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</p> Signup and view all the answers

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

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

    Why is it important to check calculations on financial documents?

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

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

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

    What is the purpose of PAYE?

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

    How is the annual tax calculated?

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

    What is the tax threshold for individuals older than 75?

    <p>R117,111</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</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</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</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</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))</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</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</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 net salary calculated by subtracting from the gross salary?

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

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

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

    What is the purpose of understanding taxation?

    <p>To understand the implications of taxation on personal income</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</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</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</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 checking for exemptions on a bill?

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

    What is the formula to calculate the net salary?

    <p>Net Salary = Gross Salary - Deductions</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</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</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</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</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</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</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</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 type of costs are typically categorized as fixed costs?

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

    What is a loss in a business?

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

    What is the formula to calculate profit in a business?

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

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

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

    What is compound interest?

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

    What is the principal amount in a loan?

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

    What is the purpose of starting investments early?

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

    What is the result of increasing the monthly investment amount?

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

    What is the total repayment amount on a loan?

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

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

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

    What is compound interest?

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

    What is the primary purpose of reducing banking fees?

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

    What happens when total expenditure exceeds total income?

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

    What is the effect of inflation on savings and investments?

    <p>Inflation erodes the value of money</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</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%</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</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</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</p> Signup and view all the answers

    What is demand-pull inflation?

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

    What is the primary advantage of using questionnaires in research?

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

    What is the primary purpose of organizing data?

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

    What is the purpose of a grouped frequency table?

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

    What is the mode in a dataset?

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

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

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

    What is the median in a data set?

    <p>The middle value</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 represent continuous data grouped into ranges</p> Signup and view all the answers

    What is the definition of Probability?

    <p>A measure of the likelihood of an event occurring</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 Range in a data set?

    <p>The difference between the highest and lowest values</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 Quartile in a data set?

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

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

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

    What is the probability scale?

    <p>A scale that ranges from 0 to 1</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</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 a fair game in probability?

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

    What is the purpose of collecting more data in probability?

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

    What is the probability of certain event?

    <p>1</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</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 where total income equals total costs</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</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</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</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</p> Signup and view all the answers

    What is the calculation for profit?

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

    What is the definition of a loss in a business?

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

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

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

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

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

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

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

    What is the purpose of PAYE?

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

    How is the annual tax calculated?

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

    What is the tax threshold for individuals older than 75?

    <p>R117,111</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</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</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</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</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</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</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%</p> Signup and view all the answers

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

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

    What is the formula to calculate the net pay?

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

    What is the formula to calculate the net salary?

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

    What type of costs are electrical appliances and equipment?

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

    Why is it important to determine the correct selling price?

    <p>To ensure profitability</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 an income-and-expenditure statement?

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

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

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

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

    <p>Monthly Operating Costs</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 primary source of income for a small business?

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

    What is the formula to calculate loss in a business?

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

    What is the primary purpose of understanding taxation?

    <p>To manage personal finance effectively</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 verifying the total calculation on a bill?

    <p>To ensure that the total amount due is accurate</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</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</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</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</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</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 purpose of analysing an income-and-expenditure statement and budget for a small business?

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

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

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

    What is the formula to calculate profit in a business?

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

    What is a loss in a business?

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

    What is the total cost of a loan?

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

    What is compound interest?

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

    What is simple interest?

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

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

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

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

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

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

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

    What is the probability of an event that is impossible?

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

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

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

    What is the probability of an event that is certain?

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

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

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

    What is the primary purpose of maintaining a bank account?

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

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

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

    What is the formula to calculate profit?

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

    What is demand-pull inflation caused by?

    <p>Excess demand for goods and services</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</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%</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</p> Signup and view all the answers

    What happens when total expenditure exceeds total income?

    <p>A loss is incurred</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</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 pie chart?

    <p>To show parts of a whole</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 box and whisker plot?

    <p>To summarize data using the five-number summary</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 scatter plot?

    <p>To study the relationship between two variables</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 histograms?

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

    What is the purpose of quartiles?

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

    What is the purpose of graphs in data analysis?

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

    What is the purpose of tally marks in data analysis?

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

    What is the purpose of classifying data?

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

    What does the credit limit on an account statement represent?

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

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

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

    What is the purpose of understanding account statements?

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

    What is the purpose of a tax rebate?

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

    How is the annual tax calculated?

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

    What is the purpose of an IRP5 form?

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

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

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

    What is the purpose of PAYE?

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

    What is the tax threshold for individuals younger than 65?

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

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

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

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

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

    What is the formula to calculate profit in a business?

    <p>Profit = Total Income - Total Costs</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 purpose of matching costs with income in a business?

    <p>To ensure profit by matching costs with income</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</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</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 main 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 verifying the payment history on a cell phone bill?

    <p>To ensure that payments are up-to-date and accurate</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))</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</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</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 term for the upfront payment often made when taking out a loan?

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

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

    <p>Deposit size</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</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</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</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</p> Signup and view all the answers

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

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

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

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

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

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

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

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

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

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

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

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

    What is the tariff rate in a tariff system?

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

    What is the purpose of performing calculations in tariff systems?

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

    What is the main advantage of a shorter loan term?

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

    What is the benefit of compound interest in investments?

    <p>It leads to exponential growth</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</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

    What is the benefit of regular contributions to an investment?

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

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

    <p>Net amount borrowed</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</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</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</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</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</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</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</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 primary purpose of charging monthly maintenance fees by banks?

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

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

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

    What is the advantage of using closed research questions?

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

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

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

    What is the purpose of budgeting in financial planning?

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

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

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

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

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

    What is the formula to calculate profit in a business?

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

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

    <p>Range</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</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</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 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 summarizing data?

    <p>To provide a clear summary of how often different values or ranges of values occur in a data set</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</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</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

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

    <p>Trial</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</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</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 probability in weather forecasts?

    <p>To indicate the likelihood of certain weather conditions</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 purpose of two-way tables in probability?

    <p>To show the combined outcomes of two events</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

    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</p> Signup and view all the answers

    What is the primary purpose of a line graph?

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

    What does the interquartile range (IQR) measure?

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

    What is the purpose of a scatter plot?

    <p>To study the relationship between two variables</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</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 use of quartiles in a data set?

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

    What is the definition of probability?

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

    What is the purpose of a histogram?

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

    What information would you find on a till slip?

    <p>Shop details, item description, and VAT amount</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</p> Signup and view all the answers

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

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

    What is included in a store account statement?

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

    What is the formula to calculate the taxable income?

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

    What is the formula to calculate the net salary?

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

    What is the purpose of performing calculations in financial documents?

    <p>To ensure accuracy and detect errors</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 understanding compound interest?

    <p>To understand the impact of interest on investments and loans</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 primary purpose of using tax tables?

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

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

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

    What is the purpose of applying rebates in tax calculations?

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

    What is the purpose of IRP5 forms?

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

    How is the monthly tax owed calculated?

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

    What is the tax threshold for individuals younger than 65?

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

    What is the purpose of PAYE?

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

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

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

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

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

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

    <p>Fixed costs</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 purpose of analyzing an income-and-expenditure statement and budget for a small business?

    <p>To compare actual income and expenses against the budget</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</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 main 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 performing calculations in tariff systems?

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

    What is a loss in a business?

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

    What is the formula to calculate profit in a business?

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

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

    <p>Production costs</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</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 based on historical data</p> Signup and view all the answers

    What is the formula to calculate profit in a business?

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

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

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

    What is the primary purpose of a retirement annuity?

    <p>To provide income during retirement</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</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

    What is the primary purpose of a fixed deposit account?

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

    What is the primary purpose of a credit account?

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

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

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

    What is the purpose of monitoring interest rates for investments?

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

    What is the result of compound interest on an investment?

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

    What is the purpose of managing loans and investments?

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

    What is a characteristic of observation as a research method?

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

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

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

    What is a limitation of interviews as a research method?

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

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

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

    What happens when total expenditure exceeds total income?

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

    What is the formula to calculate the inflation rate?

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

    What is the effect of inflation on savings and investments?

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

    What is the primary purpose of a histogram?

    <p>To represent continuous data grouped into ranges</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 range of a data set?

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

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

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

    Why do employees use inflation rates in salary negotiations?

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

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

    <p>Profit</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 definition of inflation?

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

    What is the definition of probability?

    <p>A measure of the likelihood of an event occurring</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 definition of the median?

    <p>The middle value in an ordered data set</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 definition of the mode?

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

    What is the probability of an impossible event?

    <p>0 (0%)</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 a tree diagram in probability?

    <p>To visualize the outcomes of combined events</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</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</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</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 two-way tables in probability?

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

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

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

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