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

What is taxable income?

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

What is the formula for the area of a circle?

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

What is the formula for compound interest?

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

What is net salary?

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

What is the purpose of understanding taxation?

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

What is the standard VAT rate in South Africa?

<p>15% (B)</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 (D)</p> Signup and view all the answers

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

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

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

<p>Municipal Bill (C)</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 (B)</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 (C)</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 (A)</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 (A)</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 (C)</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 (A)</p> Signup and view all the answers

What is UIF?

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

What is a tax threshold?

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

What is the purpose of an IRP5 form?

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

How is UIF calculated?

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

What is a tax rebate?

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

What is net pay?

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

What is the first step in calculating tax?

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

What is a tariff system?

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

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

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

What skill is required to perform break-even analysis?

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

What is the primary source of income for a business?

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

What is the purpose of a budget in a business?

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

What is the break-even point in a business?

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

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

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

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

<p>Start-up cost (D)</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 (A)</p> Signup and view all the answers

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

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

Why is it important to analyse income and expenditure statements?

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

What is the formula for calculating loss in a business?

<p>Loss = Total Costs - Total Income (D)</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 (A)</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. (C)</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. (D)</p> Signup and view all the answers

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

<p>The investment value increases. (A)</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. (B)</p> Signup and view all the answers

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

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

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

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

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

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

What is a Stokvel?

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

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

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

What is the break-even point in a business?

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

What type of cost is rent in a small business?

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

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

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

What is the formula to calculate profit in a business?

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

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

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

What is the purpose of a cheque or current account?

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

What is the effect of compound interest on an investment?

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

What is included in a bank statement?

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

What is the purpose of starting early with investments?

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

What is a debit transaction?

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

What is the purpose of a savings account?

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

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

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

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

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

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

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

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

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

What is the purpose of classifying data?

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

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

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

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

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

What is the primary purpose of organizing data?

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

What is the definition of the mode?

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

What is the purpose of a scatter plot?

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

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

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

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

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

What is the primary impact of inflation on consumers?

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

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

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

What is the purpose of a box and whisker plot?

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

What is the difference between simple interest and compound interest?

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

What is the formula for calculating profit?

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

What is the purpose of a histogram?

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

What is the purpose of a bar graph?

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

What is the result of demand-pull inflation?

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

What is the purpose of analyzing inflation in different contexts?

<p>To adjust business prices (A)</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 (C)</p> Signup and view all the answers

What happens when the total expenditure exceeds the total income?

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

What is the probability of an impossible event?

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

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

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

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

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

What is the probability scale range?

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

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

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

What is the main purpose of a frequency table?

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

What is the definition of the range?

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

What is the purpose of graphs?

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

What is the purpose of tally marks?

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

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

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

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

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

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

<p>Shop Details (C)</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 (A)</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 (C)</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 (A)</p> Signup and view all the answers

What is the purpose of understanding account statements?

<p>To manage credit and debt (A)</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 (D)</p> Signup and view all the answers

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

<p>Taxation (B)</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) (C)</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 (D)</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 (A)</p> Signup and view all the answers

What is the formula used to calculate the net salary?

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

What is the purpose of an IRP5 form?

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

What is the purpose of identifying tax-deductible deductions?

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

How is PAYE calculated?

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

What is the primary purpose of determining taxable income?

<p>To calculate income tax (B)</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 (A)</p> Signup and view all the answers

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

<p>Tax rebate (D)</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 (C)</p> Signup and view all the answers

What is the primary purpose of understanding key financial terms?

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

What is the first step in calculating tax?

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

What is UIF?

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

What is net pay?

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

How is monthly tax calculated?

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

What is the purpose of PAYE?

<p>To ensure that taxes are collected regularly throughout the year and to help avoid a large tax bill at the end of the tax year (D)</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 (C)</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 (A)</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 (B), A single straight-line graph (C)</p> Signup and view all the answers

What is the tariff rate in a tariff system?

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

What skill is required to perform break-even analysis?

<p>Performing calculations (B), Drawing and interpreting graphs (C)</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 (B)</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 (D)</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 (D)</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 (D)</p> Signup and view all the answers

What type of cost is rent in a business?

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

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

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

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

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

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

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

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

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

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

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

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

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

What is the primary source of income for a business?

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

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

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

What is the importance of analysing income and expenditure statements?

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

What is the definition of profit in a business?

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

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

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

What is the benefit of choosing a shorter loan term?

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

What is the main purpose of a retirement annuity?

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

What is the effect of higher interest rates on investments?

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

What is the primary feature of a fixed deposit account?

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

What is the main purpose of a bank statement?

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

What is the effect of early investment on compound interest?

<p>It leads to greater accumulation (C)</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 (A)</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 (B)</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 (B)</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 (D)</p> Signup and view all the answers

What affects the real cost of a loan?

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

What is the benefit of starting to invest early?

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

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

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

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

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

What is a key concept in investments?

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

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

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

What is the purpose of analysing inflation in different contexts?

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

What is the formula for calculating the inflation rate?

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

What is cost-push inflation?

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

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

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

What is the purpose of classifying data?

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

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

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

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

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

What is the primary advantage of using questionnaires in research?

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

What is the primary purpose of using interviews in research?

<p>To clarify ambiguous answers (B)</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 (D)</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 (C)</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 (C)</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 (B)</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 (A)</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 (C)</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 (C)</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 (D)</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 (B)</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 (B)</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 (D)</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. (C)</p> Signup and view all the answers

What is the main feature of a histogram?

<p>Bars touch each other, indicating continuous data. (B)</p> Signup and view all the answers

What is the purpose of a box and whisker plot?

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

What is the formula for calculating the mean?

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

What is the purpose of a scatter plot?

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

What is the purpose of a pie chart?

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

What is probability measured as?

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

What is the purpose of quartiles?

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

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

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

What is the purpose of tree diagrams in probability?

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

What is the probability scale?

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

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

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

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

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

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

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

What is the purpose of improving accuracy in probability predictions?

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

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

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

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

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

What type of information is included on an account statement?

<p>Transactions and previous balances (A)</p> Signup and view all the answers

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

<p>Credit limit (C)</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 (C)</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 (A)</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 (D)</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 (C)</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 (B)</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)) (B)</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 (C)</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 (C)</p> Signup and view all the answers

What is the formula used to calculate the net salary?

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

What is the purpose of an IRP5 form?

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

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

<p>Query Period (B)</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 (C)</p> Signup and view all the answers

What is the minimum salary before tax is charged?

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

How is PAYE calculated?

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

What is the amount deducted from the total tax payable?

<p>Tax rebate (C)</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 (C)</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 (D)</p> Signup and view all the answers

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

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

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

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

What is the formula for calculating net pay?

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

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

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

What is the purpose of calculating the annual tax?

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

What is the primary purpose of calculating net salary?

<p>To determine the total deductions (B)</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 (B)</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 (B)</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 (C)</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 (D)</p> Signup and view all the answers

What skill is required to perform break-even analysis?

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

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

<p>To analyse income and expenditure (B)</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 (D)</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 (C)</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 (D)</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 (A)</p> Signup and view all the answers

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

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

What is the break-even point in a business?

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

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

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

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

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

Why is it important to analyze income and expenditure statements?

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

What is the formula for calculating profit in a business?

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

What is the purpose of financial planning in a business?

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

What type of cost is incurred when establishing a business?

<p>Start-up cost (D)</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 (C)</p> Signup and view all the answers

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

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

What is the result when total costs exceed total income?

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

What is essential to ensure the profitability of a business?

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

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

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

What is the break-even point in a business?

<p>The point where income equals total costs (D)</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 (C)</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 (C)</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 (B)</p> Signup and view all the answers

How does an increase in interest rate affect a loan?

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

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

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

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

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

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

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

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

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

What is the result of total income exceeding total expenditure?

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

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

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

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

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

What is the purpose of classifying data?

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

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

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

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

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

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

<p>To analyse income and expenditure (B)</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 (D)</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 (C)</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 (D)</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 (D)</p> Signup and view all the answers

What does a bank statement typically show?

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

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

<p>Increases the cost of the loan (C)</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 (D)</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 (B)</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 (A)</p> Signup and view all the answers

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

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

What is the primary purpose of a line graph?

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

What is the primary purpose of a scatter plot?

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

What is the measure of central tendency that is most affected by outliers?

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

What is the primary purpose of a frequency table?

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

What is the median in a data set?

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

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

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

What is the purpose of a box and whisker plot?

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

What is the range in a data set?

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

What is the purpose of a grouped frequency table?

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

What is the purpose of a histogram?

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

What is the probability of an event that is impossible?

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

What is the purpose of summarizing data?

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

What is the range of the probability scale?

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

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

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

What is the purpose of a tree diagram?

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

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

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

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

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

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

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

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

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

What is the probability of an impossible event?

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

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

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

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

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

What is the purpose of an IRP5 form?

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

What is the first step in calculating tax?

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

What is the purpose of PAYE?

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

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

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

What is the purpose of deducting UIF contributions?

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

What is the formula for calculating net pay?

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

What is the purpose of tax brackets?

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

What is the purpose of applying rebates?

<p>To reduce the total tax payable (D)</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 (C)</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 (B)</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 (B)</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 (B)</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 (A)</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 (A)</p> Signup and view all the answers

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

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

What is an essential skill required for comparing tariff systems?

<p>Graph analysis (D)</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 (C)</p> Signup and view all the answers

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

<p>Variable amount (B)</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% (B)</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 (D)</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 (D)</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 (B)</p> Signup and view all the answers

What is an essential step in comparing tariff systems?

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

What is the purpose of tariff system analysis?

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

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

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

What is the importance of understanding break-even points?

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

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

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

What type of cost is rent in a business?

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

What is the primary source of income for a business?

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

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

<p>To make a profit (C)</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 (D)</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 (B)</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 (B)</p> Signup and view all the answers

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

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

What is the formula for calculating profit in a business?

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

What type of cost is rent in a small business?

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

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

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

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

<p>Savings account (B)</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. (D)</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. (A)</p> Signup and view all the answers

What is the primary benefit of early investment?

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

What is the impact of regular contributions on an investment?

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

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

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

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

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

What is the primary purpose of financial planning?

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

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

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

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

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

What is the purpose of financial planning in a business?

<p>To manage income and expenditure. (A)</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. (B)</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. (A)</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. (C)</p> Signup and view all the answers

What is the effect of compound interest on an investment?

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

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

<p>Monthly maintenance fee (C)</p> Signup and view all the answers

What is the calculation for profit?

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

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

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

What is the result of demand-pull inflation?

<p>Prices increase (D)</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 (D)</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 (A)</p> Signup and view all the answers

What is the formula for calculating the inflation rate?

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

What is the result of cost-push inflation?

<p>Increase in prices (A)</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 (A)</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 (D)</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 (C)</p> Signup and view all the answers

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

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

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

<p>It minimizes sample bias (C)</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 (B)</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 (A)</p> Signup and view all the answers

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

<p>Saving (C)</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 (B)</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 (C)</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 (C)</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 (C)</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 (A)</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 (B)</p> Signup and view all the answers

Why are graphs used in data analysis?

<p>To explore relationships between variables (D)</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 (C)</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 (D)</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 (D)</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 (C)</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 (C)</p> Signup and view all the answers

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

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

What is the purpose of a scatter plot?

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

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

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

What is the purpose of a histogram?

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

What is the definition of the median?

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

What is the purpose of a bar graph?

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

What is the definition of the mode?

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

What is the purpose of a line graph?

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

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

<p>a combined outcome with its probability (B)</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 (C)</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 (C)</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 (A)</p> Signup and view all the answers

What is the range of the probability scale?

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

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

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

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

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

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