Gr10 Math Lit: November test hard P(1)
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Questions and Answers

What is the primary purpose of using spaces to separate groups of three digits in number representation?

  • To indicate the exact count of items
  • To make large numbers easier to read (correct)
  • To identify the place value of each digit
  • To separate whole numbers from decimal fractions

Which of the following types of numbers is used to represent financial values?

  • Counting numbers
  • Money amounts (correct)
  • Order numbers
  • Measurements

What is the process of reading and writing large numbers by separating them into groups of three digits called?

  • Number formatting (correct)
  • Place value identification
  • Whole number notation
  • Decimal fraction representation

What is the purpose of creating a place value table when ordering numbers?

<p>To determine the place value of each digit (A)</p> Signup and view all the answers

Which of the following is an example of an alternative format for decimal fractions?

<p>1,000,000.00 (C)</p> Signup and view all the answers

What is the convention used in South Africa to separate whole numbers from decimal fractions?

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

What is the term for identification numbers used in various contexts?

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

What is the purpose of separating large numbers into groups of three digits?

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

What is the correct order of operations when using the acronym BODMAS?

<p>Brackets, Orders, Division, Multiplication, Addition, Subtraction (C)</p> Signup and view all the answers

What is the purpose of estimating answers to calculations?

<p>To think about a problem before working it out and check answers for accuracy (C)</p> Signup and view all the answers

What is the function of the MRC key on a basic calculator?

<p>Displays the number stored in memory (B)</p> Signup and view all the answers

What is the result of adding a number and its opposite?

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

What is the purpose of breaking down and multiplying when adding large numbers?

<p>To make the calculation more efficient (D)</p> Signup and view all the answers

What is the correct way to read and write whole numbers in words?

<p>Separate numbers into groups of three digits starting from the right (B)</p> Signup and view all the answers

What is the purpose of using place value tables?

<p>To understand the size of numbers (B)</p> Signup and view all the answers

What is the result of multiplying a number by 100?

<p>The number is shifted two places to the left (A)</p> Signup and view all the answers

What is the correct way to convert a decimal fraction to a common fraction?

<p>Convert the decimal to a fraction with a denominator of 10, 100, 1000, etc. (D)</p> Signup and view all the answers

What is the purpose of using conventions in number representation?

<p>To provide a standard way of representing numbers (B)</p> Signup and view all the answers

What is the primary purpose of estimating in mathematical operations?

<p>To think about a problem before solving it (B)</p> Signup and view all the answers

What is the correct order of operations when evaluating expressions with brackets, orders, division, multiplication, addition, and subtraction?

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

How do you convert a mixed number to an improper fraction?

<p>Multiply the whole number by the denominator and add the numerator (D)</p> Signup and view all the answers

What is the result of multiplying a number by 1000?

<p>Shifting each digit to the left by three places (A)</p> Signup and view all the answers

What is the definition of a proper fraction?

<p>A fraction with a numerator less than or equal to the denominator (C)</p> Signup and view all the answers

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

<p>To consider the practical implications of the situation (D)</p> Signup and view all the answers

What is the definition of a rate?

<p>A comparison of two numbers with different units (C)</p> Signup and view all the answers

How do you calculate a percentage of a given amount?

<p>Convert the percentage to a fraction and multiply by the given amount (A)</p> Signup and view all the answers

What is the purpose of stating the aim of research in data handling?

<p>To ensure the research is specific and measurable (C)</p> Signup and view all the answers

What is the characteristic of an open question in data handling?

<p>Allows respondents to answer in their own words (A)</p> Signup and view all the answers

What is the primary purpose of representing data graphically?

<p>To identify trends and changes over time (A)</p> Signup and view all the answers

Which type of graph is used to display continuous data grouped into intervals?

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

What is the formula to calculate the mean?

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

What is the purpose of financial documents?

<p>To calculate costs using given tariffs (A)</p> Signup and view all the answers

What is the term for money owed?

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

Which type of graph is used to compare parts of a whole?

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

What is the purpose of calculating measures of central tendency and spread?

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

What is the term for a document detailing purchased items or services, their costs, and any outstanding amounts to be paid?

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

What is the purpose of analysing data?

<p>To make decisions based on the information (A)</p> Signup and view all the answers

What is the main purpose of a municipal bill?

<p>To inform the property owner of the services used and the amounts due (B)</p> Signup and view all the answers

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

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

What is the term for the fixed extra cost added to the cost of most items and services in South Africa?

<p>Value Added Tax (VAT) (B)</p> Signup and view all the answers

What is the purpose of a till slip?

<p>To detail the purchases made, including prices and VAT charged (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 primary advantage of using open-ended questions in a survey?

<p>They allow respondents to express their opinions in their own words. (B)</p> Signup and view all the answers

What is the formula for calculating municipal costs?

<p>Total Cost = ∑(Usage in Category × Tariff for Category) (B)</p> Signup and view all the answers

What is the purpose of a tariff system?

<p>To calculate the cost of services based on usage (D)</p> Signup and view all the answers

What is the main difference between observation and interview methods of collecting data?

<p>One involves personal contact and the other does not. (A)</p> Signup and view all the answers

What is the term for a pre-determined schedule of prices for services?

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

What is the purpose of using a random sample formula in research?

<p>To ensure that the sample is representative of the population. (C)</p> Signup and view all the answers

What is the formula for calculating telephone costs?

<p>Total Cost = Basic Fixed Charge + (Rate per Second × Duration in Seconds) (C)</p> Signup and view all the answers

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

<p>They provide quantitative data that can be easily analyzed. (C)</p> Signup and view all the answers

What is the purpose of conducting a relevance check in questionnaire development?

<p>To analyze each question for necessity, feasibility, and likelihood of getting an honest answer. (B)</p> Signup and view all the answers

What is the purpose of a transport tariff?

<p>To charge per unit distance and vary based on the mode of transport (A)</p> Signup and view all the answers

What is the primary advantage of using a combination of open and closed questions in a survey?

<p>It provides a comprehensive understanding of the research topic. (C)</p> Signup and view all the answers

What is the component of a municipal bill that provides the municipality's banking details?

<p>Municipality banking details (D)</p> Signup and view all the answers

What is the purpose of using a questionnaire in research?

<p>To collect data from a large number of respondents. (B)</p> Signup and view all the answers

What is the purpose of classifying data into categorical and numerical categories?

<p>To identify the type of data that can be measured numerically (D)</p> Signup and view all the answers

What is the difference between discrete and continuous data?

<p>Discrete data is specific, while continuous data can take any value (A)</p> Signup and view all the answers

What is the formula for calculating the sample size in research?

<p>n = N / (1 + N(e^2)) (D)</p> Signup and view all the answers

What is the purpose of using a database in research?

<p>To analyze existing data. (C)</p> Signup and view all the answers

What is the purpose of using tallies to organize data?

<p>To count the number of items in a group (D)</p> Signup and view all the answers

What is the formula for finding the total number of items in a dataset?

<p>Total number of items = Sum of frequencies (A)</p> Signup and view all the answers

What is the primary advantage of using a clear and concise questionnaire?

<p>It ensures that respondents provide accurate and honest answers. (C)</p> Signup and view all the answers

What is the purpose of summarising data?

<p>To simplify the analysis process (B)</p> Signup and view all the answers

What is a measure of central tendency?

<p>A single value that shows the middle position of a dataset (B)</p> Signup and view all the answers

What is the formula for calculating the mean?

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

What is the range of a dataset?

<p>The highest value minus the lowest value (D)</p> Signup and view all the answers

What is the purpose of using measures of spread?

<p>To describe how data is dispersed (B)</p> Signup and view all the answers

What is the modal class in a dataset?

<p>The group with the highest frequency (D)</p> Signup and view all the answers

What is the key difference between a surplus and a deficit in a budget?

<p>Surplus occurs when income exceeds expenditure, while deficit occurs when expenditure exceeds income. (C)</p> Signup and view all the answers

What type of income is earned from producing and selling goods or services?

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

What is the purpose of creating a budget?

<p>To plan and balance expenditure with income (A)</p> Signup and view all the answers

Which type of expenditure is infrequent or unforeseen?

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

What is the formula to calculate the amount to spend on each category in a budget?

<p>Amount for Category = (Percentage for Category / 100) x Total Income (B)</p> Signup and view all the answers

What is the primary purpose of saving?

<p>To prepare for unexpected costs and annual bills (A)</p> Signup and view all the answers

What is the difference between a budget and a statement?

<p>A budget is a plan, while a statement is a record of actual income and expenses (C)</p> Signup and view all the answers

What type of income is earned from renting out property?

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

What is the purpose of budgeting for specific events or items?

<p>To plan for specific events or items (C)</p> Signup and view all the answers

What is the benefit of comparing statements to budgets?

<p>To identify areas of improvement in financial performance (B)</p> Signup and view all the answers

What is the formula to calculate the total amount when saving money?

<p>Total Amount = Principal Amount + Interest Amount (D)</p> Signup and view all the answers

What is the purpose of separating the total income into fixed, variable, and occasional expenses?

<p>To determine the monthly savings amount (B)</p> Signup and view all the answers

What is the interest rate on a loan?

<p>A percentage of the principal amount that the lender charges the borrower (D)</p> Signup and view all the answers

What is the formula to calculate the interest amount when saving money?

<p>Interest Amount = Principal Amount × Interest Rate (A)</p> Signup and view all the answers

What is the Value-Added Tax (VAT) rate in South Africa?

<p>14% (D)</p> Signup and view all the answers

What is the formula to calculate the VAT-inclusive price?

<p>VAT-Inclusive Price = Price + VAT Amount (B)</p> Signup and view all the answers

What is a type of bank account that earns interest and does not have an overdraft facility?

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

What is the definition of interest rate?

<p>A percentage charged for the borrowing or loan of a sum of money over a given period of time (A)</p> Signup and view all the answers

What is the purpose of calculating the interest amount when borrowing money?

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

What is the formula to calculate the interest rate when given the final amount and the original amount?

<p>Interest Rate = (Interest Amount ÷ Original Amount) × 100 (D)</p> Signup and view all the answers

What is the difference between theoretical probability and relative frequency?

<p>Theoretical probability is the calculated probability of an event, while relative frequency is the actual result of an experiment. (C)</p> Signup and view all the answers

What is the purpose of a tree diagram?

<p>To show all possible outcomes of an event or series of events. (A)</p> Signup and view all the answers

What is the formula for calculating the probability of an event?

<p>P(E) = (Number of favourable outcomes) / (Total number of possible outcomes) (D)</p> Signup and view all the answers

What is the complement of an event?

<p>The probability of the event not occurring. (B)</p> Signup and view all the answers

What is the primary purpose of a Fixed Deposit Account?

<p>To invest a lump sum over a set period of time (C)</p> Signup and view all the answers

What is the purpose of using two-way tables?

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

What is the definition of a fair game?

<p>A game with an equal chance of winning or losing. (B)</p> Signup and view all the answers

What is the purpose of a bank statement?

<p>To show the transactions and balance of the account (A)</p> Signup and view all the answers

What is the formula for calculating Total Bank Fees?

<p>Total Bank Fees = Monthly Maintenance Fee + Self-Service Banking Fee + Cash Deposit Fee + Withdrawal Fee + Balance Inquiry Fee + Other Transaction Fees (D)</p> Signup and view all the answers

What is the formula for calculating the relative frequency of an event?

<p>Relative Frequency = (Number of times an event occurs) / (Total number of trials) (B)</p> Signup and view all the answers

What is the purpose of weather predictions?

<p>To analyse past weather data. (D)</p> Signup and view all the answers

What is the probability of an event that is certain to happen?

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

What is the purpose of the Overdraft Facility in a Cheque or Current Account?

<p>To allow withdrawals even when the account balance is low (C)</p> Signup and view all the answers

What is the main difference between a Debit Account and a Credit Account?

<p>A Credit Account has an overdraft facility, while a Debit Account does not (B)</p> Signup and view all the answers

What is the purpose of FICA (the Financial Intelligence Centre Act) in banking?

<p>To ensure account holders' identities and proofs of residence (B)</p> Signup and view all the answers

What is the result of a Debit Transaction?

<p>Money is withdrawn from the account (C)</p> Signup and view all the answers

What is the probability of an event that is impossible to happen?

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

What is the purpose of a Bank Fee Calculation?

<p>To calculate the total fees associated with the account (B)</p> Signup and view all the answers

What is the primary purpose of using a place value table when comparing numbers?

<p>To identify the value of each digit (A)</p> Signup and view all the answers

Which of the following number formats is used to represent exact counts?

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

What is the term for the standard way of doing something in number representation?

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

In what context would you use decimal points to separate whole numbers from decimal fractions?

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

What is the purpose of separating large numbers into groups of three digits?

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

What is the term for a rate or proportion of a whole?

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

What is the primary purpose of using codes in number representation?

<p>To identify items or services (D)</p> Signup and view all the answers

What is the term for the way something appears or is set out in number representation?

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

When comparing large numbers, what is the primary strategy to ensure accuracy?

<p>Using a place value table to compare each digit (A)</p> Signup and view all the answers

What is the primary purpose of using multiplication shortcuts?

<p>To simplify complex calculations (C)</p> Signup and view all the answers

When converting a decimal fraction to a common fraction, what is the primary step?

<p>Find the equivalent ratio (C)</p> Signup and view all the answers

What is the primary advantage of using a calculator with memory functions?

<p>It stores intermediate results for later use (D)</p> Signup and view all the answers

When multiplying fractions, what is the primary operation to perform?

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

What is the primary purpose of using brackets in mathematical expressions?

<p>To indicate the order of operations (A)</p> Signup and view all the answers

When dividing fractions, what is the primary operation to perform?

<p>Multiply the dividend by the reciprocal of the divisor (D)</p> Signup and view all the answers

What is the primary purpose of using conventions in number representation?

<p>To standardize the way numbers are written (D)</p> Signup and view all the answers

When converting an improper fraction to a mixed number, what is the primary step?

<p>Divide the numerator by the denominator (A)</p> Signup and view all the answers

What is the primary purpose of estimating answers to calculations?

<p>To check the reasonableness of an answer (D)</p> Signup and view all the answers

What is the primary objective of combining closed and open questions in a survey?

<p>To collect both qualitative and quantitative data (A)</p> Signup and view all the answers

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

<p>It does not entail personal contact with respondents (C)</p> Signup and view all the answers

What is the purpose of using a random sample in research?

<p>To ensure that the sample is representative of the population (A)</p> Signup and view all the answers

What is the primary objective of developing a good questionnaire?

<p>To ensure that the data collected is accurate and reliable (A)</p> Signup and view all the answers

What is the formula for calculating the sample size in research?

<p>n = N / (1 + N(e^2)) (D)</p> Signup and view all the answers

What is the primary advantage of using open-ended questions in a survey?

<p>They allow respondents to provide detailed and nuanced responses (B)</p> Signup and view all the answers

What is the purpose of using databases in research?

<p>To analyze existing data (B)</p> Signup and view all the answers

What is the primary objective of avoiding sample bias in research?

<p>To ensure that the sample is representative of the population (D)</p> Signup and view all the answers

What is the primary advantage of using questionnaires in research?

<p>They are cost-effective and can be used to collect data from a large sample (D)</p> Signup and view all the answers

What is the primary objective of stating the aim of research in data handling?

<p>To clarify the research objectives (B)</p> Signup and view all the answers

What is the primary purpose of estimating in mathematical operations?

<p>To check the reasonableness of answers (D)</p> Signup and view all the answers

What is the correct order of operations when evaluating expressions with brackets, orders, division, multiplication, addition, and subtraction?

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

What is the definition of a rate?

<p>A comparison of two numbers with different units (A)</p> Signup and view all the answers

How do you convert a decimal fraction to a common fraction?

<p>Multiply by the reciprocal of the denominator (C)</p> Signup and view all the answers

What is the purpose of stating the aim of research in data handling?

<p>To clearly define the research question (D)</p> Signup and view all the answers

What is the characteristic of an open question in data handling?

<p>Allows respondents to answer in their own words (B)</p> Signup and view all the answers

What is the result of multiplying a number by 10?

<p>The number is shifted one place to the right (C)</p> Signup and view all the answers

What is the purpose of using conventions in number representation?

<p>To provide a standard format for communication (C)</p> Signup and view all the answers

What is the correct way to read and write whole numbers in words?

<p>Separate hundreds, tens, and ones (C)</p> Signup and view all the answers

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

<p>To consider the practical implications of the calculation (C)</p> Signup and view all the answers

What is the purpose of classifying data into categorical and numerical data?

<p>To facilitate the organisation and analysis of data (C)</p> Signup and view all the answers

Which measure of central tendency is most affected by extreme values in a dataset?

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

What is the main advantage of using frequency tables to organise data?

<p>Easy to create and interpret (C)</p> Signup and view all the answers

What is the purpose of using class intervals when working with grouped data?

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

What is the term for the middle value in a dataset when it is arranged in ascending or descending order?

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

What is the formula to calculate the range of a dataset?

<p>$\text{Highest value} - \text{Lowest value}$ (A)</p> Signup and view all the answers

What is the primary advantage of summarising data?

<p>Facilitates the analysis and interpretation of large datasets (A)</p> Signup and view all the answers

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

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

What is the purpose of using tallies when collecting data?

<p>To count the frequency of each group or category (D)</p> Signup and view all the answers

What is the formula to calculate the total number of items in a grouped dataset?

<p>$\sum \text{Frequencies}$ (C)</p> Signup and view all the answers

What is the primary purpose of using histograms in data representation?

<p>To display continuous data grouped into intervals. (A)</p> Signup and view all the answers

What is the formula for calculating the range of a data set?

<p>Highest Value - Lowest Value (A)</p> Signup and view all the answers

What is the primary purpose of calculating measures of central tendency and spread?

<p>To summarise and describe the main features of a data set. (D)</p> Signup and view all the answers

What is the main purpose of a municipal bill?

<p>To inform households of their outstanding payments. (D)</p> Signup and view all the answers

What is the primary advantage of using graphical representations in data analysis?

<p>To provide a clear and concise visual representation of data. (D)</p> Signup and view all the answers

What is the primary purpose of analysing data?

<p>To make informed decisions based on the information gathered. (D)</p> Signup and view all the answers

What is the primary advantage of using line graphs in data representation?

<p>To identify trends and changes over time. (D)</p> Signup and view all the answers

What is the primary purpose of using tariff systems?

<p>To determine the cost of services and utilities based on usage. (C)</p> Signup and view all the answers

What is the primary purpose of using pie charts in data representation?

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

What is the primary advantage of using bar graphs in data representation?

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

What is the main purpose of a municipal bill?

<p>To provide detailed information about the property, services used, and amounts due (D)</p> Signup and view all the answers

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

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

What is the purpose of a tariff system?

<p>To determine the cost of services based on usage (C)</p> Signup and view all the answers

What is the difference between a surplus and a deficit?

<p>A surplus is when income exceeds expenditure, while a deficit is when income is less than expenditure. (B)</p> Signup and view all the answers

Which type of income is received from producing and selling goods or services?

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

What is the formula for calculating municipal costs?

<p>Total Cost = \sum(Usage in Category * Tariff for Category) (C)</p> Signup and view all the answers

What is the term for the fixed extra cost added to the cost of most items and services in South Africa?

<p>VAT (Value Added Tax) (A)</p> Signup and view all the answers

What is the purpose of a budget?

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

What is the purpose of a till slip?

<p>To detail the items purchased, their prices, and the total amount paid (C)</p> Signup and view all the answers

What is the difference between a budget and a statement?

<p>A budget is a plan, while a statement is a record of actual income and expenses (A)</p> Signup and view all the answers

What is the purpose of calculating the percentage of income for each category in a budget?

<p>To calculate the amount to spend on each category (C)</p> Signup and view all the answers

What is the formula for calculating telephone costs?

<p>Total Cost = Basic Fixed Charge + (Rate per Second * Duration in Seconds) (C)</p> Signup and view all the answers

What is the term for money received as gifts or allowances?

<p>Gifts and Pocket Money (D)</p> Signup and view all the answers

What is the term for a pre-determined schedule of prices for services?

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

What is the purpose of a store account?

<p>To allow purchases on credit with monthly payments made against the outstanding balance (D)</p> Signup and view all the answers

What is the purpose of saving?

<p>To prepare for unexpected costs, annual bills, and important events (C)</p> Signup and view all the answers

What is the term for a loan granted to students to assist with financial matters during their study period?

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

What is the term for money owed?

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

What is the term for financial assistance granted to students, usually from government or private companies?

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

What is the term for the amount of money owed?

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

What is the difference between theoretical probability and relative frequency?

<p>Theoretical probability is the calculated probability, while relative frequency is the actual result of an experiment. (C)</p> Signup and view all the answers

What is the purpose of a tree diagram?

<p>To show all possible outcomes of an event or series of events. (A)</p> Signup and view all the answers

What is the formula to calculate the probability of an event?

<p>P(E) = (Number of favourable outcomes) / (Total number of possible outcomes) (D)</p> Signup and view all the answers

What is the term for the collection of one or more outcomes?

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

What is the purpose of analysing past weather data in weather predictions?

<p>To determine the probability of rain. (C)</p> Signup and view all the answers

What is the formula to calculate the complement of an event?

<p>P(not E) = 1 - P(E) (C)</p> Signup and view all the answers

What is the term for the actual result of an experiment?

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

What is the purpose of using two-way tables?

<p>To show the probability of a combined event. (D)</p> Signup and view all the answers

What is the main purpose of a bank statement?

<p>To provide a record of all transactions (A)</p> Signup and view all the answers

What is the term for the amount of money in the account at the beginning and end of a period?

<p>Opening and closing balance (C)</p> Signup and view all the answers

What is the purpose of FICA (Financial Intelligence Centre Act)?

<p>To monitor and prevent financial crimes (B)</p> Signup and view all the answers

What is the term for the amount of money paid out of an account?

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

What is the purpose of a fixed deposit account?

<p>To earn interest on a lump sum (B)</p> Signup and view all the answers

What is the formula for calculating total bank fees?

<p>Monthly maintenance fee + self-service banking fee + cash deposit fee + withdrawal fee + balance inquiry fee + other transaction fees (B)</p> Signup and view all the answers

What is the formula to calculate the monthly savings?

<p>Monthly Savings = Total Income - (Total Fixed Expenses + Total Variable Expenses + Total Occasional Expenses) (B)</p> Signup and view all the answers

What is the definition of interest rate?

<p>A percentage charged for the borrowing or loan of a sum of money over a given period of time (C)</p> Signup and view all the answers

What is the term for the likelihood of an event occurring?

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

What is the term for a game where the outcome is uncertain, but can be predicted with a certain probability?

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

What is the formula to calculate the interest amount?

<p>Interest Amount = Principal Amount × Interest Rate (B)</p> Signup and view all the answers

What is the definition of VAT inclusive?

<p>A price that includes VAT (C)</p> Signup and view all the answers

What is the term for the number of times a certain event occurs?

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

What is the formula to calculate the VAT amount?

<p>VAT Amount = Price × VAT Rate (B)</p> Signup and view all the answers

What is the term for a test or experiment to determine the probability of an event?

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

What is the definition of a savings account?

<p>A bank account that earns interest (C)</p> Signup and view all the answers

What is the purpose of calculating the interest rate?

<p>To determine the interest rate to calculate the interest amount (D)</p> Signup and view all the answers

What is the definition of interest?

<p>The amount of money that you are charged for borrowing an amount of money over a period of time (C)</p> Signup and view all the answers

What is the purpose of calculating the VAT-inclusive price?

<p>To determine the price including VAT (C)</p> Signup and view all the answers

What is the definition of VAT exempt?

<p>An item that does not have VAT added to the price (B)</p> Signup and view all the answers

What is the primary purpose of using a place value table when ordering numbers?

<p>To identify the value of each digit (C)</p> Signup and view all the answers

What is the advantage of using the decimal comma convention in South Africa?

<p>It separates whole numbers from decimal fractions clearly (B)</p> Signup and view all the answers

What is the purpose of separating large numbers into groups of three digits?

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

What is the result of using the decimal point convention in a financial context?

<p>It is used in some bank statements and financial documents (D)</p> Signup and view all the answers

What is the advantage of using whole numbers in words?

<p>It helps to avoid confusion with decimal fractions (C)</p> Signup and view all the answers

What is the purpose of using place value tables when reading and writing large numbers?

<p>To identify the value of each digit (B)</p> Signup and view all the answers

What is the result of using the convention of separating whole numbers from decimal fractions?

<p>It helps to avoid confusion with decimal fractions (C)</p> Signup and view all the answers

What is the purpose of using different formats for decimal fractions in different contexts?

<p>To accommodate different cultural and regional conventions (D)</p> Signup and view all the answers

What is the primary purpose of estimating answers to calculations?

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

What is the correct order of operations when evaluating expressions with brackets, orders, division, multiplication, addition, and subtraction?

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

What is the result of multiplying a number by 1000?

<p>A shift of the decimal point three places to the right (A)</p> Signup and view all the answers

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

<p>To simplify complex calculations (C)</p> Signup and view all the answers

What is the purpose of using the 'change sign' key on a basic calculator?

<p>To change the sign of a number (B)</p> Signup and view all the answers

What is the definition of a rate?

<p>A comparison of two numbers with different units (B)</p> Signup and view all the answers

What is the correct order of operations when evaluating expressions with brackets, orders, division, multiplication, addition, and subtraction?

<p>Brackets, Orders, Division, Multiplication, Addition, Subtraction (D)</p> Signup and view all the answers

What is the result of multiplying a number by 10?

<p>The number is shifted one place to the left (B)</p> Signup and view all the answers

How do you calculate a percentage of a given amount?

<p>Convert the percentage to a decimal and multiply by the given amount (A)</p> Signup and view all the answers

What is the primary purpose of stating the aim of research in data handling?

<p>To clearly define the focus of the research (D)</p> Signup and view all the answers

What is the purpose of converting a decimal fraction to a common fraction?

<p>To compare the size of different fractions (B)</p> Signup and view all the answers

What is the definition of a mixed number?

<p>A combination of a whole number and a fraction (C)</p> Signup and view all the answers

What is the characteristic of an open question in data handling?

<p>It allows respondents to answer in their own words (B)</p> Signup and view all the answers

What is the primary purpose of representing data graphically?

<p>To display the data in a more organized and meaningful way (D)</p> Signup and view all the answers

What is the purpose of using the 'grouping' method when adding and subtracting large numbers?

<p>To break down large numbers into smaller parts (A)</p> Signup and view all the answers

What is the result of adding a number and its opposite?

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

What is the formula to calculate the mean?

<p>Sum of the data / Number of data points (A)</p> Signup and view all the answers

What is the purpose of using the 'breaking down and multiplying' method when adding large numbers?

<p>To break down large numbers into smaller parts (D)</p> Signup and view all the answers

What is the correct way to convert a common fraction to a decimal fraction?

<p>Divide the numerator by the denominator (A)</p> Signup and view all the answers

What is the purpose of using the 'M+' key on a basic calculator?

<p>To add a number to the memory (B)</p> Signup and view all the answers

What is the main advantage of using a combination of closed and open questions in a survey?

<p>To provide a mix of quantitative and qualitative data (A)</p> Signup and view all the answers

What is the primary purpose of using a questionnaire in data collection?

<p>To gather information from a large sample of people (B)</p> Signup and view all the answers

What is the formula for calculating the sample size in a survey, where N is the population size and e is the margin of error?

<p>n = N / (1 + N(e^2)) (D)</p> Signup and view all the answers

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

<p>To observe respondents' behavior without personal contact (B)</p> Signup and view all the answers

What is the characteristic of an open-ended question in a survey?

<p>Respondents can answer in their own words (C)</p> Signup and view all the answers

What is the primary advantage of using random sampling in a survey?

<p>It ensures that the sample is representative of the population (B)</p> Signup and view all the answers

What is the formula for avoiding sample bias in a survey?

<p>Probability of selection = 1 / N (C)</p> Signup and view all the answers

What is the primary purpose of developing a good questionnaire?

<p>To ensure the validity and accuracy of the data (B)</p> Signup and view all the answers

What is the primary purpose of using a Likert scale in survey research?

<p>To quantify attitudes or opinions towards a particular topic (C)</p> Signup and view all the answers

What is the characteristic of a closed-ended question in a survey?

<p>Respondents are given specific options to choose from (A)</p> Signup and view all the answers

What is the difference between discrete and continuous data?

<p>Discrete data is specific and can be counted, while continuous data can take any value within a range (A)</p> Signup and view all the answers

What is the primary purpose of using databases in data collection?

<p>To use information that is already stored (A)</p> Signup and view all the answers

What is the purpose of using tallies in data organization?

<p>To count the frequency of each item in a dataset (D)</p> Signup and view all the answers

What is the formula for calculating the total number of items in a dataset?

<p>Sum of the frequencies of all class intervals (A)</p> Signup and view all the answers

What is the primary purpose of summarising data?

<p>To simplify the analysis process (D)</p> Signup and view all the answers

What is the median of a dataset with an even number of values?

<p>The average of the two middle values (A)</p> Signup and view all the answers

What is the formula for calculating the range of a dataset?

<p>Highest value - Lowest value (D)</p> Signup and view all the answers

What is the purpose of using measures of central tendency?

<p>To show the central position of a dataset (B)</p> Signup and view all the answers

What is the primary purpose of using measures of spread?

<p>To describe how data is dispersed (A)</p> Signup and view all the answers

What is the primary purpose of using frequency tables in data organization?

<p>To show the frequency of each item in a dataset (B)</p> Signup and view all the answers

What is the main advantage of using line graphs in data analysis?

<p>To show changes over time and relationships between two quantities (B)</p> Signup and view all the answers

Which type of graph is suitable for showing the relationship between the cost of electricity and the number of units consumed?

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

What is the purpose of calculating the range in a set of data?

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

What is the main purpose of a financial document, such as a municipal bill?

<p>To detail what items or services were purchased, their costs, and any outstanding amounts to be paid (A)</p> Signup and view all the answers

What is the term for the amount of money paid into an account?

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

What is the purpose of using histograms in data analysis?

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

What is the formula for calculating the mean of a set of values?

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

What is the primary purpose of analysing data?

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

What is the term for the amount of money owed?

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

What is the purpose of using tariff systems in financial management?

<p>To determine the cost of services based on a pre-determined schedule of prices (D)</p> Signup and view all the answers

What is the primary purpose of municipal tariffs?

<p>To charge higher rates for higher usage levels (D)</p> Signup and view all the answers

What is the formula for calculating the total cost of a telephone bill?

<p>Total Cost = Basic Fixed Charge + (Rate per Second x Duration in Seconds) + VAT (B)</p> Signup and view all the answers

What is the purpose of a VAT number on a till slip?

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

What is the term for the amount of credit still available for use on a store account?

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

What is the purpose of a tariff system?

<p>To charge users based on their usage levels (C)</p> Signup and view all the answers

If the total income is R10,000, total fixed expenses are R3,000, total variable expenses are R2,500, and total occasional expenses are R1,000, what is the monthly savings?

<p>R3,500 (C)</p> Signup and view all the answers

What is the primary purpose of a municipal bill?

<p>To provide detailed information about the property (B)</p> Signup and view all the answers

What is the interest rate on a loan if the principal amount is R5,000 and the interest amount is R1,250?

<p>25% (D)</p> Signup and view all the answers

What is the formula for calculating the total cost of a municipal bill?

<p>Total Cost = Sum (Usage in Category x Tariff for Category) (B)</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

A person buys a TV set for R5,000, which is inclusive of VAT. If the VAT rate is 14%, what is the price of the TV set exclusive of VAT?

<p>R4,347 (B)</p> Signup and view all the answers

What is the purpose of a till slip?

<p>To provide a detailed breakdown of the items purchased (A)</p> Signup and view all the answers

What is the total amount owed if the principal amount is R10,000 and the interest rate is 18% per annum?

<p>R11,800 (A)</p> Signup and view all the answers

What is the term for the fixed extra cost added to the cost of most items and services in South Africa?

<p>Value Added Tax (VAT) (C)</p> Signup and view all the answers

A person saves R5,000 in a bank account that earns an interest rate of 12% per annum. What is the interest amount earned after one year?

<p>R600 (D)</p> Signup and view all the answers

What is the VAT-exclusive price of a shirt that costs R1,200, inclusive of VAT?

<p>R1,053 (B)</p> Signup and view all the answers

If the interest rate is 20% per annum, what is the principal amount if the interest amount is R2,000?

<p>R10,000 (C)</p> Signup and view all the answers

A person buys a laptop for R8,000, which is exclusive of VAT. If the VAT rate is 14%, what is the total amount owed?

<p>R9,120 (B)</p> Signup and view all the answers

What is the primary purpose of calculating the probability of an event?

<p>To compare the number of favourable outcomes to the total number of possible outcomes (C)</p> Signup and view all the answers

What is the interest rate on a loan if the principal amount is R8,000 and the total amount owed is R10,400?

<p>30% (B)</p> Signup and view all the answers

A person saves R10,000 in a bank account that earns an interest rate of 15% per annum. What is the total amount after one year?

<p>R11,500 (B)</p> Signup and view all the answers

What is the difference between a fair and an unfair game?

<p>A fair game has an equal chance of winning or losing, while an unfair game is weighted to favour one player (D)</p> Signup and view all the answers

What is the purpose of using a tree diagram?

<p>To show all possible outcomes of an event or series of events (B)</p> Signup and view all the answers

What is the formula for calculating the probability of an event?

<p>P(E) = Number of favourable outcomes / Total number of possible outcomes (C)</p> Signup and view all the answers

What is the purpose of using a two-way table?

<p>To show the outcomes of two events (B)</p> Signup and view all the answers

What is the difference between an outcome and an event?

<p>An outcome is a single result, while an event is a collection of one or more outcomes (B)</p> Signup and view all the answers

What is the primary purpose of a fixed deposit account?

<p>To invest a lump sum over a set period of time (B)</p> Signup and view all the answers

What is the purpose of weather predictions?

<p>To make a prediction about the weather based on past weather data (C)</p> Signup and view all the answers

What is the main purpose of requesting proof of income when opening a bank account?

<p>To comply with FICA regulations (B)</p> Signup and view all the answers

What is the formula for calculating total bank fees?

<p>Monthly maintenance fee + self-service banking fee + cash deposit fee + withdrawal fee + balance inquiry fee + other transaction fees (C)</p> Signup and view all the answers

What is the formula for calculating the complement of an event?

<p>P(not E) = 1 - P(E) (D)</p> Signup and view all the answers

What is the probability of an event that is certain to occur?

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

What is the term for a document that shows the transactions made on a bank account over a specific period of time?

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

What is the purpose of a debit card?

<p>To pay for purchases with money deducted directly from the account holder's account (A)</p> Signup and view all the answers

What is the term for the amount of money in an account at the beginning of a period?

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

What is the purpose of a bank's monthly maintenance fee?

<p>To keep the account open (C)</p> Signup and view all the answers

What is the term for a transaction that deposits money into an account?

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

What is the purpose of a probability scale?

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

What is the term for the difference between income and expenditure, where income exceeds expenditure?

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

Which type of income is received as a result of producing and selling goods or services?

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

What is the purpose of calculating percentages for budgeting?

<p>To determine the amount to spend on each category (B)</p> Signup and view all the answers

What is the term for financial assistance granted to students, usually from government or private companies?

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

What is the classification of expenses that are regular and unchanging, such as rent?

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

What is the purpose of drawing up a budget?

<p>To plan for expenditure based on expected income (D)</p> Signup and view all the answers

What is the term for a plan for future income and expenses?

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

What is the importance of saving in personal finance?

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

What is the purpose of comparing statements to budgets?

<p>To track financial performance (C)</p> Signup and view all the answers

What is the term for money earned from renting out property?

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

What is the purpose of using a place value table when dealing with large numbers?

<p>To identify the value of each digit in a number (B)</p> Signup and view all the answers

How do you read and write large numbers in words?

<p>Separate the number into groups of three digits from right to left (A)</p> Signup and view all the answers

What is the purpose of using decimal commas in number representation?

<p>To separate whole numbers from decimal fractions (B)</p> Signup and view all the answers

How do you order numbers in a correct sequence?

<p>Create a place value table and compare the numbers column by column from left to right (C)</p> Signup and view all the answers

What is the purpose of using codes in number representation?

<p>To identify unique objects or individuals (A)</p> Signup and view all the answers

What is the format for representing decimal fractions in alternative contexts?

<p>Decimal point (e.g., 1,000,000.00) (D)</p> Signup and view all the answers

What is the purpose of using measurements in number representation?

<p>To represent lengths and masses (C)</p> Signup and view all the answers

What is the format for representing whole numbers in South Africa?

<p>Spaces to separate groups of three digits and a decimal comma (A)</p> Signup and view all the answers

What is the primary purpose of using the memory keys on a basic calculator?

<p>To store and recall intermediate calculations (D)</p> Signup and view all the answers

When multiplying a number by 100, what happens to the digits of the number?

<p>Each digit is shifted two places to the left (A)</p> Signup and view all the answers

What is the purpose of converting mixed numbers to improper fractions?

<p>To make it easier to add and subtract fractions (C)</p> Signup and view all the answers

What is the result of multiplying a number by its reciprocal?

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

What is the purpose of using the change sign key on a calculator?

<p>To change the sign of a number (D)</p> Signup and view all the answers

What is the purpose of using the order of operations when evaluating expressions?

<p>To ensure the correct result is obtained (B)</p> Signup and view all the answers

What is the purpose of using number representation conventions in South Africa?

<p>To standardize the way numbers are written and read (C)</p> Signup and view all the answers

What is the result of adding a positive number and its negative equivalent?

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

What is the purpose of using place value tables when comparing large numbers?

<p>To make it easier to compare large numbers (C)</p> Signup and view all the answers

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

<p>To represent fractions whose denominators are powers of ten (A)</p> Signup and view all the answers

When dividing a mixed number by a fraction, what operation should you perform first?

<p>Convert the mixed number to an improper fraction and then divide (B)</p> Signup and view all the answers

What is the purpose of using the BODMAS rule in mathematical operations?

<p>To ensure the correct order of operations when evaluating expressions (C)</p> Signup and view all the answers

What is the result of multiplying a number by -1?

<p>The opposite of the number (B)</p> Signup and view all the answers

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

<p>To represent very large or very small numbers (B)</p> Signup and view all the answers

What is the correct way to calculate a unit rate?

<p>Divide the given quantity by the unit (B)</p> Signup and view all the answers

What is the purpose of using open-ended questions in a survey?

<p>To gain deeper insights and understanding of respondents' opinions or behaviors (B)</p> Signup and view all the answers

What is the correct way to simplify a ratio?

<p>Divide both terms by their greatest common divisor (B)</p> Signup and view all the answers

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

<p>To consider the practical implications of calculations (C)</p> Signup and view all the answers

What is the correct way to convert a decimal fraction to a common fraction?

<p>Use the denominator as a power of 10 (D)</p> Signup and view all the answers

What is the purpose of stating the aim of research in data handling?

<p>To provide a clear and specific direction for the research (B)</p> Signup and view all the answers

What is the primary benefit of using a combination of closed and open questions in research?

<p>To provide both quantitative and qualitative data (C)</p> Signup and view all the answers

Which of the following is a disadvantage of using a questionnaire as a data collection method?

<p>It can be prone to sample bias (A)</p> Signup and view all the answers

What is the purpose of using the formula for sample size calculation in research?

<p>To ensure a representative sample (D)</p> Signup and view all the answers

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

<p>It can be used to collect data without interfering with the phenomenon being studied (D)</p> Signup and view all the answers

What type of data is suitable for the likert scale?

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

What is the purpose of using open-ended questions in a survey?

<p>To allow respondents to provide detailed and nuanced responses (D)</p> Signup and view all the answers

What is the purpose of classifying data?

<p>To organize data into groups (D)</p> Signup and view all the answers

What is the formula to find the total number of items in grouped data?

<p>Sum of frequencies of all class intervals (B)</p> Signup and view all the answers

What is the primary difference between a questionnaire and a database?

<p>A questionnaire is used to collect data, while a database is used to store data (B)</p> Signup and view all the answers

What is the purpose of using a random sample formula in research?

<p>To select a sample that is representative of the population (B)</p> Signup and view all the answers

What is the main purpose of summarizing data?

<p>To simplify the analysis process (A)</p> Signup and view all the answers

What is the measure of central tendency that is the middle value when data is arranged in ascending or descending order?

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

What is the primary advantage of using a combination of data collection methods?

<p>It provides a more comprehensive understanding of the research topic (D)</p> Signup and view all the answers

What is the formula to calculate the mean?

<p>Sum of all values divided by the number of values (D)</p> Signup and view all the answers

What is the purpose of developing a good questionnaire?

<p>To ensure the data collected is valid and accurate (C)</p> Signup and view all the answers

What is the purpose of using tallies in data organization?

<p>To count the frequency of each item (A)</p> Signup and view all the answers

What is the primary disadvantage of using databases as a data collection method?

<p>It provides a limited range of data (D)</p> Signup and view all the answers

What is the measure of spread that shows how spread out the data values are?

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

What is the formula to calculate the range of a dataset?

<p>Highest value minus lowest value (D)</p> Signup and view all the answers

What is the purpose of using class intervals in data organization?

<p>To group continuous data into ranges (D)</p> Signup and view all the answers

What is the primary purpose of using histograms in data representation?

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

What is the formula to calculate the range of a set of values?

<p>Highest Value - Lowest Value (C)</p> Signup and view all the answers

What is the main purpose of analysing data in research?

<p>To make decisions based on the information (A)</p> Signup and view all the answers

What is the term for the document that details purchased items or services, their costs, and any outstanding amounts to be paid?

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

What is the primary purpose of using line graphs in data representation?

<p>To show changes over time and relationships between two quantities (B)</p> Signup and view all the answers

What is the term for money paid into an account?

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

What is the primary purpose of using bar graphs in data representation?

<p>To display data that can be compared across different categories (B)</p> Signup and view all the answers

What is the purpose of calculating measures of central tendency and spread in data handling?

<p>To summarise the data and understand its characteristics (A)</p> Signup and view all the answers

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

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

What is the primary purpose of using municipal bills in household finance?

<p>To track expenses and manage personal finances (B)</p> Signup and view all the answers

What is the difference between surplus and deficit in a personal budget?

<p>Surplus is when income exceeds expenditure, while deficit is when expenditure exceeds income. (A)</p> Signup and view all the answers

What is the primary purpose of a budget?

<p>To plan and balance income and expenditure to achieve financial goals. (D)</p> Signup and view all the answers

Which type of income is earned from producing and selling goods or services?

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

What is the purpose of calculating percentages for budgeting?

<p>To allocate a specific percentage of income to each category. (D)</p> Signup and view all the answers

What is the difference between a budget and an expenditure statement?

<p>A budget is a plan, while an expenditure statement is a record of actual income and expenses. (C)</p> Signup and view all the answers

Why is it important to repay debts before starting to save?

<p>To avoid accruing interest on debts. (A)</p> Signup and view all the answers

What is the primary purpose of a municipal bill?

<p>To provide a detailed breakdown of the services used and their costs (C)</p> Signup and view all the answers

What is the purpose of finding better deals on existing expenses when budgeting for savings?

<p>To increase available funds for savings. (A)</p> Signup and view all the answers

What is the term for money earned from renting out property?

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

What is the term for the amount of credit still available for use on a store account?

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

What is the purpose of budgeting for specific items or events rather than monthly expenses?

<p>To plan for future expenses. (A)</p> Signup and view all the answers

What is the formula for calculating telephone costs?

<p>Total Cost = Basic Fixed Charge + (Rate per Second × Duration in Seconds) (A)</p> Signup and view all the answers

What is the purpose of a tariff system?

<p>To determine the cost of services based on usage (C)</p> Signup and view all the answers

What is the term for financial assistance granted to students, usually from government or private companies?

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

What is the term for the fixed extra cost added to the cost of most items and services in South Africa?

<p>Value Added Tax (VAT) (B)</p> Signup and view all the answers

What is the primary purpose of a till slip?

<p>To provide details of purchased items, including their prices, the total amount paid, and any VAT charged (C)</p> Signup and view all the answers

What is the term for the total amount due after adding the current month's expenses to the opening balance?

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

What is the purpose of including the VAT number on a till slip?

<p>To identify the shop's VAT registration status (B)</p> Signup and view all the answers

What is the formula for calculating municipal costs?

<p>Total Cost = ∑ (Usage in Category × Tariff for Category) (C)</p> Signup and view all the answers

What is the term for the pre-determined schedule of prices for services?

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

What is the formula to calculate the monthly savings?

<p>Total Income - (Total Fixed Expenses + Total Variable Expenses + Total Occasional Expenses) (B)</p> Signup and view all the answers

What is the interest rate?

<p>A percentage charged for the borrowing or loan of a sum of money over a given period of time (C)</p> Signup and view all the answers

What is the formula to calculate the interest amount?

<p>Principal Amount × Interest Rate (D)</p> Signup and view all the answers

What is VAT?

<p>A type of tax paid by the consumer when buying goods and services (D)</p> Signup and view all the answers

What is the formula to calculate the VAT amount?

<p>Price × VAT Rate (C)</p> Signup and view all the answers

What is a savings account?

<p>A bank account that earns interest (D)</p> Signup and view all the answers

What is the purpose of opening a bank account?

<p>To earn interest on savings (B)</p> Signup and view all the answers

What is the difference between a VAT-inclusive and VAT-exclusive price?

<p>The VAT rate is added to the VAT-exclusive price to get the VAT-inclusive price (B)</p> Signup and view all the answers

What is the purpose of calculating interest rates?

<p>To determine the percentage charged for the borrowing or loan of a sum of money over a given period of time (D)</p> Signup and view all the answers

What is the formula to calculate the total amount?

<p>Principal Amount + Interest Amount (B)</p> Signup and view all the answers

What is the primary purpose of a fixed deposit account?

<p>To invest a lump sum over a set period of time (C)</p> Signup and view all the answers

What is the term for the amount of money in an account at the beginning and end of a period?

<p>Opening and closing balance (B)</p> Signup and view all the answers

What is the purpose of a bank statement?

<p>To provide a detailed breakdown of all transactions (A)</p> Signup and view all the answers

What is the formula for calculating total bank fees?

<p>Monthly maintenance fee + self-service banking fee + cash deposit fee + withdrawal fee + balance inquiry fee + other transaction fees (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 the number of times something happens in a trial?

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

What is the purpose of a probability scale?

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

What is the term for a document detailing purchased items or services, their costs, and any outstanding amounts to be paid?

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

What is the purpose of FICA (the Financial Intelligence Centre Act)?

<p>To require certain information and documents when opening a bank account (B)</p> Signup and view all the answers

What is the term for the person whose name the account is in?

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

What is the main difference between theoretical probability and relative frequency?

<p>Theoretical probability is a calculated value, while relative frequency is an actual experimental result. (B)</p> Signup and view all the answers

What is the purpose of a tree diagram?

<p>To show all possible outcomes of an event or series of events. (B)</p> Signup and view all the answers

What is the formula for calculating the probability of an event?

<p>P(E) = Number of favourable outcomes / Total number of possible outcomes (B)</p> Signup and view all the answers

What is the purpose of a two-way table?

<p>To show the outcomes of two events, making it easier to calculate combined probabilities. (C)</p> Signup and view all the answers

What is the formula for calculating the complement of an event?

<p>P(not E) = 1 - P(E) (A)</p> Signup and view all the answers

What is the purpose of weather predictions?

<p>To make predictions based on past weather data. (C)</p> Signup and view all the answers

What is the difference between a fair game and an unfair game?

<p>A fair game has an equal chance of winning or losing, while an unfair game is weighted to favor one player over another. (A)</p> Signup and view all the answers

What is the formula for calculating relative frequency?

<p>Relative Frequency = Number of times an event occurs / Total number of trials (D)</p> Signup and view all the answers

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