Gr 11 Math Lit: June Hard P(1)

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What is the main difference between gross salary and taxable income?

Gross salary is the amount of money an employee receives, while taxable income is the amount of money the employer pays.

Gross salary is the total income before tax, while taxable income is the total income after tax.

Gross salary includes deductions, while taxable income does not.

Taxable income is the portion of gross salary that is subject to tax. (correct)

What is the purpose of a quotation?

To provide a guideline of all the costs that a customer will have to pay if they choose to buy an item/service. (correct)

To provide proof that a customer has paid for an item/service.

To explain the values used in the calculation of the costs of an item/service.

To provide a summary of the costs that a customer must pay for an item/service.

What is the formula for calculating gross salary?

Gross Salary = Basic Salary + Additional Incomes (correct)

Gross Salary = Basic Salary x Additional Incomes

Gross Salary = Basic Salary / Additional Incomes

Gross Salary = Basic Salary - Total Deductions

What is the purpose of a receipt?

To provide proof that a customer has paid for an item/service and gives a summary of the costs and payment details. Signup and view all the answers

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

A quotation provides a guideline of costs, while an invoice provides a summary of costs that must be paid. Signup and view all the answers

What is the formula for calculating net pay?

Net Pay = Gross Salary - Total Deductions Signup and view all the answers

What is the purpose of a deduction in a payslip?

To decrease the employee's salary. Signup and view all the answers

What is the difference between unit price and quantity?

Unit price is the price of each individual item, while quantity is the number of items being bought. Signup and view all the answers

What is the primary purpose of a budget?

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

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

A budget is for the future, while a statement of income-and-expenditure is for the past Signup and view all the answers

What is the formula for calculating total expenditure?

Total Expenditure = ∑ All Expense Items Signup and view all the answers

What is the purpose of UIF?

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

How is the employee's contribution to UIF calculated?

1% × gross salary Signup and view all the answers

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

To see how the business performed versus how it was planned Signup and view all the answers

What is the formula for calculating the percentage change in expenditure?

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

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

To describe the current finances of a business Signup and view all the answers

How is the employer's contribution to UIF calculated?

1% × gross salary Signup and view all the answers

What is net income?

Total Income - Total Expenditure Signup and view all the answers

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

2% × gross salary Signup and view all the answers

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

R124.78 Signup and view all the answers

What is an exchange rate typically expressed by?

How many units of one currency are equal to a certain number of units of another currency Signup and view all the answers

What is the primary purpose of step 9 in the process of comparing two options?

To present the findings in a clear and logical manner using visual aids Signup and view all the answers

What is the formula for accurate currency conversions?

Converted amount = Foreign currency amount × Exchange rate Signup and view all the answers

What is the difference between a quotation and an invoice?

A quotation is a summary of all the costs that a customer will have to pay, while an invoice is a proof of payment Signup and view all the answers

What is a currency considered if one unit of that currency exchanges for more than one unit of another currency?

Strong Signup and view all the answers

What is the formula for calculating the gross salary?

Gross Salary = Basic Salary + Additional Incomes Signup and view all the answers

What is the buying power of a currency dependent on?

Both the currency exchange rate and the comparative cost of living and earning power in that country Signup and view all the answers

What is the purpose of step 2 in the process of comparing two options?

To gather all relevant data for each option Signup and view all the answers

What is the purpose of the UIF salary ceiling?

To cap the UIF contribution at a certain amount regardless of the salary Signup and view all the answers

What is the difference between the gross salary and the net pay?

The gross salary is the total income, while the net pay is the income after deductions Signup and view all the answers

What is the main difference between the estimation and accurate calculation methods of currency conversions?

The level of precision required Signup and view all the answers

What is an example of an incremental tariff system?

Water tariff system Signup and view all the answers

What is the purpose of an invoice?

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

What is the formula for calculating the net pay?

Net Pay = Gross Salary - Total Deductions Signup and view all the answers

What is the employer's contribution to the UIF?

1% × gross salary Signup and view all the answers

What is the purpose of step 7 in the process of comparing two options?

To use mathematical tools to organize the data and calculate key metrics Signup and view all the answers

What is the purpose of a payslip?

To show the employee's salary and deductions Signup and view all the answers

What is the purpose of step 1 in the process of comparing two options?

To define the two options to be compared Signup and view all the answers

What is the primary objective of creating a budget?

To allocate income to cover expenses, savings, and investments Signup and view all the answers

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

Unearned income Signup and view all the answers

What is the term for the income remaining after all deductions?

Net income Signup and view all the answers

What is the primary purpose of income tax?

To generate income for the government Signup and view all the answers

Which financial goal is typically achieved through saving and investing a portion of income?

Long-term financial goal 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?

Filing taxes 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?

Government transfers Signup and view all the answers

What is the primary purpose of identifying all sources of income?

To calculate gross income Signup and view all the answers

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

Savings 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?

Investments Signup and view all the answers

What type of graphical representation is used to show the different tariffs charged for water consumption within a certain bracket?

Step-function graph Signup and view all the answers

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

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

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

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

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

A period where the cost does not change Signup and view all the answers

What is the purpose of identifying the options in comparing two tariff systems?

To clearly define the two options and gather relevant data Signup and view all the answers

What is the formula to calculate the percentage increase?

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

What is the purpose of cost analysis in comparing two tariff systems?

To calculate the total cost associated with each option Signup and view all the answers

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

To organize and visualize the data, and calculate key metrics Signup and view all the answers

What is the purpose of risk assessment in comparing two tariff systems?

To evaluate the potential risks associated with each option Signup and view all the answers

What is the final step in comparing two tariff systems?

To compare the total costs, benefits, and risks of each option to make an informed decision Signup and view all the answers

What is the correct sequence of steps to determine the net pay?

Gross salary determination, total deductions, subtraction of total deductions from gross salary Signup and view all the answers

What is the primary purpose of creating a budget?

To allocate income to cover expenses, savings, and investments Signup and view all the answers

Which of the following is an example of unearned income?

Interest earned on a savings account Signup and view all the answers

What is the purpose of identifying all sources of income?

To calculate the gross income Signup and view all the answers

What is the difference between gross income and net income?

Gross income is the total income earned, while net income is the income remaining after taxes Signup and view all the answers

What is the purpose of filing taxes?

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

What is the primary purpose of income diversification?

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

What is the purpose of setting financial goals?

To establish short-term and long-term financial objectives Signup and view all the answers

What is the correct calculation for determining the total deductions?

Sum of all individual deduction amounts Signup and view all the answers

What is the purpose of creating a budget category for savings?

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

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

To evaluate the accuracy of predictions Signup and view all the answers

What is the formula for calculating the total expenditure?

Total Expenditure = ∑ All Expense Items Signup and view all the answers

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

To summarize the actual income and expenditure of an event or business Signup and view all the answers

What is the formula for calculating the percentage change in expenditure?

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

What is the salary ceiling for calculating UIF?

R12,478.00 per month Signup and view all the answers

What is the purpose of UIF?

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

What is the formula for calculating the net income?

Net Income = Total Income - Total Expenditure Signup and view all the answers

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

2% × gross salary Signup and view all the answers

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

To evaluate the performance of a business Signup and view all the answers

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

1% × gross salary Signup and view all the answers

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

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

What is the formula for calculating the monthly cost of a non-prepaid electricity tariff system?

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

What do flat line sections in a graph represent in the context of electricity tariffs?

Periods where the cost does not change Signup and view all the answers

What is the purpose of calculating the percentage increase in electricity costs?

To evaluate the impact of changes in usage on costs Signup and view all the answers

What is the primary step in comparing two options in a decision-making process?

Establishing the criteria for comparison Signup and view all the answers

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

To compare the benefits of each option to their costs Signup and view all the answers

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

To organize and visualize data, and to calculate key metrics Signup and view all the answers

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

To communicate the findings and rationale to stakeholders Signup and view all the answers

What is the primary benefit of using graphs to compare the costs of different tariff systems?

To visualize the costs across different usage levels Signup and view all the answers

What determines the maximum UIF deduction that can be made from an employee's salary?

The ceiling salary of R12,478.00 Signup and view all the answers

What is the purpose of calculating the total cost of each option in a decision-making process?

To compare the costs of each option and make an informed decision Signup and view all the answers

What is the purpose of exchange rates in international trade?

To facilitate the conversion of one currency into another Signup and view all the answers

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

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

What is the graphical representation of a tariff system?

A step-function graph Signup and view all the answers

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

To analyze the costs under different conditions Signup and view all the answers

What is the formula for calculating the total UIF contribution?

2% × gross salary Signup and view all the answers

What is the advantage of using the accurate calculation method for currency conversions?

It ensures accurate financial planning for businesses Signup and view all the answers

What determines the buying power of a currency?

The comparative cost of living and earning power in a country Signup and view all the answers

What is an example of an incremental tariff system?

A water tariff system Signup and view all the answers

What is the purpose of estimating currency conversions?

To provide a rough estimate of the exchanged amount for travelers Signup and view all the answers

What is the term for the amount of money that an employee receives at the end of the month after all deductions have been made?

Net Pay Signup and view all the answers

What is the purpose of a quotation in a financial document?

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

What is the formula for calculating the total deductions in a payslip?

Total Deductions = Sum of All Deduction Values Signup and view all the answers

What is the term for the amount of money that an employee earns from their job before any additional income or deductions are added?

Basic Salary Signup and view all the answers

What is the purpose of an invoice in a financial document?

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

What is the formula for calculating the gross salary in a payslip?

Gross Salary = Basic Salary + Additional Incomes Signup and view all the answers

What is the term for the amount of money that an employee earns from their job including all additional income?

Gross Salary Signup and view all the answers

What is the purpose of deductions in a payslip?

To decrease the employee's salary Signup and view all the answers

What is the primary purpose of regularly reviewing income and expenses in a budget?

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

What is the key benefit of using actual data from a previous period to make predictions for a new period?

It provides a more accurate prediction of future income and expenditure Signup and view all the answers

Which of the following is a key point of a statement of income-and-expenditure?

It includes values for two different time periods, allowing for comparison of performance over time Signup and view all the answers

What is the formula for calculating the net income?

Total Income - Total Expenditure Signup and view all the answers

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

To understand how the expenditure has changed over time Signup and view all the answers

What is the employer's contribution to the UIF?

1% of the gross salary Signup and view all the answers

What is the purpose of UIF?

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

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

1% of the gross salary Signup and view all the answers

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

2% of the gross salary Signup and view all the answers

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

To understand how the budget is performing compared to predictions Signup and view all the answers

What is the primary purpose of creating a budget?

To allocate income to cover expenses, savings, and investments Signup and view all the answers

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

Unearned income Signup and view all the answers

What is the primary objective of income tax?

To redistribute wealth and fund public goods and services Signup and view all the answers

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

Savings 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?

Investments Signup and view all the answers

What is the primary purpose of identifying all sources of income?

To understand the total income earned 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?

Filing taxes Signup and view all the answers

What type of income is received from employment?

Earned income 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?

Government transfers Signup and view all the answers

What is the term for the income remaining after all deductions?

Net income Signup and view all the answers

What is the total contribution to the UIF from both the employee and employer, expressed as a percentage of gross salary?

2% of gross salary Signup and view all the answers

What is the purpose of the UIF salary ceiling?

To limit the amount of UIF that can be deducted from an employee's salary Signup and view all the answers

What is the main advantage of using the accurate calculation method for currency conversions?

It ensures accurate financial planning for businesses Signup and view all the answers

What does a strong currency indicate in relation to another currency?

That one unit of the currency exchanges for more than one unit of another currency Signup and view all the answers

What is the primary factor that affects the buying power of a currency?

All of the above Signup and view all the answers

What is the primary purpose of graph comparison in tariff systems?

To compare the costs of different tariff systems and identify the break-even point Signup and view all the answers

What is the purpose of the estimation method for currency conversions?

To provide a quick estimate of the converted amount Signup and view all the answers

What is the formula for calculating the monthly cost in a non-prepaid electricity tariff system?

Monthly Cost = Service Charge + Network Charge + (Rate per Unit x Units Used) Signup and view all the answers

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

R124.78 Signup and view all the answers

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

A period where the cost does not change Signup and view all the answers

What is the primary purpose of comparing the costs of different tariff systems?

To identify the most cost-effective tariff system Signup and view all the answers

What is the formula for calculating the total contribution to the UIF?

Employee's contribution + Employer's contribution Signup and view all the answers

What is the formula for calculating the percentage increase in a tariff system?

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

What is the purpose of an incremental tariff system?

To charge a higher rate for higher consumption levels Signup and view all the answers

What is the exchange rate typically expressed by?

The number of units of one currency that can be exchanged for a certain number of units of another currency Signup and view all the answers

What is the primary purpose of identifying the options in a tariff system comparison?

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

What is the primary purpose of using mathematical tools and techniques in tariff system comparison?

To organize and visualize the data to make informed decisions Signup and view all the answers

What is the primary purpose of comparing the total costs, benefits, and risks of each tariff system option?

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

What is the primary purpose of documenting the comparison process in a tariff system comparison?

To record the calculations and rationales for the decision Signup and view all the answers

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

To identify areas of improvement in the budgeting process Signup and view all the answers

Which of the following is a key point about statements of income-and-expenditure?

They include values for two different time periods Signup and view all the answers

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

Difference = Predicted Value - Actual Value Signup and view all the answers

What is the purpose of the UIF salary ceiling?

To limit the amount of UIF contributions from high-income earners Signup and view all the answers

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

2% of gross salary Signup and view all the answers

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

To describe the current finances of a business or organization Signup and view all the answers

What is the formula for calculating the percentage change in expenditure?

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

What is the purpose of calculating the net income?

To determine the profitability of a business or organization Signup and view all the answers

What is the formula for calculating the total expenditure?

Total Expenditure = ∑ All Expense Items Signup and view all the answers

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

To identify areas of improvement and make informed decisions Signup and view all the answers

What is the primary purpose of calculating the break-even point between two tariffs?

To identify the point at which the costs of the two tariffs are equal Signup and view all the answers

What is the formula for calculating the percentage increase in a tariff?

((New Value - Old Value) / Old Value) × 100 Signup and view all the answers

What is the primary purpose of using mathematical tools and techniques in comparing tariffs?

To organize and visualize the data to make an informed decision Signup and view all the answers

What is the term for the cost associated with a specific range of usage in a tariff?

Fixed rate Signup and view all the answers

What is the primary purpose of evaluating the potential risks associated with a tariff?

To assess the likelihood and impact of potential risks Signup and view all the answers

What is the term for the graphical representation of the costs of two tariffs across different usage levels?

Line graph Signup and view all the answers

What is the primary purpose of comparing the costs and benefits of two tariffs?

To make an informed decision about which tariff is more advantageous Signup and view all the answers

What is the formula for calculating the monthly cost of a prepaid tariff?

Rate per Unit × Units Used Signup and view all the answers

What is the term for the fixed rate charged for a specific range of usage in a tariff?

Flat rate Signup and view all the answers

What is the primary purpose of identifying the benefits of a tariff?

To compare the benefits in relation to the costs Signup and view all the answers

What is the primary purpose of step 3 in the process of comparing two options?

To establish criteria that will be used to compare the options Signup and view all the answers

What is the purpose of calculating the cost-benefit ratio in the process of comparing two options?

To evaluate the benefits of each option in relation to its costs Signup and view all the answers

What is the primary purpose of creating a budget?

To develop a plan for how to allocate income to cover expenses, savings, and investments Signup and view all the answers

What is the primary purpose of using visual aids in the process of comparing two options?

To present the findings in a clear and logical manner Signup and view all the answers

What is the term for the income remaining after all deductions?

Net income Signup and view all the answers

What is the purpose of documenting the comparison process in the process of comparing two options?

To record the comparison process, including all calculations and rationales Signup and view all the answers

What is an example of unearned income?

Interest from a savings account Signup and view all the answers

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

To cover all important aspects of the decision Signup and view all the answers

What is the purpose of identifying all sources of income?

To list all the ways in which income is received Signup and view all the answers

What is the purpose of calculating the total deductions in a payslip?

To sum all the deduction values 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?

Investments Signup and view all the answers

What is the purpose of calculating the gross salary in a payslip?

To sum the basic salary and any additional incomes Signup and view all the answers

What is the primary purpose of income tax?

To recognize the role of income tax in personal finance and how it is calculated Signup and view all the answers

What is the purpose of identifying the basic salary and any additional incomes in a payslip?

To calculate the gross salary Signup and view all the answers

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

Savings 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?

Government transfers Signup and view all the answers

What is the primary purpose of calculating the net pay in a payslip?

To subtract the total deductions from the gross salary Signup and view all the answers

What is the purpose of subtracting the total deductions from the gross salary in a payslip?

To calculate the net pay Signup and view all the answers

What is the primary objective of creating a budget?

To allocate income to cover expenses, savings, and investments 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?

Filing taxes Signup and view all the answers

What is the primary purpose of a currency conversion?

To determine the buying power of a currency in a foreign country Signup and view all the answers

What is the significance of the UIF salary ceiling?

It ensures that the UIF contribution remains capped at a certain amount Signup and view all the answers

What is the main difference between a strong and weak currency?

A strong currency exchanges for more than one unit of another currency Signup and view all the answers

What is the primary purpose of an incremental tariff system?

To charge different rates for different quantities of water consumed Signup and view all the answers

What is the formula for calculating the total UIF contribution?

2% x gross salary Signup and view all the answers

What is the primary purpose of comparing exchange rates?

To compare the buying power of different currencies Signup and view all the answers

What is the significance of the exchange rate in currency conversions?

It is used to calculate the accurate amount of currency exchanged Signup and view all the answers

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

To show the different tariffs charged for different quantities of water consumed Signup and view all the answers

What is the primary purpose of estimating currency conversions?

To get a general idea of the amount of currency exchanged Signup and view all the answers

What is the significance of the UIF contribution in a payslip?

It is a deduction from the employee's gross salary Signup and view all the answers

What is the main purpose of a payslip?

To inform an employee of their salary details and deductions Signup and view all the answers

What is the term for the amount of money left over after all deductions have been made from an employee's gross salary?

Net Pay Signup and view all the answers

What is the purpose of a quotation in a business transaction?

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

What is the formula for calculating the total deductions from an employee's salary?

Total Deductions = Sum of All Deduction Values Signup and view all the answers

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

To be able to explain and demonstrate how different values in the documents have been determined Signup and view all the answers

What is the formula for calculating an employee's gross salary?

Gross Salary = Basic Salary + Additional Incomes Signup and view all the answers

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

Unit Price Signup and view all the answers

What is the formula for calculating an employee's net pay?

Net Pay = Gross Salary - Total Deductions Signup and view all the answers

What is the primary reason for comparing predicted and actual values in a budget?

To make informed predictions for a new period Signup and view all the answers

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

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

What is the formula for calculating the total expenditure?

Total Expenditure = ∑ All Expense Items Signup and view all the answers

What is the purpose of UIF?

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

How is the employer's contribution to UIF calculated?

1% × gross salary Signup and view all the answers

What is the formula for calculating the net income?

Net Income = Total Income - Total Expenditure Signup and view all the answers

What is the purpose of monitoring and adjusting a budget?

To ensure that the budget is being followed Signup and view all the answers

What is the formula for calculating the percentage change in expenditure?

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

What is the primary purpose of creating a budget?

To predict the future finances of an event, business, or organization Signup and view all the answers

What is the purpose of comparing predicted and actual values in a statement of income-and-expenditure?

To understand how the income and expenditure have changed and whether there has been an improvement or decline in the performance of the business Signup and view all the answers

What is the primary purpose of calculating total deductions in a payslip?

To determine the net pay Signup and view all the answers

Which of the following is an example of unearned income?

Rental income Signup and view all the answers

What is the primary purpose of creating a budget?

To allocate income to cover expenses, savings, and investments 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?

Net income Signup and view all the answers

What is the primary purpose of drawing graphs to represent different tariff systems?

To compare the costs under different tariff systems Signup and view all the answers

What is the primary purpose of identifying all sources of income?

To understand the financial situation and make informed decisions Signup and view all the answers

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

A period of fixed rate for usage within a specific range 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?

Government transfers Signup and view all the answers

What is the primary purpose of filing taxes?

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

What is the formula to calculate the percentage increase?

(New Value - Old Value) × 100 / Old Value Signup and view all the answers

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

Savings Signup and view all the answers

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

To calculate the total cost associated with each option Signup and view all the answers

What is the primary purpose of the UIF salary ceiling?

To limit the maximum UIF amount that can be deducted from an employee's salary Signup and view all the answers

What is the primary purpose of income diversification?

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

What is an example of an incremental tariff system?

Water tariffs Signup and view all the answers

What is the term for the income remaining after all deductions?

Net income Signup and view all the answers

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

2% of gross salary Signup and view all the answers

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

To organize and visualize the data Signup and view all the answers

What is the primary purpose of short-term and long-term financial goals?

To set financial objectives and create strategies to achieve them Signup and view all the answers

What is the formula for accurate currency conversions?

Converted amount = Foreign currency amount x Exchange rate Signup and view all the answers

What is the purpose of step 3 in the process of comparing two options?

To calculate the total cost associated with each option 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?

Transfer payments Signup and view all the answers

What is a currency considered if one unit of that currency exchanges for less than one unit of another currency?

Weak Signup and view all the answers

What is the buying power of a currency dependent on?

The comparative cost of living and earning power in that country 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?

Investing Signup and view all the answers

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

Employee's contribution = 1% x Gross salary Signup and view all the answers

What is the primary purpose of risk assessment in comparing two options?

To evaluate the potential risks of each option Signup and view all the answers

What is the purpose of estimating currency conversions?

To get a general idea of the amount of currency exchanged Signup and view all the answers

What is an exchange rate typically expressed by?

How many units of one currency are equal to a certain number of units of another currency Signup and view all the answers

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

R124.78 Signup and view all the answers

What is the primary purpose of step 3 in the process of comparing two options?

To establish the criteria that will be used to compare the options Signup and view all the answers

What is the main difference between the payslip and the invoice?

The payslip is used to show the employee's salary and deductions, while the invoice is used to show the customer's payment details Signup and view all the answers

What is the purpose of calculating the cost-benefit ratio in comparing two options?

To compare the options based on their costs and benefits 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?

Tax filing Signup and view all the answers

What is the primary purpose of creating a budget?

To achieve financial goals Signup and view all the answers

What is the term for the income remaining after all deductions?

Disposable income Signup and view all the answers

What is the purpose of step 8 in the process of comparing two options?

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

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

Saving Signup and view all the answers

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

To organize the data and calculate key metrics 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?

Transfer payments Signup and view all the answers

What is the primary purpose of calculating gross income?

To calculate the total income earned before any deductions or taxes Signup and view all the answers

What is the main difference between short-term and long-term financial goals?

Short-term goals are focused on saving for a vacation, while long-term goals are focused on planning for retirement Signup and view all the answers

What is the purpose of creating a budget?

To allocate income to cover expenses, savings, and investments Signup and view all the answers

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

Unearned income Signup and view all the answers

What is the purpose of identifying all sources of income?

To create a budget that outlines how to allocate income Signup and view all the answers

What is the term for the income remaining after all deductions?

Net income Signup and view all the answers

What is the primary purpose of income tax?

To redistribute wealth and fund government programs Signup and view all the answers

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

Savings 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?

Investing 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?

Filing taxes Signup and view all the answers

What is the primary purpose of the UIF salary ceiling?

To cap the maximum UIF contribution from an employee's salary Signup and view all the answers

What is the effect of a strong currency on exchange rates?

It decreases the value of the foreign currency Signup and view all the answers

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

To show the incremental increase in tariffs Signup and view all the answers

What is the formula for calculating the total UIF contribution from both the employee and employer?

2% × gross salary Signup and view all the answers

What is the effect of an incremental tariff system on the cost of water consumption?

It increases the cost of water consumption as consumption increases Signup and view all the answers

What is the purpose of comparing the buying power of different currencies?

To compare the cost of living in different countries Signup and view all the answers

What is the primary difference between the estimation and accurate calculation methods of currency conversions?

The estimation method uses a rounded exchange rate, while the accurate calculation method uses the exact exchange rate Signup and view all the answers

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

To ensure compliance with UIF regulations Signup and view all the answers

What is the effect of a weak currency on exchange rates?

It increases the value of the foreign currency Signup and view all the answers

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

To determine the maximum amount that can be deducted from an employee's salary Signup and view all the answers

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

To evaluate the accuracy of predictions and make informed decisions for future periods Signup and view all the answers

What is the significance of including actual values in a budget?

It enables the comparison of predicted and actual values to identify areas for improvement Signup and view all the answers

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

To provide a summary of actual income and expenditure items for an event, business, or organization Signup and view all the answers

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

Actual Value - Predicted Value Signup and view all the answers

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

It determines the maximum amount of UIF that can be deducted from an employee's salary Signup and view all the answers

What is the primary purpose of calculating net income?

To determine the profitability of a business Signup and view all the answers

What is the significance of including values for two different time periods in a statement of income-and-expenditure?

It enables the comparison of performance over time Signup and view all the answers

What is the formula for calculating the total expenditure of a business?

Sum of all expense items Signup and view all the answers

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

To understand how the expenditure has changed over time Signup and view all the answers

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

2% of gross salary Signup and view all the answers

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

To determine the most cost-effective tariff system Signup and view all the answers

Which of the following is a key concept in comparing two options?

Cost-benefit analysis Signup and view all the answers

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

To quantify the change in cost over time Signup and view all the answers

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

To organize and visualize data Signup and view all the answers

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

To ensure the criteria are relevant and comprehensive Signup and view all the answers

What is the primary purpose of risk assessment in comparing two options?

To identify and quantify the potential risks Signup and view all the answers

What is the purpose of calculating the total cost of each option in comparing two options?

To consider both direct and indirect costs Signup and view all the answers

What is the primary purpose of using tables, graphs, and equations in comparing two options?

To organize and visualize data Signup and view all the answers

What is the purpose of documenting the comparison process in comparing two options?

To present the findings in a clear and logical manner Signup and view all the answers

What is the primary purpose of comparing two options?

To make an informed decision based on relevant data Signup and view all the answers

What is the primary purpose of calculating the gross salary?

To identify the basic salary and additional incomes Signup and view all the answers

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

A quotation provides a summary of costs, while an invoice provides proof of payment Signup and view all the answers

What is the formula for calculating the total deductions?

Total Deductions = Sum of All Deduction Values Signup and view all the answers

What is the purpose of including deductions in a payslip?

To deduct payments from the employee's salary for items such as Medical Aid and Pension Signup and view all the answers

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

The unit price is the price of each individual item, while the quantity is the number of items Signup and view all the answers

What is the purpose of calculating the net pay?

To determine the amount of money the employee will receive at the end of the month Signup and view all the answers

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

To learn and understand the different terms used in financial documents Signup and view all the answers

What is the formula for calculating the gross salary, given that the basic salary is $50,000 and additional income is $10,000?

Gross Salary = Basic Salary + Additional Income Signup and view all the answers

What is the primary purpose of creating a budget?

To allocate income to cover expenses, savings, and investments Signup and view all the answers

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

Unearned income Signup and view all the answers

What is the primary purpose of filing taxes?

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

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

The graph shows different tariffs for different brackets of consumption Signup and view all the answers

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

Savings Signup and view all the answers

What is the purpose of comparing the graphs of two tariff systems?

To find the break-even point and analyze costs under different conditions Signup and view all the answers

What is the primary purpose of identifying all sources of income?

To understand income tax obligations Signup and view all the answers

What does the formula $\text{Monthly Cost} = \text{Service Charge} + \text{Network Charge} + (\text{Rate per Unit} \times \text{Units Used})$ represent?

The cost of a non-prepaid electricity system Signup and view all the answers

What is the purpose of calculating the percentage increase in cost?

To analyze the change in cost over time 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?

Investing Signup and view all the answers

What is the primary purpose of calculating gross income?

To understand total income earned Signup and view all the answers

What is the main criterion for comparing two options in a decision-making process?

A combination of cost, benefits, and risks Signup and view all the answers

What is the term for the income remaining after all deductions?

Net income Signup and view all the answers

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

To organize and analyze the data, and to calculate key metrics Signup and view all the answers

What is the primary purpose of risk assessment in comparing two options?

To evaluate the potential risks of each option Signup and view all the answers

What is the primary purpose of income tax?

To fund government activities Signup and view all the answers

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

To document the calculations and rationales for the decision 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?

Government transfers Signup and view all the answers

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

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

What does the graph of an incremental tariff system show?

An increasing gradient, indicating higher rates for higher consumption levels Signup and view all the answers

What is the effect of a salary ceiling on the UIF contribution?

It ensures the UIF contribution remains capped for salaries above the ceiling. Signup and view all the answers

What is the difference between the estimation and accurate calculation methods of currency conversions?

Estimation is a rough estimate, while accurate calculation provides an exact amount. Signup and view all the answers

What is the purpose of comparing the strength of a currency in relation to another currency?

To determine the strength of a currency in relation to another currency for investment purposes. Signup and view all the answers

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

Total contribution = 2% x gross salary. Signup and view all the answers

What is the purpose of the UIF salary ceiling?

To ensure the UIF contribution remains capped for salaries above the ceiling. Signup and view all the answers

What is the effect of an exchange rate on the buying power of a currency?

It depends on the comparative cost of living in another country. Signup and view all the answers

What is the purpose of an incremental tariff system?

To charge an increasing rate for each additional unit consumed. Signup and view all the answers

What is the difference between a strong and weak currency?

A strong currency has a higher exchange rate, while a weak currency has a lower exchange rate. Signup and view all the answers

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

Employee's contribution = 1% x gross salary. Signup and view all the answers

What is the primary purpose of step 3 in the process of comparing two options?

To establish the criteria for comparing the options Signup and view all the answers

Which of the following is a key feature of a payslip?

Deductions and net pay Signup and view all the answers

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

To calculate key metrics and organize the data Signup and view all the answers

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

Saving Signup and view all the answers

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

To learn and understand different terms used in financial documents Signup and view all the answers

What is the primary purpose of step 8 in the process of comparing two options?

To compare the options based on the criteria, costs, benefits, and risks Signup and view all the answers

What is the primary benefit of using a budget to compare predicted and actual values?

To make informed predictions for future financial performance Signup and view all the answers

What is the term for the income remaining after all deductions?

Net pay Signup and view all the answers

What is the primary purpose of documenting and presenting the findings in the process of comparing two options?

To record the comparison process and present the findings using visual aids Signup and view all the answers

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

To describe the current financial situation of a business Signup and view all the answers

What is the formula for calculating the total expenditure of a business?

∑ All Expense Items Signup and view all the answers

What is the primary purpose of calculating the total cost of each option in the process of comparing two options?

To determine the cost-benefit ratio of each option Signup and view all the answers

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

To understand how the expenditure has changed over time Signup and view all the answers

What is the primary purpose of identifying each deduction amount in a payslip?

To determine the total deductions Signup and view all the answers

What is the primary purpose of UIF?

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

How is the employer's contribution to UIF calculated?

1% × Gross Salary Signup and view all the answers

What is the purpose of regularly reviewing income and expenses in a budget?

To monitor and adjust the budget to accommodate changes Signup and view all the answers

What is the formula for calculating net income?

Total Income - Total Expenditure Signup and view all the answers

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

To evaluate the effectiveness of the budget Signup and view all the answers

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

2% of gross salary Signup and view all the answers

What is the primary purpose of calculating gross income?

To identify all sources of income Signup and view all the answers

Which of the following is an example of unearned income?

Interest earned on a savings account Signup and view all the answers

What is the purpose of budgeting in financial planning?

To allocate income to cover expenses, savings, and investments Signup and view all the answers

Which of the following is a long-term financial goal?

Planning for retirement Signup and view all the answers

What is the purpose of income diversification?

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

What is the purpose of filing taxes?

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

Which of the following is an example of a government transfer?

Social security benefits Signup and view all the answers

What is the purpose of monitoring and adjusting a budget?

To ensure that the budget is being followed and make adjustments as necessary Signup and view all the answers

What is the primary purpose of creating a budget?

To plan for future finances and make informed decisions about income and expenses Signup and view all the answers

What is the term for income remaining after all deductions?

Net income Signup and view all the answers

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

To evaluate the performance of the business over time Signup and view all the answers

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

$$ Difference = Predicted Value - Actual Value $$ Signup and view all the answers

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

To describe the current financial situation of a business Signup and view all the answers

What is the formula for calculating the net income?

$$ Net Income = Total Income - Total Expenditure $$ Signup and view all the answers

What is the purpose of the UIF salary ceiling?

To ensure that employees contribute a fixed amount to UIF Signup and view all the answers

What is the formula for calculating the total UIF contribution?

$$ Total Contribution = Employee's Contribution + Employer's Contribution $$ Signup and view all the answers

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

To understand how the expenditure has changed over time Signup and view all the answers

What is the formula for calculating the percentage change in expenditure?

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

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

To evaluate the accuracy of predictions Signup and view all the answers

What is the primary objective of creating a budget?

To plan and manage the financial resources of a business Signup and view all the answers

What is the purpose of the UIF salary ceiling?

To ensure that the UIF contribution remains capped Signup and view all the answers

What is the primary purpose of comparing exchange rates between different currencies?

To identify the strength of a currency Signup and view all the answers

What is the result of a currency being considered 'strong'?

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

What is the difference between the estimation and accurate calculation methods of currency conversions?

The estimation method is used for travelers, while the accurate calculation method is used for businesses Signup and view all the answers

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

To show the incremental increase in tariff Signup and view all the answers

What is the primary purpose of understanding the value of a currency in relation to other currencies?

To identify the strength of a currency Signup and view all the answers

What is the result of a currency being considered 'weak'?

One unit of the currency exchanges for less than one unit of another currency Signup and view all the answers

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

To analyse the costs under different conditions Signup and view all the answers

What is the formula for calculating the total contribution to UIF?

2% × gross salary Signup and view all the answers

What is the purpose of using a currency conversion formula?

To calculate the accurate converted amount of a currency Signup and view all the answers

What is the purpose of identifying the flat line sections in the graph of a tariff system?

To illustrate the periods where the cost does not change Signup and view all the answers

When comparing two tariff systems, what is the primary purpose of calculating the break-even point?

To identify the point at which the costs of the two systems are equal Signup and view all the answers

What is the formula for calculating the percentage increase in a tariff system?

$(New Value - Old Value) / Old Value$ Signup and view all the answers

What is the primary purpose of using mathematical tools and techniques in comparing two tariff systems?

To organize and visualize the data Signup and view all the answers

What is the purpose of establishing the criteria for comparison in comparing two tariff systems?

To ensure the criteria are relevant and comprehensive Signup and view all the answers

What is the purpose of calculating the total cost of each option in comparing two tariff systems?

To identify the direct and indirect costs Signup and view all the answers

What is the primary purpose of identifying the increasing gradients in the graph of a tariff system?

To illustrate the incremental nature of the tariff system Signup and view all the answers

What is the purpose of making a decision after comparing two tariff systems?

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

What is the primary purpose of documenting the comparison process in comparing two tariff systems?

To present the findings in a clear and logical manner Signup and view all the answers

What is the purpose of using graphs to visually compare the costs across different usage levels in comparing two tariff systems?

To illustrate the incremental nature of the tariff system Signup and view all the answers

Gr 11 Math Lit: June Hard P(1)

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Questions and Answers

What is the main difference between gross salary and taxable income?

What is the purpose of a quotation?

What is the formula for calculating gross salary?

What is the purpose of a receipt?

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

What is the formula for calculating net pay?

What is the purpose of a deduction in a payslip?

What is the difference between unit price and quantity?

What is the primary purpose of a budget?

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

What is the formula for calculating total expenditure?

What is the purpose of UIF?

How is the employee's contribution to UIF calculated?

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

What is the formula for calculating the percentage change in expenditure?

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

How is the employer's contribution to UIF calculated?

What is net income?

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

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

What is an exchange rate typically expressed by?

What is the primary purpose of step 9 in the process of comparing two options?

What is the formula for accurate currency conversions?

What is the difference between a quotation and an invoice?

What is a currency considered if one unit of that currency exchanges for more than one unit of another currency?

What is the formula for calculating the gross salary?

What is the buying power of a currency dependent on?

What is the purpose of step 2 in the process of comparing two options?

What is the purpose of the UIF salary ceiling?

What is the difference between the gross salary and the net pay?

What is the main difference between the estimation and accurate calculation methods of currency conversions?

What is an example of an incremental tariff system?

What is the purpose of an invoice?

What is the formula for calculating the net pay?

What is the employer's contribution to the UIF?

What is the purpose of step 7 in the process of comparing two options?

What is the purpose of a payslip?

What is the purpose of step 1 in the process of comparing two options?

What is the primary objective of creating a budget?

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

What is the term for the income remaining after all deductions?

What is the primary purpose of income tax?

Which financial goal is typically achieved through saving and investing a portion of income?

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

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

What is the primary purpose of identifying all sources of income?

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

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

What type of graphical representation is used to show the different tariffs charged for water consumption within a certain bracket?

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

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

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

What is the purpose of identifying the options in comparing two tariff systems?

What is the formula to calculate the percentage increase?

What is the purpose of cost analysis in comparing two tariff systems?

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

What is the purpose of risk assessment in comparing two tariff systems?

What is the final step in comparing two tariff systems?

What is the correct sequence of steps to determine the net pay?

What is the primary purpose of creating a budget?

Which of the following is an example of unearned income?

What is the purpose of identifying all sources of income?

What is the difference between gross income and net income?

What is the purpose of filing taxes?

What is the primary purpose of income diversification?

What is the purpose of setting financial goals?

What is the correct calculation for determining the total deductions?

What is the purpose of creating a budget category for savings?

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

What is the formula for calculating the total expenditure?

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

What is the formula for calculating the percentage change in expenditure?

What is the salary ceiling for calculating UIF?

What is the purpose of UIF?

What is the formula for calculating the net income?

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