currency?

    <p>Both the exchange rate and the cost of living</p> Signup and view all the answers

    What is the primary purpose of break-even analysis?

    <p>To identify the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What does a flat line section in a graph represent in a tariff system?

    <p>A period where the cost does not change</p> Signup and view all the answers

    What is the purpose of establishing criteria for comparison in decision-making?

    <p>To establish the relevance and comprehensiveness of the criteria</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a non-prepaid system?

    <p>Service Charge + Network Charge + (Rate per Unit x Units Used)</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in decision-making?

    <p>To organize and visualize the data</p> Signup and view all the answers

    What is the purpose of cost analysis in decision-making?

    <p>To calculate the total cost associated with each option</p> Signup and view all the answers

    What is the purpose of risk assessment in decision-making?

    <p>To evaluate the potential risks associated with each option</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>(New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the purpose of documenting the comparison process in decision-making?

    <p>To present the findings in a clear and logical manner</p> Signup and view all the answers

    What is the primary purpose of comparing two options in a financial decision?

    <p>To make an informed decision based on established criteria</p> Signup and view all the answers

    What is the purpose of determining the gross salary?

    <p>To identify the basic salary and additional incomes</p> Signup and view all the answers

    What is the relationship between the unit price and the quantity?

    <p>The unit price is independent of the quantity</p> Signup and view all the answers

    What is the primary purpose of creating a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the primary difference between a quotation and an invoice?

    <p>A quotation provides a guideline of costs, while an invoice provides a summary of costs</p> Signup and view all the answers

    What is the term for income received from employment, such as salaries, wages, and bonuses?

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

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities and calculate the amount of tax owed or the refund due</p> Signup and view all the answers

    What is the purpose of calculating the total deductions?

    <p>To determine the net pay</p> Signup and view all the answers

    What is the term for the actual amount of money received by an employee at the end of the month?

    <p>Net pay</p> Signup and view all the answers

    What is the term for setting aside a portion of income for future use or emergencies?

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

    What is the purpose of demonstrating values in financial documents?

    <p>To explain and demonstrate how different values have been determined</p> Signup and view all the answers

    What is the purpose of identifying all sources of income?

    <p>To understand and manage sources of income</p> Signup and view all the answers

    What is the formula for calculating the net pay?

    <p>Gross salary - total deductions</p> Signup and view all the answers

    What is the term for income remaining after all deductions, such as taxes, pension contributions, and other mandatory deductions?

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

    What is the purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What is the primary purpose of understanding terminology in financial documents?

    <p>To learn and understand the different terms used in financial documents</p> Signup and view all the answers

    What is the primary purpose of a budget?

    <p>To plan the future finances of an event, business, or organization</p> Signup and view all the answers

    What is the term for payments made by the government to individuals, including grants, social security benefits, and unemployment benefits?

    <p>Government Transfers</p> Signup and view all the answers

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

    <p>To identify areas for improvement</p> Signup and view all the answers

    What is the primary purpose of calculating net income?

    <p>To understand the amount of money available for spending and saving</p> Signup and view all the answers

    What is the term for using income to purchase assets that can generate additional income or appreciate in value over time?

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

    What is the formula for calculating the total expenditure?

    <p>Total Expenditure = ∑ All Expense Items</p> Signup and view all the answers

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

    <p>To describe the current finances of an event, business, or organization</p> Signup and view all the answers

    How is the net income calculated?

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

    What is the purpose of the UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is the percentage change in expenditure calculated?

    <p>Percentage Change = (Actual Value - Previous Value) / Previous Value × 100%</p> Signup and view all the answers

    What is the benefit of monitoring and adjusting a budget?

    <p>To ensure the budget is being followed and make necessary adjustments</p> Signup and view all the answers

    What is the purpose of calculating the difference between predicted and actual values?

    <p>To identify areas for improvement</p> Signup and view all the answers

    What is the formula for calculating an employee's UIF contribution?

    <p>Employee's contribution = 1% × gross salary</p> Signup and view all the answers

    What is the total contribution to the UIF from both the employee and employer if the gross salary is R15,000?

    <p>R300</p> Signup and view all the answers

    A South African company imports goods from the United States and needs to convert USD to ZAR. If the exchange rate is 1 USD = 15 ZAR, how much ZAR will they need to buy 100 USD worth of goods?

    <p>1500 ZAR</p> Signup and view all the answers

    What is the maximum amount of UIF that can be deducted from an employee's salary if the gross salary is R20,000?

    <p>R124.78</p> Signup and view all the answers

    If the exchange rate is 1 EUR = 17 ZAR, which of the following is true?

    <p>The Euro is a strong currency</p> Signup and view all the answers

    What is the purpose of using the estimation method in currency conversions?

    <p>To provide a general idea of the exchanged amount for travelers</p> Signup and view all the answers

    If an employee's gross salary is R12,000, what is the total UIF contribution from both the employee and employer?

    <p>R240</p> Signup and view all the answers

    What is the buying power of a currency influenced by, in addition to the exchange rate?

    <p>The cost of living and earning power in the foreign country</p> Signup and view all the answers

    What is the purpose of calculating the total contribution to the UIF from both the employee and employer?

    <p>To ensure compliance with UIF regulations</p> Signup and view all the answers

    If the exchange rate is 1 USD = 18 ZAR, what is the converted amount of 50 USD in ZAR?

    <p>900 ZAR</p> Signup and view all the answers

    What is the term for the value of one currency in relation to another currency?

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

    What is the primary purpose of using mathematical tools and techniques in decision-making?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the benefit of using charts and graphs to present the findings in a decision-making process?

    <p>It provides a clear and logical manner to present the analysis</p> Signup and view all the answers

    What is the purpose of documenting the comparison process in decision-making?

    <p>To record the comparison process, including all calculations and rationales</p> Signup and view all the answers

    What is the primary benefit of using a step-by-step approach to compare two options in a financial decision?

    <p>It helps to establish a clear and logical framework for the comparison process</p> Signup and view all the answers

    What is the purpose of evaluating the potential risks of each option in a financial decision?

    <p>To evaluate the potential risks and their impact on the decision</p> Signup and view all the answers

    In a tariff system, what does a flat line section in a graph represent?

    <p>A period where the cost does not change</p> Signup and view all the answers

    What is the benefit of using a cost-benefit analysis in decision-making?

    <p>It helps to evaluate the potential benefits and costs of each option</p> Signup and view all the answers

    What is the purpose of calculating the break-even point in a tariff system?

    <p>To determine the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is the primary purpose of comparing two options in a financial decision?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    In a decision-making process, what is the purpose of risk assessment?

    <p>To evaluate the potential risks of each option</p> Signup and view all the answers

    What is the benefit of using clear and concise language in a financial document?

    <p>It helps to ensure that the document is easy to understand and interpret</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a non-prepaid system?

    <p>Monthly Cost = Service Charge + Network Charge + (Rate per Unit × Units Used)</p> Signup and view all the answers

    What is the purpose of using graphs to compare different tariff systems?

    <p>To visualize the costs across different usage levels and determine the break-even point</p> Signup and view all the answers

    What is the purpose of using visual aids in a financial document?

    <p>To present the findings in a clear and logical manner</p> Signup and view all the answers

    What is the benefit of using a logical and structured approach to financial decision-making?

    <p>It helps to ensure that the decision-making process is thorough and comprehensive</p> Signup and view all the answers

    What is the purpose of identifying the options in a decision-making process?

    <p>To clearly define the two options that need to be compared and gather detailed information about each option</p> Signup and view all the answers

    What is the purpose of benefit analysis in a decision-making process?

    <p>To evaluate the potential benefits of each option</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>Percentage Increase = (New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in a decision-making process?

    <p>To organize and visualize the data, and to calculate key metrics</p> Signup and view all the answers

    What is the primary purpose of comparing two options in a financial decision?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the primary purpose of creating a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the term for income received from sources other than employment, including interest, dividends, rental income, and pensions?

    <p>Unearned income</p> Signup and view all the answers

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

    <p>To compare past and current financial performance</p> Signup and view all the answers

    What is the purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What is the term for payments made by the government to individuals, including grants, social security benefits, and unemployment benefits?

    <p>Government transfers</p> Signup and view all the answers

    What is the formula to calculate the total expenditure?

    <p>Total Expenditure = ∑ All Expense Items</p> Signup and view all the answers

    What is the purpose of calculating net income?

    <p>To subtract deductions from gross income</p> Signup and view all the answers

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

    <p>To identify areas for improvement</p> Signup and view all the answers

    What is the formula to calculate the percentage change in expenditure?

    <p>Percentage Change = (Actual Value - Previous Value) / Previous Value</p> Signup and view all the answers

    What is the primary purpose of filing taxes?

    <p>To declare income to the tax authorities and calculate the amount of tax owed</p> Signup and view all the answers

    What is the term for setting aside a portion of income for future use or emergencies?

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

    What is the purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    What is the purpose of identifying all sources of income?

    <p>To create a comprehensive financial plan</p> Signup and view all the answers

    How is an employee's UIF contribution calculated?

    <p>Employee's contribution = 1% × gross salary</p> Signup and view all the answers

    What is the primary purpose of budgeting?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

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

    <p>To allow for comparison of actual and predicted performance</p> Signup and view all the answers

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

    <p>It helps to identify areas for improvement</p> Signup and view all the answers

    What is the term for the total income earned before any deductions or taxes?

    <p>Gross income</p> Signup and view all the answers

    What is the purpose of a budget?

    <p>To provide a guideline for financial decision-making</p> Signup and view all the answers

    What is the benefit of using a statement of income-and-expenditure?

    <p>It helps to compare past and current financial performance</p> Signup and view all the answers

    What is the primary purpose of using graphs in break-even analysis?

    <p>To visualize the costs across different usage levels</p> Signup and view all the answers

    Which of the following is a common criterion used to compare two options in decision-making?

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

    What is the purpose of calculating the percentage increase in a tariff system?

    <p>To quantify the change in cost over time</p> Signup and view all the answers

    What is the primary purpose of identifying the options in decision-making?

    <p>To gather detailed information about each option</p> Signup and view all the answers

    What is the purpose of documenting the comparison process in decision-making?

    <p>To present the findings in a clear and logical manner</p> Signup and view all the answers

    What is the primary purpose of using mathematical tools and techniques in decision-making?

    <p>To organize and visualize the data</p> Signup and view all the answers

    What is the primary purpose of cost analysis in decision-making?

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

    What is the purpose of making a decision in the context of comparing two options?

    <p>To compare the total costs, benefits, and risks of each option</p> Signup and view all the answers

    What is the primary purpose of risk assessment in decision-making?

    <p>To evaluate the potential risks of each option</p> Signup and view all the answers

    What is the primary purpose of benefit analysis in decision-making?

    <p>To identify and quantify the benefits of each option</p> Signup and view all the answers

    What is the purpose of calculating the total UIF contribution from both the employee and employer?

    <p>To ensure that the employer is contributing the correct amount towards UIF</p> Signup and view all the answers

    What is the primary use of the estimation method in currency conversions?

    <p>For travellers to get a general idea of the exchanged amount</p> Signup and view all the answers

    What is the purpose of comparing the intersections of different tariff systems?

    <p>To analyse the cost under different conditions</p> Signup and view all the answers

    What is the significance of the salary ceiling in UIF calculations?

    <p>It ensures that the UIF contribution remains capped, regardless of the salary amount</p> Signup and view all the answers

    What is the purpose of using accurate calculations in currency conversions?

    <p>For businesses to determine the exact cost of importing or exporting goods</p> Signup and view all the answers

    What is the characteristic of a strong currency in relation to another currency?

    <p>One unit of that currency exchanges for more than one unit of another currency</p> Signup and view all the answers

    What is the effect of an incremental increase in a tariff system?

    <p>The graph increases and becomes steeper, indicating a higher tariff and cost</p> Signup and view all the answers

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

    <p>To evaluate the effectiveness of the decision</p> Signup and view all the answers

    What is the relationship between the exchange rate and the buying power of a currency?

    <p>The buying power of a currency is not influenced by the exchange rate</p> Signup and view all the answers

    What is the purpose of calculating the total contribution to the UIF from both the employee and employer?

    <p>To ensure that the employer is contributing the correct amount towards UIF</p> Signup and view all the answers

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