Podcast Beta
Questions and Answers
What is the term for a plan to balance expenditure with income?
What is the difference between income and expenditure called when income exceeds expenditure?
What is the purpose of a bank statement?
What type of income is infrequent, such as gifts or inheritance?
Signup and view all the answers
What type of transaction decreases the balance of an account?
Signup and view all the answers
What is a monthly fee that needs to be paid to keep a cheque account open?
Signup and view all the answers
What is the term for money spent on various needs and wants?
Signup and view all the answers
What is the term for the amount of money owed?
Signup and view all the answers
How can you reduce your transaction fees?
Signup and view all the answers
What is the formula to calculate total bank fees?
Signup and view all the answers
What is the formula to calculate the amount to spend on each category in a budget?
Signup and view all the answers
What is the purpose of saving?
Signup and view all the answers
What is the account holder?
Signup and view all the answers
What is a transaction?
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?
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?
Signup and view all the answers
What is the formula to calculate the bank fee for a withdrawal?
Signup and view all the answers
Why is it crucial to repay debts before starting to save?
Signup and view all the answers
What is the primary purpose of understanding financial documents and tariff systems?
Signup and view all the answers
What is the term for money paid into an account?
Signup and view all the answers
What is the fixed extra cost added to the cost of most items and services in South Africa?
Signup and view all the answers
What is the term for the amount due on the account before the current month's expenses?
Signup and view all the answers
What is the purpose of an invoice number on a municipal bill?
Signup and view all the answers
What is the total amount due after adding the current month's expenses called?
Signup and view all the answers
What is the term for money owed?
Signup and view all the answers
What is the purpose of a municipal bill?
Signup and view all the answers
What is the primary purpose of a telephone bill?
Signup and view all the answers
What is included in a till slip?
Signup and view all the answers
What is the formula for calculating municipal costs?
Signup and view all the answers
What is a tariff?
Signup and view all the answers
What is the formula for calculating telephone costs?
Signup and view all the answers
What is the primary purpose of an account statement?
Signup and view all the answers
What is a type of income that is earned based on an agreement for providing additional services?
Signup and view all the answers
What is the formula for calculating profit?
Signup and view all the answers
What is a type of tariff that covers services such as electricity, water, and refuse removal?
Signup and view all the answers
What is one of the factors that determines the interest rate a person is charged?
Signup and view all the answers
How do you calculate the interest amount if you know the principal amount and the interest rate?
Signup and view all the answers
What is the purpose of VAT?
Signup and view all the answers
What type of account earns interest and does not have an overdraft facility?
Signup and view all the answers
What is the VAT rate in South Africa?
Signup and view all the answers
What document is required when opening a bank account in South Africa?
Signup and view all the answers
What type of account allows you to purchase items now and pay for them later?
Signup and view all the answers
How do you calculate the total amount if you know the principal amount and the interest rate?
Signup and view all the answers
What is exempt from VAT?
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?
Signup and view all the answers
What is the primary purpose of municipal bills in South Africa?
Signup and view all the answers
What is the term for the amount of money that is paid from an account?
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?
Signup and view all the answers
What is the purpose of an invoice number on a municipal bill?
Signup and view all the answers
What is the term for the amount of money owed?
Signup and view all the answers
What is the component of a municipal bill that provides details about the property size and valuation?
Signup and view all the answers
What is the term for the total amount due after adding the current month's expenses?
Signup and view all the answers
What is the purpose of a till slip?
Signup and view all the answers
What is the difference between income and expenditure when expenditure exceeds income?
Signup and view all the answers
What is the primary purpose of a budget?
Signup and view all the answers
What is the term for regular and unchanging income?
Signup and view all the answers
What is the term for expenses that are infrequent or unforeseen?
Signup and view all the answers
What is the purpose of saving?
Signup and view all the answers
What is the formula to calculate the amount to spend on each category in a budget?
Signup and view all the answers
What is the difference between a budget and a statement?
Signup and view all the answers
What is interest?
Signup and view all the answers
What is the purpose of a study loan?
Signup and view all the answers
What is a bursary?
Signup and view all the answers
What is detailed in a telephone bill?
Signup and view all the answers
What is the purpose of a till slip?
Signup and view all the answers
What is the term for the amount of credit still available for use?
Signup and view all the answers
What type of tariff system is used for electricity, water, and sewage?
Signup and view all the answers
What is the formula for calculating total cost using a municipal tariff?
Signup and view all the answers
What is the term for a pre-determined schedule of prices for services such as transportation and utilities?
Signup and view all the answers
What is included in a municipal tariff?
Signup and view all the answers
What is the formula for calculating total cost using a telephone tariff?
Signup and view all the answers
What is the purpose of an account statement?
Signup and view all the answers
What is the type of income earned from producing and selling goods or services?
Signup and view all the answers
What is shown in a bank statement for each transaction?
Signup and view all the answers
What is the purpose of a monthly fee in a cheque account?
Signup and view all the answers
What is a debit transaction?
Signup and view all the answers
What is the term for the amount of money in an account at the beginning of the period?
Signup and view all the answers
What is the formula to calculate total bank fees?
Signup and view all the answers
What is the benefit of choosing the most appropriate bank account for your needs?
Signup and view all the answers
What is a bank fee charged for?
Signup and view all the answers
What is the formula to calculate the bank fee for a withdrawal?
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?
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?
Signup and view all the answers
What is VAT?
Signup and view all the answers
What is the purpose of VAT?
Signup and view all the answers
What is the formula to calculate the VAT amount on a VAT-exclusive price?
Signup and view all the answers
What is a fixed deposit account?
Signup and view all the answers
What is required when opening a bank account in South Africa?
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?
Signup and view all the answers
What is exempt from VAT?
Signup and view all the answers
What is the definition of VAT exclusive?
Signup and view all the answers
Which of the following components is NOT typically included in a municipal bill in South Africa?
Signup and view all the answers
What is the primary purpose of understanding tariff systems?
Signup and view all the answers
Which of the following is an example of a debt?
Signup and view all the answers
What is the purpose of the Easy Pay payment number on a municipal bill?
Signup and view all the answers
What is the purpose of the Value Added Tax (VAT) in South Africa?
Signup and view all the answers
What is the difference between the opening balance and the closing balance on a municipal bill?
Signup and view all the answers
What is the purpose of the invoice number on a municipal bill?
Signup and view all the answers
What is the main difference between a municipal tariff and a transport tariff?
Signup and view all the answers
What is the purpose of a credit limit on a store account?
Signup and view all the answers
What is the formula for calculating the total cost of a telephone bill?
Signup and view all the answers
What is the term for the amount of credit still available for use on a store account?
Signup and view all the answers
What is the purpose of a till slip?
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?
Signup and view all the answers
What is the main difference between a salary and a wage?
Signup and view all the answers
What is the purpose of a tariff system?
Signup and view all the answers
What is the formula for calculating profit?
Signup and view all the answers
What is the term for the amount of money earned from producing and selling goods or services?
Signup and view all the answers
What is the primary purpose of drawing up a budget?
Signup and view all the answers
What is the difference between a budget and a statement?
Signup and view all the answers
What does the South African Reserve Bank's lending rate affect?
Signup and view all the answers
What type of income is regular and unchanging?
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?
Signup and view all the answers
What is the purpose of calculating the amount to spend on each category in a budget?
Signup and view all the answers
What is the purpose of Value Added Tax?
Signup and view all the answers
What is the purpose of saving?
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?
Signup and view all the answers
What is the formula to calculate the amount of money owed?
Signup and view all the answers
What is the term for a price that includes Value Added Tax?
Signup and view all the answers
What is the purpose of comparing statements to budgets?
Signup and view all the answers
What document is required when opening a bank account in South Africa?
Signup and view all the answers
What is the definition of interest?
Signup and view all the answers
What type of account allows the account holder to purchase items now and pay for them later?
Signup and view all the answers
What is the purpose of finding better deals on existing expenses?
Signup and view all the answers
What is the VAT rate in South Africa?
Signup and view all the answers
What is the definition of interest rate?
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?
Signup and view all the answers
What is exempt from Value Added Tax?
Signup and view all the answers
What is the primary purpose of a bank statement?
Signup and view all the answers
What is the difference between a debit transaction and a credit transaction?
Signup and view all the answers
What is the purpose of the opening and closing balance in a bank statement?
Signup and view all the answers
What is the advantage of choosing the most appropriate bank account for your needs?
Signup and view all the answers
What is included in the calculation of total bank fees?
Signup and view all the answers
What is the purpose of a bank fee calculation?
Signup and view all the answers
What is the term for the amount of money deposited into an account?
Signup and view all the answers
What is the purpose of examining bank statements regularly?
Signup and view all the answers
What is the purpose of the property valuation details on a municipal bill?
Signup and view all the answers
What is the significance of the Easy Pay payment number on a municipal bill?
Signup and view all the answers
What is the difference between the opening balance and the closing balance on a municipal bill?
Signup and view all the answers
Why is it important to understand the components of a municipal bill?
Signup and view all the answers
What is the significance of the VAT number on a municipal bill?
Signup and view all the answers
What is the purpose of the invoice number on a municipal bill?
Signup and view all the answers
What is the significance of the account number on a municipal bill?
Signup and view all the answers
Why is it important to check the municipal bill for errors?
Signup and view all the answers
What is the main difference between a prepaid telephone option and a standard telephone tariff system?
Signup and view all the answers
What is the purpose of a property rate in a municipal tariff system?
Signup and view all the answers
How do transport tariffs typically vary?
Signup and view all the answers
What is the purpose of the shop's VAT number on a till slip?
Signup and view all the answers
What is the credit available in a store account statement?
Signup and view all the answers
What is the primary purpose of a tariff system?
Signup and view all the answers
What is the formula for calculating profit?
Signup and view all the answers
What is the primary purpose of a budget?
Signup and view all the answers
What is the purpose of an account statement?
Signup and view all the answers
What is the difference between a budget and a statement?
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?
Signup and view all the answers
What is the term for money earned from producing and selling goods or services?
Signup and view all the answers
What type of income is regular and unchanging?
Signup and view all the answers
What is the purpose of calculating percentages for budgeting?
Signup and view all the answers
Why is it crucial to repay debts before starting to save?
Signup and view all the answers
What is the purpose of finding better deals on existing expenses in budgeting?
Signup and view all the answers
What is the formula to calculate monthly savings?
Signup and view all the answers
What determines the interest rate a person is charged?
Signup and view all the answers
How do you calculate the interest rate as a percentage of the original amount?
Signup and view all the answers
What is interest?
Signup and view all the answers
What is the primary purpose of saving?
Signup and view all the answers
What is the purpose of Value Added Tax (VAT)?
Signup and view all the answers
What is the difference between a surplus and a deficit?
Signup and view all the answers
What type of account allows you to earn interest and does not have an overdraft facility?
Signup and view all the answers
What is the VAT rate in South Africa?
Signup and view all the answers
What document is required when opening a bank account in South Africa?
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?
Signup and view all the answers
What is exempt from VAT?
Signup and view all the answers
How do you calculate the total amount if you know the principal amount and the interest rate?
Signup and view all the answers
What is the primary purpose of municipal bills in South Africa?
Signup and view all the answers
What is the primary purpose of a bank statement?
Signup and view all the answers
What is the difference between a debit transaction and a credit transaction?
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?
Signup and view all the answers
What is the formula to calculate the total bank fees?
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?
Signup and view all the answers
What is the purpose of understanding bank statements?
Signup and view all the answers
What is the term for the fee charged by a bank for withdrawing money?
Signup and view all the answers
What is the formula to calculate the bank fee for a withdrawal?
Signup and view all the answers