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

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

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

    What is the purpose of verifying information on financial documents?

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

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

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

    What is gross salary?

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

    What is net salary?

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

    What is taxable income?

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

    What is the purpose of checking for exemptions from VAT?

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

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

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

    What is a tax bracket?

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

    What is an IRP5 form used for?

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

    What is UIF?

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

    What is the employee's contribution to UIF?

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

    What is the purpose of a tax rebate?

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

    What is the tax threshold for individuals younger than 65?

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

    What is the primary tax rebate amount?

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

    What is the last step in the tax calculation process?

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

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

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

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

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

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

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

    What type of costs include expenses like rent and salaries?

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

    What is the calculation for profit?

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

    What does an income-and-expenditure statement display?

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

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

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

    What is the net salary calculated by?

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

    What happens when total expenditure exceeds total income?

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

    What is the tariff rate in a tariff system?

    <p>The amount charged per unit of usage</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</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</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</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</p> Signup and view all the answers

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

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

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

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

    What is the definition of break-even point?

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

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

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

    What is the importance of matching costs with income?

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

    What is the primary source of income for a business?

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

    What is the definition of profit?

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

    What is the importance of analysing income and expenditure statements?

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

    What is the purpose of a budget?

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

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

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

    What is the purpose of a deposit in a loan?

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

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

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

    What is the benefit of starting investments early?

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

    What is the purpose of financial planning for loans?

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

    What is the principal in a loan?

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

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

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

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

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

    What is the primary purpose of a fixed deposit account?

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

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

    <p>It increases the growth of the investment.</p> Signup and view all the answers

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

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

    What is the primary benefit of compound interest?

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

    What is the purpose of a retirement annuity?

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

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

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

    What is the impact of regular contributions on an investment?

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

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

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

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

    <p>Decreases the value of money</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.</p> Signup and view all the answers

    What is the primary feature of a savings account?

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

    What is the term for the percentage increase in the price level of a basket of goods and services over a period of time?

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

    What is the purpose of monitoring interest rates for investments?

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

    What is the benefit of starting investments early?

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

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

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

    What is the purpose of understanding inflation trends?

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

    What is the purpose of analysing inflation in different contexts?

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

    What is the purpose of classifying data?

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

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

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

    What is the advantage of using observation in data collection?

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

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

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

    What is the advantage of using questionnaires in data collection?

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

    What is the interquartile range (IQR)?

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

    What is the purpose of a scatter plot?

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

    What is the purpose of a box and whisker plot?

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

    What is the purpose of quartiles?

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

    What is the definition of probability?

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

    What is the purpose of a histogram?

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

    What is the purpose of graphs in data analysis?

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

    What is the median?

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

    What is the purpose of a bar graph?

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

    What is the purpose of organising data?

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

    What is the range?

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

    What is the purpose of classifying data?

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

    What is the purpose of a pie chart?

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

    What is the purpose of tally marks?

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

    What is the main purpose of measures of central tendency?

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

    What does a probability of 0 represent?

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

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

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

    What is the purpose of a tree diagram?

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

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

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

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

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

    What is a two-way table used for?

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

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

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

    What is the purpose of weather forecasts?

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

    How can the accuracy of predictions be improved?

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

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

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

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

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

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

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

    What should you verify when checking account statements?

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

    What is the purpose of understanding key financial terms?

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

    What is the primary purpose of checking financial documents?

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

    What is the purpose of understanding calculations on financial documents?

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

    What is the purpose of understanding key financial terms?

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

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

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

    What is the purpose of PAYE?

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

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

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

    What is the tax threshold for individuals older than 75?

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

    What is the last step in the tax calculation process?

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

    What is the purpose of applying tax rebates?

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

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

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

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

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

    What is the first step in comparing tariff systems?

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

    What is the calculation for loss?

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

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

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

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

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

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

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

    What is the calculation for profit?

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

    What does an income-and-expenditure statement display?

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

    What type of costs include expenses like rent and salaries?

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

    What happens when total expenditure exceeds total income?

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

    What is 'compound interest'?

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

    What is the purpose of understanding key financial terms?

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

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

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

    What is the term for the amount invested initially?

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

    What is the purpose of a bank statement?

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

    What happens when an investment has a higher interest rate?

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

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

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

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

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

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

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

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

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

    What is the outcome when total expenditure exceeds total income?

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

    What is the effect of inflation on savings and investments?

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

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

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

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

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

    What is the formula to calculate the inflation rate?

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

    What is the financial concept where income exceeds expenditure?

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

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

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

    What is the purpose of percentiles in a data set?

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

    What is the main purpose of summarising data?

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

    What is the purpose of tally marks in data collection?

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

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

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

    What is the purpose of a box and whisker plot?

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

    What is the range in a dataset?

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

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

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

    Which measure of central tendency is less affected by outliers?

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

    What is the purpose of histograms?

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

    What is the purpose of understanding probability?

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

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

    <p>Vertical (y) axis</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</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</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</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</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</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</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</p> Signup and view all the answers

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

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

    What does a tree diagram help to visualize?

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

    What is the probability scale?

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

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

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

    What is the purpose of collecting more data in probability?

    <p>To increase the accuracy of predictions</p> Signup and view all the answers

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

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

    What is the purpose of analyzing probability in media?

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

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

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

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

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

    What is the formula to calculate the compound interest?

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

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

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

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

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

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

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

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

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

    What is the result of applying the tax bracket formula?

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

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

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

    What is the primary purpose of PAYE?

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

    What is the purpose of a tax rebate?

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

    What is the last step in the tax calculation process?

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

    What is the purpose of using tax tables?

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

    What is the secondary rebate amount?

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

    What is the formula to calculate net pay?

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

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

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

    What happens when total expenditure exceeds total income?

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

    What type of costs include expenses like rent and salaries?

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

    What is the break-even point in a business?

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

    What is the calculation for profit?

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

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

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

    What is the first step in comparing tariff systems?

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

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

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

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

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

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

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

    What happens when total costs exceed total income?

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

    What is the purpose of a loan?

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

    What is the benefit of investing early?

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

    What is the purpose of understanding key financial terms?

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

    What is the main advantage of a shorter loan term?

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

    What is the primary purpose of a retirement annuity?

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

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

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

    What is the benefit of regular contributions to an investment?

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

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

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

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

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

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

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

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

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

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

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

    What is the purpose of a stokvel?

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

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

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

    What is the effect of compound interest on an investment?

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

    What is the purpose of representing inflation trends graphically?

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

    What is the formula to calculate the inflation rate?

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

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

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

    What happens when the inflation rate is high?

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

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

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

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

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

    What is the main disadvantage of closed research questions?

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

    What type of data collection method avoids interaction biases?

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

    What is the main purpose of financial planning in business?

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

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

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

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

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

    What is the range of a dataset?

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

    What is the purpose of a histogram?

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

    What is the definition of probability?

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

    What is the interquartile range (IQR)?

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

    What is the purpose of a pie chart?

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

    What is the median of a dataset?

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

    What is the mode of a dataset?

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

    What is the purpose of tally marks in statistical analysis?

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

    What is the purpose of classifying data?

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

    What is the main purpose of summarizing data?

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

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

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

    What is a two-way table used for?

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

    What is the probability scale?

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

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

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

    What is the probability of an impossible event?

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

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

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

    What is a tree diagram used for?

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

    What is the purpose of verifying information on financial documents?

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

    What is a fair event?

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

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

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

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

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

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

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

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

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

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

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

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

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

    What is the primary purpose of an IRP5 form?

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

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

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

    What is the purpose of the UIF?

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

    How is the annual tax calculated?

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

    What is the tax threshold for individuals older than 75?

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

    What is the purpose of the tax threshold?

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

    What is the last step in the tax calculation process?

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

    What is the primary rebate amount?

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

    What is the purpose of PAYE?

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

    What is the employee's contribution to UIF?

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

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

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

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

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

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

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

    What is the calculation for profit in a business?

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

    What is the formula used to calculate compound interest?

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

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

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

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

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

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

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

    What is the purpose of verifying information on financial documents?

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

    What is the formula used to calculate simple interest?

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

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

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

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

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

    What is the primary purpose of understanding key financial terms?

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

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

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

    What is the purpose of analyzing income and expenditure statements?

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

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

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

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

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

    What is the benefit of starting investments early?

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

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

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

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

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

    What is the purpose of understanding key financial terms?

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

    What is the primary benefit of compound interest for investments?

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

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

    <p>It decreases</p> Signup and view all the answers

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

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

    What is the purpose of a fixed deposit account?

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

    What is the feature of a savings account?

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

    What does a bank statement show?

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

    Why is it important to monitor interest rates in investments?

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

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

    <p>Unchanged household budgets</p> Signup and view all the answers

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

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

    What is the primary purpose of classifying data?

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

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

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

    What is the consequence of sample bias in research?

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

    What is the purpose of random sampling in research?

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

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

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

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

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

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

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

    What is the formula for calculating the inflation rate?

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

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

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

    What is the primary purpose of a scatter plot?

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

    What is the IQR used to measure?

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

    What is the formula for calculating profit?

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

    What is the purpose of a pie chart?

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

    What is the median used to provide?

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

    What is the definition of a loss?

    <p>When total expenditure exceeds total income</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</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</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</p> Signup and view all the answers

    What is the range used to measure?

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

    What is the purpose of a histogram?

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

    What is the mode used to find?

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

    What is the purpose of a line graph?

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

    What is probability used to measure?

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

    What is the primary purpose of a frequency table?

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

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

    <p>To reduce the effect of outliers and skewed data</p> Signup and view all the answers

    What is the purpose of quartiles in a data set?

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

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

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

    What is the primary purpose of graphs in data analysis?

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

    What is the purpose of tally marks in data collection?

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

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

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

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

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

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

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

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

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

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

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

    What is the probability scale?

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

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