Gr12 Math Lit: November hard P(1)
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Questions and Answers

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

  • To check for any disputed charges (correct)
  • To identify the service provider's contact details
  • To calculate the VAT amount
  • To determine the minimum payment due

    • What is the formula to calculate the interest on a principal amount?

  • I = P + r × t
  • I = P × r / t
  • I = P × r × t (correct)
  • I = P - r × t

    • What is the main purpose of a till slip?

  • To calculate interest on overdue payments
  • To display the credit limit on a store account
  • To provide proof of purchase and item details (correct)
  • To keep a record of store accounts

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

    <p>To understand the implications of VAT and exemptions</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 standard VAT rate in South Africa?

    <p>15%</p> Signup and view all the answers

    What is the definition of gross salary?

    <p>The total amount earned in a month, including salary, overtime, bonuses, etc.</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

    What type of bill charges customers for services such as water and electricity?

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

    What is the formula to calculate the compound interest?

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

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

    <p>To verify the sum of item prices and the application of VAT</p> Signup and view all the answers

    What is exempt from VAT in South Africa?

    <p>Certain essential groceries</p> Signup and view all the answers

    What is the definition of taxable income?

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

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

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

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

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

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

    <p>Interest is applied to the outstanding balance</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 primary purpose of an IRP5 form?

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

    What is the minimum salary before tax is charged?

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

    What is the purpose of PAYE?

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

    How is UIF calculated?

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

    What is the tax rate applicable to an individual with an annual income of R120,000?

    <p>Using the tax tables</p> Signup and view all the answers

    What is the purpose of tax rebates?

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

    What is the formula for calculating taxable income?

    <p>Taxable income = Gross income - Tax-deductible deductions</p> Signup and view all the answers

    What is the purpose of the tax threshold?

    <p>To cancel tax below the threshold</p> Signup and view all the answers

    What is the formula for calculating net pay?

    <p>Net pay = Gross salary - Deductions - Monthly tax + Medical tax credits</p> Signup and view all the answers

    What is the purpose of tax brackets?

    <p>To determine the tax rate applicable to different ranges of taxable income</p> Signup and view all the answers

    What is the primary purpose of calculating the net salary?

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

    In a tariff system, what is the variable amount dependent on?

    <p>Level of usage</p> Signup and view all the answers

    What is the break-even point in a tariff system?

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

    What is the purpose of representing tariff options in graph form?

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

    What is essential to ensure when calculating the total cost in a tariff system?

    <p>That the units used are consistent</p> Signup and view all the answers

    What skill is applied when drawing and interpreting graphs in tariff systems?

    <p>Pattern recognition</p> Signup and view all the answers

    In which context would comparing electricity tariffs be useful?

    <p>Household projects</p> Signup and view all the answers

    What is the primary purpose of performing calculations in tariff systems?

    <p>To calculate the total cost</p> Signup and view all the answers

    What is the significance of the points of intersection in tariff graphs?

    <p>They help determine at what level of usage one option becomes cheaper or more expensive</p> Signup and view all the answers

    What is the outcome of using the analysis from tariff system comparisons?

    <p>Identifying the most cost-effective option</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 type of costs are incurred in producing goods or services?

    <p>Production costs</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 an income-and-expenditure statement?

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

    What type of costs are regular and consistent, such as rent and salaries?

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

    What is the formula for calculating profit?

    <p>Profit = Total Income - Total Expenditure</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 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 analyzing income-and-expenditure statements and budgets in small businesses?

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

    What type of costs are irregular and occur from time to time?

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

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

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

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

    <p>Production costs</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 importance of matching costs with income in a business?

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

    What is the main purpose of setting the right selling price?

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

    Why is regular analysis of income and expenditure statements important?

    <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 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

    Why is managing cash flow important in a business?

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

    What is the definition of loss in a business?

    <p>A financial loss when total costs exceed total income</p> Signup and view all the answers

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

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

    Which of the following will result in a higher total interest paid on a loan?

    <p>A longer loan period with lower monthly repayments.</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

    Which of the following is a key consideration when managing loans?

    <p>Selecting a loan term that balances monthly affordability with total cost.</p> Signup and view all the answers

    What is the primary purpose of compound interest in investments?

    <p>To increase the growth of the investment over time.</p> Signup and view all the answers

    Which of the following is a characteristic of simple interest?

    <p>It is calculated on the original principal amount only.</p> Signup and view all the answers

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

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

    Which of the following is a key benefit of starting investments early?

    <p>It maximizes the benefits of compound interest.</p> Signup and view all the answers

    What is the primary purpose of a retirement annuity?

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

    Which of the following is a common type of investment?

    <p>A stokvel</p> Signup and view all the answers

    What is the primary benefit of opting for a shorter loan term?

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

    What is the result of investing early in a compound interest investment?

    <p>Greater accumulation due to the extended period of compounding interest</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 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 importance of managing interest rates when taking out a loan?

    <p>To minimize the total cost of the loan</p> Signup and view all the answers

    What is the purpose of monitoring bank statements?

    <p>To check for errors or unauthorized transactions</p> Signup and view all the answers

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

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

    What is the primary benefit of choosing a lower interest rate on a loan?

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

    What is the effect 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 primary purpose of a credit account with a credit card?

    <p>To make purchases and payments</p> Signup and view all the answers

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

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

    Which type of research question allows respondents to answer in their own words?

    <p>Open-ended question</p> Signup and view all the answers

    What is the primary influence on the choice of data collection method?

    <p>Research aim</p> Signup and view all the answers

    What is the primary advantage of using observation as a data collection method?

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

    What is the purpose of classifying data?

    <p>To simplify the data for analysis</p> Signup and view all the answers

    What is the primary purpose of using tally marks?

    <p>To count the frequency of items</p> Signup and view all the answers

    What is the primary disadvantage of closed questions?

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

    What is the primary advantage of using questionnaires?

    <p>Anonymity can encourage honest responses</p> Signup and view all the answers

    What is the primary reason for banks charging fees for their services?

    <p>To provide additional revenue to the bank</p> Signup and view all the answers

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

    <p>To keep pace with inflation</p> Signup and view all the answers

    What is the primary consequence of sample bias?

    <p>Inaccurate representation of the population</p> Signup and view all the answers

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

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

    What is the effect of compound interest on an investment?

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

    What is the formula used to calculate the inflation rate?

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

    What is the consequence of inflation on savings and investments?

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

    Which of the following is an example of cost-push inflation?

    <p>An increase in wages and raw material prices</p> Signup and view all the answers

    What is the purpose of analyzing inflation in different contexts?

    <p>To adjust salaries and wages</p> Signup and view all the answers

    What is the effect of demand-pull inflation on prices?

    <p>It leads to an increase in prices</p> Signup and view all the answers

    What is the relationship between profit and income?

    <p>Profit is the difference between income and expenditure</p> Signup and view all the answers

    What is the consequence of a loss?

    <p>A decrease in purchasing power</p> Signup and view all the answers

    What is the primary purpose of grouping data into intervals in a grouped frequency table?

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

    What is the main advantage of using the median over the mean in certain situations?

    <p>The median is less affected by outliers and skewed data</p> Signup and view all the answers

    What is the primary use 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 purpose of using percentiles in data analysis?

    <p>To understand the distribution of data and compare individual values</p> Signup and view all the answers

    What is the main purpose of creating graphs in data analysis?

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

    What is the primary advantage of using interquartile range over range in certain situations?

    <p>IQR is less affected by outliers</p> Signup and view all the answers

    What is the purpose of organizing data?

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

    What is the primary use of tally marks in data analysis?

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

    What is the main purpose of summarizing data?

    <p>To provide a clear summary 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</p> Signup and view all the answers

    What is the primary purpose of a box and whisker plot?

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

    What is the name of the measure that divides a data set into four equal parts?

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

    What 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 calculation for the Interquartile Range (IQR)?

    <p>Q3 - Q1</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 the mode?

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

    What is the primary purpose of a line graph?

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

    What is the formula for calculating the mean?

    <p>(Sum of all values) / (Number of values)</p> Signup and view all the answers

    What is the primary purpose of a pie chart?

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

    What is the measure that indicates how spread out the values are?

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

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

    <p>To make informed decisions based on the likelihood of events</p> Signup and view all the answers

    What is the range of the probability scale?

    <p>0 to 1</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 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 primary purpose of using probability in weather forecasting?

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

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

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

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

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

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

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

    What is the purpose of understanding false positives and false negatives in medical tests?

    <p>To understand the limitations and potential errors in medical tests</p> Signup and view all the answers

    What information is typically found on a till slip?

    <p>Shop details, invoice information, and item details</p> Signup and view all the answers

    What is the primary purpose of checking calculations on an account statement?

    <p>To ensure the total amount paid and balance are correct</p> Signup and view all the answers

    What type of bill charges customers for services such as water and electricity?

    <p>Municipal bill</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

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

    <p>Interest is charged on the outstanding balance</p> Signup and view all the answers

    What essential goods are exempt from Value-Added Tax (VAT) in South Africa?

    <p>Paraffin, brown bread, maize meal, and other basic foodstuffs</p> Signup and view all the answers

    What information is typically included on an account statement?

    <p>Statement details, transactions, amounts due, and due dates</p> Signup and view all the answers

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

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

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

    <p>To calculate the VAT amount and ensure its accuracy</p> Signup and view all the answers

    Which of the following is an example of a non-salary deduction that reduces taxable income?

    <p>Donations to charities</p> Signup and view all the answers

    What is the primary purpose of understanding key financial terms in the context of taxation?

    <p>To understand the implications of taxation on gross salary</p> Signup and view all the answers

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

    <p>A penalty charge or interest on the outstanding amount</p> Signup and view all the answers

    Which of the following is an example of a tax-deductible expense?

    <p>Donations to charities</p> Signup and view all the answers

    What is the primary purpose of calculating the net salary?

    <p>To understand the implications of taxation on take-home pay</p> Signup and view all the answers

    Which of the following is an example of a taxable deduction on a payslip?

    <p>Loan from an employer</p> Signup and view all the answers

    What is the primary purpose of determining taxable income?

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

    If an employee's annual taxable income is R150,000, and they are eligible for a primary rebate of R12,080, how much will they pay in annual tax?

    <p>R42,080</p> Signup and view all the answers

    An individual earns R80,000 per year and is younger than 65. What is their tax threshold?

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

    Which of the following is an example of a gross income?

    <p>Interest income from a savings account</p> Signup and view all the answers

    What is the primary purpose of performing calculations in tariff systems?

    <p>To compare the total cost of different tariff options</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

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

    If an employee contributes 1% of their monthly salary towards UIF, and their employer also contributes 1%, what is the total UIF contribution?

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

    What is the purpose of tax brackets?

    <p>To identify the correct tax rate for a specific income range</p> Signup and view all the answers

    What is the formula to calculate taxable income?

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

    What is the primary purpose of PAYE?

    <p>To ensure regular tax collection throughout the year</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 purpose of tax rebates?

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

    What is the formula to calculate the net pay?

    <p>Gross Salary - Monthly Tax + Medical Tax Credits</p> Signup and view all the answers

    A company has a gross salary of R15,000. If UIF is R150, PAYE is R932.50, pension is R750, and medical aid is R630, what is the net salary?

    <p>R12,570</p> Signup and view all the answers

    In a tariff system, what happens to the total cost when the usage level exceeds the break-even point?

    <p>The total cost increases at a faster rate</p> Signup and view all the answers

    What is the purpose of comparing tariff options in graph form?

    <p>To visualize the cost-effectiveness of each option</p> Signup and view all the answers

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

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

    In a tariff system, what is the significance of the points of intersection on the graph?

    <p>They identify the level of usage where one option becomes more cost-effective than another</p> Signup and view all the answers

    What is the importance of ensuring consistent units when calculating the total cost in a tariff system?

    <p>To ensure accuracy in calculations</p> Signup and view all the answers

    What is the primary purpose of performing calculations in a tariff system?

    <p>To calculate the total cost for each option</p> Signup and view all the answers

    What is the outcome of using the analysis from tariff system comparisons?

    <p>To make informed decisions about which option is more cost-effective</p> Signup and view all the answers

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

    <p>To allocate resources effectively</p> Signup and view all the answers

    What is the significance of the break-even point in a tariff system?

    <p>It determines the level of usage where two options have equal costs</p> Signup and view all the answers

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

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

    What is the term for the point at which income equals total costs in a business?

    <p>Break-even point</p> Signup and view all the answers

    What is the category of costs that vary with the level of production or sales?

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

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

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

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

    <p>Profit</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 type of costs are regular and consistent, such as rent and salaries?

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

    What is the outcome of using the analysis from income-and-expenditure statement and budget comparisons in small businesses?

    <p>Adjustments to make to improve financial performance</p> Signup and view all the answers

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

    <p>To maximize profit and minimize loss</p> Signup and view all the answers

    What type of costs are irregular and occur from time to time?

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

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

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

    Which of the following is an example of a start-up cost?

    <p>Electrical appliances</p> Signup and view all the answers

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

    <p>To cover all costs and generate a profit</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 definition of a loss in a business?

    <p>A financial loss occurs when total costs exceed total income</p> Signup and view all the answers

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

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

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

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

    What is the formula to calculate profit?

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

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

    <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 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 primary purpose of a retirement annuity?

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

    What is the impact of regular contributions on an investment?

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

    What is the primary difference between a cheque account and a savings account?

    <p>The purpose of the account.</p> Signup and view all the answers

    What is the purpose of monitoring interest rates in investments?

    <p>To optimize the growth of the investment.</p> Signup and view all the answers

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

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

    What is the purpose of a bank statement?

    <p>To provide a record of all transactions over a specific period.</p> Signup and view all the answers

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

    <p>The purpose of the account.</p> Signup and view all the answers

    What is the importance of starting early with investments?

    <p>To benefit from the compounding effect over a longer period.</p> Signup and view all the answers

    What is the primary goal of financial planning?

    <p>To achieve long-term financial security and prosperity.</p> Signup and view all the answers

    What is the primary factor that affects the real cost of a loan?

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

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

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

    What is the primary difference between simple 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 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 financial planning in the context of loans and investments?

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

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

    <p>Reduces the loan amount</p> Signup and view all the answers

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

    <p>A loan involves borrowing money, while an investment involves placing money into a fund</p> Signup and view all the answers

    What is the benefit of starting to invest early?

    <p>Maximizes the benefits of compound interest</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 longer loan term on the total interest paid?

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

    What is the main reason for banks to charge fees for certain services?

    <p>To provide an additional source of income</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 occurs when the demand for goods and services exceeds the supply, leading to higher prices?

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

    What is the financial term for the money received from work, investments, or other sources?

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

    What is the outcome when total expenditure exceeds total income?

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

    What is the purpose of analyzing inflation trends and graphs?

    <p>To understand the impact of inflation on purchasing power</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 the term for the percentage increase in the price level of a basket of goods and services over a period of time?

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

    What is the result of using the analysis from tariff system comparisons?

    <p>Identification of the cheapest option</p> Signup and view all the answers

    What is the primary impact of built-in inflation on financial planning?

    <p>It decreases the value of savings and investments</p> Signup and view all the answers

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

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

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

    <p>They allow respondents to answer in their own words, providing insightful and unbiased data</p> Signup and view all the answers

    What is the primary purpose of sample bias control in data collection?

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

    What is the primary advantage of using observations in data collection?

    <p>They avoid interaction biases and are 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 primary advantage of using tally marks in data organization?

    <p>They are an efficient and visually intuitive manner to count how many items fall into each category</p> Signup and view all the answers

    What is the primary impact of inflation on personal finances?

    <p>It decreases the value of savings and investments</p> Signup and view all the answers

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

    <p>To preserve the value of money by choosing investments that offer returns higher than the inflation rate</p> Signup and view all the answers

    What is the primary purpose of income and expenditure statements in small businesses?

    <p>To track and manage income and expenditure to make informed business decisions</p> Signup and view all the answers

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

    <p>To ensure the business remains profitable and sustainable</p> Signup and view all the answers

    Which type of frequency table is used for continuous data divided into intervals?

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

    What is the purpose of tally marks in data collection?

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

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

    <p>The middle value when the data is arranged in ascending or descending order</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

    Which measure of central tendency is less affected by outliers and skewed data?

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

    A weather forecast predicts a 70% chance of rain. What is the probability that it will not rain?

    <p>0.3</p> Signup and view all the answers

    What is the purpose of quartiles in a data set?

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

    What is the primary function of a histogram?

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

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

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

    What is the formula to calculate the Interquartile Range (IQR)?

    <p>Q3 - Q1</p> Signup and view all the answers

    A pregnancy test shows a false positive result. What does this mean?

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

    Which statistical measure is most affected by outliers?

    <p>Mean</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 purpose of a box and whisker plot?

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

    What is the primary purpose of graphs in data analysis?

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

    Which graph type is most suitable for displaying categorical data?

    <p>Bar graph</p> Signup and view all the answers

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

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

    What is essential to ensure when creating graphs?

    <p>Both A and B</p> Signup and view all the answers

    A drug test shows a false negative result. What does this mean?

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

    What is the purpose of percentiles in a data set?

    <p>To compare individual values to the entire data set</p> Signup and view all the answers

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

    <p>To measure the spread of the central portion of a data set</p> Signup and view all the answers

    What is the definition of probability?

    <p>The likelihood of an event occurring, expressed as a number between 0 and 1</p> Signup and view all the answers

    What is the probability scale used to describe probabilities?

    <p>0 to 1</p> Signup and view all the answers

    What is the purpose of representing, interpreting, and analyzing data?

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

    What is the purpose of a scatter plot?

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

    Why is it important to consider the sample size used for predictions in weather forecasts?

    <p>To improve the accuracy of the forecast</p> Signup and view all the answers

    What is the formula for calculating the median?

    <p>Order the data, find the middle value. If even, average the two middle values.</p> Signup and view all the answers

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

    <p>To analyze and interpret data</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 a quartile?

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

    What information does a till slip NOT contain?

    <p>Total amount payable in six months' time</p> Signup and view all the answers

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

    <p>Interest is charged on the outstanding balance</p> Signup and view all the answers

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

    <p>To verify the sum of item prices and the application of VAT where applicable</p> Signup and view all the answers

    What does the balance brought forward on an account statement represent?

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

    What type of bill charges customers for services such as sewage removal?

    <p>Municipal bill</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 an item when given pack prices and quantities</p> Signup and view all the answers

    What is included in a store account statement?

    <p>Transactions, due dates, and previous balances</p> Signup and view all the answers

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

    <p>To ensure the change given back to the customer is correct when paying more than the total amount due</p> Signup and view all the answers

    What is the primary purpose of the tax threshold?

    <p>To ensure that individuals with lower incomes do not pay tax</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 primary purpose of verifying the total amount due on a cell phone bill?

    <p>To ensure the correct calculation of VAT amount</p> Signup and view all the answers

    What is the purpose of the IRP5 form?

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

    An employee's gross salary is R30,000 per month. If the UIF contribution is 1% of the gross salary, how much will be deducted as UIF?

    <p>R300</p> Signup and view all the answers

    What is the formula to calculate the taxable income when the gross income is R50,000 and tax-deductible deductions are R10,000?

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

    What is the effect of increasing taxable income on the tax bracket?

    <p>The tax bracket increases</p> Signup and view all the answers

    A customer has a principal amount of R1,000 with an annual interest rate of 10%. If the interest is compounded annually, what is the amount accumulated after 2 years?

    <p>R1,210</p> Signup and view all the answers

    What is the total UIF contribution for an employee with a gross salary of R10,000?

    <p>R200</p> Signup and view all the answers

    What is the primary purpose of PAYE?

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

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

    <p>To calculate the total amount due correctly</p> Signup and view all the answers

    If the VAT rate is 15%, what is the VAT amount on a total bill of R1,500?

    <p>R225</p> Signup and view all the answers

    What is the tax rebate amount for an individual younger than 65?

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

    What is the net pay calculated from?

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

    What is the purpose of familiarizing oneself with key financial terms in the context of taxation?

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

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

    <p>To identify budgeting opportunities</p> Signup and view all the answers

    What is the purpose of tax brackets?

    <p>To ensure that higher income earners pay a higher tax rate</p> Signup and view all the answers

    What is the purpose of deductions in salary?

    <p>To reduce the gross salary and taxable income</p> Signup and view all the answers

    What is the formula to calculate the area of a circle with a radius of 5 cm?

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

    What is the primary purpose of comparing electricity tariffs?

    <p>To identify the most cost-effective option</p> Signup and view all the answers

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

    <p>To calculate the net salary.</p> Signup and view all the answers

    What type of graph would be obtained if the tariff rate remains constant?

    <p>A single straight-line graph.</p> Signup and view all the answers

    What is the primary purpose of identifying points of intersection in tariff system graphs?

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

    What is the outcome of using the analysis from tariff system comparisons?

    <p>Making informed decisions about the most cost-effective option.</p> Signup and view all the answers

    What skill is essential for creating and interpreting graphs in tariff systems?

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

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

    <p>To determine the profitability of the business.</p> Signup and view all the answers

    What type of costs are directly related to producing goods or services?

    <p>Variable 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 primary purpose of effective management of income and expenditure in a business?

    <p>To ensure the business remains financially sustainable.</p> Signup and view all the answers

    What is the break-even point in a tariff system?

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

    What type of costs are categorized as day-to-day expenses incurred in producing goods or services?

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

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

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

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

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

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

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

    What is the formula for calculating profit in a business?

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

    What type of costs are regular and consistent, such as rent and salaries?

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

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

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

    What type of costs are irregular and occur from time to time?

    <p>Occasional 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 primary purpose of effective management of income and expenditure in a business?

    <p>To ensure long-term financial stability and strategic planning</p> Signup and view all the answers

    What type of costs are incurred to establish a business?

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

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

    <p>It covers all costs and generates a profit</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 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 definition of profit?

    <p>The financial gain when income exceeds expenditure</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 type of costs are regular and consistent, such as rent and salaries?

    <p>Monthly operating costs</p> Signup and view all the answers

    What is the purpose of budgeting 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 formula for calculating profit?

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

    What is the main impact of built-in inflation on personal finances?

    <p>Increased expenditure management due to rising prices</p> Signup and view all the answers

    Which type of research question is most suitable for collecting detailed and qualitative insights?

    <p>Open-ended questions</p> Signup and view all the answers

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

    <p>To minimize sample bias</p> Signup and view all the answers

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

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

    What is the primary purpose of classifying data?

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

    Which of the following loan terms would result in the lowest total interest paid over the life of the loan?

    <p>A 5-year loan with a 10% interest rate</p> Signup and view all the answers

    If an investment earns a 5% simple interest rate, how would the interest rate be affected if it were compounded?

    <p>The interest rate would increase</p> Signup and view all the answers

    What is the main advantage of using questionnaires in data collection?

    <p>It is suitable for large samples</p> Signup and view all the answers

    Which of the following investments would be most suitable for a retiree?

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

    What is the main purpose of using tally marks in data collection?

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

    What is the main impact of financial planning on savings and investments?

    <p>It helps to preserve the value of money</p> Signup and view all the answers

    What is the primary advantage of a shorter loan term?

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

    What is the primary purpose of adjusting for inflation in budgeting?

    <p>To plan for increased costs in the future</p> Signup and view all the answers

    What is the impact 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 main advantage of using interviews in data collection?

    <p>It allows for probing deeper into responses</p> Signup and view all the answers

    Which of the following bank accounts would be most suitable for a short-term savings goal?

    <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 impact of regular contributions to an investment?

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

    What is the primary purpose of financial planning?

    <p>To balance monthly affordability and total cost of a loan</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 is the primary purpose of a deposit in a loan?

    <p>To reduce the loan amount</p> Signup and view all the answers

    Which of the following factors affects the total amount owed in a loan?

    <p>Interest rate and loan length</p> Signup and view all the answers

    What is the main difference between simple interest and compound interest?

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

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

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

    What is the primary purpose of a loan?

    <p>To borrow a lump sum from a bank or loan agent to make a large purchase</p> Signup and view all the answers

    What is the real cost of a loan?

    <p>The total amount paid over the life of the loan</p> Signup and view all the answers

    What is the purpose of financial planning in loans?

    <p>To choose terms and rates that balance monthly affordability with total cost</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 primary purpose of compound interest in investments?

    <p>To increase the returns on investments over time</p> Signup and view all the answers

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

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

    What is the primary purpose of a line graph?

    <p>To study the relationship between two quantities over time</p> Signup and view all the answers

    What is the calculation for the interquartile range (IQR)?

    <p>Q3 - Q1</p> Signup and view all the answers

    What is the primary purpose of a grouped frequency table?

    <p>To organize continuous data into specified ranges</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 a percentile?

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

    What is the purpose of tally marks in data analysis?

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

    What is the primary purpose of a histogram?

    <p>To show the distribution of continuous 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 quartiles in data analysis?

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

    What is the calculation for the mean?

    <p>Sum of all values / Number of values</p> Signup and view all the answers

    What is the purpose of graphs in data analysis?

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

    What is the primary reason banks charge fees for their services?

    <p>To increase their revenue</p> Signup and view all the answers

    What is the purpose of a scatter plot?

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

    What is the main 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 is the definition of the range?

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

    What is the definition of 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 purpose of classifying data in data analysis?

    <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 occurs when the total expenditure exceeds the total income in a business?

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

    What is the purpose of a pie chart?

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

    What is the definition of a frequency table?

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

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

    <p>It decreases the value of money</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 adjusting salaries and wages based on inflation rates?

    <p>To maintain the same standard of living</p> Signup and view all the answers

    What is the purpose of summarizing data in data analysis?

    <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 measures of central tendency in data analysis?

    <p>To provide a single value that represents the central point of the data set</p> Signup and view all the answers

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

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

    What is the main difference between demand-pull inflation and cost-push inflation?

    <p>Demand-pull inflation occurs when demand exceeds supply, while cost-push inflation occurs when production costs increase</p> Signup and view all the answers

    What is the formula for calculating the inflation rate?

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

    What is the purpose of analyzing inflation graphs and trends?

    <p>To identify patterns and changes in inflation over time</p> Signup and view all the answers

    What is the outcome of using the analysis from tariff system comparisons?

    <p>Determining the most cost-effective option</p> Signup and view all the answers

    What is the probability of rolling a 3 on a fair six-sided dice?

    <p>1/6</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

    A coin is flipped and a dice is rolled. What is the probability that the coin lands on heads and the dice lands on an even number?

    <p>1/4</p> Signup and view all the answers

    What is the probability of rolling a 2 or a 5 on a fair six-sided dice?

    <p>1/3</p> Signup and view all the answers

    A weather forecast predicts a 30% chance of rain. What is the probability that it will not rain?

    <p>0.7</p> Signup and view all the answers

    What is the purpose of a tree diagram in probability?

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

    What is the difference between a false positive and a false negative?

    <p>A false positive is a positive result when it is actually negative, while a false negative is a negative result when it is actually positive</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 the likelihood of events</p> Signup and view all the answers

    What is the probability of rolling a 1, 2, or 3 on a fair six-sided dice?

    <p>3/6</p> Signup and view all the answers

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

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

    What information is typically included on a till slip?

    <p>Shop details, invoice information, and item details</p> Signup and view all the answers

    What is the purpose of checking calculations on an account statement?

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

    What type of bill charges customers for services such as refuse removal?

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

    What is the term for the remaining credit limit after accounting for the current balance?

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

    What information is typically included on an account statement?

    <p>Transactions, amounts due, due dates, and previous balances</p> Signup and view all the answers

    What is the purpose of verifying the total amount paid and the resulting balance on an account statement?

    <p>To check payments and balances</p> Signup and view all the answers

    What is the standard VAT rate in South Africa?

    <p>15%</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

    <p>To summarize total earnings and deductions</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 PAYE?

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

    What should be subtracted from the gross salary to calculate the net salary?

    <p>PAYE, UIF, pension, and medical aid</p> Signup and view all the answers

    How is UIF calculated?

    <p>2% of gross salary by both the employer and employee</p> Signup and view all the answers

    What is the primary purpose of tariff systems?

    <p>To compare costs and choose the most cost-effective option</p> Signup and view all the answers

    What is the purpose of tax brackets?

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

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

    <p>The service provider will add a late payment fee to the current balance.</p> Signup and view all the answers

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

    <p>Total Amount = Base Amount + VAT Amount</p> Signup and view all the answers

    What is essential to ensure when calculating the total cost in a tariff system?

    <p>That the units used in calculations are consistent</p> Signup and view all the answers

    What is the formula for calculating taxable income?

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

    What is the break-even point in a tariff system?

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

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

    <p>To identify any errors in previous payments</p> Signup and view all the answers

    What is the purpose of the tax threshold?

    <p>To cancel tax below the threshold</p> Signup and view all the answers

    What is the formula used to calculate the average monthly cost on a cell phone bill?

    <p>Average Cost = Total Cost / Number of Months</p> Signup and view all the answers

    What is the purpose of representing tariff options in graph form?

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

    What is the formula for calculating net pay?

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

    What is the purpose of tax rebates?

    <p>To deduct an amount from the total tax payable</p> Signup and view all the answers

    What skill is applied when drawing and interpreting graphs in tariff systems?

    <p>Mathematical literacy</p> Signup and view all the answers

    What is the term for the time allowed to dispute or question a cell phone bill?

    <p>Query Period</p> Signup and view all the answers

    What is the outcome of using the analysis from tariff system comparisons?

    <p>Selection of the most cost-effective option</p> Signup and view all the answers

    What is the primary purpose of calculating taxable income?

    <p>To determine the amount of tax owed</p> Signup and view all the answers

    What is the impact of VAT on the total amount due on a cell phone bill?

    <p>VAT increases the total amount due</p> Signup and view all the answers

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

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

    What is the purpose of understanding key financial terms in the context of taxation?

    <p>To determine the taxable income</p> Signup and view all the answers

    What is the formula used to calculate the taxable income?

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

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

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

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

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

    What is the purpose of tax-deductible deductions in taxation?

    <p>To reduce the taxable income</p> Signup and view all the answers

    What is the formula used to calculate the net salary?

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

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

    <p>To estimate future income and expenses and guide financial decisions</p> Signup and view all the answers

    What type of costs are directly related to producing goods or services?

    <p>Variable 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 primary purpose of analyzing income-and-expenditure statements and budgets in small businesses?

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

    What type of costs are regular and consistent, such as rent and salaries?

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

    What is the formula for calculating profit?

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

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

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

    What type of costs are irregular and occur from time to time?

    <p>Occasional 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 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 primary purpose of setting the right selling price in a business?

    <p>To cover all costs and generate a profit, while also being competitive</p> Signup and view all the answers

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

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

    What is the consequence of not managing cash flow effectively in a business?

    <p>Insufficient cash to cover operating expenses</p> Signup and view all the answers

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

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

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

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

    What is the definition of a 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 financial planning in a business?

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

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

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

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

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

    What is the main advantage of choosing a shorter loan term?

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

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

    <p>The investment grows at a faster rate</p> Signup and view all the answers

    What is the primary benefit of starting to invest early?

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

    What is the main difference between a savings account and a fixed deposit account?

    <p>Access to funds</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 regular contributions on 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 main benefit of choosing a loan with a lower interest rate?

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

    What is the primary purpose of a debit card?

    <p>To make purchases and payments directly from the account</p> Signup and view all the answers

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

    <p>Penalty fees and possible harm to credit score</p> Signup and view all the answers

    What is the primary benefit of compound interest?

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

    What is the primary factor that affects the total interest paid on a loan?

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

    What type of interest is calculated on the current balance, including previous interest?

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

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

    <p>Reducing the loan term</p> Signup and view all the answers

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

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

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

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

    What is the primary benefit of starting to invest early?

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

    What is the primary reason for banks to charge fees for their services?

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

    What is the term for the upfront payment made on a loan?

    <p>Deposit</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 is the primary purpose of financial planning in relation to loans and investments?

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

    What is the financial concept that occurs when total expenditure exceeds total income?

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

    What is the effect of a larger deposit on the total interest paid on a loan?

    <p>Reducing the total interest paid</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 primary difference between simple interest and compound interest?

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

    What is the effect of inflation on savings and investments?

    <p>Inflation erodes the value of money saved or invested if the return is lower than the inflation rate</p> Signup and view all the answers

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

    <p>Demand-pull inflation</p> Signup and view all the answers

    What is the purpose of analyzing graphs and trends in the context of inflation?

    <p>To identify patterns and trends in price changes</p> Signup and view all the answers

    What is the outcome of using the analysis from tariff system comparisons?

    <p>Identifying the most cost-effective tariff option</p> Signup and view all the answers

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

    <p>To maintain a stable financial position</p> Signup and view all the answers

    What is the formula for calculating profit?

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

    When businesses increase prices to keep up with rising costs and consumers expect and accept higher prices, it is known as:

    <p>Built-In Inflation</p> Signup and view all the answers

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

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

    What is the primary purpose of randomly selecting a sample from a population in research?

    <p>To minimize sample bias</p> Signup and view all the answers

    What is the major disadvantage of using observation as a data collection method?

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

    What is the main purpose of classifying and organizing data?

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

    What is the purpose of using tally marks when classifying and organizing data?

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

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

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

    What is the impact of inflation on personal finances?

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

    What is the purpose of expenditure management in the context of inflation?

    <p>To mitigate the impact of rising prices on household budgets</p> Signup and view all the answers

    What is the primary purpose of financial planning in the context of inflation?

    <p>To plan for increased costs in the future</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

    Which measure of central tendency is less affected by outliers and skewed data?

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

    What is the purpose of quartiles in a data set?

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

    What is the purpose of graphs in data analysis?

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

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

    <p>To measure the spread of the central portion 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 purpose of tally marks?

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

    What is the purpose of summarizing data?

    <p>To organize and simplify data, making it easier to read and analyze</p> Signup and view all the answers

    What is the primary purpose of measures of central tendency?

    <p>To provide a single value that represents the central point of the data set</p> Signup and view all the answers

    What is the purpose of percentiles in a data set?

    <p>To understand the distribution of data and compare individual values to the entire data set</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?

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

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

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

    What is the probability of an impossible event?

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

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

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

    What is the primary purpose of using box and whisker plots?

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

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

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

    Which type of graph is most suitable for showing the relationship between two variables?

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

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

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

    What is the purpose of improving the accuracy of probability predictions?

    <p>To collect more data over time and use advanced measurement tools</p> Signup and view all the answers

    What is the measure of central tendency that is least affected by outliers?

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

    Which graph type is used to show parts of a whole?

    <p>Pie chart</p> Signup and view all the answers

    What is the term for the probability of an event not occurring?

    <p>Complementary probability</p> Signup and view all the answers

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

    <p>To make informed decisions in various fields such as business and medicine</p> Signup and view all the answers

    What is the range of the middle 50% of the data?

    <p>Interquartile range</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 definition of probability?

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

    What is the primary purpose of line graphs?

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

    What is the calculation for the interquartile range (IQR)?

    <p>Q3 - Q1</p> Signup and view all the answers

    Which graph type is most suitable for comparing different categories?

    <p>Bar graph</p> Signup and view all the answers

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