Gr 10 Math Lit: Ch 4 Sum Finance
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Questions and Answers

What is the term for a plan to balance expenditure with income?

  • Budget (correct)
  • Statement
  • Loan
  • Expenditure

What is the difference between income and expenditure called when income exceeds expenditure?

  • Surplus (correct)
  • Loan
  • Deficit
  • Expenditure

What is the purpose of a bank statement?

  • To transfer money between accounts
  • To provide proof of income or information about the source of income (correct)
  • To show the account holder's credit score
  • To calculate bank fees

What type of income is infrequent, such as gifts or inheritance?

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

What type of transaction decreases the balance of an account?

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

What is a monthly fee that needs to be paid to keep a cheque account open?

<p>Monthly maintenance fee (C)</p> Signup and view all the answers

What is the term for money spent on various needs and wants?

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

What is the term for the amount of money owed?

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

How can you reduce your transaction fees?

<p>By choosing the most appropriate bank account for your needs and adjusting your banking habits (B)</p> Signup and view all the answers

What is the formula to calculate total bank fees?

<p>Total Bank Fees = Monthly Maintenance Fee + Self-Service Banking Fee + Cash Deposit Fee + Withdrawal Fee + Balance Inquiry Fee + Other Transaction Fees (A)</p> Signup and view all the answers

What is the formula to calculate the amount to spend on each category in a budget?

<p>Amount for Category = (Percentage for Category/100) x Total Income (D)</p> Signup and view all the answers

What is the purpose of saving?

<p>To prepare for unexpected costs, annual bills, and important events (C)</p> Signup and view all the answers

What is the account holder?

<p>The person whose name the account is in (B)</p> Signup and view all the answers

What is a transaction?

<p>Any event where money moves into or out of an account (A)</p> Signup and view all the answers

What is the term for a percentage charged for the borrowing or loan of a sum of money over a given period of time?

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

What is the term for the amount of money that you are charged for borrowing an amount of money over a period of time?

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

What is the formula to calculate the bank fee for a withdrawal?

<p>Bank Fee = Initial Fee + (Additional Fee × Number of Additional Units) (D)</p> Signup and view all the answers

Why is it crucial to repay debts before starting to save?

<p>Because debts reduce available funds for savings (C)</p> Signup and view all the answers

What is the primary purpose of understanding financial documents and tariff systems?

<p>To manage personal and household finances (D)</p> Signup and view all the answers

What is the term for money paid into an account?

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

What is the fixed extra cost added to the cost of most items and services in South Africa?

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

What is the term for the amount due on the account before the current month's expenses?

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

What is the purpose of an invoice number on a municipal bill?

<p>To track the payment (D)</p> Signup and view all the answers

What is the total amount due after adding the current month's expenses called?

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

What is the term for money owed?

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

What is the purpose of a municipal bill?

<p>To provide detailed information about the services used and the amounts due (C)</p> Signup and view all the answers

What is the primary purpose of a telephone bill?

<p>To detail charges for landline or cell phone usage (D)</p> Signup and view all the answers

What is included in a till slip?

<p>Shop name and address, invoice number, and date of sale (D)</p> Signup and view all the answers

What is the formula for calculating municipal costs?

<p>Total Cost = ∑ (Usage in Category × Tariff for Category) (C)</p> Signup and view all the answers

What is a tariff?

<p>A pre-determined schedule of prices for services (B)</p> Signup and view all the answers

What is the formula for calculating telephone costs?

<p>Total Cost = Basic Fixed Charge + (Rate per Second × Duration in Seconds) (C)</p> Signup and view all the answers

What is the primary purpose of an account statement?

<p>To detail purchases, payments made, and amounts owed (C)</p> Signup and view all the answers

What is a type of income that is earned based on an agreement for providing additional services?

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

What is the formula for calculating profit?

<p>Profit = Total Income - Cost of Production (D)</p> Signup and view all the answers

What is a type of tariff that covers services such as electricity, water, and refuse removal?

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

What is one of the factors that determines the interest rate a person is charged?

<p>The South African Reserve Bank’s lending rate (B)</p> Signup and view all the answers

How do you calculate the interest amount if you know the principal amount and the interest rate?

<p>Interest Amount = Principal Amount × Interest Rate (C)</p> Signup and view all the answers

What is the purpose of VAT?

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

What type of account earns interest and does not have an overdraft facility?

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

What is the VAT rate in South Africa?

<p>14% (A)</p> Signup and view all the answers

What document is required when opening a bank account in South Africa?

<p>Identity document or passport (A)</p> Signup and view all the answers

What type of account allows you to purchase items now and pay for them later?

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

How do you calculate the total amount if you know the principal amount and the interest rate?

<p>Total Amount = Principal Amount + Interest Amount (B)</p> Signup and view all the answers

What is exempt from VAT?

<p>Basic foods like milk and bread (C)</p> Signup and view all the answers

What type of account is used to deposit and withdraw money by visiting the bank branch, using an ATM or Internet banking, or by writing a cheque?

<p>Cheque or Current Account (D)</p> Signup and view all the answers

What is the primary purpose of municipal bills in South Africa?

<p>To detail the services used and the amounts due for payment (C)</p> Signup and view all the answers

What is the term for the amount of money that is paid from an account?

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

What is the term for the fixed extra cost added to the cost of most items and services in South Africa?

<p>Value Added Tax (VAT) (A)</p> Signup and view all the answers

What is the purpose of an invoice number on a municipal bill?

<p>To provide a unique identifier for the bill (C)</p> Signup and view all the answers

What is the term for the amount of money owed?

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

What is the component of a municipal bill that provides details about the property size and valuation?

<p>Property size and valuation details (A)</p> Signup and view all the answers

What is the term for the total amount due after adding the current month's expenses?

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

What is the purpose of a till slip?

<p>To record the items purchased and their costs (C)</p> Signup and view all the answers

What is the difference between income and expenditure when expenditure exceeds income?

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

What is the primary purpose of a budget?

<p>To plan expenditure based on expected income (C)</p> Signup and view all the answers

What is the term for regular and unchanging income?

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

What is the term for expenses that are infrequent or unforeseen?

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

What is the purpose of saving?

<p>To prepare for unexpected costs and annual bills (C)</p> Signup and view all the answers

What is the formula to calculate the amount to spend on each category in a budget?

<p>Amount for Category = (Percentage for Category / 100) x Total Income (B)</p> Signup and view all the answers

What is the difference between a budget and a statement?

<p>A budget is a plan, and a statement is a record (B)</p> Signup and view all the answers

What is interest?

<p>The amount of money charged for borrowing (D)</p> Signup and view all the answers

What is the purpose of a study loan?

<p>To assist with financial matters during study (A)</p> Signup and view all the answers

What is a bursary?

<p>Financial assistance granted to students (A)</p> Signup and view all the answers

What is detailed in a telephone bill?

<p>Fixed charges for line rental and variable charges for calls made (B)</p> Signup and view all the answers

What is the purpose of a till slip?

<p>To provide a detailed breakdown of the purchased items (A)</p> Signup and view all the answers

What is the term for the amount of credit still available for use?

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

What type of tariff system is used for electricity, water, and sewage?

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

What is the formula for calculating total cost using a municipal tariff?

<p>Total Cost = Sum (Usage in Category x Tariff for Category) (C)</p> Signup and view all the answers

What is the term for a pre-determined schedule of prices for services such as transportation and utilities?

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

What is included in a municipal tariff?

<p>All of the above, including the cost of refuse removal (D)</p> Signup and view all the answers

What is the formula for calculating total cost using a telephone tariff?

<p>Total Cost = Basic Fixed Charge + (Rate per Second x Duration in Seconds) (D)</p> Signup and view all the answers

What is the purpose of an account statement?

<p>To detail purchases, payments made, and amounts owed (A)</p> Signup and view all the answers

What is the type of income earned from producing and selling goods or services?

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

What is shown in a bank statement for each transaction?

<p>The date, type, amount, and balance after the transaction (D)</p> Signup and view all the answers

What is the purpose of a monthly fee in a cheque account?

<p>To keep the account open and active (D)</p> Signup and view all the answers

What is a debit transaction?

<p>A payment of money out of an account (B)</p> Signup and view all the answers

What is the term for the amount of money in an account at the beginning of the period?

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

What is the formula to calculate total bank fees?

<p>Monthly Maintenance Fee + Self-Service Banking Fee + Cash Deposit Fee + Withdrawal Fee + Balance Inquiry Fee + Other Transaction Fees (D)</p> Signup and view all the answers

What is the benefit of choosing the most appropriate bank account for your needs?

<p>Lower transaction fees (A)</p> Signup and view all the answers

What is a bank fee charged for?

<p>For various services, including withdrawals and deposits (C)</p> Signup and view all the answers

What is the formula to calculate the bank fee for a withdrawal?

<p>Initial Fee + (Additional Fee × Number of Additional Units) (C)</p> Signup and view all the answers

What is the interest rate that a person is charged dependent on, besides the South African Reserve Bank's lending rate?

<p>Employment history and ownership of assets like a home (B)</p> Signup and view all the answers

How can you calculate the interest rate if you are given the final amount and need to find the interest rate?

<p>By finding the difference between the final amount and the original amount to get the interest amount, then dividing it by the original amount and multiplying by 100 (B)</p> Signup and view all the answers

What is VAT?

<p>A type of tax that is charged on certain goods and services (C)</p> Signup and view all the answers

What is the purpose of VAT?

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

What is the formula to calculate the VAT amount on a VAT-exclusive price?

<p>VAT Amount = Price * VAT Rate (C)</p> Signup and view all the answers

What is a fixed deposit account?

<p>A type of account aimed at those who have a lump sum they want to invest over a set period of time (A)</p> Signup and view all the answers

What is required when opening a bank account in South Africa?

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

What type of account is used to deposit and withdraw money by visiting the bank branch, using an ATM or Internet banking, or by writing a cheque?

<p>Cheque or current account (B)</p> Signup and view all the answers

What is exempt from VAT?

<p>Basic foods like milk and bread (D)</p> Signup and view all the answers

What is the definition of VAT exclusive?

<p>A price that excludes VAT (B)</p> Signup and view all the answers

Which of the following components is NOT typically included in a municipal bill in South Africa?

<p>Bank account details of the property owner (C)</p> Signup and view all the answers

What is the primary purpose of understanding tariff systems?

<p>To manage personal and household finances (B)</p> Signup and view all the answers

Which of the following is an example of a debt?

<p>Money owed to a friend (D)</p> Signup and view all the answers

What is the purpose of the Easy Pay payment number on a municipal bill?

<p>To make payments easily (A)</p> Signup and view all the answers

What is the purpose of the Value Added Tax (VAT) in South Africa?

<p>To increase the revenue of the government (A)</p> Signup and view all the answers

What is the difference between the opening balance and the closing balance on a municipal bill?

<p>The opening balance is the amount due before the current month's expenses, and the closing balance is the total amount due after adding the current month's expenses (C)</p> Signup and view all the answers

What is the purpose of the invoice number on a municipal bill?

<p>To identify the specific bill and account (D)</p> Signup and view all the answers

What is the main difference between a municipal tariff and a transport tariff?

<p>Municipal tariffs are used for utilities, while transport tariffs are used for transport services. (B)</p> Signup and view all the answers

What is the purpose of a credit limit on a store account?

<p>To set the maximum amount of credit allowed. (B)</p> Signup and view all the answers

What is the formula for calculating the total cost of a telephone bill?

<p>Total Cost = Basic Fixed Charge + (Rate per Second × Duration in Seconds) (B)</p> Signup and view all the answers

What is the term for the amount of credit still available for use on a store account?

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

What is the purpose of a till slip?

<p>To provide a record of purchases, including prices and VAT charged. (B)</p> Signup and view all the answers

What is the term for the fixed extra cost added to the cost of most items and services in South Africa?

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

What is the main difference between a salary and a wage?

<p>A salary is paid for work done over a longer period, while a wage is paid for work done in a shorter period. (A)</p> Signup and view all the answers

What is the purpose of a tariff system?

<p>To determine the cost of services based on usage. (D)</p> Signup and view all the answers

What is the formula for calculating profit?

<p>Profit = Total Income - Cost of Production (C)</p> Signup and view all the answers

What is the term for the amount of money earned from producing and selling goods or services?

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

What is the primary purpose of drawing up a budget?

<p>To plan for future expenses and income (A)</p> Signup and view all the answers

What is the difference between a budget and a statement?

<p>A budget is a plan for future income and expenses, while a statement is a record of actual income and expenses (A)</p> Signup and view all the answers

What does the South African Reserve Bank's lending rate affect?

<p>Interest rates offered by financial institutions (D)</p> Signup and view all the answers

What type of income is regular and unchanging?

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

How do you calculate the interest rate if you are given the final amount and need to find the interest rate?

<p>Interest Rate = (Interest Amount / Original Amount) x 100 (A)</p> Signup and view all the answers

What is the purpose of calculating the amount to spend on each category in a budget?

<p>To allocate income to respective categories (A)</p> Signup and view all the answers

What is the purpose of Value Added Tax?

<p>To generate revenue for the government (C)</p> Signup and view all the answers

What is the purpose of saving?

<p>To prepare for unexpected costs, annual bills, and important events (A)</p> Signup and view all the answers

What type of bank account is aimed at those who have a lump sum they want to invest over a set period of time?

<p>Fixed Deposit Account (C)</p> Signup and view all the answers

What is the formula to calculate the amount of money owed?

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

What is the term for a price that includes Value Added Tax?

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

What is the purpose of comparing statements to budgets?

<p>To track financial performance (B)</p> Signup and view all the answers

What document is required when opening a bank account in South Africa?

<p>Identity document or passport (A)</p> Signup and view all the answers

What is the definition of interest?

<p>The amount of money that you are charged for borrowing an amount of money over a period of time (A)</p> Signup and view all the answers

What type of account allows the account holder to purchase items now and pay for them later?

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

What is the purpose of finding better deals on existing expenses?

<p>To save money (C)</p> Signup and view all the answers

What is the VAT rate in South Africa?

<p>14% (C)</p> Signup and view all the answers

What is the definition of interest rate?

<p>A percentage charged for the borrowing or loan of a sum of money over a given period of time (C)</p> Signup and view all the answers

What type of account is used to deposit and withdraw money by visiting the bank branch, using an ATM or Internet banking, or by writing a cheque?

<p>Cheque or Current Account (B)</p> Signup and view all the answers

What is exempt from Value Added Tax?

<p>Basic foods like milk and bread (C)</p> Signup and view all the answers

What is the primary purpose of a bank statement?

<p>To provide a record of all transactions for a specific period (D)</p> Signup and view all the answers

What is the difference between a debit transaction and a credit transaction?

<p>A debit transaction decreases the balance, while a credit transaction increases the balance (C)</p> Signup and view all the answers

What is the purpose of the opening and closing balance in a bank statement?

<p>To indicate the amount of money in the account at the beginning and end of the period (A)</p> Signup and view all the answers

What is the advantage of choosing the most appropriate bank account for your needs?

<p>It minimizes transaction fees (B)</p> Signup and view all the answers

What is included in the calculation of total bank fees?

<p>Monthly maintenance fee, self-service banking fee, cash deposit fee, withdrawal fee, balance inquiry fee, and other transaction fees (C)</p> Signup and view all the answers

What is the purpose of a bank fee calculation?

<p>To determine the total amount of fees charged by the bank (C)</p> Signup and view all the answers

What is the term for the amount of money deposited into an account?

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

What is the purpose of examining bank statements regularly?

<p>To detect any errors or irregularities in transactions (D)</p> Signup and view all the answers

What is the purpose of the property valuation details on a municipal bill?

<p>To determine the cost of utility services (D)</p> Signup and view all the answers

What is the significance of the Easy Pay payment number on a municipal bill?

<p>It is used to pay the bill at a specific bank (C)</p> Signup and view all the answers

What is the difference between the opening balance and the closing balance on a municipal bill?

<p>The opening balance is the amount due before the current month's expenses, while the closing balance is the total amount due after adding the current month's expenses (A)</p> Signup and view all the answers

Why is it important to understand the components of a municipal bill?

<p>To calculate the total amount due on the bill (B)</p> Signup and view all the answers

What is the significance of the VAT number on a municipal bill?

<p>It is used to calculate the VAT on utility services (D)</p> Signup and view all the answers

What is the purpose of the invoice number on a municipal bill?

<p>To identify the specific bill and account (A)</p> Signup and view all the answers

What is the significance of the account number on a municipal bill?

<p>It is used to identify the specific account and property owner (C)</p> Signup and view all the answers

Why is it important to check the municipal bill for errors?

<p>To avoid overpaying the bill (A)</p> Signup and view all the answers

What is the main difference between a prepaid telephone option and a standard telephone tariff system?

<p>Prepaid options do not have a basic fixed charge, while standard tariffs do. (B)</p> Signup and view all the answers

What is the purpose of a property rate in a municipal tariff system?

<p>To value the property for taxation purposes. (C)</p> Signup and view all the answers

How do transport tariffs typically vary?

<p>Based on the mode of transport and distance traveled. (B)</p> Signup and view all the answers

What is the purpose of the shop's VAT number on a till slip?

<p>To identify the shop for taxation purposes. (D)</p> Signup and view all the answers

What is the credit available in a store account statement?

<p>The amount of credit still available for use. (A)</p> Signup and view all the answers

What is the primary purpose of a tariff system?

<p>To determine the cost of services based on usage. (D)</p> Signup and view all the answers

What is the formula for calculating profit?

<p>Total Income - Cost of Production. (A)</p> Signup and view all the answers

What is the primary purpose of a budget?

<p>To plan and manage future income and expenses (A)</p> Signup and view all the answers

What is the purpose of an account statement?

<p>To determine the credit available on a store account. (C)</p> Signup and view all the answers

What is the difference between a budget and a statement?

<p>A budget is for future income and expenses, while a statement is a record of actual income and expenses (D)</p> Signup and view all the answers

What is the term for the fixed extra cost added to the cost of most items and services in South Africa?

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

What is the term for money earned from producing and selling goods or services?

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

What type of income is regular and unchanging?

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

What is the purpose of calculating percentages for budgeting?

<p>To allocate funds to different categories (B)</p> Signup and view all the answers

Why is it crucial to repay debts before starting to save?

<p>To avoid interest rates (B)</p> Signup and view all the answers

What is the purpose of finding better deals on existing expenses in budgeting?

<p>To reduce expenditure and allocate more funds to savings (A)</p> Signup and view all the answers

What is the formula to calculate monthly savings?

<p>Total Income - (Total Fixed Expenses + Total Variable Expenses + Total Occasional Expenses) (C)</p> Signup and view all the answers

What determines the interest rate a person is charged?

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

How do you calculate the interest rate as a percentage of the original amount?

<p>Interest Rate = (Interest Amount / Original Amount) × 100 (C)</p> Signup and view all the answers

What is interest?

<p>The amount of money charged for borrowing an amount of money over a period of time (C)</p> Signup and view all the answers

What is the primary purpose of saving?

<p>To prepare for unexpected costs (B)</p> Signup and view all the answers

What is the purpose of Value Added Tax (VAT)?

<p>To provide a source of income for the government (C)</p> Signup and view all the answers

What is the difference between a surplus and a deficit?

<p>A surplus is when income exceeds expenditure, while a deficit is when expenditure exceeds income (B)</p> Signup and view all the answers

What type of account allows you to earn interest and does not have an overdraft facility?

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

What is the VAT rate in South Africa?

<p>14% (A)</p> Signup and view all the answers

What document is required when opening a bank account in South Africa?

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

What type of account is used to deposit and withdraw money by visiting the bank branch, using an ATM or Internet banking, or by writing a cheque?

<p>Cheque or Current Account (D)</p> Signup and view all the answers

What is exempt from VAT?

<p>Basic foods like milk, bread, and fresh fruit (B)</p> Signup and view all the answers

How do you calculate the total amount if you know the principal amount and the interest rate?

<p>Total Amount = Principal Amount + Interest Amount (B)</p> Signup and view all the answers

What is the primary purpose of municipal bills in South Africa?

<p>To charge residents for municipal services (B)</p> Signup and view all the answers

What is the primary purpose of a bank statement?

<p>To show the opening and closing balance of an account (C)</p> Signup and view all the answers

What is the difference between a debit transaction and a credit transaction?

<p>A debit transaction decreases the account balance, while a credit transaction increases it (A)</p> Signup and view all the answers

What is the term for the amount of money in an account at the beginning and end of a period?

<p>Opening and closing balance (D)</p> Signup and view all the answers

What is the formula to calculate the total bank fees?

<p>Monthly maintenance fee + self-service banking fee + cash deposit fee + withdrawal fee + balance inquiry fee + other transaction fees (C)</p> Signup and view all the answers

What is the term for the fee charged by a bank for services such as withdrawing or depositing money?

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

What is the purpose of understanding bank statements?

<p>To understand financial documents and tariff systems (C)</p> Signup and view all the answers

What is the term for the fee charged by a bank for withdrawing money?

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

What is the formula to calculate the bank fee for a withdrawal?

<p>Initial fee + (additional fee x number of additional units) (B)</p> Signup and view all the answers

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