Questions and Answers
What information is NOT included on a till slip?
What is the purpose of checking the total calculation on a till slip?
What is the term for the amount carried over from the previous account statement?
What type of bill is charged for services such as water and electricity?
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What is the standard VAT rate in South Africa?
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What is the purpose of checking the change calculation on a till slip?
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What is exempt from VAT in South Africa?
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What information is included on an account statement?
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What is the primary purpose of calculating the net salary?
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What type of cost remains unchanged regardless of usage?
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Which of the following is a step in comparing tariff systems?
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What is the significance of the break-even point?
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What type of analysis is used to compare tariff systems?
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What is the purpose of drawing graphs in tariff systems comparison?
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What is the primary purpose of PAYE?
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What is the tariff rate?
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What is the total UIF contribution as a percentage of the employee's monthly salary?
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What is the tax threshold for individuals older than 75?
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Which of the following is an example of a tariff system?
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What is the result of points of intersection on a graph?
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What is the formula to calculate net pay?
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What skill is essential for performing break-even analysis?
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What is the purpose of an IRP5 form?
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What is the purpose of verifying payment history when checking a cell phone bill?
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What is the formula to calculate compound interest?
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What is the tertiary rebate amount?
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What is the purpose of understanding key financial terms in the context of cell phone bills?
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What is the tax bracket formula used for?
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What is the primary rebate amount?
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What is the formula to calculate the area of a circle?
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What is the purpose of a tax rebate?
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What is the purpose of calculating the total amount due, including VAT, on a cell phone bill?
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What is the formula to calculate taxable income?
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What is the formula to calculate simple interest?
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What is the purpose of understanding taxation in the context of financial documents?
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What is the formula to calculate VAT amount?
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What is the purpose of checking for exemptions from VAT on a cell phone bill?
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What is the purpose of verifying information on financial documents?
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What is the primary purpose of a budget in a business?
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What type of cost is rent, in the context of a small business?
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What is the term for the point at which income equals total costs?
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What is the purpose of an income-and-expenditure statement?
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What type of expenditure is categorized as fixed costs?
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What is the calculation for profit?
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What happens when total expenditure exceeds total income?
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What is the main source of income for a small business?
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What is the purpose of analysing income-and-expenditure statements and budgets for small businesses?
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What is the purpose of a budget for a small business?
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What is the primary purpose of financial planning in a business?
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What is the significance of the break-even point in a business?
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What is the purpose of an income-and-expenditure statement?
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What is the importance of matching costs with income in a business?
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What is the purpose of setting the right selling price?
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What is the importance of managing cash flow in a business?
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What is a key concept in financial planning?
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What is the purpose of a budget in a business?
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What is the difference between a start-up cost and a monthly operating cost?
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What is the formula for calculating loss?
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What is the primary difference between a loan and an investment?
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What is the effect of a higher deposit on a loan?
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Which of the following is an example of a type of investment?
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What is the term for the total amount paid over the life of a loan?
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How does an increase in the interest rate affect a loan?
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What is the term for the amount paid for borrowing money, calculated on the remaining balance owed?
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What is the benefit of starting to invest early?
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What is the effect of a higher monthly repayment amount on a loan?
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What is the term for the percentage earned on an invested amount?
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How does a shorter loan period affect the total interest paid?
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What is the primary benefit of a shorter loan term?
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What type of investment grows in value over time due to interest or capital gains?
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What happens when the interest rate on an investment increases?
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What is the primary purpose of a grouped frequency table?
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What is the purpose of a retirement annuity?
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What is the effect of making regular contributions to an investment?
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Which of the following measures of central tendency is most affected by outliers?
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What is the main reason for banks charging fees for their services?
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What is the purpose of quartiles in data analysis?
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Which of the following is an example of a service fee?
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What is the primary benefit of starting to invest early?
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What is the probability of rolling an odd number on a fair six-sided dice?
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A weather forecast predicts a 30% chance of rain. What is the probability of it not raining?
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What is the primary purpose of graphs in data analysis?
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What is the effect of compound interest on a loan?
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What type of bank account is used for short-term savings and earns interest?
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Which of the following graphs is used to show the relationship between two variables?
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In a drug test, what is the term for a test indicating a positive result when it is actually negative?
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What is the purpose of a fixed deposit account?
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What is the term for the financial gain when income exceeds expenditure?
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What is the purpose of tally marks in data collection?
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What is the primary purpose of calculating the median?
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What is the formula to calculate the inflation rate?
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What is the primary purpose of frequency tables?
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What is the term for the number of times an event occurs in a probability experiment?
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What is the definition of the interquartile range (IQR)?
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What is the main difference between a debit account and a credit account?
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What is the purpose of a bank statement?
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A coin is flipped twice. What is the probability of getting two heads?
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Which of the following is a measure of spread?
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What is the effect of inflation on the value of money?
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What is the purpose of using percentiles in data analysis?
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Which of the following is a characteristic of a histogram?
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What is the term for the rate at which the general level of prices for goods and services rises?
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What is the purpose of using tree diagrams in probability?
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What is the purpose of classifying data?
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What is the primary purpose of summarizing data?
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What is the probability of rolling a 6 on a fair six-sided dice?
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What is the purpose of using box and whisker plots in data analysis?
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Which of the following is an example of demand-pull inflation?
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What is the purpose of analyzing inflation in different contexts?
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A company predicts a 25% chance of a veld fire occurring. What is the probability of it not occurring?
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What is the primary purpose of the interquartile range (IQR)?
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What is the range of probability values?
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Which of the following measures of central tendency is most affected by outliers?
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What is the term for the calculated probability, not the actual result?
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What is the result of cost-push inflation?
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What is the purpose of using two-way tables in probability?
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What is the purpose of using quartiles in data analysis?
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Which of the following graphs is used to show parts of a whole?
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What is the primary purpose of adjusting for inflation in personal financial planning?
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What is a disadvantage of using open-ended questions in research?
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What is the purpose of using random sampling in research?
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What is the advantage of using observation in research?
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What is the purpose of classifying data in research?
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What is the purpose of using tally marks in data analysis?
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What is the primary purpose of financial planning in the context of inflation?
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What is the disadvantage of using closed questions in research?
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What is the purpose of research aims in data collection?
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What is the purpose of using interviews in research?
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What is the main purpose of calculating the net salary?
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In a tariff system, what type of cost remains constant regardless of usage?
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What is the primary purpose of performing break-even analysis?
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What is the term for the point at which the total costs of two different options are equal?
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What is the primary purpose of comparing tariff systems?
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What is the significance of points of intersection on a graph?
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What type of cost is calculated by multiplying the tariff rate by the number of units used?
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What is the primary purpose of using graphs in tariff system comparison?
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What is the term for the structured pricing plans that specify how charges are applied based on usage?
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What is the purpose of understanding key financial terms in the context of tariff systems?
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What is the primary purpose of checking the item costs on a till slip?
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What is the term for the remaining credit limit after accounting for the current balance?
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What type of bill would a person receive for their municipal services such as water and electricity?
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What is the significance of verifying the total amount paid and the resulting balance on an account statement?
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What is the purpose of understanding VAT rates when making purchases?
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What is the primary purpose of checking the item details on a till slip?
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What is the significance of understanding interest rates on late payments when using store accounts?
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What is the primary purpose of checking the invoice information on a till slip?
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What is the correct formula to calculate the total amount due on a cell phone bill, including VAT?
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What is the purpose of understanding key financial terms in the context of cell phone bills?
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What is the correct formula to calculate the net salary?
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What is the purpose of verifying payment history when checking a cell phone bill?
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What is the correct formula to calculate the compound interest?
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What is the purpose of checking for exemptions from VAT on a cell phone bill?
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What is the correct formula to calculate the VAT amount?
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What is the purpose of using deduction tables in income tax calculation?
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What is the primary purpose of understanding taxation in the context of financial documents?
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What is the term for the minimum salary before tax is charged?
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What is the purpose of PAYE (Pay As You Earn) system?
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What is the purpose of verifying information on financial documents?
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What is the correct formula to calculate the area of a circle?
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What is the percentage of the employee's monthly salary contributed towards UIF?
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What is the purpose of an IRP5 form?
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What is the formula to calculate the taxable income?
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What is the purpose of tax rebates?
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What is the term for the range of taxable incomes charged at a specific tax rate?
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What is the purpose of using tax tables in income tax calculation?
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What is the formula to calculate the net pay?
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What is the primary benefit of making a larger deposit when taking out a loan?
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What is the effect of a higher interest rate on an investment?
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What is the term for the amount paid for borrowing money, calculated on the remaining balance owed?
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What type of interest calculation is used when interest is calculated on the original principal only?
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What is the purpose of managing loans and investments?
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What is the term for the period over which a loan must be repaid?
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What is the primary purpose of an income-and-expenditure statement in a small business?
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What is the term for costs that vary with the level of production or sales?
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What is the effect of a shorter loan period on the total interest paid?
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What is the result when total income equals total costs?
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What is the primary benefit of starting to invest early?
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What is the term for the total amount paid over the life of a loan?
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What is the purpose of analysing income-and-expenditure statements and budgets for small businesses?
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What is the effect of higher monthly repayments on the total interest paid?
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What is the primary purpose of a budget in a small business?
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What type of cost is rent, in the context of a small business?
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What happens when total expenditure exceeds total income?
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What is the main source of income for a small business?
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What is the calculation for profit?
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What is the purpose of preparing an income-and-expenditure statement and a budget for a small business?
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What is the primary advantage of compound interest in investments?
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What is the main consequence of not matching costs with income in a small business?
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Which type of loan term results in higher total interest paid?
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What is the primary benefit of starting early with investments?
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What is the primary purpose of creating an income-and-expenditure statement for a small business?
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What type of cost is typically covered by a loan that is paid back monthly?
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What type of bank account is used for short-term savings?
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What is the primary purpose of a bank statement?
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What is the primary reason for setting a competitive selling price?
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What is the significance of regularly analyzing income and expenditure statements?
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What is the impact of a higher interest rate on an investment?
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What is the purpose of financial planning in a small business?
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What is the primary consideration when choosing a loan term?
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What is the purpose of a repayment strategy for loans?
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What type of cost is rent, in the context of a small business?
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What is the primary benefit of regular contributions to an investment?
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What happens when total income equals total costs in a business?
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What is the primary purpose of managing cash flow in a small business?
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What is the primary purpose of monitoring interest rates for investments?
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What is the significance of determining the correct selling price in a small business?
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What is the main consequence of inflation on savings and investments?
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What type of interest is calculated on the original principal only?
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What is the formula to calculate the inflation rate?
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What occurs when the demand for goods and services exceeds supply, leading to higher prices?
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What is the result when total expenditure exceeds total income?
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What is the purpose of using graphs to represent inflation trends?
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What type of fee is charged for specific transactions like withdrawals, deposits, and payments?
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What is the total cost of a loan, including the principal and accumulated interest?
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What is the benefit of using a bank's own ATMs to avoid additional charges from other banks?
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What is the financial gain when income exceeds expenditure?
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What is the primary purpose of adjusting for inflation in financial planning?
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Which type of research question allows respondents to answer in their own words?
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What is a limitation of using closed questions in research?
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What is the primary purpose of using random sampling in research?
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What is the advantage of using observation as a data collection method?
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What is the purpose of classifying and organising data?
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What is the purpose of using tally marks in data handling?
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What is the primary purpose of inflation in financial planning?
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What is a limitation of using interviews as a data collection method?
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What is the primary purpose of questionnaires in research?
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What is the primary purpose of a grouped frequency table?
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What is the calculation for the interquartile range (IQR)?
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What is the primary purpose of measures of central tendency?
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What is the use of tally marks in data analysis?
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What is the purpose of quartiles in data analysis?
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What is the primary purpose of representing data graphically?
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What is the definition of the mode in a data set?
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What is the purpose of classifying data?
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What is the purpose of summarizing data?
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What is the primary purpose of percentiles in data analysis?
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What is the probability of rolling a 3 on a standard six-sided dice?
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A weather forecast predicts a 40% chance of rain. What is the probability of not raining?
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What is the term for the number of times an event occurs?
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What type of probability is calculated based on the number of favourable outcomes divided by the total number of possible outcomes?
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What is the purpose of a tree diagram in probability?
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What is a false positive in a medical test?
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What is the purpose of verifying the accuracy of sources and data used in probability predictions?
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What is the probability of rolling an even number on a standard six-sided dice?
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What is the purpose of using advanced measurement tools and analysis methods in probability?
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What is the probability of rolling a 1 or a 6 on a standard six-sided dice?
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What is the primary purpose of scatter plots?
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What is the calculation for the interquartile range?
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What type of graph is used to show the distribution of continuous data?
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What is the purpose of the median in a data set?
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What is the definition of probability?
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What is the purpose of a box and whisker plot?
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What is the calculation for the mean?
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What is the primary purpose of a pie chart?
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What is the purpose of the range in a data set?
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What is the purpose of quartiles in a data set?
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What is the primary purpose of verifying the total amount payable on a till slip?
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On an account statement, what does the credit available refer to?
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What type of analysis is used to determine the impact of not paying an account statement on time?
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What information is typically included on a municipal bill?
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When checking an account statement, what should you verify regarding payments and balances?
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What is the primary purpose of checking item costs on a till slip?
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What type of bill is typically used for services such as water, electricity, and refuse removal?
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What is the primary purpose of checking the VAT calculation on a till slip?
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What is the primary purpose of calculating the net salary?
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What is the term for the point at which the total costs of two different options are equal?
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What is the purpose of representing the options in graph form when comparing tariff systems?
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If a person's gross income is R30 000 and their taxable deductions are R5 000, what is their taxable income?
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What is the formula to calculate the total amount due on a cell phone bill, including VAT?
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What is the type of cost that depends on the level of usage?
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What is the purpose of identifying points of intersection on a graph when comparing tariff systems?
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What is the primary purpose of understanding taxation in the context of financial documents?
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If a cell phone bill shows a minimum payment of R500, what happens if you only pay R400?
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What is the type of cost that remains unchanged regardless of usage?
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What is the purpose of performing break-even analysis?
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What is the formula to calculate the VAT amount on a cell phone bill?
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What is the purpose of checking for exemptions from VAT on a cell phone bill?
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What is the type of analysis used to compare tariff systems?
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What is the purpose of drawing graphs in tariff systems comparison?
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What is the primary purpose of verifying information on financial documents?
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What is the formula to calculate the area of a circle, given the radius?
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What is the significance of the break-even point in the context of tariff systems?
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What is the primary purpose of understanding key financial terms in the context of cell phone bills?
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What is the purpose of checking the payment history when reviewing a cell phone bill?
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What is the main purpose of a tax bracket?
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What is the effect of a tax rebate on an individual's tax liability?
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What is the purpose of an IRP5 form?
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What is the correct order of steps for tax calculations?
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What is the purpose of the tax threshold?
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What is the consequence of not having UIF?
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What is the main purpose of PAYE?
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What is the correct formula for calculating net pay?
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What is the result of subtracting deductions from gross salary?
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What is the purpose of a deduction table?
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What is the primary purpose of an income-and-expenditure statement for a small business?
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What type of expenditure is categorized as occasional costs?
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What is the term for the financial gain when income exceeds expenditure?
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What is the primary purpose of a budget for a small business?
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What type of cost remains unchanged regardless of usage?
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What is the significance of the break-even point in a business?
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What is the primary purpose of financial planning in a business?
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What is the main source of income for a small business?
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What is the purpose of analyzing income-and-expenditure statements and budgets for small businesses?
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What happens when total expenditure exceeds total income?
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What is the primary difference between a loan and an investment?
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Which of the following factors has the greatest impact on the real cost of a loan?
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What is the effect of a higher interest rate on an investment?
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What is the purpose of considering the loan term when taking out a loan?
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What is the benefit of compound interest in an investment?
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What is the primary advantage of starting to invest early?
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Which of the following is an example of a type of loan?
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What is the significance of the real cost of a loan?
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What is the purpose of considering the deposit size when taking out a loan?
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What is the primary purpose of financial planning in the context of loans and investments?
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What is the effect of a higher interest rate on an investment?
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What is the primary purpose of a savings account?
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What is the effect of a longer loan term?
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What is the term for the initial amount invested?
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What is the purpose of a bank statement?
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What is the effect of regular contributions on an investment?
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What is the purpose of choosing wisely when it comes to loan terms?
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What is the effect of a lower interest rate on a loan?
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What is the key benefit of starting early with investments?
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What is the primary purpose of financial planning in the context of loans and investments?
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What is the primary purpose of financial planning in a business?
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What type of cost is typically covered by a loan that is paid back monthly?
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What is the significance of the selling price in ensuring profitability?
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What is the purpose of an income-and-expenditure statement?
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What is the result when total costs exceed total income?
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What is the purpose of budgeting in a business?
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What is the primary source of income for a small business?
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What is the purpose of regular analysis of income-and-expenditure statements?
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What is the term for the point at which total income equals total costs?
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What is the purpose of managing cash flow in a business?
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What is the primary reason banks charge fees for their services?
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What is the effect of compound interest on the total amount owed on a loan?
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What is the primary advantage of using open-ended questions in research?
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What is the relationship between income and expenditure in a scenario where profit is made?
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What is the main purpose of adjusting for inflation in financial planning?
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What is the result of inflation on the purchasing power of money?
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What is the primary disadvantage of using closed questions in research?
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A weather forecast predicts a 70% chance of rain. What is the probability that it will not rain?
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What is the primary purpose of verifying the total amount paid and the resulting balance on an account statement?
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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?
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Which type of cost remains constant, regardless of usage?
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Which of the following is NOT a feature of a budget?
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