Gr12 Math Lit: June hard P(1)
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Questions and Answers

What information is NOT included on a till slip?

  • VAT number
  • Credit limit (correct)
  • Shop details
  • Item details

    • What is the purpose of checking the total calculation on a till slip?

  • To calculate the interest on overdue payments
  • To ensure the sum of item prices and VAT is correct (correct)
  • To determine the credit available
  • To verify the VAT rate

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

  • Outstanding balance
  • Balance brought forward (correct)
  • Credit available
  • Credit limit

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

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

    What is the standard VAT rate in South Africa?

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

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

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

    What is exempt from VAT in South Africa?

    <p>Certain essential groceries</p> Signup and view all the answers

    What information is included on an account statement?

    <p>Transactions, amounts due, and previous balances</p> Signup and view all the answers

    What is the primary purpose of calculating the net salary?

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

    What type of cost remains unchanged regardless of usage?

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

    Which of the following is a step in comparing tariff systems?

    <p>Representing options in graph form</p> Signup and view all the answers

    What is the significance of the break-even point?

    <p>It identifies the point where two options have equal costs</p> Signup and view all the answers

    What type of analysis is used to compare tariff systems?

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

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

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

    What is the primary purpose of PAYE?

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

    What is the tariff rate?

    <p>The amount by which the total cost changes per unit of usage</p> Signup and view all the answers

    What is the total UIF contribution as a percentage of the employee's monthly salary?

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

    What is the tax threshold for individuals older than 75?

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

    Which of the following is an example of a tariff system?

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

    What is the result of points of intersection on a graph?

    <p>Identification of the point where one option becomes cheaper or more expensive than another</p> Signup and view all the answers

    What is the formula to calculate net pay?

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

    What skill is essential for performing break-even analysis?

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

    What is the purpose of an IRP5 form?

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

    What is the purpose of verifying payment history when checking a cell phone bill?

    <p>To identify potential disputes with the service provider</p> Signup and view all the answers

    What is the formula to calculate compound interest?

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

    What is the tertiary rebate amount?

    <p>R2,250</p> Signup and view all the answers

    What is the purpose of understanding key financial terms in the context of cell phone bills?

    <p>To familiarize oneself with the implications of these terms on bills and account statements</p> Signup and view all the answers

    What is the tax bracket formula used for?

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

    What is the primary rebate amount?

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

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

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

    What is the purpose of a tax rebate?

    <p>To deduct an amount from the total tax payable</p> Signup and view all the answers

    What is the purpose of calculating the total amount due, including VAT, on a cell phone bill?

    <p>To ensure the total amount due is correct by verifying the sum of individual charges and the application of VAT</p> Signup and view all the answers

    What is the formula to calculate taxable income?

    <p>Taxable Income = Gross Income - Tax-Deductible Deductions</p> Signup and view all the answers

    What is the formula to calculate simple interest?

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

    What is the purpose of understanding taxation in the context of financial documents?

    <p>To familiarize oneself with the implications of taxation on income</p> Signup and view all the answers

    What is the formula to calculate VAT amount?

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

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

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

    What is the purpose of verifying information on financial documents?

    <p>To check that all required details are present on financial documents</p> Signup and view all the answers

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

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

    What type of cost is rent, in the context of a small business?

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

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

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

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

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

    What type of expenditure is categorized as fixed costs?

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

    What is the calculation for profit?

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

    What happens when total expenditure exceeds total income?

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

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

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

    What is the purpose of analysing income-and-expenditure statements and budgets for small businesses?

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

    What is the purpose of a budget for a small business?

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

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

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

    What is the significance of the break-even point in a business?

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

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

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

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

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

    What is the purpose of setting the right selling price?

    <p>To generate a profit and attract customers</p> Signup and view all the answers

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

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

    What is a key concept in financial planning?

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

    What is the purpose of a budget in a business?

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

    What is the difference between a start-up cost and a monthly operating cost?

    <p>Start-up costs are one-time, while monthly operating costs are recurring</p> Signup and view all the answers

    What is the formula for calculating loss?

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

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

    <p>The lender benefits from the interest in a loan, while the investor benefits in an investment</p> Signup and view all the answers

    What is the effect of a higher deposit on a loan?

    <p>The interest paid over the life of the loan decreases</p> Signup and view all the answers

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

    <p>A retirement annuity</p> Signup and view all the answers

    What is the term for the total amount paid over the life of a loan?

    <p>Real Cost of the Loan</p> Signup and view all the answers

    How does an increase in the interest rate affect a loan?

    <p>The total interest paid over the life of the loan increases</p> Signup and view all the answers

    What is the term for the amount paid for borrowing money, calculated on the remaining balance owed?

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

    What is the benefit of starting to invest early?

    <p>The benefits of compound interest are maximized</p> Signup and view all the answers

    What is the effect of a higher monthly repayment amount on a loan?

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

    What is the term for the percentage earned on an invested amount?

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

    How does a shorter loan period affect the total interest paid?

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

    What is the primary benefit of a shorter loan term?

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

    What type of investment grows in value over time due to interest or capital gains?

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

    What happens when the interest rate on an investment increases?

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

    What is the primary purpose of a grouped frequency table?

    <p>To identify patterns or trends in continuous data</p> Signup and view all the answers

    What is the purpose of a retirement annuity?

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

    What is the effect of making regular contributions to an investment?

    <p>The value of the investment increases due to compounding effects</p> Signup and view all the answers

    Which of the following measures of central tendency is most affected by outliers?

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

    What is the main reason for banks charging fees for their services?

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

    What is the purpose of quartiles in data analysis?

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

    Which of the following is an example of a service fee?

    <p>Balance inquiry fee</p> Signup and view all the answers

    What is the primary benefit of starting to invest early?

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

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

    <p>2/3</p> Signup and view all the answers

    A weather forecast predicts a 30% chance of rain. What is the probability of it not raining?

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

    What is the primary purpose of graphs in data analysis?

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

    What is the effect of compound interest on a loan?

    <p>It increases the total amount of interest paid over the life of the loan</p> Signup and view all the answers

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

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

    Which of the following graphs is used to show the relationship between two variables?

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

    In a drug test, what is the term for a test indicating a positive result when it is actually negative?

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

    What is the purpose of a fixed deposit account?

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

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

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

    What is the purpose of tally marks in data collection?

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

    What is the primary purpose of calculating the median?

    <p>To find the middle value</p> Signup and view all the answers

    What is the formula to calculate the inflation rate?

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

    What is the primary purpose of frequency tables?

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

    What is the term for the number of times an event occurs in a probability experiment?

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

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

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

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

    <p>The credit facility</p> Signup and view all the answers

    What is the purpose of a bank statement?

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

    A coin is flipped twice. What is the probability of getting two heads?

    <p>1/4</p> Signup and view all the answers

    Which of the following is a measure of spread?

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

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

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

    What is the purpose of using percentiles in data analysis?

    <p>To analyze the spread of large data sets</p> Signup and view all the answers

    Which of the following is a characteristic of a histogram?

    <p>Bars touch each other</p> Signup and view all the answers

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

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

    What is the purpose of using tree diagrams in probability?

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

    What is the purpose of classifying data?

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

    What is the primary purpose of summarizing data?

    <p>To arrange information in a clear and systematic manner</p> Signup and view all the answers

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

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

    What is the purpose of using box and whisker plots in data analysis?

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

    Which of the following is an example of demand-pull inflation?

    <p>An increase in demand for goods and services exceeding supply</p> Signup and view all the answers

    What is the purpose of analyzing inflation in different contexts?

    <p>To inform decisions such as salary negotiations and price adjustments</p> Signup and view all the answers

    A company predicts a 25% chance of a veld fire occurring. What is the probability of it not occurring?

    <p>75%</p> Signup and view all the answers

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

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

    What is the range of probability values?

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

    Which of the following measures of central tendency is most affected by outliers?

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

    What is the term for the calculated probability, not the actual result?

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

    What is the result of cost-push inflation?

    <p>Higher production costs are passed on to consumers as higher prices</p> Signup and view all the answers

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

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

    What is the purpose of using quartiles in data analysis?

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

    Which of the following graphs is used to show parts of a whole?

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

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

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

    What is a disadvantage of using open-ended questions in research?

    <p>They may be time-consuming to answer and analyse</p> Signup and view all the answers

    What is the purpose of using random sampling in research?

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

    What is the advantage of using observation in research?

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

    What is the purpose of classifying data in research?

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

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

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

    What is the primary purpose of financial planning in the context of inflation?

    <p>To plan for increased costs in the future</p> Signup and view all the answers

    What is the disadvantage of using closed questions in research?

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

    What is the purpose of research aims in data collection?

    <p>To influence the choice of the sample and data collection method</p> Signup and view all the answers

    What is the purpose of using interviews in research?

    <p>To clarify ambiguous answers and probe for more detailed information</p> Signup and view all the answers

    What is the main purpose of calculating the net salary?

    <p>To provide a clear picture of an individual's disposable income</p> Signup and view all the answers

    In a tariff system, what type of cost remains constant regardless of usage?

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

    What is the primary purpose of performing break-even analysis?

    <p>To identify the point at which two tariff systems are equally cost-effective</p> Signup and view all the answers

    What is the term for the point at which the total costs of two different options are equal?

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

    What is the primary purpose of comparing tariff systems?

    <p>To identify the most cost-effective option for a specific level of usage</p> Signup and view all the answers

    What is the significance of points of intersection on a graph?

    <p>They indicate at what level of usage one option becomes cheaper or more expensive than another</p> Signup and view all the answers

    What type of cost is calculated by multiplying the tariff rate by the number of units used?

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

    What is the primary purpose of using graphs in tariff system comparison?

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

    What is the term for the structured pricing plans that specify how charges are applied based on usage?

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

    What is the purpose of understanding key financial terms in the context of tariff systems?

    <p>To make informed decisions about which tariff system to use</p> Signup and view all the answers

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

    <p>To determine unit prices when given pack prices and quantities</p> Signup and view all the answers

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

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

    What type of bill would a person receive for their municipal services such as water and electricity?

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

    What is the significance of verifying the total amount paid and the resulting balance on an account statement?

    <p>To check for interest on overdue payments</p> Signup and view all the answers

    What is the purpose of understanding VAT rates when making purchases?

    <p>To ensure that the correct VAT rate is applied</p> Signup and view all the answers

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

    <p>To check that the items purchased are correct and correspond to the description</p> Signup and view all the answers

    What is the significance of understanding interest rates on late payments when using store accounts?

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

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

    <p>To determine the date and time of sale</p> Signup and view all the answers

    What is the correct formula to calculate the total amount due on a cell phone bill, including VAT?

    <p>Total Amount = Base Amount + VAT Amount</p> Signup and view all the answers

    What is the purpose of understanding key financial terms in the context of cell phone bills?

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

    What is the correct formula to calculate the net salary?

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

    What is the purpose of verifying payment history when checking a cell phone bill?

    <p>To ensure that previous payments have been correctly recorded</p> Signup and view all the answers

    What is the correct formula to calculate the compound interest?

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

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

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

    What is the correct formula to calculate the VAT amount?

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

    What is the purpose of using deduction tables in income tax calculation?

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

    What is the primary purpose of understanding taxation in the context of financial documents?

    <p>To understand the implications of taxation on financial decisions</p> Signup and view all the answers

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

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

    What is the purpose of PAYE (Pay As You Earn) system?

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

    What is the purpose of verifying information on financial documents?

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

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

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

    What is the percentage of the employee's monthly salary contributed towards UIF?

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

    What is the purpose of an IRP5 form?

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

    What is the formula to calculate the taxable income?

    <p>Taxable Income = Gross Income - Tax-Deductible Deductions</p> Signup and view all the answers

    What is the purpose of tax rebates?

    <p>To reduce the tax liability for an employee</p> Signup and view all the answers

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

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

    What is the purpose of using tax tables in income tax calculation?

    <p>To determine the tax bracket for a taxable income</p> Signup and view all the answers

    What is the formula to calculate the net pay?

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

    What is the primary benefit of making a larger deposit when taking out a loan?

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

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

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

    What is the term for the amount paid for borrowing money, calculated on the remaining balance owed?

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

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

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

    What is the purpose of managing loans and investments?

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

    What is the term for the period over which a loan must be repaid?

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

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

    <p>To provide a clear picture of financial performance over a specific period</p> Signup and view all the answers

    What is the term for costs that vary with the level of production or sales?

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

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

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

    What is the result when total income equals total costs?

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

    What is the primary benefit of starting to invest early?

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

    What is the term for the total amount paid over the life of a loan?

    <p>Real Cost of the Loan</p> Signup and view all the answers

    What is the purpose of analysing income-and-expenditure statements and budgets for small businesses?

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

    What is the effect of higher monthly repayments on the total interest paid?

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

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

    <p>To estimate future income and expenses based on historical data</p> Signup and view all the answers

    What type of cost is rent, in the context of a small business?

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

    What happens when total expenditure exceeds total income?

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

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

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

    What is the calculation for profit?

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

    What is the purpose of preparing an income-and-expenditure statement and a budget for a small business?

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

    What is the primary advantage of compound interest in investments?

    <p>It results in exponential growth over time</p> Signup and view all the answers

    What is the main consequence of not matching costs with income in a small business?

    <p>Incurring a financial loss</p> Signup and view all the answers

    Which type of loan term results in higher total interest paid?

    <p>Longer loan term</p> Signup and view all the answers

    What is the primary benefit of starting early with investments?

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

    What is the primary purpose of creating an income-and-expenditure statement for a small business?

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

    What type of cost is typically covered by a loan that is paid back monthly?

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

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

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

    What is the primary purpose of a bank statement?

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

    What is the primary reason for setting a competitive selling price?

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

    What is the significance of regularly analyzing income and expenditure statements?

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

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

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

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

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

    What is the primary consideration when choosing a loan term?

    <p>Balance between monthly affordability and total cost</p> Signup and view all the answers

    What is the purpose of a repayment strategy for loans?

    <p>To opt for higher monthly payments if affordable</p> Signup and view all the answers

    What type of cost is rent, in the context of a small business?

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

    What is the primary benefit of regular contributions to an investment?

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

    What happens when total income equals total costs in a business?

    <p>The business breaks even</p> Signup and view all the answers

    What is the primary purpose of managing cash flow in a small business?

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

    What is the primary purpose of monitoring interest rates for investments?

    <p>To opt for higher interest rates</p> Signup and view all the answers

    What is the significance of determining the correct selling price in a small business?

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

    What is the main consequence of inflation on savings and investments?

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

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

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

    What is the formula to calculate the inflation rate?

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

    What occurs when the demand for goods and services exceeds supply, leading to higher prices?

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

    What is the result when total expenditure exceeds total income?

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

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

    <p>To illustrate changes in prices over time</p> Signup and view all the answers

    What type of fee is charged for specific transactions like withdrawals, deposits, and payments?

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

    What is the total cost of a loan, including the principal and accumulated interest?

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

    What is the benefit of using a bank's own ATMs to avoid additional charges from other banks?

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

    What is the financial gain when income exceeds expenditure?

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

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

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

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

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

    What is a limitation of using closed questions in research?

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

    What is the primary purpose of using random sampling in research?

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

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

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

    What is the purpose of classifying and organising data?

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

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

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

    What is the primary purpose of inflation in financial planning?

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

    What is a limitation of using interviews as a data collection method?

    <p>They are time-consuming and may introduce interviewer bias</p> Signup and view all the answers

    What is the primary purpose of questionnaires in research?

    <p>To collect data directly from respondents</p> Signup and view all the answers

    What is the primary purpose of a grouped frequency table?

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

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

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

    What is the primary purpose of measures of central tendency?

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

    What is the use of tally marks in data analysis?

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

    What is the purpose of quartiles in data analysis?

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

    What is the primary purpose of representing data graphically?

    <p>To provide a clear and concise way to present data findings</p> Signup and view all the answers

    What is the definition of the mode in a data set?

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

    What is the purpose of classifying data?

    <p>To organize information in a clear and systematic manner</p> Signup and view all the answers

    What is the purpose of summarizing data?

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

    What is the primary purpose of percentiles in data analysis?

    <p>To identify the value below which a given percentage of the data falls</p> Signup and view all the answers

    What is the probability of rolling a 3 on a standard six-sided dice?

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

    A weather forecast predicts a 40% chance of rain. What is the probability of not raining?

    <p>0.6</p> Signup and view all the answers

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

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

    What type of probability is calculated based on the number of favourable outcomes divided by the total number of possible outcomes?

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

    What is the purpose of a tree diagram in probability?

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

    What is a false positive in a medical test?

    <p>A test result that indicates a patient has a disease when they do not</p> Signup and view all the answers

    What is the purpose of verifying the accuracy of sources and data used in probability predictions?

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

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

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

    What is the purpose of using advanced measurement tools and analysis methods in probability?

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

    What is the probability of rolling a 1 or a 6 on a standard six-sided dice?

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

    What is the primary purpose of scatter plots?

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

    What is the calculation for the interquartile range?

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

    What type of graph is used to show the distribution of continuous data?

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

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

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

    What is the definition of probability?

    <p>A measure of the likelihood of an event occurring between 0 and 1</p> Signup and view all the answers

    What is the purpose of a box and whisker plot?

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

    What is the calculation for the mean?

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

    What is the primary purpose of a pie chart?

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

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

    <p>To indicate how spread out the values are</p> Signup and view all the answers

    What is the purpose of quartiles in a data set?

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

    What is the primary purpose of verifying the total amount payable on a till slip?

    <p>To ensure the accuracy of the calculation</p> Signup and view all the answers

    On an account statement, what does the credit available refer to?

    <p>The remaining credit limit after accounting for the current balance</p> Signup and view all the answers

    What type of analysis is used to determine the impact of not paying an account statement on time?

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

    What information is typically included on a municipal bill?

    <p>Charges for services such as water, electricity, and refuse removal</p> Signup and view all the answers

    When checking an account statement, what should you verify regarding payments and balances?

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

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

    <p>To ensure the accuracy of the item prices</p> Signup and view all the answers

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

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

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

    <p>To ensure the accuracy of the VAT calculation</p> Signup and view all the answers

    What is the primary purpose of calculating the net salary?

    <p>To determine the take-home pay</p> Signup and view all the answers

    What is the term for the point at which the total costs of two different options are equal?

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

    What is the purpose of representing the options in graph form when comparing tariff systems?

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

    If a person's gross income is R30 000 and their taxable deductions are R5 000, what is their taxable income?

    <p>R25 000</p> Signup and view all the answers

    What is the formula to calculate the total amount due on a cell phone bill, including VAT?

    <p>Total Amount = Base Amount + VAT Amount</p> Signup and view all the answers

    What is the type of cost that depends on the level of usage?

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

    What is the purpose of identifying points of intersection on a graph when comparing tariff systems?

    <p>To identify the cost-effectiveness of each option</p> Signup and view all the answers

    What is the primary purpose of understanding taxation in the context of financial documents?

    <p>To comprehend the implication of taxation on financial planning</p> Signup and view all the answers

    If a cell phone bill shows a minimum payment of R500, what happens if you only pay R400?

    <p>You will be charged a late payment fee</p> Signup and view all the answers

    What is the type of cost that remains unchanged regardless of usage?

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

    What is the purpose of performing break-even analysis?

    <p>To identify the cost-effectiveness of each option</p> Signup and view all the answers

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

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

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

    <p>To identify areas where you can reduce your VAT liability</p> Signup and view all the answers

    What is the type of analysis used to compare tariff systems?

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

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

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

    What is the primary purpose of verifying information on financial documents?

    <p>To ensure accuracy and completeness of information</p> Signup and view all the answers

    What is the formula to calculate the area of a circle, given the radius?

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

    What is the significance of the break-even point in the context of tariff systems?

    <p>It indicates the point at which one option becomes more cost-effective than another</p> Signup and view all the answers

    What is the primary purpose of understanding key financial terms in the context of cell phone bills?

    <p>To understand the implications of financial decisions</p> Signup and view all the answers

    What is the purpose of checking the payment history when reviewing a cell phone bill?

    <p>To understand the implications of previous payments on the current balance</p> Signup and view all the answers

    What is the main purpose of a tax bracket?

    <p>To charge a higher tax rate for higher income ranges</p> Signup and view all the answers

    What is the effect of a tax rebate on an individual's tax liability?

    <p>It reduces the individual's tax liability</p> Signup and view all the answers

    What is the purpose of an IRP5 form?

    <p>To summarize the employee's earnings and deductions</p> Signup and view all the answers

    What is the correct order of steps for tax calculations?

    <p>Calculate taxable income, determine tax bracket, apply rebates, calculate monthly tax</p> Signup and view all the answers

    What is the purpose of the tax threshold?

    <p>To cancel out tax for individuals below a certain income level</p> Signup and view all the answers

    What is the consequence of not having UIF?

    <p>The employee will not have short-term relief in cases of unemployment or illness</p> Signup and view all the answers

    What is the main purpose of PAYE?

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

    What is the correct formula for calculating net pay?

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

    What is the result of subtracting deductions from gross salary?

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

    What is the purpose of a deduction table?

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

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

    <p>To analyze and compare actual and budgeted income and expenses</p> Signup and view all the answers

    What type of expenditure is categorized as occasional costs?

    <p>Irregular costs that occur from time to time</p> Signup and view all the answers

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

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

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

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

    What type of cost remains unchanged regardless of usage?

    <p>Rent and loan repayments</p> Signup and view all the answers

    What is the significance of the break-even point in a business?

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

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

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

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

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

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

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

    What happens when total expenditure exceeds total income?

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

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

    <p>A loan involves borrowing money, while an investment involves placing money into a fund.</p> Signup and view all the answers

    Which of the following factors has the greatest impact on the real cost of a loan?

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

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

    <p>The investment will grow at a faster rate.</p> Signup and view all the answers

    What is the purpose of considering the loan term when taking out a loan?

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

    What is the benefit of compound interest in an investment?

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

    What is the primary advantage of starting to invest early?

    <p>It maximizes the benefits of compound interest.</p> Signup and view all the answers

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

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

    What is the significance of the real cost of a loan?

    <p>It is the total amount paid over the life of the loan, including interest.</p> Signup and view all the answers

    What is the purpose of considering the deposit size when taking out a loan?

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

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

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

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

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

    What is the primary purpose of a savings account?

    <p>To earn interest and save for the short-term.</p> Signup and view all the answers

    What is the effect of a longer loan term?

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

    What is the term for the initial amount invested?

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

    What is the purpose of a bank statement?

    <p>To provide a record of all transactions over a specific period.</p> Signup and view all the answers

    What is the effect of regular contributions on an investment?

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

    What is the purpose of choosing wisely when it comes to loan terms?

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

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

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

    What is the key benefit of starting early with investments?

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

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

    <p>To optimize financial decisions for long-term benefits.</p> Signup and view all the answers

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

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

    What type of cost is typically covered by a loan that is paid back monthly?

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

    What is the significance of the selling price in ensuring profitability?

    <p>It covers all costs and generates a profit</p> Signup and view all the answers

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

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

    What is the result when total costs exceed total income?

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

    What is the purpose of budgeting in a business?

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

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

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

    What is the purpose of regular analysis of income-and-expenditure statements?

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

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

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

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

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

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

    <p>To cover the costs of maintaining and processing transactions</p> Signup and view all the answers

    What is the effect of compound interest on the total amount owed on a loan?

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

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

    <p>They can yield detailed and qualitative insights</p> Signup and view all the answers

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

    <p>Income is greater than expenditure</p> Signup and view all the answers

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

    <p>To mitigate the impact of rising prices on household budgets</p> Signup and view all the answers

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

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

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

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

    What is the primary purpose of adjusting prices in response to inflation?

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

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

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

    What is the primary purpose of organizing data?

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

    What is the primary advantage of using observation in research?

    <p>It avoids interaction biases and is useful for collecting behavioral data</p> Signup and view all the answers

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

    <p>It erodes the value of savings and investments</p> Signup and view all the answers

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

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

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

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

    What is the relationship between the inflation rate and the general level of prices?

    <p>The inflation rate is the percentage change in the general level of prices</p> Signup and view all the answers

    What is the primary disadvantage of sample bias in research?

    <p>It makes it difficult to generalize findings to the population</p> Signup and view all the answers

    What is the primary purpose of analyzing graphs and trends in inflation?

    <p>To identify patterns and changes in inflation rates</p> Signup and view all the answers

    What is the primary purpose of using questionnaires in research?

    <p>To provide anonymity and encourage honest responses from respondents</p> Signup and view all the answers

    What is the primary advantage of using interviews in research?

    <p>They can clarify ambiguous answers and probe for more detailed information</p> Signup and view all the answers

    What is the primary purpose of classifying data?

    <p>To group data into classes based on a common feature</p> Signup and view all the answers

    What is the primary purpose of a box and whisker plot?

    <p>To summarize the distribution of a dataset</p> Signup and view all the answers

    What is the main difference between a histogram and a bar graph?

    <p>Histograms touch each other, while bar graphs do not</p> Signup and view all the answers

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

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

    What is the primary purpose of a scatter plot?

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

    What is the definition of probability in statistics?

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

    What is the purpose of calculating the mean?

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

    What is the primary purpose of a pie chart?

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

    What is the theoretical probability of rolling a 5 on a fair six-sided die?

    <p>0.1667</p> Signup and view all the answers

    What is the purpose of calculating the range?

    <p>To indicate how spread out the values are</p> Signup and view all the answers

    What is the primary purpose of a line graph?

    <p>To show trends and changes over time</p> Signup and view all the answers

    What is the primary purpose of a grouped frequency table?

    <p>To identify patterns or trends in continuous data</p> Signup and view all the answers

    What is the probability of not rolling a 6 on a fair six-sided die?

    <p>0.8333</p> Signup and view all the answers

    A weather forecast predicts a 70% chance of rain. What is the probability that it will not rain?

    <p>0.3</p> Signup and view all the answers

    What is the purpose of calculating quartiles?

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

    What is the advantage of using the median over the mean in certain situations?

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

    What is the purpose of using tree diagrams in probability calculations?

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

    What is the purpose of quartiles in data analysis?

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

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

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

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

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

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

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

    What is the primary purpose of graphs in data analysis?

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

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

    <p>0.5</p> Signup and view all the answers

    What is the definition of the mode?

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

    What is the purpose of tally marks in data collection?

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

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

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

    What is the term for the result of a probability experiment?

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

    What is the purpose of frequency tables in data analysis?

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

    What is the definition of the range?

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

    What is the term for each outcome in a probability experiment, where each outcome has an equal chance of occurring?

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

    What is the purpose of percentiles in data analysis?

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

    What is the primary purpose of verifying the total amount paid and the resulting balance on an account statement?

    <p>To detect any errors in the billing process</p> Signup and view all the answers

    What is the significance of the VAT rate on till slips?

    <p>It affects the total amount payable by the customer</p> Signup and view all the answers

    What information is crucial to understanding account statements?

    <p>Transactions, amounts due, and due dates</p> Signup and view all the answers

    What type of bill would include charges for water and electricity services?

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

    What should a customer verify when checking a till slip?

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

    What is the purpose of understanding key terms on account statements?

    <p>To detect errors in the billing process</p> Signup and view all the answers

    What is the relationship between the VAT rate and the total amount payable on a till slip?

    <p>The VAT rate affects the total amount payable by the customer</p> Signup and view all the answers

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

    <p>To verify the unit prices and pack prices</p> Signup and view all the answers

    What is the purpose of tax brackets in income tax calculation?

    <p>To charge a higher tax rate for higher income earners</p> Signup and view all the answers

    What is the primary purpose of an IRP5 form?

    <p>To provide a summary of an employee's earnings and deductions</p> Signup and view all the answers

    What is the effect of a tax rebate on an individual's tax liability?

    <p>It decreases the individual's tax liability</p> Signup and view all the answers

    What is the relationship between UIF contributions and an employee's gross salary?

    <p>The UIF contribution is a percentage of the employee's gross salary</p> Signup and view all the answers

    What is the purpose of determining an individual's taxable income?

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

    What is the effect of a tax threshold on an individual's tax liability?

    <p>It decreases the individual's tax liability</p> Signup and view all the answers

    What is the purpose of PAYE?

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

    What is the relationship between an individual's age and their tax rebate?

    <p>The older the individual, the higher the tax rebate</p> Signup and view all the answers

    What is the purpose of calculating an individual's net pay?

    <p>To determine their take-home pay</p> Signup and view all the answers

    What is the primary purpose of using tax tables?

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

    What is the correct formula to calculate the principal amount (P) in a simple interest calculation, given the interest (I), rate of interest per period (r), and time in periods (t)?

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

    A company's gross income is R100,000, and it has tax-deductible deductions of R20,000. If the tax rate is 25%, what is the company's income tax?

    <p>R20,000</p> Signup and view all the answers

    What is the purpose of understanding the query period when checking a cell phone bill?

    <p>To dispute or question the bill</p> Signup and view all the answers

    What is the formula to calculate the average cost of a service over a period of time, given the total cost and the number of months?

    <p>Average cost = Total cost / Number of months</p> Signup and view all the answers

    What is the purpose of verifying information on financial documents?

    <p>To ensure accuracy and detect any errors</p> Signup and view all the answers

    What is the formula to calculate the volume of a rectangular prism, given the length (l), width (w), and height (h)?

    <p>V = l × w × h</p> Signup and view all the answers

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

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

    What is the correct formula to calculate the net salary, given the gross salary and deductions?

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

    What is the purpose of understanding key financial terms in the context of cell phone bills?

    <p>To understand the financial implications of the bill</p> Signup and view all the answers

    What is the formula to calculate the interest (I) in a compound interest calculation, given the principal amount (P), annual interest rate (r), and time in years (t)?

    <p>I = P × (1 + r)^t - P</p> Signup and view all the answers

    What is the purpose of calculating the net salary?

    <p>To determine the employee's take-home pay</p> Signup and view all the answers

    Which type of cost remains constant, regardless of usage?

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

    What is the significance of points of intersection on a graph when comparing tariff systems?

    <p>They indicate the point at which the cost graphs of different options cross</p> Signup and view all the answers

    What is essential for performing break-even analysis?

    <p>Accurate mathematical calculations</p> Signup and view all the answers

    What is the purpose of comparing tariff systems?

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

    What is the primary purpose of preparing income-and-expenditure statements and budgets for small businesses?

    <p>To identify areas of cost-cutting and make adjustments</p> Signup and view all the answers

    Which of the following is NOT a feature of a budget?

    <p>Shows all actual incomes and expenditures</p> Signup and view all the answers

    What type of analysis is used to compare tariff systems?

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

    What is the term for the expenses incurred in producing goods or services in a small business?

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

    What is the tariff rate?

    <p>The rate at which the total cost changes per unit of usage</p> Signup and view all the answers

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

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

    What is the purpose of analysing income-and-expenditure statements and budgets for larger organizations?

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

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

    <p>The business makes a profit</p> Signup and view all the answers

    What is the break-even point?

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

    What type of cost remains unchanged regardless of the level of production or sales in a small business?

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

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

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

    What is the purpose of identifying expected income in a budget?

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

    What is the result when total expenditure exceeds total income in a business?

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

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

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

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

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

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

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

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

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

    What is the primary source of income for a business?

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

    What is the formula to calculate loss?

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

    What is the purpose of a budget in a business?

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

    What happens when total income equals total costs?

    <p>The business breaks even</p> Signup and view all the answers

    What is the significance of matching costs with income?

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

    What is the purpose of analysing income-and-expenditure statements and budgets?

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

    What is the primary importance of setting the right selling price?

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

    What is the purpose of managing cash flow?

    <p>To ensure timely invoicing and collection</p> Signup and view all the answers

    What is the primary factor that determines the interest paid on a loan?

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

    What is the benefit of starting investments early?

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

    How does a larger deposit affect the total interest paid on a loan?

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

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

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

    How does a lower interest rate affect the total interest paid on a loan?

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

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

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

    What is the primary difference between simple and compound interest?

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

    What is the purpose of calculating the real cost of a loan?

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

    What is the significance of the loan term in managing loans?

    <p>It determines the total interest paid on the loan</p> Signup and view all the answers

    What is the primary benefit of compound interest in investments?

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

    What is the main reason why banks charge transaction fees for specific transactions like withdrawals?

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

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

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

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

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

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

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

    What is the primary benefit of starting an investment early?

    <p>The power of compounding leads to greater accumulation.</p> Signup and view all the answers

    What is the formula used to calculate the inflation rate?

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

    What is the effect of inflation on the value of money saved or invested?

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

    What is the purpose of a fixed deposit account?

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

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

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

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

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

    What is the purpose of a bank statement?

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

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

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

    What is the result of regular contributions to an investment?

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

    What is the relationship between income and expenditure when a business reaches the break-even point?

    <p>Income is equal to expenditure</p> Signup and view all the answers

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

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

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

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

    What is the formula to calculate profit?

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

    What should be done to minimize the cost of a loan?

    <p>Opt for higher monthly payments if affordable.</p> Signup and view all the answers

    What is the effect of compound interest on an investment?

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

    What is the purpose of a credit account?

    <p>To allow purchasing items on credit, to be paid later.</p> Signup and view all the answers

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

    <p>To ensure salary or income growth keeps pace with inflation</p> Signup and view all the answers

    What is a disadvantage of using open-ended questions in research?

    <p>They are time-consuming to answer and analyse</p> Signup and view all the answers

    What is the purpose of using random sampling in data collection?

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

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

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

    What is the purpose of classifying and organising data?

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

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

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

    What is the primary purpose of budgeting in financial planning?

    <p>To plan for increased costs in the future</p> Signup and view all the answers

    What is a characteristic of closed questions in research?

    <p>They provide predefined options for respondents to choose from</p> Signup and view all the answers

    What is the primary purpose of inflation adjustment in savings and investments?

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

    What is a limitation of using questionnaires as a data collection method?

    <p>They lack the ability to probe deeper into responses</p> Signup and view all the answers

    What is the primary purpose of a frequency table?

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

    What is the definition of the median?

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

    What is the purpose of quartiles?

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

    What is the primary purpose of graphs in data analysis?

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

    What is the purpose of classifying data?

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

    What is the definition of the interquartile range?

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

    What is the primary purpose of a scatter plot?

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

    What is the purpose of measures of central tendency?

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

    What is the difference between the highest and lowest values in a dataset?

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

    What is the purpose of tally marks?

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

    What is the definition of the mode?

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

    What is the purpose of calculating the median?

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

    What is the purpose of organising data?

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

    What is the purpose of a box and whisker plot?

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

    What is the purpose of quartiles?

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

    What is the definition of probability?

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

    What is the purpose of a histogram?

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

    What is the interquartile range (IQR)?

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

    What is the purpose of a line graph?

    <p>To show trends and changes over time</p> Signup and view all the answers

    What is the purpose of a pie chart?

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

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

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

    What is the purpose of using tree diagrams in probability?

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

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

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

    What is the probability of a coin landing on its edge when flipped?

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

    What is the advantage of using two-way tables in probability?

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

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

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

    What is the term for the calculated probability of an event, as opposed to the actual result?

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

    What is the purpose of using probability in weather forecasts?

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

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

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

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

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

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