Gr12 Math Lit: Term test 1
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Questions and Answers

What is the standard VAT rate in South Africa according to the content?

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

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

  • To calculate the change due to the customer
  • To ensure the sum of item prices and the application of VAT is correct (correct)
  • To verify the unit price of each item
  • To determine the credit limit available

    • What is exempt from VAT in South Africa?

  • All food items
  • Certain essential groceries including paraffin and brown bread (correct)
  • No food items are exempt from VAT
  • Only luxury food items

    • What does the term 'balance brought forward' refer to on an account statement?

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

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

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

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

    <p>To ensure the change given back is correct when a customer pays more than the total amount due (C)</p> Signup and view all the answers

    What is included on a till slip?

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

    What does the credit limit refer to on an account statement?

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

    What is the purpose of a deduction table in taxation?

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

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

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

    What is the purpose of an IRP5 form?

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

    What is the primary purpose of an Income-and-Expenditure Statement?

    <p>To provide a summary of actual income and expenses over a specific period (D)</p> Signup and view all the answers

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

    <p>To determine the net salary (C)</p> Signup and view all the answers

    What is the first step in calculating tax?

    <p>Calculate taxable income. (A)</p> Signup and view all the answers

    What is the main difference between a Budget and an Income-and-Expenditure Statement?

    <p>A Budget is a yearly plan, while an Income-and-Expenditure Statement is a summary of actual income and expenses (B)</p> Signup and view all the answers

    Which of the following is an example of a fixed amount in a tariff system?

    <p>Monthly rental fee for equipment (A)</p> Signup and view all the answers

    What is the purpose of drawing graphs in tariff system comparison?

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

    What is the purpose of PAYE?

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

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

    <p>Break-Even Point (B)</p> Signup and view all the answers

    What is the break-even point in break-even analysis?

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

    What is UIF?

    <p>A form of insurance that provides short-term relief to workers. (B)</p> Signup and view all the answers

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

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

    Which skill is essential for creating and analyzing graphs in tariff system comparison?

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

    What is the total UIF contribution for an employee earning R10,000 per month?

    <p>R200 (D)</p> Signup and view all the answers

    What is an example of an Occasional Cost?

    <p>Irregular costs that occur from time to time (D)</p> Signup and view all the answers

    What is the formula for calculating Profit?

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

    What is the purpose of calculating the total monthly cost for each tariff system option?

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

    What is the tax threshold for individuals aged 65-75?

    <p>R104,611 (C)</p> Signup and view all the answers

    What is the primary rebate amount for individuals?

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

    What happens when total expenditure exceeds total income?

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

    What is the primary purpose of comparing tariff systems?

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

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

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

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

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

    What is the primary purpose of identifying the points of intersection on the graph?

    <p>To identify the cost-effective range of usage (C)</p> Signup and view all the answers

    What is the purpose of an Income-and-Expenditure Statement in the context of small businesses?

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

    What is the variable amount in a tariff system?

    <p>A fee that depends on the level of usage (B)</p> Signup and view all the answers

    What is an example of a Fixed Cost?

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

    What is the key aspect to consider when verifying the total amount due on a cell phone bill?

    <p>Application of VAT (D)</p> Signup and view all the answers

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

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

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

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

    What is the key concept to consider when determining the net salary?

    <p>Deductions from gross salary (A)</p> Signup and view all the answers

    What is the purpose of understanding key financial terms on a bill?

    <p>To understand their implications on bills and account statements (D)</p> Signup and view all the answers

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

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

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

    <p>To adjust calculations accordingly (B)</p> Signup and view all the answers

    What is the formula to calculate the probability of an event?

    <p>P(E) = Number of favourable outcomes / Total number of possible outcomes (B)</p> Signup and view all the answers

    What is the key concept to consider when determining taxable income?

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

    What is the primary source of income for a business?

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

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

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

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

    <p>Break-Even Point (D)</p> Signup and view all the answers

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

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

    What is the calculation for profit?

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

    What is the term for the expenses incurred to establish a business?

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

    Why is it important to set the right selling price?

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

    What is the key to making a profit in a business?

    <p>Matching costs with income (A)</p> Signup and view all the answers

    What is the calculation for loss?

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

    What is the primary purpose of charging fees by banks?

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

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

    <p>The interest benefits the lender in a loan and the investor in an investment (A)</p> Signup and view all the answers

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

    <p>Compound Interest (A)</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 the interest paid (D)</p> Signup and view all the answers

    What is the financial result when income exceeds expenditure?

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

    What is the purpose of a retirement annuity?

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

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

    <p>Decrease in purchasing power (B)</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 (C)</p> Signup and view all the answers

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

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

    What is the effect of compound interest on an investment?

    <p>It increases the interest payment over time (B)</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 (B)</p> Signup and view all the answers

    What is the formula to calculate the inflation rate?

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

    What is the loan amount equal to?

    <p>The sale price minus the deposit (C)</p> Signup and view all the answers

    What is the real cost of the loan?

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

    What is the result of inflation on savings and investments?

    <p>Decrease in value (C)</p> Signup and view all the answers

    What is the benefit of starting an investment early?

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

    What is the purpose of representing inflation trends graphically?

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

    What is the type of fee charged by banks for specific transactions like withdrawals, deposits, and payments?

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

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

    <p>It reduces the loan length (C)</p> Signup and view all the answers

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

    <p>The interest is calculated on the original amount for simple interest (C)</p> Signup and view all the answers

    What is the main advantage of a shorter loan term?

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

    What is the main characteristic of a retirement annuity?

    <p>Regular payments made into a fund that grows over time (B)</p> Signup and view all the answers

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

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

    What is the main benefit of making regular contributions to an investment?

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

    What is the main feature of a credit account?

    <p>Monthly repayments with interest on unpaid balances (A)</p> Signup and view all the answers

    What is the importance of monitoring interest rates when investing?

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

    What is the effect of compound interest on an investment?

    <p>It leads to an exponential growth of the investment (D)</p> Signup and view all the answers

    What is the purpose of a bank statement?

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

    What is the main difference between a debit transaction and a credit transaction?

    <p>A debit transaction is a withdrawal, while a credit transaction is a deposit (A)</p> Signup and view all the answers

    What is the primary reason for adjusting for inflation in financial planning?

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

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

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

    What is the primary purpose of classifying data?

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

    What is the disadvantage of using closed research questions?

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

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

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

    What is the term for a subset of the population chosen to represent it?

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

    What is the advantage of using observation in data collection?

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

    What is the primary purpose of adjusting for inflation in personal finances?

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

    What is the purpose of using a questionnaire in data collection?

    <p>To ask questions and record the responses (B)</p> Signup and view all the answers

    What is the disadvantage of using interviews in data collection?

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

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

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

    What is the probability of rolling a 1 on a fair six-sided dice?

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

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

    <p>Frequency (A)</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 (50%) (C)</p> Signup and view all the answers

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

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

    What is the purpose of using probability in weather forecasts?

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

    What is the term for a single attempt or realization of a probability experiment?

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

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

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

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

    <p>1 - Probability of the event occurring (B)</p> Signup and view all the answers

    What is the primary purpose of a frequency table?

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

    What is the main advantage of using the median in a data set?

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

    What is the interquartile range (IQR) used to measure?

    <p>The spread of the central portion of the data (D)</p> Signup and view all the answers

    What is the main purpose of quartiles in a data set?

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

    What is the primary use of graphs in data analysis?

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

    What is the main advantage of using the mode in a data set?

    <p>It is useful for categorical data where we want to know the most common category (B)</p> Signup and view all the answers

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

    <p>To organize continuous data into specified ranges (C)</p> Signup and view all the answers

    What is the main purpose of summarizing data?

    <p>To provide a clear and concise way to present data findings (C)</p> Signup and view all the answers

    What is the primary use of percentiles in a data set?

    <p>To understand the distribution of data and compare individual values to the entire data set (C)</p> Signup and view all the answers

    What is the primary purpose of a line graph?

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

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

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

    What is the purpose of finding the median of a dataset?

    <p>To find the middle value in an ordered dataset, less affected by outliers. (A)</p> Signup and view all the answers

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

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

    What is the purpose of a box and whisker plot?

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

    What is the definition of probability?

    <p>A measure of the likelihood of an event occurring, expressed as a number between 0 and 1. (C)</p> Signup and view all the answers

    What is the purpose of a histogram?

    <p>To show the distribution of continuous data. (C)</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. (A)</p> Signup and view all the answers

    What is the purpose of a pie chart?

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

    What is the primary purpose of a bar graph?

    <p>To represent data sorted into categories. (C)</p> Signup and view all the answers

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

    <p>To ensure that the change given is correct (C)</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 (B)</p> Signup and view all the answers

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

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

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

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

    What is the purpose of calculating the unit price of an item on a till slip?

    <p>To determine the cost of the item per unit (B)</p> Signup and view all the answers

    What information is typically included on a till slip?

    <p>The shop details, invoice information, item details, and VAT charged (D)</p> Signup and view all the answers

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

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

    Why is it important to verify the total amount payable on a till slip?

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

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

    <p>To identify potential errors in the current bill (C)</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 purpose of understanding key financial terms on a bill?

    <p>To understand the implications of the terms on the bill (D)</p> Signup and view all the answers

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

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

    What is the primary purpose of calculating the net salary?

    <p>To determine the take-home pay (C)</p> Signup and view all the answers

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

    <p>A = π × r² (C)</p> Signup and view all the answers

    What is the key concept to consider when determining taxable income?

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

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

    <p>To determine if certain items are exempt from VAT (B)</p> Signup and view all the answers

    What is the formula to calculate the probability of an event?

    <p>P(E) = Number of favourable outcomes / Total number of possible outcomes (C)</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 total amount is correct and accurate (A)</p> Signup and view all the answers

    What is the purpose of the tax rebate in the South African tax system?

    <p>To reduce the total tax payable by an individual based on their age and eligibility (C)</p> Signup and view all the answers

    What is the main difference between the gross salary and the net salary of an individual?

    <p>The gross salary is the total amount earned by the individual before deductions, while the net salary is the total amount earned after deductions (A)</p> Signup and view all the answers

    What is the purpose of the PAYE system in South Africa?

    <p>To ensure that taxes are collected regularly throughout the year to avoid a large tax bill at the end of the year (C)</p> Signup and view all the answers

    What is the tax bracket, and how does it affect the tax rate?

    <p>The tax bracket is the range of taxable incomes that are charged at a specific tax rate, and it increases the tax rate as the income increases (A)</p> Signup and view all the answers

    What is the purpose of the UIF in South Africa?

    <p>To provide short-term relief to workers when they become unemployed or are unable to work due to certain circumstances (C)</p> Signup and view all the answers

    What is the first step in calculating the tax payable by an individual?

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

    What is the purpose of the IRP5 form?

    <p>To provide a summary of the total earnings and deductions of an individual (D)</p> Signup and view all the answers

    What is the formula for calculating the net pay of an individual?

    <p>Net pay = Gross salary - Deductions - Monthly tax (A)</p> Signup and view all the answers

    What is the purpose of the tax threshold in the South African tax system?

    <p>To ensure that individuals do not pay tax on their entire income (D)</p> Signup and view all the answers

    What is the purpose of the deductions in the South African tax system?

    <p>To reduce the tax payable by an individual (D)</p> Signup and view all the answers

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

    <p>To determine the net salary (B)</p> Signup and view all the answers

    In a tariff system, what is the fixed amount?

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

    What is the purpose of drawing graphs in tariff system comparison?

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

    What is the break-even point in break-even analysis?

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

    What is the purpose of identifying the points of intersection on the graph?

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

    What is the key aspect to consider when comparing tariff systems?

    <p>The cost-effectiveness at different levels of usage (C)</p> Signup and view all the answers

    What is the purpose of calculating the total monthly cost for each tariff system option?

    <p>To compare the cost-effectiveness of each option (A)</p> Signup and view all the answers

    What is the variable amount in a tariff system?

    <p>A fee that is calculated based on the number of units used (A)</p> Signup and view all the answers

    What is the importance of understanding the break-even point?

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

    What is the purpose of analysing each tariff system option individually?

    <p>To break down the costs into fixed and variable components (D)</p> Signup and view all the answers

    What is the primary purpose of an Income-and-Expenditure Statement?

    <p>To provide a summary of actual income and expenses over a specific period (A)</p> Signup and view all the answers

    What is the key feature of a budget?

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

    What is the purpose of comparing actual income and expenses against the budget?

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

    What is an example of a Variable Cost?

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

    What is the key indicator of business performance and sustainability?

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

    What happens when total expenditure exceeds total income?

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

    What is the purpose of an Income-and-Expenditure Statement in the context of small businesses?

    <p>To provide a summary of actual income and expenses (A)</p> Signup and view all the answers

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

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

    What is the break-even point in break-even analysis?

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

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

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

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

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

    What is the definition of start-up costs?

    <p>One-time expenses incurred to establish a business (A)</p> Signup and view all the answers

    What is the primary purpose of a deposit when taking out a loan?

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

    What is the significance of determining the correct selling price?

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

    What is the definition of a break-even point?

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

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

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

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

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

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

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

    What is the importance of matching costs with income?

    <p>To ensure that income matches or exceeds costs to make a profit (D)</p> Signup and view all the answers

    What is the term for the amount paid for borrowing money, calculated on the remaining balance owed?

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

    What is the purpose of analyzing income and expenditure statements?

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

    What is the benefit of starting investments early?

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

    What is the term for the period over which the loan must be repaid?

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

    What is the definition of a loss?

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

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

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

    What is the formula for calculating profit?

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

    What is the importance of managing cash flow?

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

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

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

    What is the benefit of choosing a loan with a shorter loan period?

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

    What is the primary purpose of using one's own bank's ATMs?

    <p>To avoid additional charges from other banks (A)</p> Signup and view all the answers

    What is the result of compound interest?

    <p>Interest is calculated on the current balance, including previously earned interest (B)</p> Signup and view all the answers

    What is the financial gain when income exceeds expenditure?

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

    What is the formula for calculating the inflation rate?

    <p>((Current Price - Previous Price) / Previous Price) x 100% (A)</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 on savings or investments is lower than the inflation rate (D)</p> Signup and view all the answers

    What is the purpose of graphs in inflation analysis?

    <p>To show the trends and changes in inflation over time (A)</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 (C)</p> Signup and view all the answers

    What is the main difference between a shorter loan term and a longer loan term?

    <p>Higher monthly repayments but lower total interest paid for a shorter loan term (A)</p> Signup and view all the answers

    What is the result of total expenditure exceeding total income?

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

    What is the primary purpose of an investment?

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

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

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

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

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

    What is the primary benefit of starting an investment early?

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

    What is the purpose of limiting over-the-counter transactions?

    <p>To opt for electronic or ATM transactions (D)</p> Signup and view all the answers

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

    <p>A savings account has easy access to funds, while a fixed deposit account has a fixed term (C)</p> Signup and view all the answers

    What is the purpose of a bank statement?

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

    What is the effect of regular contributions on an investment?

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

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

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

    What is the primary benefit of choosing a shorter loan term?

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

    What is the primary purpose of monitoring interest rates when investing?

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

    What is the primary purpose of a frequency table?

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

    What is the main advantage of the median over the mean?

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

    What is the purpose of a grouped frequency table?

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

    What is the role of tally marks in data collection?

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

    What is the purpose of measures of spread in data analysis?

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

    What is the primary purpose of graphs in data analysis?

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

    What is the role of quartiles in understanding the distribution of data?

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

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

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

    What is the main difference between a frequency table and a grouped frequency table?

    <p>The way the data is organized (D)</p> Signup and view all the answers

    What is the primary purpose of summarizing data?

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

    What is the purpose of a line graph?

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

    What is the purpose of a scatter plot?

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

    What is the formula for calculating the mean of a data set?

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

    What is the purpose of a box and whisker plot?

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

    What is the range of a data set?

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

    What is the purpose of a histogram?

    <p>To display the distribution of continuous data. (B)</p> Signup and view all the answers

    What is the median of a data set?

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

    What is the probability of an event?

    <p>A measure of the likelihood of an event occurring, expressed as a number between 0 and 1. (D)</p> Signup and view all the answers

    What is the purpose of a bar graph?

    <p>To compare the sizes of different categories. (B)</p> Signup and view all the answers

    What is the primary way to adjust savings and investments to preserve the value of money in an inflationary environment?

    <p>Choosing investments that offer returns higher than the inflation rate (D)</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 (C)</p> Signup and view all the answers

    What is sample bias, and how can it be minimized in research?

    <p>Sample bias occurs when the sample does not accurately represent the population, and it can be minimized by using random sampling (D)</p> Signup and view all the answers

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

    <p>It avoids interaction biases, and it is useful for collecting behavioural data (B)</p> Signup and view all the answers

    What is the primary purpose of classifying data?

    <p>To simplify the data for better understanding and analysis by categorizing it into relevant groups (A)</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 in an efficient and visually intuitive manner (A)</p> Signup and view all the answers

    What is the primary impact of inflation on personal finances?

    <p>It leads to a decrease in the value of money (B)</p> Signup and view all the answers

    What is the primary purpose of research aim in data collection?

    <p>To influence the choice of the sample and the data collection method (D)</p> Signup and view all the answers

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

    <p>Anonymity can encourage honesty, and it is suitable for large samples (C)</p> Signup and view all the answers

    What is the primary purpose of organizing data?

    <p>To make data easier to read and analyze by structuring it systematically (D)</p> Signup and view all the answers

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

    <p>1 (100%) (C)</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 or 0.17 (17%) (C)</p> Signup and view all the answers

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

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

    What is the purpose of a tree diagram?

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

    What is a false positive in a medical test?

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

    What is the purpose of using probability in weather forecasts?

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

    What is the term for a single attempt or realization of a probability experiment?

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

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

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

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

    <p>1/2 or 0.5 (50%) (D)</p> Signup and view all the answers

    What is the purpose of improving accuracy in probability calculations?

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

    What information is included on a till slip to verify the total amount payable?

    <p>Invoice information, item prices, and VAT amount (C)</p> Signup and view all the answers

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

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

    What is the consequence of not paying an account statement on time?

    <p>Interest rates are applied to the overdue amount (A)</p> Signup and view all the answers

    What information is included on an account statement to help the customer track their payments?

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

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

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

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

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

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

    <p>To check the description of items or services bought (C)</p> Signup and view all the answers

    What information is included on a till slip to verify the VAT calculation?

    <p>Item prices, VAT amount, and total amount payable (C)</p> Signup and view all the answers

    When checking the total amount due on a cell phone bill, what is the key aspect to consider?

    <p>Verifying the sum of individual charges and the application of VAT (C)</p> Signup and view all the answers

    What is the purpose of understanding key financial terms on a bill?

    <p>To ensure accurate calculations and interpretation of financial information (D)</p> Signup and view all the answers

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

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

    What is the primary purpose of comparing tariff systems?

    <p>To select the most cost-effective option for a specific situation (C)</p> Signup and view all the answers

    What is the key concept to consider when determining taxable income?

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

    What is the formula to calculate the probability of an event?

    <p>P(E) = Number of favourable outcomes / Total number of possible outcomes (B)</p> Signup and view all the answers

    What is the primary purpose of an Income-and-Expenditure Statement?

    <p>To provide a summary of income and expenditure for a specific period (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 checking for exemptions from VAT on a bill?

    <p>To adjust the VAT amount accordingly (C)</p> Signup and view all the answers

    What is the key aspect to consider when determining the net salary?

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

    What is the purpose of using a tax bracket formula in calculating annual tax?

    <p>To apply the correct tax rate to the taxable income (B)</p> Signup and view all the answers

    What is the outcome if an individual's gross income is below the tax threshold?

    <p>They are not required to pay tax (A)</p> Signup and view all the answers

    What is the primary difference between primary, secondary, and tertiary rebates?

    <p>The age of the individual (C)</p> Signup and view all the answers

    What is the purpose of calculating net pay?

    <p>To determine the take-home pay (D)</p> Signup and view all the answers

    What is the outcome if an individual's annual income exceeds the tax bracket?

    <p>They are taxed at a higher rate (C)</p> Signup and view all the answers

    What is the purpose of determining the tax bracket in tax calculations?

    <p>To apply the correct tax rate to the taxable income (C)</p> Signup and view all the answers

    What is the outcome if an individual's taxable income is below the tax threshold?

    <p>They are not required to pay tax (C)</p> Signup and view all the answers

    What is the primary purpose of PAYE?

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

    What is the outcome if an individual's tax rebate is greater than their tax payable?

    <p>They are eligible for a tax refund (B)</p> Signup and view all the answers

    What is the primary purpose of the IRP5 form?

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

    What is the main difference between a fixed amount and a variable amount in a tariff system?

    <p>A fixed amount is a constant fee that must be paid regardless of usage, while a variable amount depends on the level of usage. (D)</p> Signup and view all the answers

    What is the purpose of identifying the points of intersection on the graph when comparing tariff systems?

    <p>To identify the region where one option is more cost-effective than another (C)</p> Signup and view all the answers

    What is the result of subtracting all deductions from the gross salary?

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

    What is the primary purpose of using break-even analysis?

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

    What is the term for the point at which the total costs of two different options are equal?

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

    What is the key aspect to consider when comparing different tariff systems?

    <p>The consistency of units used in calculations (D)</p> Signup and view all the answers

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

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

    What is the result of total expenditure exceeding total income?

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

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

    <p>To provide a summary of income and expenditure over a period of time (B)</p> Signup and view all the answers

    What is the key concept to consider when determining the net salary?

    <p>Subtracting all deductions from the gross salary (D)</p> Signup and view all the answers

    What is the primary purpose of a budget in a small business?

    <p>To plan for future expenses and manage resources effectively (D)</p> Signup and view all the answers

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

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

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

    <p>To provide a summary of actual income and expenses over a given period (D)</p> Signup and view all the answers

    What is the result when total expenditure exceeds total income?

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

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

    <p>To plan for future expenses and manage resources effectively, and to report actual expenditure and income (D)</p> Signup and view all the answers

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

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

    What is the purpose of analyzing income-and-expenditure statements and budgets for a small business?

    <p>To compare actual income and expenses against the budget to identify variances and make adjustments (C)</p> Signup and view all the answers

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

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

    What is the purpose of categorizing costs into fixed, variable, and occasional costs?

    <p>To understand the different types of costs and manage them effectively (D)</p> Signup and view all the answers

    What is the formula for calculating profit?

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

    What is the main advantage of a larger deposit when taking out a loan?

    <p>It reduces the loan amount and the interest paid (D)</p> Signup and view all the answers

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

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

    What is the benefit of starting to invest early?

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

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

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

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

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

    What is the term for the amount paid for borrowing money, calculated on the remaining balance owed?

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

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

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

    What is the primary benefit of starting an investment early?

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

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

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

    What is the term for the period over which the loan must be repaid?

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

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

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

    What is the primary benefit of choosing a shorter loan term?

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

    What is the effect of regular contributions on an investment?

    <p>Enhanced value of the investment over time (D)</p> Signup and view all the answers

    What is the primary purpose of a bank statement?

    <p>To track transactions over a specific period (A)</p> Signup and view all the answers

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

    <p>Access to funds (A)</p> Signup and view all the answers

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

    <p>Increased growth of the investment (C)</p> Signup and view all the answers

    What is the primary purpose of managing interest rates on a loan?

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

    What is the primary benefit of choosing a longer loan term?

    <p>Lower monthly repayments (B)</p> Signup and view all the answers

    What is the primary purpose of monitoring interest rates on an investment?

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

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

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

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

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

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

    <p>A budget estimates costs and income, while an income-and-expenditure statement reports actual costs and income. (B)</p> Signup and view all the answers

    What happens when total expenditure exceeds total income?

    <p>A business incurs a loss. (C)</p> Signup and view all the answers

    What is the break-even point in a business?

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

    What is the primary purpose of matching costs with income?

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

    What is the primary purpose of analysing income and expenditure statements?

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

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

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

    What is the primary purpose of managing cash flow in a business?

    <p>To ensure that there is enough cash to cover operating expenses. (A)</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 over a specific period. (C)</p> Signup and view all the answers

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

    <p>To maintain the value of savings and investments (D)</p> Signup and view all the answers

    Which type of research question is most likely to yield detailed and qualitative insights?

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

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

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

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

    <p>Anonymity can encourage honesty (B)</p> Signup and view all the answers

    What is the primary purpose of classifying data?

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

    What is the main difference between open-ended and closed research questions?

    <p>Open-ended questions allow respondents to answer in their own words (D)</p> Signup and view all the answers

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

    <p>To avoid interaction biases (B)</p> Signup and view all the answers

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

    <p>Can clarify ambiguous answers and probe for more detailed information (D)</p> Signup and view all the answers

    What is the primary purpose of organizing data?

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

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

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

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

    <p>Compound interest is calculated on the current balance, while simple interest is calculated on the original principal. (C)</p> Signup and view all the answers

    Which of the following is a strategy for reducing banking fees?

    <p>Using own bank's ATMs (D)</p> Signup and view all the answers

    What is the formula for calculating the inflation rate?

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

    What is the effect of inflation on savings and investments?

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

    What is the primary purpose of analyzing inflation in different contexts?

    <p>To make informed decisions about salary negotiations, price adjustments, and investments (D)</p> Signup and view all the answers

    What is the result of demand-pull inflation?

    <p>Higher prices due to excess demand (C)</p> Signup and view all the answers

    What is the primary purpose of preparing a budget?

    <p>To make informed decisions about income and expenditure (A)</p> Signup and view all the answers

    What is the formula for calculating profit?

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

    What happens when total expenditure exceeds total income?

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

    What is the purpose of comparing tariff systems?

    <p>To make informed decisions about the best option for a particular situation (B)</p> Signup and view all the answers

    What is the primary purpose of a grouped frequency table?

    <p>To organize the data into specified ranges to identify patterns or trends (D)</p> Signup and view all the answers

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

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

    What is the purpose of quartiles in data analysis?

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

    What is the primary purpose of graphs in data analysis?

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

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

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

    What is the purpose of tally marks in data analysis?

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

    What is the primary purpose of classifying data?

    <p>To make it easier to handle and interpret large data sets (A)</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 (B)</p> Signup and view all the answers

    What is the primary purpose of frequency tables?

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

    What is the purpose of organizing data?

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

    What is the primary purpose of a histogram?

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

    Which type of graph is most useful for identifying the shape of the data distribution?

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

    What is the purpose of finding the median in a data set?

    <p>To find the middle value in an ordered data set (A)</p> Signup and view all the answers

    What is the main difference between a box and whisker plot and a histogram?

    <p>A box and whisker plot shows the spread of the central portion of the data, while a histogram shows the distribution of continuous data (B)</p> Signup and view all the answers

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

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

    What is the purpose of probability in statistics?

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

    What is the main purpose of a scatter plot?

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

    What is the purpose of quartiles in statistics?

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

    What is the main difference between a bar graph and a histogram?

    <p>A bar graph shows the relationship between two variables, while a histogram shows the distribution of continuous data (C)</p> Signup and view all the answers

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

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

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

    <p>0.7 (A)</p> Signup and view all the answers

    A coin is flipped twice. What is the probability of getting exactly two heads?

    <p>1/4 (B)</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 (A)</p> Signup and view all the answers

    A medical test is 90% effective in detecting a disease. If a person tests positive, what is the probability that they actually have the disease?

    <p>0.7 (D)</p> Signup and view all the answers

    A tree diagram is used to visualize the probability of combined events. What is the purpose of the branches in the diagram?

    <p>To represent the probability of combined events along each branch (C)</p> Signup and view all the answers

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

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

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

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

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

    <p>2/6 (C)</p> Signup and view all the answers

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

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

    What item of information is NOT included on a till slip?

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

    What is the main difference between a municipal bill and a store account statement?

    <p>One is for credit purchases, while the other is for services rendered (D)</p> Signup and view all the answers

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

    <p>To ensure the correct item prices are used (D)</p> Signup and view all the answers

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

    <p>To identify any interest charges or penalties (A)</p> Signup and view all the answers

    What is the purpose of calculating the unit price of an item on a till slip?

    <p>To compare prices between different pack sizes (A)</p> Signup and view all the answers

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

    <p>To verify the item prices and quantities (D)</p> Signup and view all the answers

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

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

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

    <p>To ensure the correct balance is brought forward (B)</p> Signup and view all the answers

    What is the correct calculation for the total amount due on a cell phone bill, including VAT?

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

    A employee's gross salary is R40,000 per month. If the UIF contribution is 1% of the gross salary, and the pension fund contribution is 5% of the gross salary, what is the total deduction from the gross salary?

    <p>R4,000 (B)</p> Signup and view all the answers

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

    <p>To compare the total monthly costs of different tariff options (D)</p> Signup and view all the answers

    A company has a taxable income of R500,000 per year. If the income tax rate is 20%, what is the income tax payable?

    <p>R100,000 (D)</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 or discrepancies in previous payments (A)</p> Signup and view all the answers

    What is the formula to calculate the net salary of an employee?

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

    What is the purpose of calculating the total monthly cost for each tariff system option?

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

    What is the key concept to consider when determining the taxable income of an employee?

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

    What is the formula to calculate the probability of an event?

    <p>P(E) = Number of favourable outcomes / Total number of possible outcomes (C)</p> Signup and view all the answers

    What is the primary purpose of understanding key financial terms on a bill?

    <p>To understand the implications of the terms on the bill (A)</p> Signup and view all the answers

    What is the primary purpose of calculating the net salary?

    <p>To determine the total deductions from the gross salary (B)</p> Signup and view all the answers

    In a tariff system, what does the fixed amount represent?

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

    What is the purpose of identifying points of intersection on the graph in tariff system comparison?

    <p>To identify the most cost-effective option at different levels of usage (D)</p> Signup and view all the answers

    In break-even analysis, what does the break-even point represent?

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

    What is the purpose of comparing tariff systems?

    <p>To make informed decisions about which option to choose (A)</p> Signup and view all the answers

    What is the variable amount in a tariff system?

    <p>A fee that varies depending on the level of usage (B)</p> Signup and view all the answers

    What is the purpose of drawing graphs in tariff system comparison?

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

    What is the key aspect to consider when calculating the net salary?

    <p>The total deductions from the gross salary (B)</p> Signup and view all the answers

    In tariff system comparison, what does the tariff rate represent?

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

    What is the primary purpose of performing break-even analysis?

    <p>To make informed decisions about which option to choose based on the level of usage (C)</p> Signup and view all the answers

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

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

    What is the main difference between a fixed cost and a variable cost in a business?

    <p>Fixed costs are regular, consistent costs, while variable costs are irregular, occasional costs (B)</p> Signup and view all the answers

    What is the purpose of analyzing income-and-expenditure statements and budgets in larger organizations?

    <p>To understand and analyze the income-and-expenditure statements and budgets, focusing on broad categories and trends (C)</p> Signup and view all the answers

    What is the break-even point in a business?

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

    What is the primary purpose of a budget in a small business?

    <p>To estimate future expenses and manage resources effectively (B)</p> Signup and view all the answers

    What is the formula for calculating profit in a business?

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

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

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

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

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

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

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

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

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

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

    <p>To summarize the distribution of a data set (D)</p> Signup and view all the answers

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

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

    What is the unit of measurement for probability?

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

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

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

    Which measure of central tendency is most affected by outliers?

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

    What is the purpose of calculating quartiles in a data set?

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

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

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

    What is the primary purpose of histograms?

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

    Which measure of central tendency is the most resistant to outliers?

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

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

    <p>To analyze the spread of large data sets (D)</p> Signup and view all the answers

    What is the primary function of a loan?

    <p>To borrow a lump sum with interest added (D)</p> Signup and view all the answers

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

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

    What is the term for the amount paid for borrowing money?

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

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

    <p>It reduces the loan amount (D)</p> Signup and view all the answers

    What is the term for the period over which the loan must be repaid?

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

    What is the benefit of starting investments early?

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

    What is the type of interest calculated on the current balance?

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

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

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

    What is the primary purpose of allocating resources efficiently in a business?

    <p>To avoid unnecessary expenses and optimize resource allocation (A)</p> Signup and view all the answers

    What is the significance of selling price in a business?

    <p>It covers all costs and generates a profit (C)</p> Signup and view all the answers

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

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

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

    <p>A budget is used for financial planning, while an income-and-expenditure statement is used for analysis (A)</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 (B)</p> Signup and view all the answers

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

    <p>To identify the point at which total costs equal total income (A)</p> Signup and view all the answers

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

    <p>To ensure profitability and minimize losses (A)</p> Signup and view all the answers

    What is the significance of production costs in a business?

    <p>They are day-to-day expenses directly related to producing goods or services (C)</p> Signup and view all the answers

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

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

    What is the primary purpose of managing cash flow in a business?

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

    What is the significance of financial planning in a business?

    <p>It ensures accurate financial decision-making and strategic planning (C)</p> Signup and view all the answers

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

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

    What is the primary purpose of using tax brackets in income tax calculation?

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

    What is the correct formula for calculating net pay?

    <p>Net Pay = Gross Salary - Deductions - Monthly Tax (A)</p> Signup and view all the answers

    What is the primary purpose of using an IRP5 form?

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

    What is the correct calculation for UIF contribution?

    <p>UIF = 1% of gross salary (C)</p> Signup and view all the answers

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

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

    What is the primary purpose of an investment?

    <p>To appreciate in value over time (B)</p> Signup and view all the answers

    What is the purpose of using a deduction table in taxation?

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

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

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

    What is the correct sequence of steps for tax calculation?

    <p>Calculate taxable income, determine the tax bracket, calculate annual tax, apply rebates, and calculate monthly tax (A)</p> Signup and view all the answers

    What is the purpose of a fixed deposit account?

    <p>To earn a higher interest rate on a lump sum investment (A)</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 and help in avoiding a large tax bill at the end of the tax year (A)</p> Signup and view all the answers

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

    <p>Cheque account is used for regular transactions, while savings account is for short-term savings (A)</p> Signup and view all the answers

    What is the tax threshold for individuals younger than 65?

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

    What is the impact of regular contributions on an investment?

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

    What is the primary purpose of using tax tables in taxation?

    <p>To identify the correct tax bracket for an individual's taxable income (B)</p> Signup and view all the answers

    What is the purpose of monitoring interest rates when investing?

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

    What is the primary purpose of a credit account?

    <p>To allow purchasing items on credit, to be paid later (A)</p> Signup and view all the answers

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

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

    What is the primary purpose of a debit account?

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

    What is the primary reason why banks charge transaction fees?

    <p>To generate revenue from account transactions (D)</p> Signup and view all the answers

    What is the effect of compound interest on a loan?

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

    What is the primary purpose of creating a grouped frequency table?

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

    What is the formula to calculate the inflation rate?

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

    What is the measure of central tendency that is less affected by outliers and skewed data?

    <p>Median (C)</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 with higher returns than the inflation rate (D)</p> Signup and view all the answers

    What is the effect of inflation on savings and investments?

    <p>It erodes the value of savings and investments if the return is lower than the inflation rate (B)</p> Signup and view all the answers

    What is the purpose of quartiles in summarizing data?

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

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

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

    What is the primary purpose of adjusting prices in a business due to inflation?

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

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

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

    What is the primary purpose of classifying data in research?

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

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

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

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

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

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

    What is the purpose of highlighting key findings in a graph?

    <p>To display significant features and findings in an easy-to-read manner (A)</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 in an efficient and visually intuitive manner (B)</p> Signup and view all the answers

    What is the formula to calculate profit?

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

    What is the purpose of classifying data?

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

    What is the effect of inflation on the purchasing power of money?

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

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

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

    What is the purpose of tally marks in counting discrete data?

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

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

    <p>To provide anonymity and encourage honesty in responses (D)</p> Signup and view all the answers

    What is the primary purpose of analyzing inflation graphs and trends?

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

    What is the primary limitation of using closed-ended questions in research?

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

    What is the purpose of frequency tables in summarizing data?

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

    What is the primary reason why businesses may need to adjust salaries and wages due to inflation?

    <p>To maintain the same standard of living for employees (D)</p> Signup and view all the answers

    What is the primary purpose of using interviews in research?

    <p>To clarify ambiguous answers and probe for more detailed information (B)</p> Signup and view all the answers

    What is the purpose of measures of central tendency in summarizing data?

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

    What is the primary purpose of organising data in research?

    <p>To arrange information into a specific order, such as ascending or descending order (D)</p> Signup and view all the answers

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

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

    What does the term 'false positive' refer to in the context of probability?

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

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

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

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

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

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

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

    What is the probability of not rolling a specific number on a fair six-sided dice?

    <p>5/6 (D)</p> Signup and view all the answers

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

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

    What is the probability scale range?

    <p>0 to 1 (B)</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 (C)</p> Signup and view all the answers

    What is the primary purpose of verifying the accuracy of sources and data used in probability?

    <p>To evaluate the reliability of the source. (C)</p> Signup and view all the answers

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