Financial Documents Quiz: Till Slips and VAT
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Questions and Answers

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

  • 20%
  • 12%
  • 10%
  • 15% (correct)

    • What type of bill is used to charge for services such as water and electricity?

  • Till Slip
  • Account Statement
  • Invoice
  • Municipal Bill (correct)

    • What is the purpose of checking the total calculation on a till slip?

  • To verify the shop details
  • To calculate the VAT rate
  • To ensure the sum of item prices and VAT is correct (correct)
  • To determine the change given back

    • What is the meaning of 'Balance Brought Forward' on an account statement?

    <p>The amount carried over from the previous statement</p> Signup and view all the answers

    What is the term for the maximum amount of credit allowed on a store account?

    <p>Credit Limit</p> Signup and view all the answers

    Why is it necessary to check the change calculation on a till slip?

    <p>To ensure the change given back is correct</p> Signup and view all the answers

    What type of document is used to charge for goods and services bought on credit?

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

    What is the purpose of checking the item costs on a till slip?

    <p>To determine the unit prices when given pack prices and quantities</p> Signup and view all the answers

    What is the purpose of verifying payment history on a cell phone bill?

    <p>To ensure the current balance is accurate</p> Signup and view all the answers

    How is the VAT amount calculated on a cell phone bill?

    <p>VAT Amount = Total Amount × (VAT Rate / (100 + VAT Rate))</p> Signup and view all the answers

    What is the formula to calculate simple interest?

    <p>I = P × r × t</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

    <p>To summarize the employee's total earnings, deductions, and tax deducted</p> Signup and view all the answers

    What is the term for the range of taxable income charged at a specific tax rate?

    <p>Tax bracket</p> Signup and view all the answers

    What is the definition of gross salary?

    <p>The total amount earned including salary, overtime, bonuses, etc.</p> Signup and view all the answers

    What is the purpose of PAYE (Pay As You Earn)?

    <p>To ensure that taxes are collected regularly throughout the year</p> Signup and view all the answers

    What is taxable income?

    <p>Gross income minus tax-deductible deductions</p> Signup and view all the answers

    What is the amount deducted from the total tax payable, based on age and eligibility?

    <p>Tax rebate</p> Signup and view all the answers

    What is the purpose of checking calculations on a cell phone bill?

    <p>To ensure the total amount due is correct</p> Signup and view all the answers

    What is the formula to calculate the area of a circle?

    <p>A = πr^2</p> Signup and view all the answers

    What is the minimum salary before tax is charged?

    <p>Tax threshold</p> Signup and view all the answers

    What is the definition of net salary?

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

    What is the term for the total amount earned by the employee before any deductions?

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

    What is the purpose of UIF (Unemployment Insurance Fund)?

    <p>To provide short-term relief to unemployed workers or those unable to work due to maternity, illness, or adoption leave</p> Signup and view all the answers

    What is the purpose of understanding key financial terms?

    <p>To familiarize yourself with their implications on bills and account statements</p> Signup and view all the answers

    What is the formula to calculate compound interest?

    <p>A = P × (1 + (r/n))^nt</p> Signup and view all the answers

    How is the employee's UIF contribution calculated?

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

    What is the formula to calculate taxable income?

    <p>Taxable Income = Gross Income - Tax-Deductible Deductions</p> Signup and view all the answers

    What is the last step in the summary of steps for tax calculations?

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

    What is the net salary calculated by subtracting from the gross salary?

    <p>Total deductions</p> Signup and view all the answers

    What is the fixed amount in a tariff system?

    <p>A constant fee paid regardless of usage</p> Signup and view all the answers

    What is the purpose of identifying points of intersection in comparing tariff systems?

    <p>To understand the cost-effectiveness of each option at various usage levels</p> Signup and view all the answers

    What is break-even point in the context of tariff systems?

    <p>The point where the total costs of two options are equal</p> Signup and view all the answers

    What skill is essential in comparing tariff systems?

    <p>Drawing and interpreting graphs</p> Signup and view all the answers

    What is an example of a tariff system?

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

    What is the tariff rate in a tariff system?

    <p>The rate at which the total cost changes per unit of usage</p> Signup and view all the answers

    What is the main purpose of a budget?

    <p>To estimate expected income and expenses for a future period</p> Signup and view all the answers

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

    <p>A budget outlines how an organization plans to spend money, while an income-and-expenditure statement summarizes actual income and expenses</p> Signup and view all the answers

    Why is it essential to ensure consistent units in tariff system calculations?

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

    What type of costs are incurred in producing goods or services?

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

    What is an example of a context where tariff systems are applied?

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

    What is the break-even point in a business?

    <p>The point at which income equals total costs</p> Signup and view all the answers

    What is the variable amount in a tariff system?

    <p>An amount that depends on the level of usage</p> Signup and view all the answers

    What is the purpose of an income-and-expenditure statement in small businesses?

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

    What is the calculation for profit?

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

    What type of cost is rent?

    <p>Fixed cost</p> Signup and view all the answers

    What happens when total expenditure exceeds total income in a business?

    <p>The business incurs a loss</p> Signup and view all the answers

    What is the primary source of income for a small business?

    <p>Sales of goods or services</p> Signup and view all the answers

    What is the purpose of analyzing income-and-expenditure statements and budgets in small businesses?

    <p>To identify variances between actual income and expenses and the budget</p> Signup and view all the answers

    What is the primary source of income for a business?

    <p>Sales of goods or services</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point at which total income equals total costs</p> Signup and view all the answers

    What is the purpose of a budget in a business?

    <p>To estimate expected costs and income</p> Signup and view all the answers

    What is the formula to calculate loss in a business?

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

    What type of costs are one-time expenses incurred to establish a business?

    <p>Start-Up Costs</p> Signup and view all the answers

    Why is it important to set the right selling price in a business?

    <p>To cover all costs and generate a profit</p> Signup and view all the answers

    What is the importance of analysing income and expenditure statements in a business?

    <p>To identify areas where costs can be reduced and income can be increased</p> Signup and view all the answers

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

    <p>To report actual expenditure and income over a specific period</p> Signup and view all the answers

    Why is it important to manage cash flow in a business?

    <p>To ensure there is enough cash to cover operating expenses</p> Signup and view all the answers

    What is the importance of matching costs with income in a business?

    <p>To ensure that income matches or exceeds costs</p> Signup and view all the answers

    What is the effect of a shorter loan term?

    <p>Higher monthly repayments but lower total interest paid</p> Signup and view all the answers

    What is the primary goal of an investment?

    <p>To generate income or appreciation</p> Signup and view all the answers

    What is the benefit of compound interest?

    <p>Exponential growth of the investment</p> Signup and view all the answers

    What is a fixed deposit account used for?

    <p>For investing a lump sum over a fixed period</p> Signup and view all the answers

    What is the purpose of a bank statement?

    <p>To show all transactions in the account over a specific period</p> Signup and view all the answers

    What is the effect of a higher interest rate on an investment?

    <p>It increases the growth of the investment</p> Signup and view all the answers

    Why is it important to choose the right loan terms?

    <p>To balance between monthly affordability and total cost</p> Signup and view all the answers

    What is the purpose of a retirement annuity?

    <p>To provide income during retirement</p> Signup and view all the answers

    What is the effect of regular contributions to an investment?

    <p>It enhances the value of the investment over time due to compounding effects</p> Signup and view all the answers

    Why is it important to start investing early?

    <p>To maximize the benefits of compound interest</p> Signup and view all the answers

    What is the main difference between a loan and an investment?

    <p>A loan benefits the lender, while an investment benefits the investor</p> Signup and view all the answers

    What is the effect of a larger deposit on a loan?

    <p>It reduces the interest paid</p> Signup and view all the answers

    What is the real cost of a loan?

    <p>The monthly repayment multiplied by the number of repayments</p> Signup and view all the answers

    What is simple interest calculated on?

    <p>The original principal only</p> Signup and view all the answers

    What is the effect of a higher interest rate on an investment?

    <p>It increases the returns on the investment</p> Signup and view all the answers

    What is the benefit of starting to invest early?

    <p>To maximize the benefits of compound interest</p> Signup and view all the answers

    Which of the following fees can be avoided by using your own bank's ATMs?

    <p>Transaction Fees</p> Signup and view all the answers

    What is the term for the financial gain when income exceeds expenditure?

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

    What is the purpose of financial planning in relation to loans?

    <p>To balance monthly affordability with total cost</p> Signup and view all the answers

    What is the effect of inflation on the value of money?

    <p>Decreases the value of money</p> Signup and view all the answers

    What is the total repayment amount of a loan?

    <p>The sum of all monthly repayments</p> Signup and view all the answers

    What is the effect of a shorter loan period on the total interest paid?

    <p>It reduces the total interest paid</p> Signup and view all the answers

    What is the type of interest calculated on the original principal only?

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

    What is the purpose of checking the total calculation on a loan repayment schedule?

    <p>To verify the loan amount and interest paid</p> Signup and view all the answers

    What is the purpose of adjusting prices of goods and services based on inflation?

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

    What is the term for the rate at which the general level of prices for goods and services rises?

    <p>Inflation Rate</p> Signup and view all the answers

    What is the formula to calculate the inflation rate?

    <p>(Current Price - Previous Price) / Previous Price</p> Signup and view all the answers

    What is the type of inflation that occurs when the demand for goods and services exceeds supply?

    <p>Demand-Pull Inflation</p> Signup and view all the answers

    What is the term for the total amount of money borrowed, including the principal and the accumulated interest?

    <p>Total Cost of the Loan</p> Signup and view all the answers

    What is the purpose of graphs and trends in interpreting inflation?

    <p>To show changes in prices over time</p> Signup and view all the answers

    What is the purpose of adjusting for inflation in financial planning?

    <p>To keep pace with rising costs and maintain living standards</p> Signup and view all the answers

    What is the advantage of using open-ended research questions?

    <p>Can yield detailed and qualitative insights</p> Signup and view all the answers

    What is the purpose of using a sample in research?

    <p>To represent the population and make inferences about it</p> Signup and view all the answers

    What is the term for grouping data into categories based on a common feature?

    <p>Classifying data</p> Signup and view all the answers

    What is the purpose of using tally marks in data handling?

    <p>To count how many items fall into each category</p> Signup and view all the answers

    What is the term for the maximum amount of credit allowed on a store account?

    <p>Credit limit</p> Signup and view all the answers

    What is the purpose of budgeting in personal finance?

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

    What is the term for the entire group from which data is collected?

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

    What is the advantage of using closed research questions?

    <p>Easier to analyze</p> Signup and view all the answers

    What is the purpose of observation in data collection?

    <p>To collect data by watching and recording results without interacting with people</p> Signup and view all the answers

    What is the purpose of a grouped frequency table?

    <p>To show how often each category or group appears in the data set</p> Signup and view all the answers

    What is the calculation for the median in a data set with an even number of values?

    <p>The average of the two middle values</p> Signup and view all the answers

    What is the use of tally marks in data collection?

    <p>To count discrete data quickly and efficiently</p> Signup and view all the answers

    What is the interquartile range (IQR) in a data set?

    <p>The range of the middle 50% of the data</p> Signup and view all the answers

    What is the purpose of graphs in data representation?

    <p>To explore relationships and display data findings</p> Signup and view all the answers

    What is the definition of a frequency table?

    <p>A table that displays the frequency of various outcomes in a sample</p> Signup and view all the answers

    What is the calculation for the range in a data set?

    <p>The difference between the highest and lowest values in the data set</p> Signup and view all the answers

    What is the purpose of quartiles in data analysis?

    <p>To understand the spread and distribution of the data</p> Signup and view all the answers

    What is the definition of a percentile in a data set?

    <p>A value that divides the data set into 100 equal parts</p> Signup and view all the answers

    What is the purpose of organizing data?

    <p>To arrange information in a clear and systematic manner</p> Signup and view all the answers

    What is the probability of rolling an even number on a fair six-sided dice?

    <p>1/2</p> Signup and view all the answers

    What is the purpose of using tree diagrams in probability?

    <p>To calculate the probability of combined events</p> Signup and view all the answers

    What is the term for the number of times an event occurs?

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

    What is the probability of an impossible event?

    <p>0</p> Signup and view all the answers

    What is the purpose of using two-way tables in probability?

    <p>To show the probability of various combinations of events</p> Signup and view all the answers

    What is the term for a test result that indicates a positive result when it is actually negative?

    <p>False Positive</p> Signup and view all the answers

    What is the probability of rolling a specific number on a fair six-sided dice?

    <p>1/6</p> Signup and view all the answers

    What is the purpose of using probability in weather forecasting?

    <p>To indicate the likelihood of certain weather conditions</p> Signup and view all the answers

    What is the term for an event that occurs without any bias or pattern?

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

    What is the probability of an event that is certain to happen?

    <p>1</p> Signup and view all the answers

    Which type of graph is used to show the relationship between two variables?

    <p>Scatter plot</p> Signup and view all the answers

    What is the median in a dataset?

    <p>The middle value in an ordered dataset</p> Signup and view all the answers

    What is the purpose of a box and whisker plot?

    <p>To summarize data distributions</p> Signup and view all the answers

    What is the interquartile range (IQR)?

    <p>The range of the middle 50% of the data</p> Signup and view all the answers

    What is the purpose of a histogram?

    <p>To show the distribution of continuous data</p> Signup and view all the answers

    What is probability?

    <p>A measure of the likelihood of an event occurring</p> Signup and view all the answers

    What is the purpose of a line graph?

    <p>To show trends and changes over time</p> Signup and view all the answers

    What is the range of a dataset?

    <p>The difference between the highest and lowest values</p> Signup and view all the answers

    What is the purpose of a pie chart?

    <p>To show parts of a whole</p> Signup and view all the answers

    What is the mode of a dataset?

    <p>The value that appears most frequently</p> Signup and view all the answers

    Study Notes

    Financial Documents

    Till Slips

    • A till slip includes shop details, invoice information, and item details
    • Item details include the description of items or services bought, VAT amount, and total amount payable
    • VAT (Value Added Tax) is a 15% tax on goods and services, but some essential groceries are exempt

    Account Statements

    • Account statements include transactions, amounts due, due dates, previous balances, and available credit
    • Key terms:
      • Balance Brought Forward: amount carried over from the previous statement
      • Credit Available: remaining credit limit after accounting for the current balance
      • Credit Limit: maximum amount of credit allowed
    • Charges and penalties may apply if payments are late or not paid in full

    Bills

    • Types of bills: municipal bills (water, electricity, refuse removal) and cell phone bills
    • Understanding bill details:
      • Service providers and payment locations
      • Payment history and its impact on the current balance
      • Minimum payments to avoid additional charges
    • Key concepts:
      • VAT on bills: includes VAT, which needs to be calculated as a percentage of the base amount
      • Query period: time allowed to dispute or question a bill

    Formulas and Calculations

    Simple Interest

    • Formula: I = P × r × t
    • I = interest, P = principal amount, r = rate of interest per period, t = time in periods

    Compound Interest

    • Formula: A = P × (1 + r/n)^(nt)
    • A = amount accumulated, P = principal amount, r = annual interest rate, n = number of times interest is compounded per year, t = time in years

    VAT Calculation

    • Formula: VAT Amount = Total Amount × (VAT Rate / (100 + VAT Rate))

    Probability

    • Formula: P(E) = Number of favourable outcomes / Total number of possible outcomes

    Area and Volume Calculations

    • Area of a circle: A = πr^2
    • Volume of a rectangular prism: V = l × w × h

    Summary of Steps

    1. Verify information on financial documents
    2. Perform calculations to verify totals, interest, VAT, and other relevant calculations
    3. Check for exemptions from VAT
    4. Understand key financial terms and their implications
    5. Ensure accuracy in arithmetic operations and follow rounding rules when necessary

    Taxation

    Key Terminology

    • Gross Salary: total amount earned in a month, including salary, overtime, bonuses, etc.
    • Deductions: amounts subtracted from gross salary, including UIF, pension contributions, medical aid, etc.
    • Net Salary: gross salary minus deductions, also known as "take-home pay"
    • Income Tax: tax on all sources of income, calculated based on taxable income
    • Taxable Income: gross income minus tax-deductible deductions

    Determining Income Tax

    1. Calculate taxable income
    2. Determine the tax bracket
    3. Calculate annual tax
    4. Apply rebates
    5. Calculate monthly tax
    6. Determine net pay

    Key Concepts

    • PAYE (Pay As You Earn): income tax deducted from an employee's salary by the employer each month
    • UIF (Unemployment Insurance Fund): contributions made by employer and employee to provide short-term relief in case of unemployment

    Tariff Systems

    Key Concepts

    • Tariff systems: structured pricing plans specifying charges based on usage
    • Fixed Amount: constant fee paid regardless of usage
    • Variable Amount: amount dependent on level of usage
    • Tariff Rate: determines how much the total cost changes per unit of usage

    Steps for Comparing Tariff Systems

    1. Analyse each option individually
    2. Represent options in graph form
    3. Identify points of intersection and regions on the graph
    4. Use the analysis to make informed decisions

    Income, Expenditure, Profit, and Loss

    Key Concepts

    • Income-and-Expenditure Statements: summarize income and expenses over a specific period
    • Budgets: financial plans estimating expected income and expenses for a future period
    • Profit: financial gain when income exceeds expenditure
    • Loss: financial loss when total expenditure exceeds total income

    Importance of Managing Income and Expenditure

    • Financial planning and resource allocation
    • Decision making and strategic planning

    Types of Costs

    • Start-Up Costs: one-time expenses to establish a business
    • Monthly Operating Costs: recurring expenses to run the business
    • Production Costs: day-to-day expenses directly related to producing goods or services### Budgeting and Financial Planning
    • Purpose of Budget: Estimates expected costs and income based on historical data or similar businesses to plan for future expenses and manage resources effectively.
    • Income and Expenditure Statement: Reports actual expenditure and income over a specific period to analyse financial performance and prepare more accurate future budgets.

    Key Financial Concepts for Small Businesses

    • Matching Costs with Income: To make a profit, a business must ensure that its income matches or exceeds its costs through careful planning and management of all types of costs.
    • Analysing Income and Expenditure: Regular analysis of income and expenditure statements helps identify areas where costs can be reduced and income can be increased to maintain profitability.
    • Setting the Right Selling Price: The selling price must balance covering all costs and generating a profit while being competitive enough to attract customers, requiring understanding of both the cost structure and market conditions.
    • Managing Cash Flow: Ensuring there is enough cash to cover operating expenses is vital, involving managing both income (e.g., timely invoicing and collection) and expenditure (e.g., controlling costs and scheduling payments).

    Interest and Banking

    • Loans: Involve borrowing a lump sum from a bank or loan agent, repaid in smaller monthly amounts with interest added, considering factors like deposit size, interest rate, and loan length.
    • Investments: Involve placing money into a fund to gain interest and increase the value of the original amount, benefiting the investor, unlike a loan, considering concepts like interest rate, simple and compound interest, and monthly investments.

    Managing Loans and Investments

    • Impact of Interest Rates: Higher interest rates increase the cost of borrowing for loans, while they increase the returns on investments.
    • Monthly Repayment Amount: Higher monthly repayments reduce the loan term and total interest paid for loans, while higher monthly contributions increase the final investment value due to compounded interest for investments.
    • Financial Planning: Balance loan terms and interest rates to minimise costs, start investing early to maximise compound interest, and regularly review and adjust plans.

    Banking

    • Types of Bank Accounts: Savings, cheque or current, fixed deposit, credit, and debit accounts, each with unique features and purposes.
    • Bank Statements: Show all transactions in an account over a specific period, including date, description, amount, and balance.
    • Banking Fees: Charged for services like maintenance, transactions, and additional services, which can be minimised by using own bank's ATMs, limiting over-the-counter transactions, and avoiding unnecessary services.

    Inflation

    • Definition: The rate at which the general level of prices for goods and services rises, leading to a decrease in purchasing power.
    • Calculation of Inflation Rate: Uses the formula (Current Price - Previous Price) / Previous Price × 100%.
    • Effects of Inflation: Decrease in purchasing power, erosion of savings and investments, and need for cost of living adjustments.

    Interpreting Inflation

    • Graphs and Trends: Show changes in inflation rates over time, with rising graphs indicating increasing prices and falling graphs showing decreasing prices.
    • Analyzing Inflation in Different Contexts: Used in salary negotiations, price adjustments, and personal finance planning.

    Factors Influencing Inflation

    • Demand-Pull Inflation: Occurs when demand for goods and services exceeds supply, leading to higher prices.
    • Cost-Push Inflation: Results from increased costs of production, passed on to consumers as higher prices.
    • Built-In Inflation: Linked to adaptive expectations, where businesses increase prices to keep up with rising costs and consumers expect and accept higher prices.

    Financial Planning and Inflation

    • Adjusting for Inflation: Choose investments with returns higher than the inflation rate, plan for increased costs in the future, and ensure salary or income growth keeps pace with inflation.

    Data Handling

    • Developing Research Questions: Open-ended and closed questions, considering the research aim, population, and sample.
    • Collecting Data: Observation, questionnaire, and interview methods, considering biases and advantages.
    • Classifying and Organising Data: Organising data into a specific order, classifying data into categories, and using tally marks and frequency tables to summarise data.

    Summarising Data

    • Measures of Central Tendency: Mean, median, and mode, each with its own calculation and use.
    • Measures of Spread: Range, quartiles, and interquartile range (IQR), helping understand the spread and distribution of data.### Representing, Interpreting, and Analysing Data

    Purposes of Graphs

    • Explore relationships within data
    • Display and report data findings
    • Identify patterns and trends over time

    Types of Graphs

    Line Graphs

    • Show relationships between two quantities over time
    • Features: data points connected by straight lines

    Bar Graphs

    • Represent data sorted into categories
    • Features: bars show the number of items in each category, with spaces between bars
    • Types: single, double, multiple, compound, or stacked bar graphs

    Histograms

    • Represent continuous data grouped into ranges
    • Features: bars touch each other, indicating continuous data

    Scatter Plots

    • Study the relationship between two variables
    • Features: each point represents a pair of values, showing patterns of correlation

    Pie Charts

    • Show parts of a whole
    • Features: circular graph divided into sectors, representing percentages that add up to 100%

    Box and Whisker Plots

    • Summarize data using the five-number summary
    • Features: a box showing the interquartile range and whiskers extending to the minimum and maximum values

    Measures of Central Tendency and Spread

    Mean

    • Definition: sum of all values divided by the number of values
    • Use: represents the central point of the data set
    • Calculation: (Sum of all values) / (Number of values)

    Median

    • Definition: middle value in an ordered data set
    • Use: provides the central point less affected by outliers
    • Calculation: order the data and find the middle value; if even, average the two middle values

    Mode

    • Definition: value that appears most frequently
    • Use: useful for categorical data to find the most common category
    • Calculation: identify the value that occurs most frequently

    Range

    • Definition: difference between the highest and lowest values
    • Use: indicates how spread out the values are
    • Calculation: highest value - lowest value

    Quartiles

    • Definition: values that divide the data set into four equal parts
    • Use: show the spread and distribution of data
    • Calculation: order the data, find the median (Q2), then find the medians of the lower (Q1) and upper (Q3) halves

    Interquartile Range (IQR)

    • Definition: range of the middle 50% of the data
    • Use: measures the spread of the central portion of the data
    • Calculation: Q3 - Q1

    Percentiles

    • Definition: divide the data set into 100 equal parts
    • Use: analyse the spread of large data sets
    • Calculation: identify the value below which a given percentage of the data falls

    Interpreting and Analysing Graphs

    • Line Graphs: show trends and changes over time
    • Bar Graphs: compare different categories
    • Histograms: show the distribution of continuous data
    • Scatter Plots: identify correlations between two variables
    • Pie Charts: compare parts of a whole
    • Box and Whisker Plots: summarize data distributions

    Probability

    Probability Scale

    • Probabilities range from 0 (impossible) to 1 (certain)
    • Impossible: 0 (0%), no chance of the event happening
    • Even Chances: 0.5 (50%), equally likely to happen or not
    • Certain: 1 (100%), will definitely happen

    Conversions

    • Common conversions between fractions, decimals, and percentages

    Games of Chance

    Coin Toss

    • Two possible outcomes: Heads or Tails
    • Probability of Heads: 0.5 (50%)
    • Probability of Tails: 0.5 (50%)

    Dice Roll

    • Six possible outcomes: 1, 2, 3, 4, 5, 6
    • Probability of any one number: 1/6

    Key Terms

    • Frequency: number of times an event occurs
    • Random: event occurs without any bias or pattern
    • Trial: a single attempt or realization of a probability experiment
    • Fair: each outcome has an equal chance of occurring
    • Theoretical Probability: calculated probability, not the actual result

    Probability Calculations

    Rolling an Even Number on a Dice

    • List even outcomes: 2, 4, 6
    • Calculate the probability based on the number of favourable outcomes divided by the total number of possible outcomes

    Rolling a Specific Number

    • Subtract the probability of rolling that number from 1

    Tree Diagrams

    • Tree diagrams help visualize all possible outcomes of combined events
    • Each branch represents a possible outcome with its probability

    Two-Way Tables

    • Two-way tables show combined outcomes of two events
    • Each cell in the table represents a possible combined outcome, helping to visualize the probability of various combinations

    Predictions

    Weather Predictions

    • Based on historical data and current measurements
    • Probabilities in weather forecasts indicate the likelihood of certain weather conditions based on past data

    False Positives and False Negatives

    • False Positive: test indicates a positive result when it is actually negative
    • False Negative: test indicates a negative result when it is actually positive

    Using Probability in Real-Life Situations

    Improving Accuracy

    • Collect more data over time
    • Use advanced measurement tools and analysis methods

    Analysing Probability in Media

    • Verify the accuracy of sources and data used
    • Evaluate the sample size used for predictions
    • Consider the reliability of the source

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    Description

    Test your knowledge of financial documents, specifically till slips, and understand the key information they include, such as shop details, invoice information, and item details, as well as the concept of Value Added Tax (VAT) in South Africa.

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