Gr12 Math Lit: June mix P(1)

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?

Balance Brought Forward Signup and view all the answers

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

Municipal Bill Signup and view all the answers

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

The sum of item prices, the application of VAT, and the change given back Signup and view all the answers

What is exempt from VAT in South Africa?

Certain essential groceries, such as paraffin, brown bread, and maize meal Signup and view all the answers

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

Credit Available Signup and view all the answers

What is the purpose of verifying information on financial documents?

To ensure all required details are present Signup and view all the answers

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

Simple interest Signup and view all the answers

What is the formula to calculate the VAT amount?

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

What is the purpose of understanding key financial terms?

To understand the implications of financial terms on bills and account statements Signup and view all the answers

What is gross salary?

The total amount earned including salary, overtime, bonuses, etc. Signup and view all the answers

What is net salary?

Gross salary minus deductions Signup and view all the answers

What is taxable income?

Gross income minus tax-deductible deductions Signup and view all the answers

What is the purpose of checking for exemptions from VAT?

To identify items exempt from VAT Signup and view all the answers

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

A = πr^2 Signup and view all the answers

What is the purpose of performing calculations on financial documents?

To use the appropriate formulas to verify totals, interest, VAT, and other relevant calculations Signup and view all the answers

What is the purpose of a deduction table?

To determine the amount of tax owed based on taxable income and age Signup and view all the answers

What is a tax bracket?

A range of taxable incomes charged at a specific tax rate Signup and view all the answers

What is an IRP5 form used for?

To summarize total earnings, deductions, and tax deducted Signup and view all the answers

What is PAYE?

The income tax deducted from an employee's salary by the employer every month Signup and view all the answers

What is UIF?

A form of insurance that provides short-term relief to workers Signup and view all the answers

What is the employee's contribution to UIF?

1% of their gross salary Signup and view all the answers

What is the purpose of a tax rebate?

To reduce the amount of tax owed Signup and view all the answers

What is the tax threshold for individuals younger than 65?

R67,111 Signup and view all the answers

What is the primary tax rebate amount?

R12,080 Signup and view all the answers

What is the last step in the tax calculation process?

Determine net pay Signup and view all the answers

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

To provide a clear picture of financial performance over a specific period Signup and view all the answers

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

Break-even point Signup and view all the answers

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

Variable costs Signup and view all the answers

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

To estimate expected costs and income for a future period Signup and view all the answers

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

Profit Signup and view all the answers

What type of costs include expenses like rent and salaries?

Fixed costs Signup and view all the answers

What is the calculation for profit?

Profit = Total Income - Total Expenditure Signup and view all the answers

What does an income-and-expenditure statement display?

Actual income and expenses over a given period Signup and view all the answers

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

Variable costs Signup and view all the answers

What is the net salary calculated by?

Subtracting all deductions from the gross salary Signup and view all the answers

What happens when total expenditure exceeds total income?

The business incurs a loss Signup and view all the answers

What is a fixed amount in a tariff system?

A constant fee that must be paid regardless of usage Signup and view all the answers

What is the tariff rate in a tariff system?

The amount charged per unit of usage Signup and view all the answers

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

To visually compare the costs of different options Signup and view all the answers

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

The point where the cost of two options is equal Signup and view all the answers

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

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

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

Drawing and interpreting graphs Signup and view all the answers

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

Household, school, and community projects Signup and view all the answers

What is the purpose of comparing tariff systems?

To determine which option is more cost-effective at different levels of usage Signup and view all the answers

What is the first step in comparing tariff systems?

Analyse each option individually, breaking down costs into fixed and variable components Signup and view all the answers

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

To allocate resources efficiently and make informed decisions Signup and view all the answers

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

Start-up costs Signup and view all the answers

What is the definition of break-even point?

The point at which total income equals total costs Signup and view all the answers

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

To report actual expenditure and income over a specific period Signup and view all the answers

What is the importance of matching costs with income?

To ensure that income matches or exceeds costs Signup and view all the answers

What is the primary source of income for a business?

Sales of goods or services Signup and view all the answers

What is the definition of profit?

The financial gain when income exceeds expenditure Signup and view all the answers

What is the importance of analysing income and expenditure statements?

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

What is the purpose of a budget?

To estimate expected costs and income based on historical data or similar businesses Signup and view all the answers

What is the importance of managing cash flow?

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

What is the amount owed to the bank or loan agent in a loan?

Loan Amount Signup and view all the answers

What is the purpose of a deposit in a loan?

To reduce the loan amount Signup and view all the answers

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

It decreases the total interest paid Signup and view all the answers

What is the difference between simple interest and compound interest?

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

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

It increases the returns on investments Signup and view all the answers

What is the benefit of starting investments early?

To maximize the benefits of compound interest Signup and view all the answers

What is the purpose of financial planning for loans?

To balance monthly affordability with total cost Signup and view all the answers

What is the principal in a loan?

The original amount borrowed Signup and view all the answers

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

To process the loan application Signup and view all the answers

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

It decreases the real cost of the loan Signup and view all the answers

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

It decreases the total interest paid. Signup and view all the answers

What is the primary purpose of a fixed deposit account?

To invest a lump sum over a fixed period. Signup and view all the answers

What is the primary purpose of banks charging fees?

To cover the costs of providing services to customers Signup and view all the answers

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

It increases the growth of the investment. Signup and view all the answers

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

Compound interest Signup and view all the answers

What is the primary benefit of compound interest?

It leads to exponential growth. Signup and view all the answers

What is the purpose of a retirement annuity?

To provide income during retirement. Signup and view all the answers

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

Loss Signup and view all the answers

What is the impact of regular contributions on an investment?

It enhances the value of the investment over time. Signup and view all the answers

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

Inflation rate Signup and view all the answers

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

Decreases the value of money Signup and view all the answers

What is the difference between a debit and credit transaction?

A debit transaction is a payment out, while a credit transaction is a deposit in. Signup and view all the answers

What is the primary feature of a savings account?

Interest accrual and easy access to funds. 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?

Inflation rate Signup and view all the answers

What is the purpose of monitoring interest rates for investments?

To maximize returns on investment. Signup and view all the answers

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

To maintain the same standard of living Signup and view all the answers

What is the benefit of starting investments early?

It leads to greater accumulation over time. Signup and view all the answers

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

Demand-pull inflation Signup and view all the answers

What is the purpose of understanding inflation trends?

To make informed financial decisions Signup and view all the answers

What is the purpose of analysing inflation in different contexts?

All of the above Signup and view all the answers

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

Random sampling Signup and view all the answers

What is the purpose of classifying data?

To simplify the data for better understanding and analysis Signup and view all the answers

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

Open-ended question Signup and view all the answers

What is the advantage of using observation in data collection?

It avoids interaction biases Signup and view all the answers

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

To count how many items fall into each category Signup and view all the answers

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

Population Signup and view all the answers

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

They may not accommodate all respondents' views Signup and view all the answers

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

To plan for increased costs in the future Signup and view all the answers

What is the advantage of using questionnaires in data collection?

They are suitable for large samples Signup and view all the answers

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

To mitigate the impact of rising prices on household budgets Signup and view all the answers

What is the purpose of a line graph?

To show the relationship between two quantities over time Signup and view all the answers

What is the interquartile range (IQR)?

The range of the middle 50% of the data Signup and view all the answers

What is the purpose of a scatter plot?

To study the relationship between two variables Signup and view all the answers

What is the primary purpose of a frequency table?

To display the frequency of various outcomes in a sample Signup and view all the answers

What is the definition of the median?

The middle value in a data set when the values are arranged in ascending or descending order Signup and view all the answers

What is the purpose of a box and whisker plot?

To summarize data distributions Signup and view all the answers

What is the purpose of quartiles?

To understand the spread and distribution of the data Signup and view all the answers

What is the definition of probability?

A measure of the likelihood of an event occurring Signup and view all the answers

What is the purpose of a histogram?

To represent continuous data grouped into ranges Signup and view all the answers

What is the definition of the range?

The difference between the highest and lowest values in the data set Signup and view all the answers

What is the purpose of graphs in data analysis?

To identify patterns and relationships within data Signup and view all the answers

What is the median?

The middle value in an ordered data set Signup and view all the answers

What is the purpose of a bar graph?

To compare different categories Signup and view all the answers

What is the main purpose of summarising data?

To make the data easier to read and analyse Signup and view all the answers

What is the purpose of organising data?

To make the data easier to read and analyse Signup and view all the answers

What is the range?

The difference between the highest and lowest values Signup and view all the answers

What is the purpose of classifying data?

To group data based on shared characteristics Signup and view all the answers

What is the purpose of a pie chart?

To show parts of a whole Signup and view all the answers

What is the purpose of tally marks?

To count discrete data quickly and efficiently Signup and view all the answers

What is the main purpose of measures of central tendency?

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

What does a probability of 0 represent?

An impossible event Signup and view all the answers

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

1/2 Signup and view all the answers

What is the purpose of a tree diagram?

To visualize all possible outcomes of combined events Signup and view all the answers

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

Frequency Signup and view all the answers

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

1/6 Signup and view all the answers

What is a two-way table used for?

To visualize the probability of combined events Signup and view all the answers

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

Random Signup and view all the answers

What is the purpose of weather forecasts?

To indicate the likelihood of certain weather conditions Signup and view all the answers

What is a false positive in a medical test?

A test indicates a positive result when it is actually negative Signup and view all the answers

How can the accuracy of predictions be improved?

By collecting more data over time Signup and view all the answers

What information is typically included on a till slip?

Shop details, invoice information, item details, and VAT charged Signup and view all the answers

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

To verify the sum of item prices and the application of VAT Signup and view all the answers

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

Municipal bill Signup and view all the answers

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

Balance brought forward Signup and view all the answers

What should you verify when checking account statements?

The total amount paid and the resulting balance Signup and view all the answers

What is the purpose of understanding key financial terms?

To accurately interpret financial documents Signup and view all the answers

What is the primary purpose of checking financial documents?

To verify calculations and ensure accuracy Signup and view all the answers

What is the purpose of understanding calculations on financial documents?

To accurately interpret financial documents Signup and view all the answers

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

To ensure accuracy and avoid errors Signup and view all the answers

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

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

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

Gross salary Signup and view all the answers

What is the purpose of checking for exemptions from VAT?

To identify items that are not subject to VAT Signup and view all the answers

What is the formula used to calculate the VAT amount?

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

What is the purpose of understanding key financial terms?

To make informed financial decisions 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?

Net salary Signup and view all the answers

What is the purpose of performing calculations on financial documents?

To verify the accuracy of the financial information Signup and view all the answers

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

Total amount Signup and view all the answers

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

To visually compare the different tariff systems Signup and view all the answers

What is the purpose of a deduction table?

To quickly determine the amount of tax owed based on taxable income and age Signup and view all the answers

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

The tax tables provided by the South African Revenue Service (SARS) Signup and view all the answers

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

Net salary Signup and view all the answers

What is the purpose of PAYE?

To ensure that taxes are collected regularly throughout the year Signup and view all the answers

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

1% of gross salary Signup and view all the answers

What is the primary purpose of an IRP5 form?

To summarize total earnings, deductions, and tax deducted Signup and view all the answers

What is the tax threshold for individuals older than 75?

R117,111 Signup and view all the answers

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

Tax rebates Signup and view all the answers

What is the last step in the tax calculation process?

Determine net pay Signup and view all the answers

What is the purpose of applying tax rebates?

To decrease the net annual tax payable Signup and view all the answers

What is the main purpose of calculating the net salary?

To understand the individual's take-home pay Signup and view all the answers

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

A constant fee that must be paid regardless of usage Signup and view all the answers

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

To identify the most cost-effective option at different levels of usage Signup and view all the answers

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

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

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

Drawing and interpreting graphs Signup and view all the answers

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

To ensure the long-term success of the business Signup and view all the answers

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

Household, school, and community projects Signup and view all the answers

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

Production Costs Signup and view all the answers

What is the purpose of comparing tariff systems?

To identify the most cost-effective option at different levels of usage Signup and view all the answers

What is the definition of selling price?

The price at which a product or service is sold Signup and view all the answers

What is the first step in comparing tariff systems?

Analysing each option individually Signup and view all the answers

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

It helps determine the most cost-effective option at different levels of usage Signup and view all the answers

What is the calculation for loss?

Loss = Total Expenditure - Total Income Signup and view all the answers

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

To estimate expected costs and income based on historical data Signup and view all the answers

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

Fixed costs Signup and view all the answers

What is the importance of matching costs with income?

To ensure that income matches or exceeds costs Signup and view all the answers

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

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

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

Monthly Operating Costs Signup and view all the answers

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

The point at which total income equals total costs Signup and view all the answers

What is the purpose of setting the right selling price?

To cover all costs and generate a profit Signup and view all the answers

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

To plan for future expenses and manage resources effectively Signup and view all the answers

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

Break-even point Signup and view all the answers

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

Variable costs Signup and view all the answers

What is the calculation for profit?

Total income - total costs Signup and view all the answers

What does an income-and-expenditure statement display?

Actual income and expenditure over a given period Signup and view all the answers

What type of costs include expenses like rent and salaries?

Fixed costs Signup and view all the answers

What happens when total expenditure exceeds total income?

The business incurs a loss Signup and view all the answers

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

To report actual expenditure and income Signup and view all the answers

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

To compare actual income and expenses against the budget Signup and view all the answers

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

To make informed financial decisions and manage resources effectively Signup and view all the answers

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

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

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

The upfront payment made when purchasing an item Signup and view all the answers

What is the 'real cost of the loan'?

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

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

It reduces the interest paid Signup and view all the answers

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

It reduces the total interest paid Signup and view all the answers

What is 'compound interest'?

Interest calculated on the current balance, including previous interest Signup and view all the answers

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

To balance monthly affordability with total cost Signup and view all the answers

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

It reduces the loan term and total interest paid Signup and view all the answers

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

It increases the returns on the investment Signup and view all the answers

What is the purpose of understanding key financial terms?

To make informed financial decisions Signup and view all the answers

What happens when a loan has a longer loan term?

Lower monthly repayments but higher total interest paid Signup and view all the answers

What is the benefit of starting an investment early?

Greater accumulation of interest due to the extended period of compounding Signup and view all the answers

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

Savings Account Signup and view all the answers

What is the term for the amount invested initially?

Principal Signup and view all the answers

What is the purpose of a bank statement?

To show all transactions in an account over a specific period Signup and view all the answers

What happens when an investment has a higher interest rate?

The investment grows faster Signup and view all the answers

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

Compound Interest Signup and view all the answers

What is the purpose of choosing loan terms wisely?

To balance between monthly affordability and total cost Signup and view all the answers

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

Credit Account 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?

Retirement Annuities Signup and view all the answers

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

To generate profits Signup and view all the answers

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

Simple interest Signup and view all the answers

What is the outcome when total expenditure exceeds total income?

Loss Signup and view all the answers

What is the effect of inflation on savings and investments?

Decreases their value Signup and view all the answers

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

Demand-pull inflation Signup and view all the answers

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

To cover increased costs and maintain profitability Signup and view all the answers

What is the formula to calculate the inflation rate?

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

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

To avoid additional charges from other banks Signup and view all the answers

What is the financial concept where income exceeds expenditure?

Profit Signup and view all the answers

What is the graphical representation of inflation trends used for?

To show changes in prices over time Signup and view all the answers

What is the main purpose of a frequency table?

To show how often each category or group appears in the data set Signup and view all the answers

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

The difference between the highest and lowest values Signup and view all the answers

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

To provide a measure of central tendency that is less affected by outliers Signup and view all the answers

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

To divide the data set into four equal parts Signup and view all the answers

What is the purpose of graphs in data analysis?

To provide a clear and concise way to present data findings Signup and view all the answers

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

Q3 - Q1 Signup and view all the answers

What is the purpose of percentiles in a data set?

To understand the distribution of data and compare individual values to the entire data set Signup and view all the answers

What is the main purpose of summarising data?

To facilitate easier reading and analysis of data Signup and view all the answers

What is the purpose of classifying data?

To make it easier to handle and interpret large data sets Signup and view all the answers

What is the purpose of tally marks in data collection?

To count discrete data quickly and efficiently Signup and view all the answers

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

Scatter Plot Signup and view all the answers

What is the purpose of a box and whisker plot?

To summarize data distributions Signup and view all the answers

What is the range in a dataset?

The difference between the highest and lowest values Signup and view all the answers

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

Pie Chart Signup and view all the answers

Which measure of central tendency is less affected by outliers?

Median Signup and view all the answers

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

The range of the middle 50% of the data Signup and view all the answers

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

Line Graph Signup and view all the answers

What is the purpose of histograms?

To show the distribution of continuous data Signup and view all the answers

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

Choosing investment options that offer returns higher than the inflation rate Signup and view all the answers

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

They can yield detailed and qualitative insights Signup and view all the answers

What is the purpose of understanding probability?

To measure the likelihood of an event occurring Signup and view all the answers

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

To minimize sample bias and ensure the sample represents the population Signup and view all the answers

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

Vertical (y) axis Signup and view all the answers

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

It avoids interaction biases and is useful for collecting behavioural data Signup and view all the answers

What is the primary purpose of classifying and organising data?

To simplify the data for better understanding and analysis Signup and view all the answers

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

It provides an efficient and visually intuitive way to count and categorise data Signup and view all the answers

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

Ensuring salary or income growth keeps pace with inflation to maintain living standards Signup and view all the answers

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

They may not accommodate all respondents' views, leading to incomplete answers Signup and view all the answers

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

To manage finances effectively to achieve business goals Signup and view all the answers

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

They enable the researcher to clarify ambiguous answers and probe for more detailed information Signup and view all the answers

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

$rac{1}{2}$ Signup and view all the answers

What does a tree diagram help to visualize?

The probability of combined events Signup and view all the answers

What is the purpose of using probability in weather forecasts?

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

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

A test indicates a positive result when it is actually negative Signup and view all the answers

What is the probability scale?

Ranges from 0 to 1 Signup and view all the answers

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

To visualize the probability of combined events Signup and view all the answers

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

$rac{1}{2}$ Signup and view all the answers

What is the purpose of collecting more data in probability?

To increase the accuracy of predictions Signup and view all the answers

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

Frequency Signup and view all the answers

What is the purpose of analyzing probability in media?

To verify the accuracy of sources and data used Signup and view all the answers

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

To ensure the correct application of VAT and the total amount payable Signup and view all the answers

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

Credit Limit Signup and view all the answers

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

Municipal bill Signup and view all the answers

What should you check when reviewing an account statement?

The transactions, amounts due, due dates, previous balances, and available credit Signup and view all the answers

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

To ensure accurate communication and to make informed decisions Signup and view all the answers

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

To ensure the customer receives the correct change Signup and view all the answers

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

Determine the unit price when given pack prices and quantities Signup and view all the answers

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

To determine the tax payable on goods and services Signup and view all the answers

What is the purpose of verifying information on financial documents?

To ensure all required details are present Signup and view all the answers

What is the formula to calculate the compound interest?

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

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

Gross Salary Signup and view all the answers

What is the purpose of understanding key financial terms?

To ensure accurate financial planning and decision making Signup and view all the answers

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

A = πr^2 Signup and view all the answers

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

Available Credit Signup and view all the answers

What is the purpose of checking for exemptions from VAT?

To identify items that are exempt from VAT Signup and view all the answers

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

Profit Signup and view all the answers

What is the purpose of performing calculations on financial documents?

To verify totals, interest, VAT, and other relevant calculations Signup and view all the answers

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

Net Salary Signup and view all the answers

What is the purpose of an IRP5 form?

To summarize total earnings and deductions for tax returns Signup and view all the answers

What is the result of applying the tax bracket formula?

Annual tax payable Signup and view all the answers

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

R104,611 Signup and view all the answers

What is the primary purpose of PAYE?

To ensure that taxes are collected regularly throughout the year Signup and view all the answers

What is the purpose of a tax rebate?

To reduce the amount of tax payable Signup and view all the answers

What is the contribution rate for UIF?

1% of gross salary by both the employee and employer Signup and view all the answers

What is the last step in the tax calculation process?

Determine net pay Signup and view all the answers

What is the purpose of using tax tables?

To determine the tax bracket for an individual Signup and view all the answers

What is the secondary rebate amount?

R6,750 Signup and view all the answers

What is the formula to calculate net pay?

Gross salary - deductions - monthly tax Signup and view all the answers

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

To summarize all income received and expenses incurred over a specific period Signup and view all the answers

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

To estimate expected costs based on historical data or similar businesses Signup and view all the answers

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

Variable Costs Signup and view all the answers

What happens when total expenditure exceeds total income?

A loss occurs Signup and view all the answers

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

To make adjustments and identify variances Signup and view all the answers

What type of costs include expenses like rent and salaries?

Fixed Costs Signup and view all the answers

What is the break-even point in a business?

The point at which income equals total costs Signup and view all the answers

What is the calculation for profit?

Total Income - Total Expenditure Signup and view all the answers

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

To report actual expenditure and income Signup and view all the answers

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

Profit Signup and view all the answers

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

Total deductions Signup and view all the answers

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

To understand at what level of usage one option becomes cheaper or more expensive than another Signup and view all the answers

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

Variable costs Signup and view all the answers

What is the first step in comparing tariff systems?

Analyse each option individually Signup and view all the answers

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

To decide which option is more cost-effective Signup and view all the answers

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

To visually compare the costs Signup and view all the answers

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

Various projects including household, school and community projects Signup and view all the answers

What is the purpose of comparing tariff systems?

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

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

Drawing and interpreting graphs Signup and view all the answers

What is the variable amount in a tariff system?

Calculated by multiplying the tariff rate by the number of units used Signup and view all the answers

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

To allocate resources efficiently and make informed financial decisions Signup and view all the answers

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

Production costs Signup and view all the answers

What is the significance of determining the correct selling price?

To cover all costs and generate a profit Signup and view all the answers

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

To report actual expenditure and income over a specific period Signup and view all the answers

What happens when total costs exceed total income?

The business incurs a loss Signup and view all the answers

What is the purpose of matching costs with income?

To ensure that income matches or exceeds costs Signup and view all the answers

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

Break-even point Signup and view all the answers

Why is it important to analyse income and expenditure statements?

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

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

To cover all costs and generate a profit, while being competitive in the market Signup and view all the answers

Why is managing cash flow important for a business?

To ensure there is enough cash to cover operating expenses Signup and view all the answers

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

The loan amount and interest paid are reduced Signup and view all the answers

What is the purpose of a loan?

To borrow money to make a large purchase Signup and view all the answers

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

The total interest paid increases Signup and view all the answers

What is the benefit of investing early?

To maximize the benefits of compound interest Signup and view all the answers

What is the difference between simple and compound interest?

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

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

To balance monthly affordability with total cost Signup and view all the answers

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

The total interest paid decreases Signup and view all the answers

What is the purpose of understanding key financial terms?

To make informed financial decisions Signup and view all the answers

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

The total interest paid decreases Signup and view all the answers

What is the benefit of starting to invest early?

To take advantage of compound interest over a longer period Signup and view all the answers

What is the main advantage of a shorter loan term?

Lower total interest paid Signup and view all the answers

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

Increases the growth of the investment Signup and view all the answers

What is the primary purpose of a retirement annuity?

To provide income during retirement Signup and view all the answers

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

To cover the costs of providing various banking services Signup and view all the answers

What is the difference between a debit and credit transaction?

A debit transaction is a withdrawal, while a credit transaction is a deposit Signup and view all the answers

What is the purpose of monitoring interest rates in financial planning?

To maximize the return on an investment Signup and view all the answers

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

Compound interest Signup and view all the answers

What is the benefit of regular contributions to an investment?

Enhances the compounding effect Signup and view all the answers

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

Loss Signup and view all the answers

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

It decreases the value of money Signup and view all the answers

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

Access to funds Signup and view all the answers

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

Increases the total interest paid Signup and view all the answers

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

To maintain the same standard of living Signup and view all the answers

What is the purpose of a stokvel?

To pool funds for a group benefit Signup and view all the answers

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

Demand-pull inflation Signup and view all the answers

What is the effect of compound interest on an investment?

Results in exponential growth Signup and view all the answers

What is the purpose of representing inflation trends graphically?

To show the inflation rate over time Signup and view all the answers

What is the formula to calculate the inflation rate?

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

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

Profit Signup and view all the answers

What happens when the inflation rate is high?

The value of money decreases Signup and view all the answers

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

To maintain living standards Signup and view all the answers

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

Open-ended question Signup and view all the answers

What is the main disadvantage of closed research questions?

They may not accommodate all respondents' views Signup and view all the answers

What is the purpose of sample selection in research?

To ensure the sample accurately represents the population Signup and view all the answers

What type of data collection method avoids interaction biases?

Observation Signup and view all the answers

What is the purpose of classifying and organising data?

To make data easier to read and analyse Signup and view all the answers

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

To count how many items fall into each category Signup and view all the answers

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

Balance carried forward Signup and view all the answers

What is the main purpose of financial planning in business?

To manage finances effectively Signup and view all the answers

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

Dependent variable Signup and view all the answers

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

Scatter plot Signup and view all the answers

What is the purpose of a box and whisker plot?

To summarize data using the five-number summary Signup and view all the answers

What is the range of a dataset?

The difference between the highest and lowest values Signup and view all the answers

What is the purpose of a histogram?

To represent continuous data grouped into ranges Signup and view all the answers

What is the definition of probability?

A measure of the likelihood of an event occurring Signup and view all the answers

What is the interquartile range (IQR)?

The range of the middle 50% of the data Signup and view all the answers

What is the purpose of a pie chart?

To show parts of a whole Signup and view all the answers

What is the median of a dataset?

The middle value in an ordered dataset Signup and view all the answers

What is the mode of a dataset?

The value that appears most frequently Signup and view all the answers

What is the main purpose of a frequency table?

To show how often each category or group appears in the data set Signup and view all the answers

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

It is less affected by outliers and skewed data Signup and view all the answers

What is the range of a data set?

The difference between the highest and lowest values in the data set Signup and view all the answers

What is the purpose of quartiles in statistical analysis?

To understand the spread and distribution of the data Signup and view all the answers

What is the primary purpose of graphs in statistical analysis?

To visualize the relationship between two variables Signup and view all the answers

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

The range of the middle 50% of the data Signup and view all the answers

What is the purpose of tally marks in statistical analysis?

To quickly count discrete data Signup and view all the answers

What is the main advantage of using frequency tables?

They help to identify patterns and trends in the data Signup and view all the answers

What is the purpose of classifying data?

To group data based on shared characteristics Signup and view all the answers

What is the main purpose of summarizing data?

To provide a clear summary of the data Signup and view all the answers

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

1/2 Signup and view all the answers

What is a two-way table used for?

To show the probability of combined events Signup and view all the answers

What is a false positive in a medical test?

A test indicates a positive result when it is actually negative Signup and view all the answers

What is the probability scale?

A scale ranging from 0 to 1 Signup and view all the answers

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

To make accurate predictions Signup and view all the answers

What is the probability of an impossible event?

0 Signup and view all the answers

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

Using basic arithmetic operations Signup and view all the answers

What is a tree diagram used for?

To illustrate the probability of combined events Signup and view all the answers

What is the purpose of verifying information on financial documents?

To check for accuracy and reliability Signup and view all the answers

What is a fair event?

An event with equal outcomes Signup and view all the answers

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

To ensure the customer pays the correct amount Signup and view all the answers

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

Interest rates are applied to late payments Signup and view all the answers

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

Credit limit Signup and view all the answers

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

Municipal bill Signup and view all the answers

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

To ensure the change given back is correct Signup and view all the answers

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

Unit prices of items Signup and view all the answers

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

Balance brought forward Signup and view all the answers

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

All of the above Signup and view all the answers

What is the primary purpose of an IRP5 form?

To summarize total earnings and deductions Signup and view all the answers

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

It increases Signup and view all the answers

What is the purpose of the UIF?

To provide short-term relief to workers Signup and view all the answers

How is the annual tax calculated?

By applying the tax bracket formula Signup and view all the answers

What is the tax threshold for individuals older than 75?

R117,111 Signup and view all the answers

What is the purpose of the tax threshold?

To cancel tax below the threshold Signup and view all the answers

What is the last step in the tax calculation process?

Determine the net pay 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?

R9,536.67 Signup and view all the answers

What is the primary rebate amount?

R12,080 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?

250 minutes Signup and view all the answers

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

To visualize the total monthly cost for each option Signup and view all the answers

What is the purpose of PAYE?

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

What is the employee's contribution to UIF?

1% of the gross salary 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?

R8,381.67 Signup and view all the answers

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

Break-even point 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?

R875.00 Signup and view all the answers

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

To perform calculations on financial documents Signup and view all the answers

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

Fixed costs Signup and view all the answers

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

Drawing and interpreting graphs Signup and view all the answers

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

To identify the point at which income equals total costs Signup and view all the answers

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

To report actual expenditure and income, and to accurately analyze and prepare future budgets Signup and view all the answers

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

Break-even point Signup and view all the answers

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

Fixed costs Signup and view all the answers

What is the primary purpose of understanding VAT on bills?

To calculate the total amount due including VAT Signup and view all the answers

What is the calculation for profit in a business?

Total Income - Total Expenditure Signup and view all the answers

What is the formula used to calculate compound interest?

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

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

To guide financial decisions and ensure spending aligns with income Signup and view all the answers

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

Variable costs Signup and view all the answers

What is the purpose of checking for exemptions from VAT?

To identify items that are not subject to VAT Signup and view all the answers

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

A = πr^2 Signup and view all the answers

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

The business incurs a loss Signup and view all the answers

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

To compare actual income and expenses against the budget Signup and view all the answers

What is the purpose of verifying information on financial documents?

To ensure all required details are present Signup and view all the answers

What is the formula used to calculate simple interest?

I = P × r × t Signup and view all the answers

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

To prepare for future expenses and manage resources effectively Signup and view all the answers

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

To ensure the total amount due is correct Signup and view all the answers

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

Profit Signup and view all the answers

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

Gross salary Signup and view all the answers

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

Available credit Signup and view all the answers

What is the primary purpose of understanding key financial terms?

To make informed financial decisions Signup and view all the answers

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

To allocate resources efficiently and avoid unnecessary expenses Signup and view all the answers

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

Production costs Signup and view all the answers

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

To estimate expected costs and income based on historical data or similar businesses Signup and view all the answers

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

It must be high enough to cover all costs and generate a profit Signup and view all the answers

What is the purpose of analyzing income and expenditure statements?

To prepare more accurate future budgets Signup and view all the answers

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

Break-even point Signup and view all the answers

What is the purpose of setting the right selling price?

To cover all costs and generate a profit Signup and view all the answers

What is the importance of managing cash flow in a business?

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

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

To ensure that income matches or exceeds costs Signup and view all the answers

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

Profit Signup and view all the answers

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

Currency exchange rate Signup and view all the answers

What is the benefit of starting investments early?

More time for compound interest to grow Signup and view all the answers

What is the key difference between simple and compound interest?

The balance on which interest is calculated Signup and view all the answers

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

To pay less interest over the life of the loan Signup and view all the answers

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

Higher returns on investment Signup and view all the answers

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

The loan amount and interest paid are reduced Signup and view all the answers

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

To balance monthly affordability with total cost Signup and view all the answers

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

Who benefits from the interest Signup and view all the answers

What is the purpose of understanding key financial terms?

To make informed financial decisions Signup and view all the answers

What is the primary benefit of compound interest for investments?

Increasing interest payments over time Signup and view all the answers

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

It decreases Signup and view all the answers

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

It increases the growth of the investment Signup and view all the answers

What is the purpose of a fixed deposit account?

To earn high interest rates over a fixed period Signup and view all the answers

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

Greater accumulation due to more time for compounding Signup and view all the answers

What is the benefit of regular contributions to an investment?

It enhances the value of the investment over time Signup and view all the answers

What is the purpose of choosing loan terms wisely?

To balance between monthly affordability and total cost Signup and view all the answers

What is the feature of a savings account?

Interest accrual and easy access to funds Signup and view all the answers

What does a bank statement show?

All transactions in an account over a specific period Signup and view all the answers

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

It leads to greater accumulation due to compounding effects Signup and view all the answers

Why is it important to monitor interest rates in investments?

To ensure higher returns on investment Signup and view all the answers

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

Unchanged household budgets Signup and view all the answers

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

Open-ended questions Signup and view all the answers

What is the primary purpose of classifying data?

To simplify the data for better understanding Signup and view all the answers

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

Observation Signup and view all the answers

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

To count how many items fall into each category Signup and view all the answers

What is the consequence of sample bias in research?

Inaccurate representation of the population Signup and view all the answers

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

They are easier to analyse and compare Signup and view all the answers

What is the purpose of random sampling in research?

To minimize sample bias Signup and view all the answers

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

Reduced living standards over time Signup and view all the answers

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

To maintain living standards Signup and view all the answers

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

To cover the costs of maintaining accounts and providing services Signup and view all the answers

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

Simple interest is calculated on the original principal, while compound interest is calculated on the current balance Signup and view all the answers

What is the formula for calculating the inflation rate?

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

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

It decreases the value of money Signup and view all the answers

What is the primary purpose of a scatter plot?

To study the relationship between two variables Signup and view all the answers

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

To make informed decisions about salaries, prices, and investments Signup and view all the answers

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

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

What is the IQR used to measure?

The range of the middle 50% of the data Signup and view all the answers

What is the formula for calculating profit?

Total Income - Total Expenditure Signup and view all the answers

What is the purpose of a pie chart?

To show parts of a whole Signup and view all the answers

What is the median used to provide?

The central point of the data set Signup and view all the answers

What is the definition of a loss?

When total expenditure exceeds total income Signup and view all the answers

What is the purpose of a box and whisker plot?

To summarize data using the five-number summary Signup and view all the answers

What is the purpose of understanding key financial concepts?

To make informed decisions about investments and savings Signup and view all the answers

What is the effect of inflation on savings and investments?

It decreases the value of savings and investments Signup and view all the answers

What is the range used to measure?

The spread of the entire data set Signup and view all the answers

What is the purpose of a histogram?

To represent continuous data grouped into ranges Signup and view all the answers

What is the mode used to find?

The most common category Signup and view all the answers

What is the purpose of a line graph?

To show the trend or change over time Signup and view all the answers

What is probability used to measure?

The likelihood of an event occurring Signup and view all the answers

What is the primary purpose of a frequency table?

To show how often each category or group appears in the data set Signup and view all the answers

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

To reduce the effect of outliers and skewed data Signup and view all the answers

What is the purpose of quartiles in a data set?

To divide the data set into four equal parts Signup and view all the answers

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

To measure the spread of the central portion of the data Signup and view all the answers

What is the primary purpose of graphs in data analysis?

To identify patterns and relationships within data Signup and view all the answers

What is the purpose of tally marks in data collection?

To count discrete data quickly and efficiently Signup and view all the answers

What is the purpose of classifying data in data analysis?

To group data based on shared characteristics Signup and view all the answers

What is the purpose of organising data in data analysis?

To arrange information in a clear and systematic manner Signup and view all the answers

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

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

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

To provide a measure of how spread out the values are Signup and view all the answers

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

1/2 Signup and view all the answers

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

Frequency Signup and view all the answers

What is the purpose of using tree diagrams in probability?

To visualize the probability of combined events Signup and view all the answers

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

1/2 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?

Theoretical Probability Signup and view all the answers

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

To visualize the probability of combined events 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?

False Positive Signup and view all the answers

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

To make predictions based on historical data Signup and view all the answers

What is the probability scale?

A scale from 0 to 1 Signup and view all the answers

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

Complementary Probability Signup and view all the answers

Gr12 Math Lit: June mix P(1)

Questions and Answers

What is the standard VAT rate in South Africa?

What is the purpose of a till slip?

What information is typically included on an account statement?

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

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

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

What is exempt from VAT in South Africa?

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

What is the purpose of verifying information on financial documents?

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

What is the formula to calculate the VAT amount?

What is the purpose of understanding key financial terms?

What is gross salary?

What is net salary?

What is taxable income?

What is the purpose of checking for exemptions from VAT?

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

What is the purpose of performing calculations on financial documents?

What is the purpose of a deduction table?

What is a tax bracket?

What is an IRP5 form used for?

What is PAYE?

What is UIF?

What is the employee's contribution to UIF?

What is the purpose of a tax rebate?

What is the tax threshold for individuals younger than 65?

What is the primary tax rebate amount?

What is the last step in the tax calculation process?

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

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

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

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

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

What type of costs include expenses like rent and salaries?

What is the calculation for profit?

What does an income-and-expenditure statement display?

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

What is the net salary calculated by?

What happens when total expenditure exceeds total income?

What is a fixed amount in a tariff system?

What is the tariff rate in a tariff system?

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

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

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

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

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

What is the purpose of comparing tariff systems?

What is the first step in comparing tariff systems?

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

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

What is the definition of break-even point?

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

What is the importance of matching costs with income?

What is the primary source of income for a business?

What is the definition of profit?

What is the importance of analysing income and expenditure statements?

What is the purpose of a budget?

What is the importance of managing cash flow?

What is the amount owed to the bank or loan agent in a loan?

What is the purpose of a deposit in a loan?

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

What is the difference between simple interest and compound interest?

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

What is the benefit of starting investments early?

What is the purpose of financial planning for loans?

What is the principal in a loan?

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

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

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

What is the primary purpose of a fixed deposit account?

What is the primary purpose of banks charging fees?

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

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

What is the primary benefit of compound interest?

What is the purpose of a retirement annuity?

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

What is the impact of regular contributions on an investment?

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