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

What is the standard VAT rate in South Africa?

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

What is the purpose of a till slip?

  • To provide a receipt for cash purchases (correct)
  • To track inventory levels
  • To file tax returns
  • To calculate employee salaries

What information is typically included on an account statement?

  • Only the current balance
  • Only the previous balance
  • Transactions, amounts due, due dates, previous balances, and available credit (correct)
  • Only the credit limit

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

<p>Balance Brought Forward (D)</p> Signup and view all the answers

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

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

What should you verify when checking the calculations on a till slip?

<p>The sum of item prices, the application of VAT, and the change given back (B)</p> Signup and view all the answers

What is exempt from VAT in South Africa?

<p>Certain essential groceries, such as paraffin, brown bread, and maize meal (C)</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 (A)</p> Signup and view all the answers

What is the purpose of verifying information on financial documents?

<p>To ensure all required details are present (D)</p> Signup and view all the answers

What does the formula I = P × r × t represent?

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

What is the formula to calculate the VAT amount?

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

What is the purpose of understanding key financial terms?

<p>To understand the implications of financial terms on bills and account statements (C)</p> Signup and view all the answers

What is gross salary?

<p>The total amount earned including salary, overtime, bonuses, etc. (A)</p> Signup and view all the answers

What is net salary?

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

What is taxable income?

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

What is the purpose of checking for exemptions from VAT?

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

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

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

What is the purpose of performing calculations on financial documents?

<p>To use the appropriate formulas to verify totals, interest, VAT, and other relevant calculations (A)</p> Signup and view all the answers

What is the purpose of a deduction table?

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

What is a tax bracket?

<p>A range of taxable incomes charged at a specific tax rate (B)</p> Signup and view all the answers

What is an IRP5 form used for?

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

What is PAYE?

<p>The income tax deducted from an employee's salary by the employer every month (C)</p> Signup and view all the answers

What is UIF?

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

What is the employee's contribution to UIF?

<p>1% of their gross salary (A)</p> Signup and view all the answers

What is the purpose of a tax rebate?

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

What is the tax threshold for individuals younger than 65?

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

What is the primary tax rebate amount?

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

What is the last step in the tax calculation process?

<p>Determine net pay (A)</p> Signup and view all the answers

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

<p>To provide a clear picture of financial performance over a specific period (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 (D)</p> Signup and view all the answers

What type of costs vary with the level of production or sales?

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

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

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

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

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

What type of costs include expenses like rent and salaries?

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

What is the calculation for profit?

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

What does an income-and-expenditure statement display?

<p>Actual income and expenses over a given period (C)</p> Signup and view all the answers

What type of costs include expenses like raw materials and utilities?

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

What is the net salary calculated by?

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

What happens when total expenditure exceeds total income?

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

What is a fixed amount in a tariff system?

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

What is the tariff rate in a tariff system?

<p>The amount charged per unit of usage (C)</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 break-even point in break-even analysis?

<p>The point where the cost of two options is equal (C)</p> Signup and view all the answers

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

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

What skill is applied to create and analyse graphs in tariff system comparison?

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

What type of projects can tariff system comparison be applied to?

<p>Household, school, and community projects (B)</p> Signup and view all the answers

What is the purpose of comparing tariff systems?

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

What is the first step in comparing tariff systems?

<p>Analyse each option individually, breaking down costs into fixed and variable components (B)</p> Signup and view all the answers

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

<p>To allocate resources efficiently and make informed decisions (A)</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 (A)</p> Signup and view all the answers

What is the definition of break-even point?

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

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

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

What is the primary source of income for a business?

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

What is the definition of profit?

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

What is the importance of analysing income and expenditure statements?

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

What is the purpose of a budget?

<p>To estimate expected costs and income based on historical data or similar businesses (A)</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 amount owed to the bank or loan agent in a loan?

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

What is the purpose of a deposit in a loan?

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

How does a shorter loan period affect the total interest paid?

<p>It decreases the total interest paid (D)</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 amount, while compound interest is calculated on the current balance (C)</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 (C)</p> Signup and view all the answers

What is the benefit of starting investments early?

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

What is the purpose of financial planning for loans?

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

What is the principal in a loan?

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

What is the purpose of an initiation fee in a loan?

<p>To process the loan application (A)</p> Signup and view all the answers

How does a larger deposit affect the real cost of the loan?

<p>It decreases the real cost of the loan (A)</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. (A)</p> Signup and view all the answers

What is the primary purpose of a fixed deposit account?

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

What is the primary purpose of banks charging fees?

<p>To cover the costs of providing services to customers (C)</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. (D)</p> Signup and view all the answers

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

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

What is the primary benefit of compound interest?

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

What is the purpose of a retirement annuity?

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

What is the financial concept where total expenditure exceeds total income?

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

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

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

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

<p>Decreases the value of money (D)</p> Signup and view all the answers

What is the difference between a debit and credit transaction?

<p>A debit transaction is a payment out, while a credit transaction is a deposit in. (D)</p> Signup and view all the answers

What is the primary feature of a savings account?

<p>Interest accrual and easy access to funds. (B)</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 (B)</p> Signup and view all the answers

What is the purpose of monitoring interest rates for investments?

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

What is the purpose of adjusting salaries and wages due to inflation?

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

What is the benefit of starting investments early?

<p>It leads to greater accumulation over time. (A)</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 (A)</p> Signup and view all the answers

What is the purpose of understanding inflation trends?

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

What is the purpose of analysing inflation in different contexts?

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

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

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

What is the purpose of classifying data?

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

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

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

What is the advantage of using observation in data collection?

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

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

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

What is the term for the entire group from which data is collected?

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

What is the disadvantage of using closed questions in data collection?

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

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

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

What is the advantage of using questionnaires in data collection?

<p>They are suitable for large samples (B)</p> Signup and view all the answers

What is the purpose of monitoring and managing expenses in personal finance?

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

What is the purpose of a line graph?

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

What is 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 scatter plot?

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

What is the primary purpose of a frequency table?

<p>To display the frequency of various outcomes in a sample (A)</p> Signup and view all the answers

What is the definition of the median?

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

What is the purpose of a box and whisker plot?

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

What is the purpose of quartiles?

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

What is the definition of probability?

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

What is the purpose of a histogram?

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

What is the definition of the range?

<p>The difference between the highest and lowest values in the data set (C)</p> Signup and view all the answers

What is the 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 median?

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

What is the purpose of a bar graph?

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

What is the main purpose of summarising data?

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

What is the purpose of organising data?

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

What is the range?

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

What is the purpose of classifying data?

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

What is the purpose of a pie chart?

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

What is the purpose of tally marks?

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

What is the main purpose of measures of central tendency?

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

What does a probability of 0 represent?

<p>An impossible event (D)</p> Signup and view all the answers

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

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

What is the purpose of a tree diagram?

<p>To visualize all possible outcomes 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 a 6 on a fair dice?

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

What is a two-way table used for?

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

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

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

What is the purpose of weather forecasts?

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

How can the accuracy of predictions be improved?

<p>By collecting more data over time (C)</p> Signup and view all the answers

What information is typically included on a till slip?

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

What type of bill is used to charge for services such as refuse removal?

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

What should you verify when checking account statements?

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

What is the purpose of understanding key financial terms?

<p>To accurately interpret financial documents (B)</p> Signup and view all the answers

What is the primary purpose of checking financial documents?

<p>To verify calculations and ensure accuracy (A)</p> Signup and view all the answers

What is the purpose of understanding calculations on financial documents?

<p>To accurately interpret financial documents (B)</p> Signup and view all the answers

What is the primary purpose of verifying information on financial documents?

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

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

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

What is the term for the total amount earned in a month, including salary, overtime, bonuses, etc.?

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

What is the purpose of checking for exemptions from VAT?

<p>To identify items that are not subject to VAT (D)</p> Signup and view all the answers

What is the formula used to calculate the VAT amount?

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

What is the purpose of understanding key financial terms?

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

What is the term for the amount of money remaining after all expenses have been deducted from the gross salary?

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

What is the purpose of performing calculations on financial documents?

<p>To verify the accuracy of the financial information (B)</p> Signup and view all the answers

What is the term for the total amount due after adding VAT and other charges?

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

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

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

What is the purpose of a deduction table?

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

What is the tax rate applicable to an individual's annual income determined by?

<p>The tax tables provided by the South African Revenue Service (SARS) (B)</p> Signup and view all the answers

What is the result of the formula: Taxable Income = Gross Income - Tax-Deductible Deductions?

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

What is the purpose of PAYE?

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

What is the calculation for the employee's UIF contribution?

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

What is the primary purpose of an IRP5 form?

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

What is the tax threshold for individuals older than 75?

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

What is subtracted from the total tax payable to find the net annual tax payable?

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

What is the last step in the tax calculation process?

<p>Determine net pay (B)</p> Signup and view all the answers

What is the purpose of applying tax rebates?

<p>To decrease the net annual tax payable (D)</p> Signup and view all the answers

What is the main purpose of calculating the net salary?

<p>To understand the individual's take-home pay (D)</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 (C)</p> Signup and view all the answers

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

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

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

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

What skill is necessary to create and analyse graphs in tariff system comparison?

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

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

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

What type of projects can tariff system comparison be applied to?

<p>Household, school, and community projects (D)</p> Signup and view all the answers

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

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

What is the purpose of comparing tariff systems?

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

What is the definition of selling price?

<p>The price at which a product or service is sold (D)</p> Signup and view all the answers

What is the first step in comparing tariff systems?

<p>Analysing each option individually (D)</p> Signup and view all the answers

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

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

What is the calculation for loss?

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

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

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

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

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

What is the purpose of regular analysis of income and expenditure statements?

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

What type of costs include expenses like rent and loan repayments?

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

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

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

What is the 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 a budget in a small business?

<p>To plan for future expenses and manage resources effectively (B)</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 type of costs include expenses like raw materials and utilities?

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

What is the calculation for profit?

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

What does an income-and-expenditure statement display?

<p>Actual income and expenditure over a given period (A)</p> Signup and view all the answers

What type of costs include expenses like rent and salaries?

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

What happens when total expenditure exceeds total income?

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

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

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

What is the main purpose of analysing income-and-expenditure statements and budgets?

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

What is the purpose of understanding key financial terms in a small business?

<p>To make informed financial decisions and manage resources effectively (C)</p> Signup and view all the answers

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

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

What does the 'deposit' refer to in the context of a loan?

<p>The upfront payment made when purchasing an item (B)</p> Signup and view all the answers

What is the 'real cost of the loan'?

<p>The total amount paid over the life of the loan (Monthly Repayment × Number of Repayments) (C)</p> Signup and view all the answers

How does a larger deposit affect the total amount owed on a loan?

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

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

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

What is 'compound interest'?

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

What is the result of increasing the monthly repayment amount on a loan?

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

What is the purpose of understanding key financial terms?

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

What happens when a loan has a longer loan term?

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

What is the benefit of starting an investment early?

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

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

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

What is the term for the amount invested initially?

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

What is the purpose of a bank statement?

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

What happens when an investment has a higher interest rate?

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

What is the term for interest calculated on the principal and accumulated interest?

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

What is the purpose of choosing loan terms wisely?

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

What type of account allows purchasing items on credit, to be paid later?

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

What is the term for regular payments made into a fund that grows over time, providing income during retirement?

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

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

<p>To generate profits (C)</p> Signup and view all the answers

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

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

What is the outcome when total expenditure exceeds total income?

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

What is the effect of inflation on savings and investments?

<p>Decreases their value (A)</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 (A)</p> Signup and view all the answers

What is the purpose of adjusting prices of goods and services in response to inflation?

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

What is the formula to calculate the inflation rate?

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

What is the benefit 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 financial concept where income exceeds expenditure?

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

What is the graphical representation of inflation trends used for?

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

What is the main purpose of a frequency table?

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

What is the calculation for the range of a data set?

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

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

<p>To provide a measure of central tendency that is less affected by outliers (B)</p> Signup and view all the answers

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

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

What is the purpose of graphs in data analysis?

<p>To provide a clear and concise way to present data findings (D)</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 percentiles in a data set?

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

What is the main purpose of summarising data?

<p>To facilitate easier reading and analysis of data (D)</p> Signup and view all the answers

What is the purpose of classifying data?

<p>To make it easier to handle and interpret large data sets (B)</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 (B)</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 a box and whisker plot?

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

What is the range in a dataset?

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

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

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

Which measure of central tendency is less affected by outliers?

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

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

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

Which type of graph is used to show the relationship between two quantities over time?

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

What is the purpose of histograms?

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

What is the primary way to adjust for inflation when it comes to savings and investments?

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

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

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

What is the purpose of understanding probability?

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

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

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

What is the dependent variable usually plotted on in a graph?

<p>Vertical (y) axis (B)</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 and is useful for collecting behavioural data (D)</p> Signup and view all the answers

What is the primary purpose of classifying and organising data?

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

What is the primary advantage of using tally marks when classifying and organising data?

<p>It provides an efficient and visually intuitive way to count and categorise data (D)</p> Signup and view all the answers

What is the primary way to mitigate the impact of inflation on personal finances?

<p>Ensuring salary or income growth keeps pace with inflation to maintain living standards (D)</p> Signup and view all the answers

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

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

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

<p>To manage finances effectively to achieve business goals (A)</p> Signup and view all the answers

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

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

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

<p>$rac{1}{2}$ (B)</p> Signup and view all the answers

What does a tree diagram help to visualize?

<p>The probability of combined events (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 based on past data (A)</p> Signup and view all the answers

What is a false positive in the context of medical tests?

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

What is the probability scale?

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

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

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

What is the probability of getting heads when tossing a fair coin?

<p>$rac{1}{2}$ (D)</p> Signup and view all the answers

What is the purpose of collecting more data in probability?

<p>To increase the accuracy of predictions (B)</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 purpose of analyzing probability in media?

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

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

<p>To ensure the correct application of VAT and the total amount payable (A)</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 (D)</p> Signup and view all the answers

Which of the following is an example of a type of bill?

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

What should you check when reviewing an account statement?

<p>The transactions, amounts due, due dates, previous balances, and available credit (B)</p> Signup and view all the answers

Why is it essential to understand key financial terms when working with financial documents?

<p>To ensure accurate communication and to make informed decisions (C)</p> Signup and view all the answers

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

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

What should you do when checking the item costs on a till slip?

<p>Determine the unit price when given pack prices and quantities (C)</p> Signup and view all the answers

What is the importance of understanding the concept of VAT on financial documents?

<p>To determine the tax payable on goods and services (C)</p> Signup and view all the answers

What is the purpose of verifying information on financial documents?

<p>To ensure all required details are present (B)</p> Signup and view all the answers

What is the formula to calculate the compound interest?

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

What is the term for the amount earned in a month, including salary, overtime, bonuses, etc.?

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

What is the purpose of understanding key financial terms?

<p>To ensure accurate financial planning and decision making (C)</p> Signup and view all the answers

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

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

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

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

What is the purpose of checking for exemptions from VAT?

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

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

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

What is the purpose of performing calculations on financial documents?

<p>To verify totals, interest, VAT, and other relevant calculations (C)</p> Signup and view all the answers

What is the term for the total amount earned in a month, minus deductions?

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

What is the purpose of an IRP5 form?

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

What is the result of applying the tax bracket formula?

<p>Annual tax payable (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 purpose of PAYE?

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

What is the purpose of a tax rebate?

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

What is the contribution rate for UIF?

<p>1% of gross salary by both the employee and employer (B)</p> Signup and view all the answers

What is the last step in the tax calculation process?

<p>Determine net pay (C)</p> Signup and view all the answers

What is the purpose of using tax tables?

<p>To determine the tax bracket for an individual (A)</p> Signup and view all the answers

What is the secondary rebate amount?

<p>R6,750 (B)</p> Signup and view all the answers

What is the formula to calculate net pay?

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

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

<p>To summarize all income received and expenses incurred over a specific period (D)</p> Signup and view all the answers

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

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

What type of costs include expenses like raw materials and utilities?

<p>Variable Costs (C)</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 purpose of comparing actual income and expenses against a budget?

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

What type of costs include expenses like rent and salaries?

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

What is the break-even point in a business?

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

What is the calculation for profit?

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

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

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

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

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

What is the main component that is subtracted from the gross salary to calculate the net salary?

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

What is the purpose of identifying the break-even point in break-even analysis?

<p>To understand at what level of usage one option becomes cheaper or more expensive than another (A)</p> Signup and view all the answers

What type of costs are represented by a straight-line graph in a tariff system comparison?

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

What is the first step in comparing tariff systems?

<p>Analyse each option individually (C)</p> Signup and view all the answers

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

<p>To decide which option is more cost-effective (D)</p> Signup and view all the answers

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

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

What type of projects can tariff system comparison be applied to?

<p>Various projects including household, school and community projects (B)</p> Signup and view all the answers

What is the purpose of comparing tariff systems?

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

What skill is applied to create and analyse graphs in tariff system comparison?

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

What is the variable amount in a tariff system?

<p>Calculated by multiplying the tariff rate by the number of units used (B)</p> Signup and view all the answers

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

<p>To allocate resources efficiently and make informed financial decisions (B)</p> Signup and view all the answers

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

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

What is the significance of determining the correct selling price?

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

What happens when total costs exceed total income?

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

What is the purpose of matching costs with income?

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

Why is it important to analyse 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, while being competitive in the market (B)</p> Signup and view all the answers

Why is managing cash flow important for a business?

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

What is the benefit of making a larger deposit when taking out a loan?

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

What is the purpose of a loan?

<p>To borrow money to make a large purchase (A)</p> Signup and view all the answers

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

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

What is the benefit of investing early?

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

What is the difference between simple and compound interest?

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

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

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

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

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

What is the purpose of understanding key financial terms?

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

What is the effect of a higher monthly repayment amount on the total interest paid?

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

What is the benefit of starting to invest early?

<p>To take advantage of compound interest over a longer period (A)</p> Signup and view all the answers

What is the main advantage of a shorter loan term?

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

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

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

What is the primary purpose of a retirement annuity?

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

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

<p>To cover the costs of providing various banking services (C)</p> Signup and view all the answers

What is the difference between a debit and 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 purpose of monitoring interest rates in financial planning?

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

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

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

What is the benefit of regular contributions to an investment?

<p>Enhances the compounding effect (D)</p> Signup and view all the answers

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

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

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

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

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

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

What is the purpose of adjusting salaries and wages in response to inflation?

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

What is the purpose of a stokvel?

<p>To pool funds for a group benefit (A)</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 (D)</p> Signup and view all the answers

What is the effect of compound interest on an investment?

<p>Results in exponential growth (C)</p> Signup and view all the answers

What is the purpose of representing inflation trends graphically?

<p>To show the inflation rate over time (C)</p> Signup and view all the answers

What is the formula to calculate the inflation rate?

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

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

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

What happens when the inflation rate is high?

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

What is the primary aim of adapting for inflation in personal finance?

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

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

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

What is the main disadvantage of closed research questions?

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

What is the purpose of sample selection in research?

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

What type of data collection method avoids interaction biases?

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

What is the purpose of classifying and organising data?

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

What is the term for the amount carried over from the previous statement in financial planning?

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

What is the main purpose of financial planning in business?

<p>To manage finances effectively (A)</p> Signup and view all the answers

What is usually represented on the vertical axis of a graph?

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

What type of graph is used to show the relationship between two variables?

<p>Scatter plot (A)</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 range of a dataset?

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

What is the purpose of a histogram?

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

What is the definition of probability?

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

What is the interquartile range (IQR)?

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

What is the purpose of a pie chart?

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

What is the median of a dataset?

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

What is the mode of a dataset?

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

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

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

What is the range of a data set?

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

What is the purpose of quartiles in statistical analysis?

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

What is the primary purpose of graphs in statistical analysis?

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

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

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

What is the purpose of tally marks in statistical analysis?

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

What is the main advantage of using frequency tables?

<p>They help to identify patterns and trends in the data (A)</p> Signup and view all the answers

What is the purpose of classifying data?

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

What is the main purpose of summarizing data?

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

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

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

What is a two-way table used for?

<p>To show the probability 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 probability scale?

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

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

<p>To make accurate predictions (B)</p> Signup and view all the answers

What is the probability of an impossible event?

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

How are common conversions between fractions, decimals, and percentages done?

<p>Using basic arithmetic operations (D)</p> Signup and view all the answers

What is a tree diagram used for?

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

What is the purpose of verifying information on financial documents?

<p>To check for accuracy and reliability (A)</p> Signup and view all the answers

What is a fair event?

<p>An event with equal outcomes (A)</p> Signup and view all the answers

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

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

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

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

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

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

What information is typically included on an account statement, except?

<p>Unit prices of items (A)</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 (A)</p> Signup and view all the answers

What is the consequence of not paying a municipal bill on time?

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

What is the primary purpose of an IRP5 form?

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

What happens to the tax rate as the taxable income increases within a tax bracket?

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

What is the purpose of the UIF?

<p>To provide short-term relief to workers (D)</p> Signup and view all the answers

How is the annual tax calculated?

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

What is the tax threshold for individuals older than 75?

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

What is the purpose of the tax threshold?

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

What is the last step in the tax calculation process?

<p>Determine the net pay (D)</p> Signup and view all the answers

If an employee's gross salary is R12,000, and total deductions amount to R2,463.33, what is the employee's net salary?

<p>R9,536.67 (C)</p> Signup and view all the answers

What is the primary rebate amount?

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

A company has two tariff systems for its telephone services. System A has a fixed monthly fee of R200 and a variable rate of R0.50 per minute, while System B has a fixed monthly fee of R150 and a variable rate of R0.75 per minute. At what level of usage would the two systems have the same total cost?

<p>250 minutes (D)</p> Signup and view all the answers

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

<p>To visualize the total monthly cost for each option (D)</p> Signup and view all the answers

What is the purpose of PAYE?

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

What is the employee's contribution to UIF?

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

If an employee's gross salary is R10,500, and total deductions amount to R2,118.33, what is the employee's net salary?

<p>R8,381.67 (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 (C)</p> Signup and view all the answers

A company has two tariff systems for its water services. System A has a fixed monthly fee of R250 and a variable rate of R1.50 per kilolitre, while System B has a fixed monthly fee of R300 and a variable rate of R1.25 per kilolitre. What is the total monthly cost for System A if 500 kilolitres are used?

<p>R875.00 (B)</p> Signup and view all the answers

What is the purpose of understanding key financial terms in a business?

<p>To perform calculations on financial documents (B)</p> Signup and view all the answers

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

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

What skill is applied to create and analyse graphs in tariff system comparison?

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

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

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

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

<p>To report actual expenditure and income, and to accurately analyze and prepare future budgets (B)</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 (C)</p> Signup and view all the answers

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

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

What is the primary purpose of understanding VAT on bills?

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

What is the calculation for profit in a business?

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

What is the formula used to calculate compound interest?

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

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

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

What type of costs vary with the level of production or sales in a business?

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

What is the purpose of checking for exemptions from VAT?

<p>To identify items that are not subject to VAT (C)</p> Signup and view all the answers

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

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

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

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

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

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

What is the purpose of verifying information on financial documents?

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

What is the formula used to calculate simple interest?

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

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

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

What is the purpose of checking the calculations on a financial document?

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

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

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

What is the term for the amount earned in a month, including salary, overtime, bonuses, etc.?

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

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

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

What is the primary purpose of understanding key financial terms?

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

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

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

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

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

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

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

What is the significance of the selling price in ensuring profitability?

<p>It must be high enough to cover all costs and generate a profit (C)</p> Signup and view all the answers

What is the purpose of analyzing income and expenditure statements?

<p>To prepare more accurate future budgets (D)</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 (A)</p> Signup and view all the answers

What is the purpose of setting the right selling price?

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

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

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

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

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

Which factor does not affect the total amount owed on a loan?

<p>Currency exchange rate (D)</p> Signup and view all the answers

What is the benefit of starting investments early?

<p>More time for compound interest to grow (A)</p> Signup and view all the answers

What is the key difference between simple and compound interest?

<p>The balance on which interest is calculated (C)</p> Signup and view all the answers

What is the purpose of choosing a loan with a shorter loan term?

<p>To pay less interest over the life of the loan (A)</p> Signup and view all the answers

What is the primary benefit of a higher interest rate for investments?

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

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

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

What is the purpose of financial planning for loans and investments?

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

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

<p>Who benefits from the interest (D)</p> Signup and view all the answers

What is the purpose of understanding key financial terms?

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

What is the primary benefit of compound interest for investments?

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

What happens to the total interest paid when the loan term is shortened?

<p>It decreases (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 purpose of a fixed deposit account?

<p>To earn high interest rates over a fixed period (D)</p> Signup and view all the answers

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

<p>Greater accumulation due to more time for compounding (D)</p> Signup and view all the answers

What is the benefit of regular contributions to an investment?

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

What is the purpose of choosing loan terms wisely?

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

What is the feature of a savings account?

<p>Interest accrual and easy access to funds (C)</p> Signup and view all the answers

What does a bank statement show?

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

What is the effect of a higher monthly investment on an investment?

<p>It leads to greater accumulation due to compounding effects (A)</p> Signup and view all the answers

Why is it important to monitor interest rates in investments?

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

What is the consequence of not adjusting for inflation in financial planning?

<p>Unchanged household budgets (B)</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 (C)</p> Signup and view all the answers

What is the primary purpose of classifying data?

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

Which data collection method is most suitable for collecting behavioural data?

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

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

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

What is the consequence of sample bias in research?

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

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

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

What is the purpose of random sampling in research?

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

What is the consequence of not accounting for inflation in budgeting?

<p>Reduced living standards over time (B)</p> Signup and view all the answers

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

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

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

<p>To cover the costs of maintaining accounts and providing services (D)</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 (C)</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 the value of money?

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

What is the primary purpose of a scatter plot?

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

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

<p>To make informed decisions about salaries, prices, and investments (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 (A)</p> Signup and view all the answers

What is the IQR used to measure?

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

What is the formula for calculating profit?

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

What is the purpose of a pie chart?

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

What is the median used to provide?

<p>The central point of the data set (A)</p> Signup and view all the answers

What is the definition of a loss?

<p>When total expenditure exceeds total income (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 purpose of understanding key financial concepts?

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

What is the effect of inflation on savings and investments?

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

What is the range used to measure?

<p>The spread of the entire data set (C)</p> Signup and view all the answers

What is the purpose of a histogram?

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

What is the mode used to find?

<p>The most common category (D)</p> Signup and view all the answers

What is the purpose of a line graph?

<p>To show the trend or change over time (C)</p> Signup and view all the answers

What is probability used to measure?

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

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

<p>To reduce the effect of outliers and skewed data (D)</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 (B)</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 (A)</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 (C)</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 (B)</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 (B)</p> Signup and view all the answers

What is the purpose of organising data in data analysis?

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

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

<p>To provide a measure of how spread out the values are (B)</p> Signup and view all the answers

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

<p>1/2 (B)</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 purpose of using tree diagrams in probability?

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

What is the probability of getting heads when tossing a coin?

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

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

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

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

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

What is the term for the result of a test indicating a positive result when it is actually negative?

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

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

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

What is the probability scale?

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

What is the term for the probability of not rolling a specific number on a dice?

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

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