Gr12 Math Lit: June medium P(1)
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Questions and Answers

What is the standard VAT rate in South Africa?

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

Which of the following items is exempt from VAT?

  • Bread (correct)
  • Sugar
  • Tea
  • Milk

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

  • To calculate the change due to the customer
  • To ensure the correct application of VAT (correct)
  • To verify the unit price of an item
  • To determine the credit limit

What is the balance brought forward on an account statement?

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

What type of bill would you receive for charges such as water and electricity?

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

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

<p>To ensure the correct change is given to the customer (D)</p> Signup and view all the answers

What is the credit available on an account statement?

<p>The remaining credit limit after accounting for the current balance (A)</p> Signup and view all the answers

Why is it important to check calculations on financial documents?

<p>To detect any errors or discrepancies (C)</p> Signup and view all the answers

What is the purpose of a Tax Bracket?

<p>To tax different ranges of taxable income at different rates (D)</p> Signup and view all the answers

What is the primary purpose of an IRP5 form?

<p>To summarize total earnings, deductions, and tax deducted (B)</p> Signup and view all the answers

What is the result of subtracting tax-deductible deductions from gross income?

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

What is the purpose of PAYE?

<p>To ensure regular tax collection throughout the year (A)</p> Signup and view all the answers

What is the total UIF contribution when the employer and employee each contribute 1% of the employee's monthly salary?

<p>2% of the monthly salary (B)</p> Signup and view all the answers

How is the annual tax calculated?

<p>By applying the tax rate to the annual income (A)</p> Signup and view all the answers

What is the tax threshold for individuals older than 75?

<p>R117,111 (B)</p> Signup and view all the answers

What is deducted from the total tax payable to calculate the net annual tax payable?

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

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

<p>Monthly tax, deductions, and medical tax credits (D)</p> Signup and view all the answers

What is the purpose of tax tables?

<p>To determine the tax bracket for a given taxable income (B)</p> Signup and view all the answers

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

<p>To check for any errors in the current bill (A)</p> Signup and view all the answers

What is the formula to calculate the VAT amount on a bill?

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

What is the difference between gross salary and net salary?

<p>Gross salary is the total amount earned, while net salary is the amount after deductions (B)</p> Signup and view all the answers

What is the purpose of verifying the total amount on a cell phone bill?

<p>To ensure the total amount is correct by verifying the sum of individual charges and VAT (C)</p> Signup and view all the answers

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

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

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

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

What type of systems specify how charges are applied based on usage?

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

What is the purpose of understanding taxation?

<p>To understand the implications of taxation on personal income (A)</p> Signup and view all the answers

What is the difference between taxable income and gross income?

<p>Taxable income is the amount subject to tax, while gross income includes all forms of income (C)</p> Signup and view all the answers

What is the fixed amount in a tariff system?

<p>A constant fee that must be paid regardless of usage (D)</p> Signup and view all the answers

What is the purpose of drawing graphs in comparing tariff systems?

<p>To visually compare the costs of different options (C)</p> Signup and view all the answers

What is the formula to calculate simple interest?

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

What is the purpose of checking for exemptions on a bill?

<p>To identify items exempt from VAT and adjust calculations accordingly (B)</p> Signup and view all the answers

What does the point of intersection on a graph indicate?

<p>The level of usage where one option becomes cheaper than another (D)</p> Signup and view all the answers

What is the formula to calculate the net salary?

<p>Net Salary = Gross Salary - Deductions (B)</p> Signup and view all the answers

What is the break-even point in tariff systems?

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

Why is it important to understand the break-even point in tariff systems?

<p>To decide which option is more cost-effective at different levels of usage (B)</p> Signup and view all the answers

What skills are applied in drawing and interpreting graphs in tariff systems?

<p>Patterns, relationships and representations skills (D)</p> Signup and view all the answers

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

<p>Analysing transport tariffs for school trips (D)</p> Signup and view all the answers

What is the purpose of performing calculations in tariff systems?

<p>To accurately determine costs and break-even points (B)</p> Signup and view all the answers

What is the main purpose of a budget in an organization?

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

Which of the following is a feature of an income-and-expenditure statement?

<p>It shows actual income and expenses over a specific period (C)</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 (B)</p> Signup and view all the answers

What type of costs are typically categorized as fixed costs?

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

What is the purpose of analyzing an income-and-expenditure statement and budget for a small business?

<p>To compare actual income and expenses against the budget (B)</p> Signup and view all the answers

What is the purpose of preparing an income-and-expenditure statement for a small business?

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

What is a loss in a business?

<p>The financial gain when expenditure exceeds income (B)</p> Signup and view all the answers

What is variable costs in a business?

<p>Costs that vary with the level of production or sales (C)</p> Signup and view all the answers

What is the formula to calculate profit in a business?

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

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

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

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

<p>A loan involves paying interest, while an investment earns interest. (A)</p> Signup and view all the answers

What is the effect of a higher interest rate on a loan?

<p>The total interest paid increases. (A)</p> Signup and view all the answers

What is the benefit of making higher monthly repayments on a loan?

<p>The total interest paid decreases. (A)</p> Signup and view all the answers

What is compound interest?

<p>Interest calculated on the current balance, including previous interest. (A)</p> Signup and view all the answers

What is the purpose of financial planning when taking out a loan?

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

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

<p>The returns on the investment increase. (B)</p> Signup and view all the answers

What is the principal amount in a loan?

<p>The original amount borrowed. (A)</p> Signup and view all the answers

What is the purpose of starting investments early?

<p>To maximize the returns on investments. (B)</p> Signup and view all the answers

What is the result of increasing the monthly investment amount?

<p>The final investment value increases. (A)</p> Signup and view all the answers

What is the total repayment amount on a loan?

<p>The principal amount plus interest. (B)</p> Signup and view all the answers

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

<p>Decreases the total interest paid (B)</p> Signup and view all the answers

What is the benefit of starting an investment early?

<p>Leads to greater accumulation due to the extended period of compounding interest (D)</p> Signup and view all the answers

What type of account is used for short-term savings and earns interest?

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

What is the purpose of a bank statement?

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

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

<p>Increases the growth of the investment (D)</p> Signup and view all the answers

What is the purpose of managing interest rates when taking a loan?

<p>To minimize the cost of the loan (A)</p> Signup and view all the answers

What is compound interest?

<p>Interest calculated on the principal and accumulated interest (A)</p> Signup and view all the answers

What is the benefit of regular contributions to an investment?

<p>Enhances the value of the investment over time due to compounding effects (A)</p> Signup and view all the answers

What is the purpose of a Fixed Deposit Account?

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

What is the effect of a longer loan term on the total interest paid?

<p>Increases the total interest paid (C)</p> Signup and view all the answers

What is the primary purpose of reducing banking fees?

<p>To minimize unnecessary expenses (C)</p> Signup and view all the answers

What is the difference between simple interest and compound interest?

<p>Simple interest is calculated on the original principal, while compound interest is calculated on the current balance (D)</p> Signup and view all the answers

What happens when total expenditure exceeds total income?

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

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

<p>To ensure that savings and investments keep pace with rising costs (D)</p> Signup and view all the answers

What is the effect of inflation on savings and investments?

<p>Inflation erodes the value of money (C)</p> Signup and view all the answers

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

<p>They provide more detailed and qualitative insights (D)</p> Signup and view all the answers

What is the formula to calculate the inflation rate?

<p>((Current Price - Previous Price) / Previous Price) x 100% (C)</p> Signup and view all the answers

What is the primary purpose of using observation in data collection?

<p>To avoid interaction biases and collect behavioural data (D)</p> Signup and view all the answers

What is the main disadvantage of using closed questions in research?

<p>They may not accommodate all respondents' views, leading to incomplete answers (D)</p> Signup and view all the answers

What is the purpose of analyzing inflation in different contexts?

<p>To make financial decisions, such as salary negotiations and price adjustments (A)</p> Signup and view all the answers

What is demand-pull inflation?

<p>An increase in the demand for goods and services (B)</p> Signup and view all the answers

What is the primary purpose of using a sample in research?

<p>To represent the population and make generalisations (D)</p> Signup and view all the answers

What is the purpose of understanding interest and loans?

<p>To make informed decisions about borrowing and lending (B)</p> Signup and view all the answers

What is the main purpose of classifying and organising data?

<p>To simplify the data for better understanding and analysis (D)</p> Signup and view all the answers

What is the primary purpose of using tally marks in data organisation?

<p>To count how many items fall into each category efficiently and visually (A)</p> Signup and view all the answers

What is the main difference between profit and loss?

<p>Profit occurs when income exceeds expenditure, while loss occurs when expenditure exceeds income (A)</p> Signup and view all the answers

What is the primary advantage of using questionnaires in research?

<p>They provide anonymity, encouraging honest responses (B)</p> Signup and view all the answers

What is the purpose of calculating profit and loss?

<p>To evaluate the financial performance of a business (C)</p> Signup and view all the answers

What is the main disadvantage of using interviews in research?

<p>They are time-consuming and may introduce interviewer bias (B)</p> Signup and view all the answers

What is the primary purpose of income adjustments in personal finance?

<p>To ensure that salary or income growth keeps pace with inflation (D)</p> Signup and view all the answers

What is the primary purpose of organizing data?

<p>To make it easier to read and analyze (B)</p> Signup and view all the answers

What is the median in a dataset?

<p>The middle value in a dataset when arranged in ascending or descending order (B)</p> Signup and view all the answers

What is the purpose of a frequency table?

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

What is the interquartile range (IQR) in a dataset?

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

What is the purpose of quartiles in a dataset?

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

What is the main purpose of representing and interpreting data?

<p>To explore relationships and display findings in a clear and concise manner (D)</p> Signup and view all the answers

What is the main purpose of percentiles in a dataset?

<p>To compare individual values to the entire dataset (A)</p> Signup and view all the answers

What is the range in a dataset?

<p>The difference between the highest and lowest values in the dataset (A)</p> Signup and view all the answers

What is the purpose of a grouped frequency table?

<p>To organize continuous data divided into intervals (D)</p> Signup and view all the answers

What is the mode in a dataset?

<p>The value that appears most frequently in the dataset (C)</p> Signup and view all the answers

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

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

What is the median in a data set?

<p>The middle value (A)</p> Signup and view all the answers

What is the purpose of a Box and Whisker Plot?

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

What is the Interquartile Range (IQR)?

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

What is the purpose of a Histogram?

<p>To represent continuous data grouped into ranges (A)</p> Signup and view all the answers

What is the definition of Probability?

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

What is the purpose of a Pie Chart?

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

What is the Range in a data set?

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

What is the purpose of a Line Graph?

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

What is the Quartile in a data set?

<p>The value that divides the data set into four equal parts (D)</p> Signup and view all the answers

What is the probability of rolling an even number on a dice?

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

What is the purpose of using tree diagrams in probability calculations?

<p>To visualize all possible outcomes of combined events (D)</p> Signup and view all the answers

What is a false positive in the context of probability?

<p>A test indicates a positive result when it is actually negative (C)</p> Signup and view all the answers

What is the probability scale?

<p>A scale that ranges from 0 to 1 (A)</p> Signup and view all the answers

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

<p>To visualize the probability of combined events (A)</p> Signup and view all the answers

What is the probability of an impossible event?

<p>0 (A)</p> Signup and view all the answers

What is a fair game in probability?

<p>A game where each outcome has an equal chance of occurring (D)</p> Signup and view all the answers

What is the purpose of collecting more data in probability?

<p>To increase the accuracy of predictions (C)</p> Signup and view all the answers

What is the probability of certain event?

<p>1 (B)</p> Signup and view all the answers

What is the purpose of using probability in real-life situations?

<p>To make informed decisions based on data (D)</p> Signup and view all the answers

What is the primary source of income for a business?

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

What is the break-even point in a business?

<p>The point where total income equals total costs (C)</p> Signup and view all the answers

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

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

Why is it important to set the right selling price?

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

What type of cost is usually covered by a loan that is paid back monthly?

<p>Start-up costs (A)</p> Signup and view all the answers

What is the purpose of financial planning in a business?

<p>To ensure long-term success and make informed financial decisions (C)</p> Signup and view all the answers

What is the calculation for profit?

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

Why is it important to match costs with income?

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

What is the purpose of a budget?

<p>To estimate expected costs and income based on historical data (D)</p> Signup and view all the answers

What is the definition of a loss in a business?

<p>When total costs exceed total income (B)</p> Signup and view all the answers

What information can be found on a till slip?

<p>The shop's VAT number and shop details (A)</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 price of each item (C)</p> Signup and view all the answers

What type of bill would you receive for charges such as municipal services?

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

What is the purpose of understanding VAT on a till slip?

<p>To identify exempt items and calculate the VAT amount (B)</p> Signup and view all the answers

What information is typically found on an account statement?

<p>The total amount paid and the resulting balance (B)</p> Signup and view all the answers

What is the purpose of checking the balance and payments on an account statement?

<p>To verify the total amount paid and the resulting balance (A)</p> Signup and view all the answers

Why is it important to understand account statements?

<p>To keep track of store accounts and credit limits (C)</p> Signup and view all the answers

What is the primary purpose of checking calculations on financial documents?

<p>To ensure the accuracy of the total amount payable (A)</p> Signup and view all the answers

What is the purpose of a tax bracket?

<p>To determine the tax rate applicable to a specific range of taxable income (D)</p> Signup and view all the answers

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

<p>All deductions including UIF, PAYE, pension, and medical aid (B)</p> Signup and view all the answers

What is the purpose of an IRP5 form?

<p>To summarize an employee's total earnings and tax deductions (B)</p> Signup and view all the answers

What is the result of subtracting tax-deductible deductions from gross income?

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

What is the purpose of drawing graphs in comparing tariff systems?

<p>To visually compare the costs (B)</p> Signup and view all the answers

What is the fixed amount in a tariff system?

<p>A constant fee that must be paid regardless of usage (D)</p> Signup and view all the answers

What is the purpose of PAYE?

<p>To deduct income tax from an employee's salary (C)</p> Signup and view all the answers

What is the break-even point in tariff systems?

<p>The point where the cost graphs of different options cross each other (B)</p> Signup and view all the answers

How is the annual tax calculated?

<p>By applying the tax bracket formula (A)</p> Signup and view all the answers

What is the tax threshold for individuals older than 75?

<p>R117,111 (C)</p> Signup and view all the answers

What skills are applied in drawing and interpreting graphs in tariff systems?

<p>Skills from patterns, relationships, and representations in Mathematics Literacy (C)</p> Signup and view all the answers

What is deducted from the total tax payable to calculate the net annual tax payable?

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

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

<p>Household projects, such as comparing electricity or water tariffs (D)</p> Signup and view all the answers

What is the purpose of performing calculations in tariff systems?

<p>To make informed decisions about the most cost-effective option (D)</p> Signup and view all the answers

What is the purpose of tax tables?

<p>To quickly determine the amount of tax owed based on taxable income and age (B)</p> Signup and view all the answers

What is the purpose of analyzing an income-and-expenditure statement and budget for a small business?

<p>To identify areas for cost reduction (A)</p> Signup and view all the answers

What is the total UIF contribution when the employer and employee each contribute 1% of the employee's monthly salary?

<p>2% (C)</p> Signup and view all the answers

What is the main purpose of a budget in an organization?

<p>To make informed financial decisions (D)</p> Signup and view all the answers

What is the formula to calculate the net pay?

<p>Gross salary - deductions - monthly tax (C)</p> Signup and view all the answers

What is the formula to calculate the net salary?

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

What is the main purpose of financial planning in a business?

<p>To ensure the long-term success of a business (D)</p> Signup and view all the answers

What type of costs are electrical appliances and equipment?

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

Why is it important to determine the correct selling price?

<p>To ensure profitability (C)</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 (B)</p> Signup and view all the answers

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

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

What is the result of subtracting total costs from total income?

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

What type of costs are recurring expenses necessary to run the business?

<p>Monthly Operating Costs (B)</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 (A)</p> Signup and view all the answers

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

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

What is the formula to calculate loss in a business?

<p>Loss = Total Costs - Total Income (C)</p> Signup and view all the answers

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

<p>To identify any discrepancies in previous payments (D)</p> Signup and view all the answers

What is the formula to calculate the amount accumulated with compound interest?

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

What is the difference between gross salary and net salary?

<p>Gross salary is the total amount earned, while net salary is the amount taken home after deductions (C)</p> Signup and view all the answers

What is the purpose of checking for exemptions on a bill?

<p>To identify items that are exempt from VAT (C)</p> Signup and view all the answers

What is the formula to calculate the VAT amount on a bill?

<p>VAT Amount = Total Amount × (VAT Rate / 100 + 1) (D)</p> Signup and view all the answers

What is the primary purpose of understanding taxation?

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

What is the formula to calculate simple interest?

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

What is the purpose of verifying the total calculation on a bill?

<p>To ensure that the total amount due is accurate (D)</p> Signup and view all the answers

What is the difference between taxable income and gross income?

<p>Taxable income excludes deductions, while gross income includes them (C)</p> Signup and view all the answers

What is the purpose of analyzing an income-and-expenditure statement and budget for a small business?

<p>To manage cash flow effectively (C)</p> Signup and view all the answers

What is the primary purpose of a budget in an organization?

<p>To guide financial decisions and ensure that spending aligns with income (C)</p> Signup and view all the answers

What is the main feature of an income-and-expenditure statement?

<p>It summarizes all actual income and expenses over a specific period (D)</p> Signup and view all the answers

What type of costs are categorized as fixed costs in a business?

<p>Regular, consistent costs such as rent and salaries (D)</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 (B)</p> Signup and view all the answers

What is the purpose of analysing an income-and-expenditure statement and budget for a small business?

<p>To identify variances and make adjustments (D)</p> Signup and view all the answers

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

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

What is the formula to calculate profit in a business?

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

What is a loss in a business?

<p>When total expenditure exceeds total income (C)</p> Signup and view all the answers

What type of costs are typically categorized as variable costs?

<p>Costs that vary with the level of production or sales (D)</p> Signup and view all the answers

What is the purpose of preparing an income-and-expenditure statement for a small business?

<p>To summarize all income received and expenses incurred (C)</p> Signup and view all the answers

What is the purpose of a deposit in a loan?

<p>To reduce the loan amount and the interest paid (C)</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 investments (A)</p> Signup and view all the answers

What is the total cost of a loan?

<p>The loan amount plus interest (A)</p> Signup and view all the answers

What is compound interest?

<p>Interest calculated on the current balance (D)</p> Signup and view all the answers

What is the effect of a higher monthly repayment amount on a loan?

<p>It reduces the loan term and total interest paid (C)</p> Signup and view all the answers

What is the purpose of financial planning for loans?

<p>To choose terms and rates that balance monthly affordability with total cost (C)</p> Signup and view all the answers

What is simple interest?

<p>Interest calculated on the original amount (D)</p> Signup and view all the answers

What is the purpose of financial planning for investments?

<p>To start investing early to maximize the benefits of compound interest (D)</p> Signup and view all the answers

What is the effect of a higher interest rate on the total cost of a loan?

<p>It increases the total cost of the loan (A)</p> Signup and view all the answers

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

<p>A loan involves borrowing money, while an investment involves lending money (C)</p> Signup and view all the answers

What is the primary purpose of investing in a retirement annuity?

<p>To accumulate funds for retirement (A)</p> Signup and view all the answers

How does a higher interest rate affect the growth of an investment?

<p>It increases the growth (B)</p> Signup and view all the answers

What is the result of regular contributions to an investment fund?

<p>The investment grows more rapidly (D)</p> Signup and view all the answers

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

<p>It decreases the total interest paid (C)</p> Signup and view all the answers

What is the purpose of a savings account?

<p>To earn interest and is used for short-term savings (A)</p> Signup and view all the answers

What is the key difference between a debit card and a credit card?

<p>A credit card allows credit, while a debit card does not (C)</p> Signup and view all the answers

What is the benefit of starting to invest early?

<p>It allows for greater accumulation due to compounding interest (C)</p> Signup and view all the answers

What is the result of choosing a loan with a higher interest rate?

<p>The total interest paid is higher (D)</p> Signup and view all the answers

What is the purpose of a fixed deposit account?

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

What is the benefit of opting for a higher monthly repayment on a loan?

<p>It decreases the total interest paid (A)</p> Signup and view all the answers

Which of the following is a strategy for financial planning in an inflationary environment?

<p>Choosing investment options that offer returns higher than the inflation rate (B)</p> Signup and view all the answers

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

<p>They can yield detailed and qualitative insights (D)</p> Signup and view all the answers

What is the main purpose of sample bias correction in research?

<p>To use random sampling to minimize bias (B)</p> Signup and view all the answers

What is the main advantage of using observation as a research method?

<p>It avoids interaction biases and is useful for collecting behavioral data (D)</p> Signup and view all the answers

What is the primary purpose of classifying and organizing data?

<p>To simplify the data for better understanding and analysis (D)</p> Signup and view all the answers

What is the main advantage of using tally marks to count data?

<p>It is a quick and efficient way to count data (A)</p> Signup and view all the answers

What is the primary purpose of income adjustments in an inflationary environment?

<p>To ensure salary or income growth keeps pace with inflation (A)</p> Signup and view all the answers

What is the main disadvantage of using closed questions in research?

<p>They may not accommodate all respondents' views, leading to incomplete answers (A)</p> Signup and view all the answers

What is the primary purpose of expenditure management in an inflationary environment?

<p>To monitor and manage expenses to mitigate the impact of rising prices on household budgets (D)</p> Signup and view all the answers

What is the main purpose of research in financial planning?

<p>To develop strategies for financial planning in an inflationary environment (A)</p> Signup and view all the answers

What is the probability of an event that is impossible?

<p>0 (C)</p> Signup and view all the answers

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

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

What is the purpose of tree diagrams in probability?

<p>To visualize all possible outcomes of combined events (C)</p> Signup and view all the answers

What is a false positive in the context of probability?

<p>A test indicates a positive result when it is actually negative (C)</p> Signup and view all the answers

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

<p>To visualize the probability of combined events (A)</p> Signup and view all the answers

What is the probability of an event that is certain?

<p>1 (A)</p> Signup and view all the answers

What is the purpose of evaluating the sample size used for predictions?

<p>To verify the accuracy of sources and data used (A)</p> Signup and view all the answers

What is a fair game in probability?

<p>A game where each outcome has an equal chance of occurring (C)</p> Signup and view all the answers

What is the probability of rolling a 6 on a fair dice?

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

What is the purpose of collecting more data over time in probability?

<p>To improve the accuracy of predictions (A)</p> Signup and view all the answers

What is the primary purpose of maintaining a bank account?

<p>To earn interest on savings (C)</p> Signup and view all the answers

Which of the following is an example of a transaction fee?

<p>ATM withdrawal charge (C)</p> Signup and view all the answers

What is the difference between simple interest and compound interest?

<p>Simple interest is calculated on the principal amount, while compound interest is calculated on the total balance (B)</p> Signup and view all the answers

What is the formula to calculate profit?

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

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

<p>It decreases the value of money (C)</p> Signup and view all the answers

What is demand-pull inflation caused by?

<p>Excess demand for goods and services (B)</p> Signup and view all the answers

What is the purpose of analyzing inflation trends?

<p>To adjust salaries and wages to maintain purchasing power (D)</p> Signup and view all the answers

What is the formula to calculate the inflation rate?

<p>(Current Price - Previous Price) / Previous Price) x 100% (D)</p> Signup and view all the answers

What is the difference between income and expenditure?

<p>Income is the money received, while expenditure is the money spent (B)</p> Signup and view all the answers

What happens when total expenditure exceeds total income?

<p>A loss is incurred (A)</p> Signup and view all the answers

What is the primary purpose of a line graph?

<p>To show the relationship between two quantities over time (A)</p> Signup and view all the answers

What is the median in a dataset?

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

What is the purpose of a pie chart?

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

What is the range of a dataset?

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

What is the purpose of a box and whisker plot?

<p>To summarize data using the five-number summary (D)</p> Signup and view all the answers

What is the interquartile range (IQR)?

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

What is the purpose of a scatter plot?

<p>To study the relationship between two variables (D)</p> Signup and view all the answers

What is probability?

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

What is the purpose of histograms?

<p>To represent continuous data grouped into ranges (B)</p> Signup and view all the answers

What is the purpose of quartiles?

<p>To divide the data set into four equal parts (D)</p> Signup and view all the answers

What is the primary purpose of a frequency table?

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

What is the main advantage of using the median as a measure of central tendency?

<p>It is less affected by outliers and skewed data (C)</p> Signup and view all the answers

What is the purpose of quartiles in a dataset?

<p>To divide the data set into four equal parts (D)</p> Signup and view all the answers

What is the purpose of graphs in data analysis?

<p>To visually represent data and explore relationships (D)</p> Signup and view all the answers

What is the interquartile range (IQR) used for?

<p>To measure the spread of the central portion of the data (A)</p> Signup and view all the answers

What is the purpose of tally marks in data analysis?

<p>To simplify counting and reduce errors (C)</p> Signup and view all the answers

What is the definition of the mode in a dataset?

<p>The value that appears most frequently in the dataset (B)</p> Signup and view all the answers

What is the purpose of measures of central tendency?

<p>To provide a single value that represents the central point of the dataset (B)</p> Signup and view all the answers

What is the purpose of classifying data?

<p>To group data based on shared characteristics (B)</p> Signup and view all the answers

What is the purpose of summarizing data?

<p>To provide a clear summary of the main features of the data (B)</p> Signup and view all the answers

What information is typically included on a till slip?

<p>Shop details, invoice information, item details, and VAT amount. (D)</p> Signup and view all the answers

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

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

What does the credit limit on an account statement represent?

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

What type of bill would you receive for charges such as water and electricity?

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

Why is it important to check the calculations on financial documents?

<p>To ensure accuracy and detect potential errors. (B)</p> Signup and view all the answers

What does the VAT on a till slip represent?

<p>Tax on the value added to goods and services. (D)</p> Signup and view all the answers

What is the purpose of understanding account statements?

<p>To verify the payment history and available credit. (D)</p> Signup and view all the answers

What information is typically included on an account statement?

<p>Transactions, amounts due, due dates, previous balances, and available credit. (C)</p> Signup and view all the answers

What is the purpose of a tax rebate?

<p>To reduce the total tax payable (C)</p> Signup and view all the answers

What is the difference between gross salary and taxable income?

<p>Gross salary is the total salary earned, while taxable income is the salary before deductions (C)</p> Signup and view all the answers

How is the annual tax calculated?

<p>By applying the tax rate to the taxable income (A)</p> Signup and view all the answers

What is the purpose of an IRP5 form?

<p>To summarize total earnings, deductions, and tax deducted (D)</p> Signup and view all the answers

What is the result of subtracting tax-deductible deductions from gross income?

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

What is the purpose of PAYE?

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

What is the total UIF contribution when the employer and employee each contribute 1% of the employee's monthly salary?

<p>2% (B)</p> Signup and view all the answers

What is the purpose of tax tables?

<p>To provide a quick reference for determining the amount of tax owed based on taxable income and age (B)</p> Signup and view all the answers

What is the tax threshold for individuals younger than 65?

<p>R67,111 (B)</p> Signup and view all the answers

What is deducted from the total tax payable to calculate the net annual tax payable?

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

What is the primary purpose of effective management of income and expenditure in a business?

<p>To allocate resources efficiently and avoid unnecessary expenses (B)</p> Signup and view all the answers

What type of cost is typically a one-time expense incurred to establish a business?

<p>Start-up cost (C)</p> Signup and view all the answers

What is the significance of determining the correct selling price in a business?

<p>To ensure profitability by covering all costs and generating a profit (B)</p> Signup and view all the answers

What is the primary purpose of a budget in an organization?

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

What is the definition of the break-even point in a business?

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

What is the main difference between fixed costs and variable costs?

<p>Fixed costs are regular and consistent, while variable costs vary with the level of production or sales (C)</p> Signup and view all the answers

What is the purpose of preparing a budget in a business?

<p>To estimate expected costs and income based on historical data or similar businesses (D)</p> Signup and view all the answers

What is the purpose of analyzing an income-and-expenditure statement and budget for a small business?

<p>To compare actual income and expenses against the budget (B)</p> Signup and view all the answers

What is the benefit of preparing an income-and-expenditure statement for a small business?

<p>It provides a clear picture of financial performance (B)</p> Signup and view all the answers

What is the importance of regularly analyzing an income-and-expenditure statement in a business?

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

What is the purpose of including expected income in a budget?

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

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

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

What type of costs does a small business incur in producing goods or services?

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

What is the formula to calculate profit in a business?

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

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

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

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

<p>To ensure profit by matching costs with income (B)</p> Signup and view all the answers

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

<p>A loan requires repayment with interest, while an investment generates passive income (D)</p> Signup and view all the answers

What is the purpose of preparing a budget for a small business?

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

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

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

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

<p>To ensure that payments are up-to-date and accurate (D)</p> Signup and view all the answers

What is the formula to calculate the VAT amount on a bill?

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

What is the difference between gross salary and net salary?

<p>Gross salary is the total amount earned, while net salary is the take-home pay (C)</p> Signup and view all the answers

What is the purpose of checking for exemptions on a bill?

<p>To identify items that are exempt from VAT (C)</p> Signup and view all the answers

What is the formula to calculate simple interest?

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

What is the term for the upfront payment often made when taking out a loan?

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

Which of the following affects the total interest paid on a loan?

<p>Deposit size (A), Loan length (B), Interest rate (C)</p> Signup and view all the answers

What is the purpose of understanding taxation?

<p>To understand the implications of taxation on personal and business finances (A)</p> Signup and view all the answers

What is the term for the total amount paid over the life of a loan?

<p>Real Cost of the Loan (B)</p> Signup and view all the answers

What is the difference between taxable income and gross income?

<p>Gross income includes all forms of income, while taxable income is the income subject to tax (D)</p> Signup and view all the answers

What is the purpose of performing calculations in tariff systems?

<p>To analyze and compare different tariff systems (D)</p> Signup and view all the answers

What type of investment benefits from bulk buying or shared interest?

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

What is the main purpose of a budget in an organization?

<p>To manage and allocate financial resources effectively (B)</p> Signup and view all the answers

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

<p>Increases the returns on the investment (A)</p> Signup and view all the answers

What is the total deductions in the net salary calculation example?

<p>R1,813.33 (B)</p> Signup and view all the answers

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

<p>A = π × r^2 (A)</p> Signup and view all the answers

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

<p>To identify the break-even point (A)</p> Signup and view all the answers

What is the term for the percentage of the loan amount charged as a fee for borrowing money?

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

What type of costs are typically categorized as variable costs in a business?

<p>Utility bills and materials (A)</p> Signup and view all the answers

What is the result of calculating interest on the current balance of an investment?

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

What is the term for the amount owed to the bank or loan agent?

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

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

<p>To check for errors in calculation (B)</p> Signup and view all the answers

What is the main purpose of an income-and-expenditure statement for a small business?

<p>To track income and expenses (B)</p> Signup and view all the answers

What is the benefit of financial planning when it comes to loans?

<p>Choosing terms and rates that balance monthly affordability with total cost (C)</p> Signup and view all the answers

What is the effect of higher monthly repayments on a loan?

<p>Decreases the total interest paid (C)</p> Signup and view all the answers

What is the tariff rate in a tariff system?

<p>The total cost per unit of usage (C)</p> Signup and view all the answers

What skills are applied in drawing and interpreting graphs in tariff systems?

<p>Mathematical calculations and graph interpretation (D)</p> Signup and view all the answers

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

<p>Household projects and community events (C)</p> Signup and view all the answers

What is the purpose of performing calculations in tariff systems?

<p>To make informed decisions (D)</p> Signup and view all the answers

What is the purpose of preparing an income-and-expenditure statement for a small business?

<p>To identify areas for cost reduction (D)</p> Signup and view all the answers

What is the main advantage of a shorter loan term?

<p>Lower total interest paid (D)</p> Signup and view all the answers

What is the benefit of compound interest in investments?

<p>It leads to exponential growth (B)</p> Signup and view all the answers

What is the purpose of a fixed deposit account?

<p>To invest a lump sum over a fixed period (D)</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 (B)</p> Signup and view all the answers

What is the benefit of regular contributions to an investment?

<p>It enhances the value of the investment over time (B)</p> Signup and view all the answers

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

<p>A loan requires repayment, while an investment generates income (C)</p> Signup and view all the answers

What is the purpose of a bank statement?

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

What is the result of subtracting total interest paid from the principal amount?

<p>Net amount borrowed (B)</p> Signup and view all the answers

What is the main advantage of starting an investment early?

<p>Greater accumulation due to the extended period of compounding interest (C)</p> Signup and view all the answers

What is the purpose of managing interest rates in loans?

<p>To minimize the cost of the loan (A)</p> Signup and view all the answers

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

<p>To ensure salary or income growth keeps pace with inflation (B)</p> Signup and view all the answers

What is a characteristic of open-ended research questions?

<p>They allow respondents to answer in their own words (B)</p> Signup and view all the answers

What is the primary purpose of using random sampling in data collection?

<p>To ensure the sample is representative of the population (B)</p> Signup and view all the answers

What is a limitation of observation as a data collection method?

<p>It is limited to observable phenomena (C)</p> Signup and view all the answers

What is the purpose of classifying and organizing data?

<p>To simplify the data for better understanding and analysis (D)</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 (B)</p> Signup and view all the answers

What is the primary purpose of charging monthly maintenance fees by banks?

<p>To generate revenue and cover operational costs (C)</p> Signup and view all the answers

Which type of interest is calculated on the current balance, including previously earned interest?

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

What is the advantage of using closed research questions?

<p>They are easier to analyze and compare (A)</p> Signup and view all the answers

What is the financial consequence when total expenditure exceeds total income?

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

What is an example of built-in inflation?

<p>Businesses increasing prices to keep up with rising costs (D)</p> Signup and view all the answers

What is the purpose of budgeting in financial planning?

<p>To account for expected inflation in budgets (B)</p> Signup and view all the answers

How is the inflation rate typically calculated?

<p>By using the formula: (Current Price - Previous Price) / Previous Price * 100% (C)</p> Signup and view all the answers

What is the disadvantage of using questionnaires in data collection?

<p>Responses may be limited by the questions' design (D)</p> Signup and view all the answers

What happens to the purchasing power of money when inflation rises?

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

What is the primary cause of cost-push inflation?

<p>Higher production costs, such as wages and raw materials (D)</p> Signup and view all the answers

What is the purpose of analyzing inflation graphs and trends?

<p>To identify patterns and trends in inflation (B)</p> Signup and view all the answers

What is the primary purpose of a frequency table?

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

What is the primary consequence of inflation on savings and investments?

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

What is the purpose of limiting over-the-counter transactions to reduce banking fees?

<p>To minimize transaction fees (C)</p> Signup and view all the answers

What is the mode used for in a data set?

<p>To identify the value that appears most frequently (D)</p> Signup and view all the answers

What is the formula to calculate profit in a business?

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

What is the difference between the highest and lowest values in a data set called?

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

What is the purpose of a graph in data analysis?

<p>To identify patterns and relationships within the data (C)</p> Signup and view all the answers

What is the median in a data set?

<p>The middle value in the data set when the values are arranged in ascending or descending order (D)</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 (D)</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 (B)</p> Signup and view all the answers

What is the purpose of summarizing data?

<p>To provide a clear summary of how often different values or ranges of values occur in a data set (A)</p> Signup and view all the answers

What is the purpose of classifying data?

<p>To group data based on shared characteristics, making it easier to handle and interpret large data sets (D)</p> Signup and view all the answers

What is the purpose of tally marks in data analysis?

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

In a probability experiment, what is the term for a single attempt or realization?

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

What is the purpose of a tree diagram in probability?

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

What is the term for the number of times an event occurs in a probability experiment?

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

What is the probability of an impossible event?

<p>0 (C)</p> Signup and view all the answers

What is the purpose of probability in weather forecasts?

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

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

<p>To show the combined outcomes of two events (D)</p> Signup and view all the answers

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

<p>1 (D)</p> Signup and view all the answers

What is the term for the probability calculated based on the number of favourable outcomes divided by the total number of possible outcomes?

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

What is the primary purpose of a line graph?

<p>To show the relationship between two variables (B)</p> Signup and view all the answers

What is the main use of the median in a data set?

<p>To provide the central point less affected by outliers (D)</p> Signup and view all the answers

What does the interquartile range (IQR) measure?

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

What is the purpose of a scatter plot?

<p>To study the relationship between two variables (A)</p> Signup and view all the answers

What is the use of the range in a data set?

<p>To indicate how spread out the values are (C)</p> Signup and view all the answers

What is the purpose of a box and whisker plot?

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

What is the use of quartiles in a data set?

<p>To indicate the spread and distribution of data (A)</p> Signup and view all the answers

What is the definition of probability?

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

What is the purpose of a histogram?

<p>To represent continuous data grouped into ranges (A)</p> Signup and view all the answers

What is the use of the mean in a data set?

<p>To represent the central point of the data set (B)</p> Signup and view all the answers

What information would you find on a till slip?

<p>Shop details, item description, and VAT amount (A)</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 price of items (A)</p> Signup and view all the answers

What type of bill would you receive for charges such as water and electricity?

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

What is included in a store account statement?

<p>Transactions, amounts due, and credit limit (B)</p> Signup and view all the answers

What is the term for the amount carried over from the previous account statement?

<p>Balance brought forward (C)</p> Signup and view all the answers

Why is it important to check the total calculation on a till slip?

<p>To ensure the sum of item prices and VAT is correct (C)</p> Signup and view all the answers

What would you find on an account statement that is not found on a till slip?

<p>Previous balance and due date (A)</p> Signup and view all the answers

What is the purpose of checking interest and penalties on an account statement?

<p>To calculate the interest on overdue payments (B)</p> Signup and view all the answers

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

<p>To check for any disputed charges (A)</p> Signup and view all the answers

What is the formula to calculate the taxable income?

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

What is the purpose of understanding key financial terms in cell phone bills?

<p>To accurately understand the implications of bills and account statements (A)</p> Signup and view all the answers

What is the formula to calculate the net salary?

<p>Gross salary - deductions (A)</p> Signup and view all the answers

Why is it important to check for exemptions on a bill?

<p>To identify items exempt from VAT (B)</p> Signup and view all the answers

What is the purpose of verifying the total amount on a cell phone bill?

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

What is the purpose of performing calculations in financial documents?

<p>To ensure accuracy and detect errors (C)</p> Signup and view all the answers

What is the formula to calculate simple interest?

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

What is the purpose of understanding compound interest?

<p>To understand the impact of interest on investments and loans (C)</p> Signup and view all the answers

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

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

What is the primary purpose of using tax tables?

<p>To identify the correct tax bracket for taxable income (A)</p> Signup and view all the answers

What is the result of subtracting tax-deductible deductions from gross income?

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

What is the purpose of applying rebates in tax calculations?

<p>To reduce the tax payable (A)</p> Signup and view all the answers

What is the purpose of IRP5 forms?

<p>To summarize total earnings and deductions (D)</p> Signup and view all the answers

How is the monthly tax owed calculated?

<p>By dividing the annual tax by 12 (A)</p> Signup and view all the answers

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

<p>All deductions including UIF, PAYE, pension, and medical aid (A)</p> Signup and view all the answers

What is the tax threshold for individuals younger than 65?

<p>R67,111 (A)</p> Signup and view all the answers

What is the purpose of drawing graphs in comparing tariff systems?

<p>To visually compare the costs and identify points of intersection (D)</p> Signup and view all the answers

What is deducted from the gross salary to arrive at the net salary?

<p>UIF contributions and PAYE (B)</p> Signup and view all the answers

What is the purpose of PAYE?

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

What is the break-even point in tariff systems?

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

What is the primary purpose of a budget in an organization?

<p>To guide financial decisions and ensure spending aligns with income (A)</p> Signup and view all the answers

What is the tax rebate amount for individuals younger than 65?

<p>R12,080 (C)</p> Signup and view all the answers

What is the fixed amount in a tariff system?

<p>A constant fee that must be paid regardless of usage (C)</p> Signup and view all the answers

What is the result of dividing the annual tax by 12?

<p>Monthly PAYE deduction (A)</p> Signup and view all the answers

What is the purpose of identifying points of intersection on a graph in tariff systems?

<p>To determine which option is the most cost-effective at different levels of usage (A)</p> Signup and view all the answers

Which type of costs are categorized as regular, consistent costs?

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

What is the purpose of analyzing an income-and-expenditure statement and budget for a small business?

<p>To compare actual income and expenses against the budget (A)</p> Signup and view all the answers

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

<p>To make informed decisions about which option is more cost-effective at different levels of usage (B)</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 (D)</p> Signup and view all the answers

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

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

What is the purpose of performing calculations in tariff systems?

<p>To accurately calculate the total cost and make informed decisions (C)</p> Signup and view all the answers

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

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

What is a feature of an income-and-expenditure statement?

<p>Displays data for two different periods for comparison (C)</p> Signup and view all the answers

What skills are applied in drawing and interpreting graphs in tariff systems?

<p>Mathematical literacy skills, such as drawing and interpreting graphs (C)</p> Signup and view all the answers

What is a loss in a business?

<p>When total costs exceed total income (C)</p> Signup and view all the answers

What is the purpose of preparing an income-and-expenditure statement for a small business?

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

What is variable costs in a business?

<p>Costs that vary with the level of production or sales, such as raw materials and utilities (D)</p> Signup and view all the answers

What is the formula to calculate profit in a business?

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

What is the primary purpose of managing income and expenditure in a business?

<p>To ensure long-term success and financial planning (A)</p> Signup and view all the answers

What type of cost is directly related to producing goods or services?

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

What is the significance of the selling price in a business?

<p>It must cover all costs and generate a profit (D)</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 (D)</p> Signup and view all the answers

What is the purpose of a budget in a business?

<p>To estimate expected costs and income based on historical data (A)</p> Signup and view all the answers

What is the formula to calculate profit in a business?

<p>Profit = Total Income - Total Costs (A)</p> Signup and view all the answers

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

<p>To ensure a profit (B)</p> Signup and view all the answers

What is the purpose of analysing an income-and-expenditure statement and budget for a small business?

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

What is the effect of a higher interest rate on a loan?

<p>It increases the repayment amount (C)</p> Signup and view all the answers

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

<p>A loan generates expenses, while an investment generates income (C)</p> Signup and view all the answers

What is the primary purpose of a retirement annuity?

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

Which of the following statements is true about compound interest?

<p>It is calculated on the principal and accrued interest (B)</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 (A)</p> Signup and view all the answers

What is the primary purpose of a fixed deposit account?

<p>To invest a lump sum over a fixed period (D)</p> Signup and view all the answers

What is the impact of a longer loan term on the total interest paid?

<p>It increases the total interest paid (D)</p> Signup and view all the answers

What is the purpose of a bank statement?

<p>To record all transactions in an account over a specific period (B)</p> Signup and view all the answers

What is the primary purpose of a loan?

<p>To purchase a large item and repay it in smaller amounts with interest (D)</p> Signup and view all the answers

What does the interest rate determine in a loan?

<p>The percentage of the loan amount charged as a fee for borrowing (A)</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 (C)</p> Signup and view all the answers

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

<p>Reduces the loan amount and the interest paid (C)</p> Signup and view all the answers

What is the primary purpose of a credit account?

<p>To purchase items on credit (A)</p> Signup and view all the answers

What is the benefit of starting to invest early?

<p>It leads to greater accumulation due to the extended period of compounding interest (B)</p> Signup and view all the answers

What type of investment grows with interest and provides income during retirement?

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

What is the purpose of monitoring interest rates for investments?

<p>To maximize returns on investment (C)</p> Signup and view all the answers

What is the result of compound interest on an investment?

<p>Increasing interest payments over time (A)</p> Signup and view all the answers

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

<p>Increases the returns on the investment (A)</p> Signup and view all the answers

What is the purpose of managing loans and investments?

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

What is the total repayment amount on a loan?

<p>The sum of all monthly repayments over the loan term (B)</p> Signup and view all the answers

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

<p>Reduces the total interest paid (C)</p> Signup and view all the answers

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

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

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

<p>To choose investment options that offer returns higher than the inflation rate (C)</p> Signup and view all the answers

What is a characteristic of open-ended research questions?

<p>They allow respondents to answer in their own words (A)</p> Signup and view all the answers

What is a potential drawback of using closed research questions?

<p>They may not accommodate all respondents' views (C)</p> Signup and view all the answers

What is the primary purpose of using random sampling in research?

<p>To ensure the sample accurately represents the population (B)</p> Signup and view all the answers

What is a characteristic of observation as a research method?

<p>It avoids interaction biases (C)</p> Signup and view all the answers

What is the main purpose of classifying and organizing data?

<p>To make data easier to read and analyse (A)</p> Signup and view all the answers

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

<p>To count the frequency of items in each category (A)</p> Signup and view all the answers

What is the primary purpose of a frequency table?

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

What is a potential influence on the choice of data collection method?

<p>The research aim (C)</p> Signup and view all the answers

What is a benefit of using questionnaires in research?

<p>They provide anonymity, which can encourage honest responses (B)</p> Signup and view all the answers

What is the median in a data set?

<p>The middle value in a data set when the values are arranged in ascending or descending order (C)</p> Signup and view all the answers

What is the main reason for banks charging fees?

<p>To make a profit from the services they provide (B)</p> Signup and view all the answers

What is a limitation of interviews as a research method?

<p>They can introduce interviewer bias (D)</p> Signup and view all the answers

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

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

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

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

What is the primary purpose of a graph?

<p>To visually represent data to explore relationships and identify patterns (B)</p> Signup and view all the answers

What happens when total expenditure exceeds total income?

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

What is the mode of a data set?

<p>The value that appears most frequently in the data set (C)</p> Signup and view all the answers

What is the formula to calculate the inflation rate?

<p>((Current Price - Previous Price) / Previous Price) × 100% (C)</p> Signup and view all the answers

What is the effect of inflation on savings and investments?

<p>The value of money decreases (A)</p> Signup and view all the answers

What is the purpose of organizing data?

<p>To arrange information in a clear and systematic manner, which facilitates easier reading and analysis (D)</p> Signup and view all the answers

What is the primary purpose of a histogram?

<p>To represent continuous data grouped into ranges (A)</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 (C)</p> Signup and view all the answers

What is the range of a data set?

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

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

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

What is the purpose of quartiles?

<p>To divide the data set into four equal parts to understand the spread and distribution of the data (C)</p> Signup and view all the answers

Why do employees use inflation rates in salary negotiations?

<p>To maintain their purchasing power (C)</p> Signup and view all the answers

What is the purpose of analysing inflation in different contexts?

<p>To understand the effects of inflation on different aspects of life (A)</p> Signup and view all the answers

What is the purpose of percentiles?

<p>To divide the data set into 100 equal parts to understand the distribution of the data (B)</p> Signup and view all the answers

What is the definition of the interquartile range (IQR)?

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

What is the purpose of classifying data?

<p>To group data based on shared characteristics, making it easier to handle and interpret large data sets (A)</p> Signup and view all the answers

What is the result of subtracting total expenditure from total income?

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

What is the purpose of a box and whisker plot?

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

What is the definition of inflation?

<p>The rate at which the general level of prices for goods and services increases (D)</p> Signup and view all the answers

What is the definition of probability?

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

What is the purpose of a pie chart?

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

What is the definition of the median?

<p>The middle value in an ordered data set (B)</p> Signup and view all the answers

What is the purpose of a line graph?

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

What is the definition of the mode?

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

What is the definition of a quartile?

<p>Values that divide the data set into four equal parts (B)</p> Signup and view all the answers

What is the probability of an impossible event?

<p>0 (0%) (D)</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 (B)</p> Signup and view all the answers

What is the purpose of a tree diagram in probability?

<p>To visualize the outcomes of combined events (A)</p> Signup and view all the answers

What is a false positive in the context of probability?

<p>A test result indicating a positive outcome when it is actually negative (C)</p> Signup and view all the answers

What is the primary purpose of using probability in weather forecasts?

<p>To indicate the likelihood of certain weather conditions based on past data (C)</p> Signup and view all the answers

What is the purpose of collecting more data over time in probability?

<p>To improve the accuracy of predictions (D)</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 (A)</p> Signup and view all the answers

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

<p>To visualize the probability of combined events (D)</p> Signup and view all the answers

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

<p>1 (100%) (C)</p> Signup and view all the answers

What is the primary purpose of understanding probability in real-life situations?

<p>To analyze data and make informed decisions (B)</p> Signup and view all the answers

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