Gr 12 Math Lit: Ch 1.1 Financial Documents
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Questions and Answers

What information is typically found on a till slip?

  • Store employee's name and contact details
  • Product warranty and return policy
  • Customer's personal information and payment method
  • Item details, shop details, and invoice information (correct)

    • What is the standard VAT rate in South Africa?

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

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

  • To determine the VAT rate
  • To calculate the discounts applied
  • To verify the total amount payable and change given (correct)
  • To identify the shop's address

    • What type of bill is charged for services such as water and electricity?

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

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

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

    What is the consequence of not paying a store account on time?

    <p>Interest rates are applied to late payments (B)</p> Signup and view all the answers

    What is the 'Credit Limit' on an account statement?

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

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

    <p>To verify the impact of previous payments on the current balance (A)</p> Signup and view all the answers

    Which formula is used to calculate the amount accumulated with compound interest?

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

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

    <p>To ensure the sum of individual charges and VAT is accurate (B)</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 purpose of understanding the query period on a cell phone bill?

    <p>To dispute or question the bill within a certain timeframe (C)</p> Signup and view all the answers

    What is the first step in verifying a cell phone bill?

    <p>Verify information to ensure all required details are present (A)</p> Signup and view all the answers

    What is the purpose of calculating the VAT amount on a cell phone bill?

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

    What is the formula to calculate the volume of a rectangular prism?

    <p>V = l × w × h (C)</p> Signup and view all the answers

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

    <p>To ensure the correct application of VAT (B)</p> Signup and view all the answers

    What is the impact of not paying a store account on time?

    <p>Interest will be applied to the overdue payment (C)</p> Signup and view all the answers

    What type of information is included in an account statement?

    <p>Transactions, amounts due, and due dates (D)</p> Signup and view all the answers

    What is the purpose of calculating the change due to a customer on a till slip?

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

    What is exempt from VAT in South Africa?

    <p>Certain essential groceries, including paraffin and brown bread (A)</p> Signup and view all the answers

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

    <p>To ensure the customer is charged the correct unit price (A)</p> Signup and view all the answers

    What is the purpose of checking the credit available on an account statement?

    <p>To ensure the customer has sufficient credit to make a purchase (A)</p> Signup and view all the answers

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

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

    What is the primary purpose of checking the service provider and payment location on a cell phone bill?

    <p>To know where to make payments and whom to contact for queries (D)</p> Signup and view all the answers

    What is the effect of not paying the minimum payment due on a cell phone bill?

    <p>Additional charges will be applied (C)</p> Signup and view all the answers

    How is the total amount due on a cell phone bill typically calculated?

    <p>By adding the individual charges and applying the VAT rate (D)</p> Signup and view all the answers

    What is the purpose of calculating the average monthly cost on a cell phone bill?

    <p>To understand the overall cost of the service over time (C)</p> Signup and view all the answers

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

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

    What is the purpose of understanding the terms and concepts related to cell phone bills?

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

    What is the effect of not understanding the query period on a cell phone bill?

    <p>Disputes may not be resolved in a timely manner (D)</p> Signup and view all the answers

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

    <p>To understand the impact of previous payments on the current balance (A)</p> Signup and view all the answers

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

    <p>To determine the total amount payable by the customer (B)</p> Signup and view all the answers

    What is the impact of not paying a store account on time?

    <p>The customer will be charged interest on the overdue amount (D)</p> Signup and view all the answers

    What is the primary purpose of understanding the charges and penalties on an account statement?

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

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

    <p>To identify the unit price of each item (B)</p> Signup and view all the answers

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

    <p>To verify the amount of change given to the customer (D)</p> Signup and view all the answers

    What is the purpose of understanding the credit available on an account statement?

    <p>To identify the amount available for future purchases (A)</p> Signup and view all the answers

    What is the primary purpose of verifying the payment history on an account statement?

    <p>To identify any errors in the payment history (D)</p> Signup and view all the answers

    What is the purpose of understanding the statement details on an account statement?

    <p>To identify the transactions, amounts due, and due dates (D)</p> Signup and view all the answers

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

    <p>To ensure the correct calculation of VAT and interest (C)</p> Signup and view all the answers

    What is the consequence of not paying the minimum payment due on a cell phone bill?

    <p>Additional charges will be applied (D)</p> Signup and view all the answers

    What is the purpose of calculating the average monthly cost on a cell phone bill?

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

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

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

    What is the purpose of understanding the terms and concepts related to cell phone bills?

    <p>To make informed decisions about mobile services (C)</p> Signup and view all the answers

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

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

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

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

    What is the purpose of understanding the query period on a cell phone bill?

    <p>To dispute or question the bill (D)</p> Signup and view all the answers

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