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

What is VAT?

  • Voucher and Transfer
  • Value Added Tax, a percentage of the base amount (correct)
  • Vehicle Assessment Tax
  • Value Appreciation Tax

    • What is the formula for simple interest?

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

    • What is included in gross salary?

  • Salary, overtime, and bonuses
  • Salary, medical aid, and loan repayments
  • Net salary and income tax
  • Salary, overtime, bonuses, UIF, pension contributions, medical aid, trade union fees, and loan repayments (correct)

    • What is the purpose of the query period?

    <p>To dispute or question a bill</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 formula for the area of a circle?

    <p>A = πr²</p> Signup and view all the answers

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

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

    What is the formula for compound interest?

    <p>A = P (1 + r/n)^(nt)</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 the purpose of understanding taxation?

    <p>To understand how income tax is calculated</p> Signup and view all the answers

    What is the standard VAT rate in South Africa?

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

    What is the purpose of verifying the sum of item prices and the application of VAT on a till slip?

    <p>To ensure the total calculation is correct</p> Signup and view all the answers

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

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

    What type of bill is charged for services such as water, electricity, and refuse removal?

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

    What information is included on a till slip to identify the shop?

    <p>Shop name, address, and VAT number</p> Signup and view all the answers

    Why is it important to verify the total amount paid and the resulting balance on an account statement?

    <p>To ensure the payment and balance are correct</p> Signup and view all the answers

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

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

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

    <p>To ensure the change calculation is correct</p> Signup and view all the answers

    What is the purpose of a tax bracket?

    <p>To apply a specific tax rate to a range of taxable income</p> Signup and view all the answers

    What is the meaning of PAYE?

    <p>Pay As You Earn, a system of collecting taxes regularly throughout the year</p> Signup and view all the answers

    What is UIF?

    <p>Unemployment Insurance Fund, providing short-term relief to workers</p> Signup and view all the answers

    What is a tax threshold?

    <p>The minimum salary before tax is charged</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

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

    How is UIF calculated?

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

    What is a tax rebate?

    <p>An amount deducted from the total tax payable</p> Signup and view all the answers

    What is the purpose of deduction tables?

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

    What is the purpose of calculating the net salary?

    <p>To calculate the amount of money an employee takes home</p> Signup and view all the answers

    What is net pay?

    <p>Gross salary minus deductions, tax, and medical tax credits</p> Signup and view all the answers

    What is the first step in calculating tax?

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

    What is a tariff system?

    <p>A structured pricing plan based on usage</p> Signup and view all the answers

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

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

    What skill is required to perform break-even analysis?

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

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

    <p>Evaluating different service providers for community events</p> Signup and view all the answers

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

    <p>To identify the regions where one option is more cost-effective</p> Signup and view all the answers

    What is the variable amount in a tariff system?

    <p>The tariff rate multiplied by the number of units used</p> Signup and view all the answers

    What is the importance of understanding break-even points?

    <p>To decide which option is more cost-effective at different levels of usage</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 purpose of a budget in a business?

    <p>To estimate expected costs and income</p> Signup and view all the answers

    What is the break-even point in a business?

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

    Why is it important to manage 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 cost is electrical appliances for a new business?

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

    Why is it important to set the right selling price?

    <p>To cover all costs and generate a profit</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

    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 formula for calculating loss in a business?

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

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

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

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

    <p>A loan reduces the value of the original amount, while an investment increases the value of the original amount.</p> Signup and view all the answers

    What happens to the total interest paid on a loan if the deposit size is increased?

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

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

    <p>The investment value increases.</p> Signup and view all the answers

    What happens to the real cost of a loan if the loan length is shortened?

    <p>The real cost of the loan decreases.</p> Signup and view all the answers

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

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

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

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

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

    <p>The loan term decreases.</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

    What happens to the total repayment amount if the interest rate increases?

    <p>The total repayment amount increases.</p> Signup and view all the answers

    What is a Stokvel?

    <p>A group pooling money for shared investments or purchases.</p> Signup and view all the answers

    What is the primary purpose of a budget?

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

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

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

    What is the break-even point in a business?

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

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

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

    What type of cost is rent in a small business?

    <p>Fixed cost</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 analysing 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 a production cost in a small business?

    <p>Day-to-day expenses incurred in producing goods or services</p> Signup and view all the answers

    What is the formula to calculate profit in a business?

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

    Why is it important to understand and analyse income-and-expenditure statements and budgets in larger organizations?

    <p>To understand and analyse broad categories and trends</p> Signup and view all the answers

    What is the effect of a shorter loan term?

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

    What is the purpose of a fixed deposit account?

    <p>For investing a lump sum over a fixed period</p> Signup and view all the answers

    What is the benefit of regular contributions to an investment?

    <p>Enhances the value of the investment over time</p> Signup and view all the answers

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

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

    What is the purpose of a cheque or current account?

    <p>Used to deposit and withdraw money regularly</p> Signup and view all the answers

    What is the effect of compound interest on an investment?

    <p>Leads to exponential growth</p> Signup and view all the answers

    What is included in a bank statement?

    <p>A list of all transactions, including debits and credits</p> Signup and view all the answers

    What is the purpose of starting early with investments?

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

    What is a debit transaction?

    <p>An amount paid out of the account</p> Signup and view all the answers

    What is the purpose of a savings account?

    <p>For earning interest and short-term savings</p> Signup and view all the answers

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

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

    What 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 a potential problem with selecting a sample that is not representative of the population?

    <p>It introduces sample bias</p> Signup and view all the answers

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

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

    What is the purpose of classifying data?

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

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

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

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

    <p>They provide anonymity to encourage honest responses</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</p> Signup and view all the answers

    What is the primary purpose of organizing data?

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

    What is the primary advantage of using interviews in research?

    <p>They allow for probing deeper into responses</p> Signup and view all the answers

    What is the purpose of a line graph?

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

    What is the definition of the mode?

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

    What is the purpose of a scatter plot?

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

    What is the main reason for banks charging fees?

    <p>To maintain the account and provide additional services</p> Signup and view all the answers

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

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

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

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

    What is the primary impact of inflation on consumers?

    <p>Decreased purchasing power</p> Signup and view all the answers

    What is the purpose 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 term for the difference between the highest and lowest values?

    <p>Range</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 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 profit?

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

    What is the definition of probability?

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

    What is the purpose of a histogram?

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

    What is the primary purpose of understanding the concept of inflation?

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

    What is the purpose of a bar graph?

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

    What is the result of demand-pull inflation?

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

    What is the purpose of analyzing inflation in different contexts?

    <p>To adjust business prices</p> Signup and view all the answers

    What is the relationship between income and expenditure in a situation where profit is made?

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

    What happens when the total expenditure exceeds the total income?

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

    What is the probability of an impossible event?

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

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

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

    What is the purpose of a tree diagram in probability?

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

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

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

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

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

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

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

    Why is it important to collect more data over time in weather forecasting?

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

    What is the purpose of evaluating the sample size used for predictions?

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

    What is the probability scale range?

    <p>0 to 1</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 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 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 quartiles?

    <p>To understand the spread of the central portion of the data</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?

    <p>To visually represent data for various purposes</p> Signup and view all the answers

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

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

    What is the purpose of tally marks?

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

    What is the definition of the mode?

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

    Why are frequency tables used for continuous data?

    <p>Because it is divided into intervals, helping to identify patterns or trends</p> Signup and view all the answers

    What is the purpose of measures of central tendency?

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

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

    <p>To determine the total amount payable</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 type of bill is charged for services such as water and electricity?

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

    What is included on a till slip to identify the shop?

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

    What should be verified when checking calculations on an account statement?

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

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

    <p>To ensure the correct change is given back to the customer</p> Signup and view all the answers

    What is included in the item details on a till slip?

    <p>The description of items or services bought, the amount of VAT charged, and the total amount payable</p> Signup and view all the answers

    What is the purpose of understanding account statements?

    <p>To manage credit and debt</p> Signup and view all the answers

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

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

    Which of the following is NOT a key concept in understanding cell phone bills?

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

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

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

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

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

    What is the main purpose of understanding taxation in finance?

    <p>To understand the impact of taxation on personal finance</p> Signup and view all the answers

    What is the formula used to calculate the net salary?

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

    What is the purpose of an IRP5 form?

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

    What is the purpose of identifying tax-deductible deductions?

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

    How is PAYE calculated?

    <p>Based on the employee's annual taxable income using SARS tax tables</p> Signup and view all the answers

    What is the primary purpose of determining taxable income?

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

    What is the purpose of performing calculations on a cell phone bill?

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

    What is the term for the amount deducted from the total tax payable?

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

    What is the purpose of tax brackets?

    <p>To determine the tax rate applicable to a specific range of taxable income</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 first step in calculating tax?

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

    What is UIF?

    <p>Unemployment Insurance Fund</p> Signup and view all the answers

    What is the purpose of deduction tables?

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

    What is net pay?

    <p>Gross salary minus monthly tax and deductions, plus medical tax credits</p> Signup and view all the answers

    How is monthly tax calculated?

    <p>By dividing annual tax by 12</p> Signup and view all the answers

    What is the purpose of PAYE?

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

    What is the net salary calculated by subtracting from the gross salary?

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

    What is the purpose of break-even analysis?

    <p>To determine the cost-effectiveness of different options at varying levels of usage</p> Signup and view all the answers

    What type of graph is obtained when representing the total cost of a tariff system?

    <p>A horizontal line up to a certain number of units, followed by a straight-line graph</p> Signup and view all the answers

    What is the tariff rate in a tariff system?

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

    What is the importance of identifying points of intersection in tariff system analysis?

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

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

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

    What skill is required to perform break-even analysis?

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

    What is the 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 variable amount in a tariff system?

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

    Why is it important to understand break-even points?

    <p>To determine the cost-effectiveness of different options</p> Signup and view all the answers

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

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

    What type of cost is rent in a business?

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

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

    <p>To report actual expenditure and income</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 break-even point in a business?

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

    What is included in the calculation of profit in a business?

    <p>Total income minus total expenditure</p> Signup and view all the answers

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

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

    Why is it important to manage income and expenditure in a business?

    <p>To ensure the business operates effectively and sustainably</p> Signup and view all the answers

    What is the purpose of analysing income-and-expenditure statements and budgets in a small business?

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

    What is an example of an occasional cost in a business?

    <p>Purchase of new equipment</p> Signup and view all the answers

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

    <p>To ensure the long-term success of a business</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 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 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 definition of profit in a business?

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

    What is the purpose of setting the right selling price?

    <p>To ensure that the selling price covers all costs and generates a profit</p> Signup and view all the answers

    What is the definition of loss in a business?

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

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

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

    What is the purpose of budgeting in a business?

    <p>To estimate future costs and income based on historical data or similar businesses</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 primary feature of compound interest?

    <p>It is calculated on the principal and accumulated interest</p> Signup and view all the answers

    What is the benefit of choosing a shorter loan term?

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

    What is the main purpose of a retirement annuity?

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

    What is the effect of higher interest rates on investments?

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

    What is the primary feature of a fixed deposit account?

    <p>Higher interest rates</p> Signup and view all the answers

    What is the main purpose of a bank statement?

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

    What is the effect of early investment on compound interest?

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

    What is the main 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 primary difference between a debit account and a credit account?

    <p>A debit account deducts money from the account, while a credit account adds money to the account</p> Signup and view all the answers

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

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

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

    <p>The purpose of borrowing or investing</p> Signup and view all the answers

    What affects the real cost of a loan?

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

    What is the benefit of starting to invest early?

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

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

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

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

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

    What is the purpose of financial planning in managing 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>Reduced loan term and total interest paid</p> Signup and view all the answers

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

    <p>Reduced loan amount and interest paid</p> Signup and view all the answers

    What is a key concept in investments?

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

    What should be considered when choosing a loan or investment?

    <p>The interest rate, loan term, and monthly repayments</p> Signup and view all the answers

    What is the purpose of limiting over-the-counter transactions to reduce banking fees?

    <p>To use electronic or ATM transactions instead.</p> Signup and view all the answers

    What is the difference between simple and compound interest?

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

    What is the formula for calculating the profit of a business?

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

    What is the effect of inflation on savings and investments?

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

    What is demand-pull inflation?

    <p>An increase in demand for goods and services leading to higher prices.</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 formula for calculating the inflation rate?

    <p>Inflation Rate = ((Current Price - Previous Price) / Previous Price) x 100%</p> Signup and view all the answers

    What is the purpose of using graphs to represent inflation trends?

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

    What is cost-push inflation?

    <p>An increase in production costs leading to higher prices.</p> Signup and view all the answers

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

    <p>Inflation decreases the purchasing power of money.</p> Signup and view all the answers

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

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

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

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

    What is the purpose of classifying data?

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

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

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

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

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

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

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

    What is the primary advantage of using questionnaires in research?

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

    What is the primary purpose of using interviews in research?

    <p>To clarify ambiguous answers</p> Signup and view all the answers

    What is the primary disadvantage of using sample bias in research?

    <p>It does not accurately represent the population</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

    Which measure of central tendency is the middle value in a data set when the values are arranged in ascending or descending order?

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

    What is the purpose of quartiles in a data set?

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

    What is the primary purpose of graphs in data analysis?

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

    What is the purpose of tally marks in data analysis?

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

    What is the purpose of classifying data?

    <p>To group data based on shared characteristics, making it easier to handle and interpret</p> Signup and view all the answers

    What is the purpose of summarizing data?

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

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

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

    What is the purpose of 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 primary purpose of organizing data?

    <p>To arrange information in a clear and systematic manner, making it easier to read and analyze</p> Signup and view all the answers

    What is the purpose of a line graph?

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

    What is the main feature of a histogram?

    <p>Bars touch each other, indicating continuous data.</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 formula for calculating the mean?

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

    What is the purpose of calculating the median?

    <p>To provide the central point less affected by outliers.</p> Signup and view all the answers

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

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

    What is the purpose of a scatter plot?

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

    What is the purpose of a pie chart?

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

    What is probability measured as?

    <p>A number between 0 and 1.</p> Signup and view all the answers

    What is the purpose of quartiles?

    <p>To divide the data set into four equal parts.</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 tree diagrams in probability?

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

    What is the meaning of a false positive in a medical test?

    <p>A test result that indicates a positive result when it is actually negative</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</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 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 number of times an event occurs?

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

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

    <p>1/6</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 improving accuracy in probability predictions?

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

    What is included on a till slip to identify the shop?

    <p>VAT number</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 information is included on an account statement?

    <p>Transactions and previous balances</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 charges customers for services such as water, electricity, and refuse removal?

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

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

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

    What is included on a till slip to identify the items purchased?

    <p>Description of items or services bought</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 purpose of verifying the total amount due on a cell phone bill?

    <p>To avoid additional charges</p> Signup and view all the answers

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

    <p>VAT Amount = Total Amount × (VAT Rate / (100 + VAT Rate))</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 checking the payment history on a cell phone bill?

    <p>To identify previous payments and their impact on the current balance</p> Signup and view all the answers

    What is the formula used to calculate the net salary?

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

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

    <p>To familiarize yourself with key financial terms and their implications on bills and account statements</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

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

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

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

    What is the purpose of calculating the average monthly costs on a cell phone bill?

    <p>To determine the average monthly costs based on historical data provided on the bill</p> Signup and view all the answers

    What is the minimum salary before tax is charged?

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

    How is PAYE calculated?

    <p>Based on the employee's annual taxable income using SARS tax tables</p> Signup and view all the answers

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

    <p>To identify items that are exempt from VAT and adjust calculations accordingly</p> Signup and view all the answers

    What is the amount deducted from the total tax payable?

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

    What is the purpose of accuracy in performing calculations on a cell phone bill?

    <p>To ensure all arithmetic operations are correct and that rounding rules are followed when necessary</p> Signup and view all the answers

    What is the purpose of tax tables?

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

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

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

    What is the contribution towards UIF by the employer and employee combined?

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

    What is the formula for calculating net pay?

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

    What is the system that ensures taxes are collected regularly throughout the year?

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

    What is the purpose of calculating the annual tax?

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

    What is the primary purpose of calculating net salary?

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

    What is the tariff rate in a tariff system?

    <p>The amount that determines how much the total cost changes per unit of usage</p> Signup and view all the answers

    What is the purpose of Step 3 in comparing tariff systems?

    <p>To identify points of intersection and regions on the graph</p> Signup and view all the answers

    What is break-even analysis used for?

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

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

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

    What skill is required to perform break-even analysis?

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

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

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

    What is the importance of understanding break-even points?

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

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

    <p>To identify the regions where one option is more cost-effective</p> Signup and view all the answers

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

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

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

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

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

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

    What is the break-even point in a business?

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

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

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

    What type of cost is electrical appliances for a new business?

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

    Why is it important to analyze income and expenditure statements?

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

    What is the formula for calculating profit in a business?

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

    What is the purpose of financial planning in a business?

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

    What is the primary difference between a fixed cost and a variable cost?

    <p>Fixed costs are consistent, while variable costs vary with the level of production</p> Signup and view all the answers

    Why is it important to manage income and expenditure in a business?

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

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

    <p>To allocate resources efficiently and ensure long-term success</p> Signup and view all the answers

    What type of cost is incurred when establishing a business?

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

    What is the significance of the selling price of a product or service?

    <p>It determines the profitability of the business</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 result when total costs exceed total income?

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

    What is essential to ensure the profitability of a business?

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

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

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

    Why is it important to manage cash flow in a business?

    <p>To ensure the business has enough cash to cover operating expenses</p> Signup and view all the answers

    What is the break-even point in a business?

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

    Why is it important to analysed income and expenditure statements regularly?

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

    What is the main purpose of a deposit in a loan?

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

    What is the main purpose of banks charging fees?

    <p>To compensate for the cost of providing services</p> Signup and view all the answers

    How does an increase in interest rate affect a loan?

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

    What is the benefit of compound interest in investments?

    <p>It results in increasing interest payments over time</p> Signup and view all the answers

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

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

    What happens to the total interest paid on a loan if the loan length is shortened?

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

    What is the result of the total expenditure exceeding the total income?

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

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

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

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

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

    What is the effect of inflation on savings and investments?

    <p>It erodes their value if the return is lower than the inflation rate</p> Signup and view all the answers

    What happens to the final investment value if the monthly investment amount is increased?

    <p>It increases due to compounded growth</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</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

    How does an increase in the interest rate affect an investment?

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

    Why should employees consider inflation rates when negotiating salary increases?

    <p>To prevent their salary from decreasing in real terms</p> Signup and view all the answers

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

    <p>The purpose of borrowing or investing</p> Signup and view all the answers

    What is the purpose of analysing inflation in different contexts?

    <p>To make informed decisions about salary negotiations and price adjustments</p> Signup and view all the answers

    What is the total interest charged over the life of the loan?

    <p>The total interest paid minus the original loan amount</p> Signup and view all the answers

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

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

    What is the result of total income exceeding total expenditure?

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

    What is the purpose of a graph in analysing inflation trends?

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

    What 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 purpose of using a sample in research?

    <p>To choose a subset of the population to represent it</p> Signup and view all the answers

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

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

    What is the purpose of classifying data?

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

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

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

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

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

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

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

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

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

    Why is it important to understand break-even points in a business?

    <p>To understand the importance of financial planning</p> Signup and view all the answers

    How does compound interest differ from simple interest?

    <p>Compound interest is calculated on the principal and accumulated interest</p> Signup and view all the answers

    What is a key benefit of starting to invest early?

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

    What is the primary purpose of a cheque or current account?

    <p>To deposit and withdraw money regularly</p> Signup and view all the answers

    What does a bank statement typically 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 interest rate on a loan?

    <p>Increases the cost of the loan</p> Signup and view all the answers

    What is the primary purpose of a fixed deposit account?

    <p>For investing a lump sum over a fixed period</p> Signup and view all the answers

    What is the impact of regular contributions on an investment?

    <p>Enhances the value of the investment over time</p> Signup and view all the answers

    What is the effect of a longer loan term?

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

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

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

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

    <p>A loan is borrowed money, while an investment uses your own money</p> Signup and view all the answers

    What is the primary purpose of a line graph?

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

    What is the range of values in a dataset that is represented by the interquartile range (IQR)?

    <p>The middle 50% of the data</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 measure of central tendency that is most affected by outliers?

    <p>Mean</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 median in a data set?

    <p>The middle value in the data set when the values are arranged in ascending order</p> Signup and view all the answers

    What is the term for the value that appears most frequently in a dataset?

    <p>Mode</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 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 a grouped frequency table?

    <p>To organize continuous data divided into intervals</p> Signup and view all the answers

    What is the measure of spread that is the difference between the highest and lowest values in a dataset?

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

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

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

    What is the measure of central tendency that is the middle value in an ordered dataset?

    <p>Median</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 mode in a data set?

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

    What is the probability of an event that is impossible?

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

    What is the purpose of classifying data?

    <p>To group data based on shared characteristics, making it easier to handle and interpret</p> Signup and view all the answers

    What is the purpose of summarizing data?

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

    What is the primary purpose of quartiles in data analysis?

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

    What is the range of the probability scale?

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

    What is the probability of rolling an even number on a 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 a test result that indicates a positive result when it is actually negative?

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

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

    <p>To improve 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 probability of rolling a specific number on a fair dice?

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

    What is the purpose of 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 an impossible event?

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

    What is the term for each outcome in a probability experiment?

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

    What is the primary purpose of verifying the sum of item prices and the application of VAT on a till slip?

    <p>To verify the correctness of the total amount payable</p> Signup and view all the answers

    What is the term for the remaining credit limit after accounting for the current balance on an account statement?

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

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

    <p>To ensure the customer received the correct change</p> Signup and view all the answers

    What type of bill is charged for services such as water, electricity, and refuse removal?

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

    What information is included on a till slip to identify the shop?

    <p>Shop name, address, and VAT number</p> Signup and view all the answers

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

    <p>To ensure the correctness of payments and resulting balances</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 purpose of calculating interest on overdue payments on an account statement?

    <p>To apply late payment penalties</p> Signup and view all the answers

    What is the main purpose of using tax tables?

    <p>To determine the tax bracket and applicable tax rate</p> Signup and view all the answers

    What is the term for the amount deducted from the total tax payable?

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

    What is the purpose of an IRP5 form?

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

    What is the first step in calculating tax?

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

    What is the purpose of PAYE?

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

    What is the term for the minimum salary before tax is charged?

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

    What is the purpose of deducting UIF contributions?

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

    What is the formula for calculating net pay?

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

    What is the purpose of tax brackets?

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

    What is the purpose of applying rebates?

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

    A service provider charges a customer a total amount of $100 for a month's service, inclusive of VAT at 15%. What is the base amount before VAT is added?

    <p>$86.96</p> Signup and view all the answers

    A person's gross salary is $4,000, and deductions include UIF of $200, pension contributions of $500, and income tax of $800. What is their net salary?

    <p>$2,900</p> Signup and view all the answers

    A customer disputes a charge on their cell phone bill and has 30 days to resolve the issue. What is this period called?

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

    A business has a taxable income of $10,000 and is subject to an income tax rate of 25%. What is the income tax payable?

    <p>$2,500</p> Signup and view all the answers

    A person has a principal amount of $1,000 invested at an annual interest rate of 10% compounded annually. What is the amount accumulated after 5 years?

    <p>$1,610.51</p> Signup and view all the answers

    A customer's cell phone bill shows a total amount due of $150, including VAT at 15%. What is the VAT amount?

    <p>$21.43</p> Signup and view all the answers

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

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

    A person's average monthly cost for mobile services is $50, based on the past 6 months. What is their average daily cost?

    <p>$1.67</p> Signup and view all the answers

    What is an essential skill required for comparing tariff systems?

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

    A service provider sends a customer a bill with a minimum payment due of $50. What is the purpose of the minimum payment?

    <p>To avoid additional charges</p> Signup and view all the answers

    What is the term for the cost that changes per unit of usage?

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

    A person's payment history shows that they paid $100 last month and $120 this month. What is the change in their payment amount?

    <p>16.67%</p> Signup and view all the answers

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

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

    A customer's cell phone bill shows a previous balance of $50 and a new charge of $20. What is their current balance?

    <p>$70</p> Signup and view all the answers

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

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

    What is an essential step in comparing tariff systems?

    <p>Drawing graphs for each option</p> Signup and view all the answers

    What is the purpose of tariff system analysis?

    <p>To make informed decisions about cost-effectiveness</p> Signup and view all the answers

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

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

    What is the importance of understanding break-even points?

    <p>To make informed decisions about cost-effectiveness</p> Signup and view all the answers

    What is the primary purpose of drawing graphs in tariff system analysis?

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

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

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

    What is the primary difference between monthly operating costs and production costs?

    <p>Monthly operating costs are necessary to run the business, while production costs are directly related to producing goods or services</p> Signup and view all the answers

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

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

    Why is it important to set the right selling price in a business?

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

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

    <p>To make sure that costs are covered by income</p> Signup and view all the answers

    What is the purpose of financial planning in a business?

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

    What type of cost is rent in a business?

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

    Why is it important to analyse income and expenditure statements in a business?

    <p>To make informed financial decisions and strategic planning</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

    Why is it important to manage income and expenditure in a business?

    <p>To make a profit</p> Signup and view all the answers

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

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

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

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

    What is the break-even point in a business?

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

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

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

    What is the formula for calculating profit in a business?

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

    What type of cost is rent in a small business?

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

    Why is it important to analyze income and expenditure statements?

    <p>To understand and analyze broad categories and trends</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 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 budgeting in small businesses?

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

    What is the primary difference between a retirement annuity and a stokvel?

    <p>Retirement annuities are individual investments, while stokvels are group savings schemes.</p> Signup and view all the answers

    Which type of bank account is best suited for short-term savings?

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

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

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

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

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

    What is the primary benefit of early investment?

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

    What is the impact of regular contributions on an investment?

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

    What is the purpose of a bank statement?

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

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

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

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

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

    What is the primary purpose of financial planning?

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

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

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

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

    <p>A loan involves borrowing, while an investment involves lending.</p> Signup and view all the answers

    How does an increase in the deposit size affect the total interest paid on a loan?

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

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

    <p>The investment value increases.</p> Signup and view all the answers

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

    <p>The loan term decreases.</p> Signup and view all the answers

    What is the purpose of financial planning in a business?

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

    How does an increase in the monthly investment amount affect the final investment value?

    <p>The final investment value increases.</p> Signup and view all the answers

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

    <p>The cost of borrowing increases.</p> Signup and view all the answers

    What is the purpose of choosing terms and rates that balance monthly affordability with total cost when taking a loan?

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

    What is the effect of compound interest on an investment?

    <p>The interest payment increases over time.</p> Signup and view all the answers

    What is the primary effect of inflation on savings and investments?

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

    What type of fee is charged by banks for maintaining an account?

    <p>Monthly maintenance fee</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 limiting over-the-counter transactions?

    <p>To reduce banking fees</p> Signup and view all the answers

    What is the result of demand-pull inflation?

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

    What is the effect of inflation on the cost of living?

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

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

    <p>To understand the impact of inflation on purchasing power</p> Signup and view all the answers

    What is the formula for calculating the inflation rate?

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

    What is the primary difference between simple and compound interest?

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

    What is the result of cost-push inflation?

    <p>Increase in prices</p> Signup and view all the answers

    What is likely to happen to a business's income if it does not account for expected inflation in its financial planning?

    <p>The business's income will decrease in value over time</p> Signup and view all the answers

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

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

    What is the primary purpose of classifying and organising data in research?

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

    Which data collection method is most suitable for collecting behavioural data without interacting with people?

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

    What is the main advantage of using random sampling in data collection?

    <p>It minimizes sample bias</p> Signup and view all the answers

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

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

    What is the main disadvantage of using closed-ended questions in research?

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

    Which aspect of financial planning is most closely related to adjusting for inflation?

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

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

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

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

    <p>They are easy to administer and analyse</p> Signup and view all the answers

    What is the primary purpose of a grouped frequency table?

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

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

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

    What is the purpose of quartiles in a data set?

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

    What is the purpose of 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

    Why are graphs used in data analysis?

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

    What is the purpose of tally marks in data analysis?

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

    What is the primary purpose of frequency tables?

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

    What is the primary 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 percentiles in data analysis?

    <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 importance of representing, interpreting, and analyzing data?

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

    What is the range of values in which probability is expressed?

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

    What is the primary purpose of organizing data?

    <p>To arrange information in a clear and systematic manner, facilitating easier reading and analysis</p> Signup and view all the answers

    What is the purpose of a scatter plot?

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

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

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

    What is the purpose of a histogram?

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

    What is the definition of 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 definition of the mode?

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

    What is the purpose of a line graph?

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

    What is the definition of the mean?

    <p>The sum of all values divided by the number of values</p> Signup and view all the answers

    If the probability of a person having a certain disease is 0.2, what is the probability that they do not have the disease?

    <p>0.8</p> Signup and view all the answers

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

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

    In a two-way table, each cell represents...

    <p>a combined outcome with its probability</p> Signup and view all the answers

    What is the main purpose of collecting more data over time in improving the accuracy of predictions?

    <p>To use advanced measurement tools and analysis methods</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 purpose of tree diagrams in probability?

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

    What is the range of the probability scale?

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

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

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

    What is the purpose of evaluating the sample size used for predictions in weather forecasts?

    <p>To improve the accuracy of the 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

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