Gr10 Math Lit: Term test 3
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Questions and Answers

What is personal expenditure?

  • Money spent on various needs and wants (correct)
  • The amount of money owed
  • The record of actual income and expenses
  • The plan for future income and expenses

    • What is the main difference between a budget and a statement?

  • A budget is for personal expenses, while a statement is for business expenses
  • A budget is for expenses, while a statement is for income
  • A budget is a plan, while a statement is a record (correct)
  • A budget is for monthly expenses, while a statement is for annual expenses

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

  • Amount for Category = Total Income / Percentage for Category
  • Amount for Category = Total Income - Percentage for Category
  • Amount for Category = Percentage for Category - Total Income
  • Amount for Category = (Percentage for Category / 100) × Total Income (correct)

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

    <p>To avoid accruing interest and reduce available funds for savings</p> Signup and view all the answers

    What is the formula to calculate monthly savings?

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

    What is interest?

    <p>The percentage charged for borrowing money</p> Signup and view all the answers

    What determines the interest rate an individual is charged?

    <p>Several factors, including the South African Reserve Bank’s lending rate, credit ratings, and employment history</p> Signup and view all the answers

    How do you calculate the interest amount if you know the interest rate?

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

    What is the purpose of budgeting for savings?

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

    What is the formula to calculate the interest rate as a percentage of the original amount?

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

    What is the purpose of VAT?

    <p>To generate revenue for the government</p> Signup and view all the answers

    What type of account earns interest and does not have an overdraft facility?

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

    What document is usually sent to the account holder monthly?

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

    What is the purpose of a bank statement?

    <p>To show the account holder's transactions</p> Signup and view all the answers

    What is a debit transaction?

    <p>Amount of money paid out of an account</p> Signup and view all the answers

    What is the VAT rate in this content?

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

    What is a credit account used for?

    <p>To purchase items now and pay for them later</p> Signup and view all the answers

    What is the purpose of FICA?

    <p>To prevent financial crimes</p> Signup and view all the answers

    Why do banks charge fees?

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

    What is the difference between salary and wage?

    <p>Salary is paid for work done over a longer period and wage is paid for work done in a shorter period</p> Signup and view all the answers

    What is profit calculated as?

    <p>Total income minus cost of production</p> Signup and view all the answers

    What is a surplus in a budget?

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

    What is a study loan?

    <p>A loan granted to students to assist with financial matters during their study period</p> Signup and view all the answers

    What is variable income?

    <p>Income that changes over time or with situations</p> Signup and view all the answers

    What is a bursary?

    <p>Financial assistance granted to students, usually from government or private companies</p> Signup and view all the answers

    What is the difference between deficit and surplus?

    <p>Deficit is when expenditure exceeds income, and surplus is when income exceeds expenditure</p> Signup and view all the answers

    What is gratuity?

    <p>Additional money received by service industry workers</p> Signup and view all the answers

    What are the charges called that banks charge for certain services?

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

    What is the formula to calculate the total bank fees?

    <p>Monthly maintenance fee + Self-Service Banking Fee + Cash Deposit Fee + Withdrawal Fee + Balance Inquiry Fee + Other Transaction Fees</p> Signup and view all the answers

    What is the perimeter of a shape?

    <p>The total length of the outside of the shape</p> Signup and view all the answers

    What is the formula to calculate the perimeter of a rectangle?

    <p>P = 2 × length + 2 × width</p> Signup and view all the answers

    What is the definition of a circle?

    <p>A closed geometric figure with a continuous curved boundary</p> Signup and view all the answers

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

    <p>A = π × radius^2</p> Signup and view all the answers

    What is a floor plan?

    <p>A 2-dimensional picture of a building from a top view</p> Signup and view all the answers

    What is the purpose of a floor plan?

    <p>To describe the layout of a building</p> Signup and view all the answers

    What is the symbol for scissors in assembly instructions?

    Signup and view all the answers

    What does the symbol of a solid wall in a floor plan represent?

    <p>A wall that is fully solid</p> Signup and view all the answers

    What is the purpose of considering the arrangement of furniture and fixtures in a floor plan?

    <p>To understand the overall functionality of the space</p> Signup and view all the answers

    What is the formula to calculate the measurement of an object on a scale plan?

    <p>Measurement on Plan = Real-life Measurement ÷ Scale Factor</p> Signup and view all the answers

    What is the formula to calculate the volume of a box?

    <p>Volume = Length × Width × Height</p> Signup and view all the answers

    What is the purpose of calculating the area of the bottom of the boxes and the diameter of the cans in a packing arrangement?

    <p>To estimate how many cans can fit into each box</p> Signup and view all the answers

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

    <p>Area = Length × Width</p> Signup and view all the answers

    What is the purpose of testing different arrangements in a packing scenario?

    <p>To find the best way to fit as many items as possible without damaging the items or the box</p> Signup and view all the answers

    What are the three dimensions required to calculate the volume of a box?

    <p>Length, Width, and Height</p> Signup and view all the answers

    What is the primary purpose of a budget?

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

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

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

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

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

    What is the term for a situation where expenditure exceeds income?

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

    What is the term for income that changes over time or with situations?

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

    What is the formula to calculate surplus?

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

    What is the term for additional money earned by service industry workers?

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

    What is the formula to calculate the VAT amount?

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

    What type of account is used for short-term savings?

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

    What is the VAT rate according to the content?

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

    What is a debit transaction?

    <p>Amount of money paid out of an account</p> Signup and view all the answers

    What is the purpose of FICA?

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

    What is the purpose of budgeting for savings?

    <p>To prepare for unexpected costs and important events</p> Signup and view all the answers

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

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

    What is the difference between fixed and variable expenses?

    <p>Fixed expenses are regular, while variable expenses are changing</p> Signup and view all the answers

    What is the document that is usually sent to the account holder monthly?

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

    What is the purpose of calculating the interest amount?

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

    Why do banks charge fees?

    <p>To provide services to account holders</p> Signup and view all the answers

    What is the purpose of comparing statements to budgets?

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

    What is the purpose of a fixed deposit account?

    <p>To deposit money for a set period of time</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</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 the amount saved</p> Signup and view all the answers

    What is the purpose of transferring balances to lower interest accounts when budgeting for savings?

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

    What is the purpose of setting aside money for unexpected expenses when budgeting for savings?

    <p>To prepare for unexpected costs and important events</p> Signup and view all the answers

    What is the purpose of drawing up a budget?

    <p>To plan for future income and expenses</p> Signup and view all the answers

    What is the purpose of calculating the total amount owed?

    <p>To calculate the interest amount</p> Signup and view all the answers

    What does the symbol of a window in a floor plan represent?

    <p>An opening in a wall</p> Signup and view all the answers

    What is the purpose of considering the arrangement of furniture and fixtures in a floor plan?

    <p>To analyze the overall functionality of the space</p> Signup and view all the answers

    If a scale of a floor plan is 1:50, what does 1 unit on the plan represent?

    <p>50 units in real life</p> Signup and view all the answers

    What is the formula to calculate the volume of a box?

    <p>Length × Width × Height</p> Signup and view all the answers

    What is the purpose of calculating the area of the bottom of the boxes and the diameter of the cans in a packing arrangement?

    <p>To determine the number of cans that can fit in a box</p> Signup and view all the answers

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

    <p>Length × Width</p> Signup and view all the answers

    What is the purpose of testing different arrangements in a packing scenario?

    <p>To find the best way to fit as many cans as possible without damaging the cans or the box</p> Signup and view all the answers

    What is the symbol for a toilet in a floor plan?

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

    How can you reduce transaction fees?

    <p>By using a certain type of account for your needs</p> Signup and view all the answers

    What is the formula to calculate the perimeter of a square?

    <p>P = 4 × side</p> Signup and view all the answers

    What is the purpose of a floor plan?

    <p>To show the layout of a building from a top view</p> Signup and view all the answers

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

    <p>A = 1/2 × base × height</p> Signup and view all the answers

    What is the definition of a radius?

    <p>The length from the centre to any point on the edge of a circle</p> Signup and view all the answers

    What is the purpose of measuring the perimeter of a shape?

    <p>To find the measurements of the shape</p> Signup and view all the answers

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

    <p>C = 2 × π × radius</p> Signup and view all the answers

    What is the purpose of using a piece of string to measure the perimeter of a circle?

    <p>To estimate the perimeter of the circle</p> Signup and view all the answers

    What is a perpendicular line?

    <p>A line that lies at an angle of 90° to a given line</p> Signup and view all the answers

    What is the formula to calculate the 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</p> Signup and view all the answers

    What is the primary reason for creating a budget?

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

    What is the term for money received as a gift or allowance?

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

    What is the formula to calculate the surplus in a budget?

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

    What is the type of income that is regular and unchanging?

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

    What is the term for income that is earned from producing and selling goods or services?

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

    What is the term for a situation where income exceeds expenditure?

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

    If a person's total fixed expenses are $2000, total variable expenses are $1500, and total occasional expenses are $1000, what is the recommended monthly savings?

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

    What is the primary purpose of drawing up a budget?

    <p>To plan for future income and expenses</p> Signup and view all the answers

    If a person borrows $1000 at an interest rate of 10%, what is the total amount owed after one year?

    <p>$1090</p> Signup and view all the answers

    What is the primary purpose of calculating percentages for budgeting?

    <p>To allocate income to different categories</p> Signup and view all the answers

    What type of expenses are infrequent or unforeseen, such as car repairs or medical bills?

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

    If a person's total income is $5000, and they want to allocate 30% of it to savings, how much should they save?

    <p>$1500</p> Signup and view all the answers

    What is the primary purpose of comparing budget statements with actual income and expenses?

    <p>To identify areas for improvement in financial performance</p> Signup and view all the answers

    What is the term for the amount of money owed, which accrues interest and reduces available funds for savings?

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

    What is the primary purpose of budgeting for particular items or events?

    <p>To plan for specific events or expenses, such as parties or trips</p> Signup and view all the answers

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

    <p>To increase savings</p> Signup and view all the answers

    What is the main difference between a bank account that offers a certain number of free withdrawals, deposits, and balance inquiries per month and a bank account that does not?

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

    What is the purpose of measuring the perimeter of a shape?

    <p>To determine the length of the outside of the shape</p> Signup and view all the answers

    What is the formula to calculate the perimeter of a triangle?

    <p>P = side₁ + side₂ + side₃</p> Signup and view all the answers

    What is the purpose of using a scale plan in a floor plan?

    <p>To visualize the layout of the building</p> Signup and view all the answers

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

    <p>A = length × width</p> Signup and view all the answers

    What is the purpose of adjusting your banking habits to reduce transaction fees?

    <p>To minimize your bank charges</p> Signup and view all the answers

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

    <p>C = π × diameter</p> Signup and view all the answers

    What is the purpose of measuring the area of a shape?

    <p>To determine the size of the surface</p> Signup and view all the answers

    What is the definition of a radius in a circle?

    <p>The length from the centre to any point on the edge of the circle</p> Signup and view all the answers

    What is the purpose of considering the arrangement of furniture and fixtures in a floor plan?

    <p>To understand the overall functionality of the space</p> Signup and view all the answers

    What is the formula to calculate the measurement of an object on a scale plan?

    <p>Measurement on Plan = Real-life Measurement / Scale Factor</p> Signup and view all the answers

    What is the purpose of calculating the area of the bottom of the boxes and the diameter of the cans in a packing arrangement?

    <p>To estimate how many cans fit into each box</p> Signup and view all the answers

    What is the symbol for a window in a floor plan?

    <p>Not specified in the content</p> Signup and view all the answers

    What is the formula to calculate the volume of a box?

    <p>Volume = Length * Width * Height</p> Signup and view all the answers

    What is the purpose of testing different arrangements in a packing scenario?

    <p>To find the best way to fit as many cans as possible</p> Signup and view all the answers

    What are the three dimensions required to calculate the volume of a box?

    <p>Length, Width, and Height</p> Signup and view all the answers

    What is the symbol for a door in a floor plan?

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

    What is the primary purpose of VAT?

    <p>To provide a source of income for the government</p> Signup and view all the answers

    What is the difference between a debit transaction and a credit transaction?

    <p>A debit transaction is when money is withdrawn from an account, while a credit transaction is when money is deposited into an account</p> Signup and view all the answers

    What is the purpose of a bank statement?

    <p>To provide a record of all transactions made on an account</p> Signup and view all the answers

    What type of account is used to deposit and withdraw money by visiting the bank branch, using an ATM or Internet banking, or by writing a cheque?

    <p>Cheque or Current Account</p> Signup and view all the answers

    What is the purpose of FICA?

    <p>To prevent money laundering and terrorist financing</p> Signup and view all the answers

    What is the formula to calculate the VAT amount on a VAT-exclusive price?

    <p>VAT Amount = Price x VAT Rate</p> Signup and view all the answers

    What is the purpose of a fixed deposit account?

    <p>To earn interest on a long-term basis</p> Signup and view all the answers

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

    <p>Opening and Closing Balance</p> Signup and view all the answers

    What is the purpose of a credit account?

    <p>To purchase goods and services and pay for them later</p> Signup and view all the answers

    What is the formula to calculate the interest rate as a percentage of the original amount?

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

    What is the main difference between a fixed income and a variable income?

    <p>Fixed income is regular and unchanging, while variable income changes over time or with situations.</p> Signup and view all the answers

    What is the formula to calculate the profit?

    <p>Profit = Total Income - Cost of Production</p> Signup and view all the answers

    What is the term for a situation where income exceeds expenditure?

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

    What is the purpose of a budget?

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

    What is the term for extra money earned based on an agreement for providing additional services?

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

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

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

    What is the formula to calculate the deficit?

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

    What is the main purpose of creating a budget for a particular item or event?

    <p>To allocate funds for a specific goal or expense</p> Signup and view all the answers

    Which type of expense is characterized by its unpredictability?

    <p>Occasional (Unexpected) Expenses</p> Signup and view all the answers

    What is the primary purpose of comparing a budget to a statement?

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

    What is the consequence of not repaying debts before starting to save?

    <p>Accrued interest reduces available savings</p> Signup and view all the answers

    How does transferring balances to lower interest accounts affect savings?

    <p>Frees up funds for savings</p> Signup and view all the answers

    What is the primary factor that affects the interest rate an individual is charged?

    <p>The South African Reserve Bank's lending rate</p> Signup and view all the answers

    What is the formula to calculate the total amount owed, given the principal amount and interest rate?

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

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

    <p>To increase savings</p> Signup and view all the answers

    What is the consequence of not budgeting for savings?

    <p>Available funds for savings decrease</p> Signup and view all the answers

    What is the primary purpose of budgeting for particular items or events?

    <p>To allocate funds for specific goals or expenses</p> Signup and view all the answers

    What is the purpose of deducting the VAT paid by the person who uses the goods to make an income?

    <p>To claim a deduction of the VAT paid from the taxable income</p> Signup and view all the answers

    What is the main purpose of choosing the most appropriate bank account for your needs?

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

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

    <p>One includes VAT and the other excludes VAT</p> Signup and view all the answers

    What is the purpose of a fixed deposit account?

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

    Which of the following is NOT a method to measure the perimeter of a shape?

    <p>Counting the number of squares within a shape</p> Signup and view all the answers

    What document is required to open a bank account according to FICA?

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

    What is the symbol commonly used in assembly instructions to represent a screw?

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

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

    <p>A = 1/2 × base × height</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</p> Signup and view all the answers

    What is the term for the total length of the outside of a shape or the continuous line forming the boundary of a closed geometric figure?

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

    What is the purpose of banks charging fees?

    <p>To cover the costs of providing banking services</p> Signup and view all the answers

    What is the formula to calculate the VAT amount on a VAT-exclusive price?

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

    What is the purpose of considering the arrangement of furniture and fixtures in a floor plan?

    <p>To visualize the layout of the space and optimize the use of space</p> Signup and view all the answers

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

    <p>C = π × diameter</p> Signup and view all the answers

    What is the difference between a debit transaction and a credit transaction?

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

    What is the purpose of a bank statement?

    <p>To show the account balance and recent transactions</p> Signup and view all the answers

    What is the purpose of a cheque or current account?

    <p>To deposit and withdraw money using a cheque or other methods</p> Signup and view all the answers

    What is the purpose of a savings account?

    <p>To earn interest on a short-term savings</p> Signup and view all the answers

    What is the term for the amount of space inside the boundary of a flat (2-dimensional) object?

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

    What is the formula to calculate the 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</p> Signup and view all the answers

    What does the symbol of a wall that does not reach the ceiling represent in a floor plan?

    <p>A wall that is partially open to the ceiling</p> Signup and view all the answers

    If a scale plan has a scale of 1:25, what does 1 unit on the plan represent in real life?

    <p>25 units</p> Signup and view all the answers

    What is the purpose of calculating the volume of a box in a packing arrangement?

    <p>To determine the number of items that can fit in the box</p> Signup and view all the answers

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

    <p>Length × Width</p> Signup and view all the answers

    What is the purpose of considering the arrangement of furniture and fixtures in a floor plan?

    <p>To analyze the functionality of the space</p> Signup and view all the answers

    What is the purpose of testing different arrangements in a packing scenario?

    <p>To find the best way to fit as many items as possible without damaging them</p> Signup and view all the answers

    What are the three dimensions required to calculate the volume of a box?

    <p>Length, Width, and Height</p> Signup and view all the answers

    What is the formula to convert a real-life measurement to a scale measurement?

    <p>Measurement on Plan = Real-life Measurement ÷ Scale Factor</p> Signup and view all the answers

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