Gr 11 Math Lit: June Medium P(1)
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Questions and Answers

What is the total of all the income sources of an employee?

  • Taxable Income
  • Net Pay
  • Gross Salary (correct)
  • Basic Salary
  • What is the purpose of a quotation?

  • To provide a guideline of all the costs that a customer will have to pay (correct)
  • To display the payment details for a customer
  • To provide proof that a customer has paid for an item/service
  • To provide a summary of costs for a customer to pay
  • What is the first step in determining the gross salary?

  • Determine the total deductions
  • Subtract the total deductions from the gross salary
  • Calculate the net pay
  • Sum all the income values (correct)
  • What is the difference between the gross salary and the total deductions?

    <p>Net Pay</p> Signup and view all the answers

    What is the purpose of creating a budget?

    <p>To outline how the net income will be spent</p> Signup and view all the answers

    What is the formula to calculate the gross salary?

    <p>Gross Salary = Basic Salary + Additional Incomes</p> Signup and view all the answers

    What is the document that provides a summary of all the costs that a customer must now pay because they have chosen to buy an item/service?

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

    What is the difference between gross income and net income?

    <p>Gross income is the total income earned before deductions, while net income is the total income earned after deductions</p> Signup and view all the answers

    What is the purpose of a receipt?

    <p>To provide proof that a customer has paid for an item/service</p> Signup and view all the answers

    What is an example of an unearned income?

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

    What is the formula to calculate the total deductions?

    <p>Total Deductions = Sum of All Deduction Values</p> Signup and view all the answers

    What is the purpose of income tax?

    <p>To fund government projects and services</p> Signup and view all the answers

    What is the first step in understanding and managing sources of income?

    <p>Identify all sources of income</p> Signup and view all the answers

    What is the portion of an employee's salary on which tax is calculated?

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

    What is the purpose of setting financial goals?

    <p>To achieve financial stability</p> Signup and view all the answers

    What is an example of a government transfer?

    <p>Social security benefit</p> Signup and view all the answers

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities</p> Signup and view all the answers

    What is the purpose of budgeting?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the purpose of regularly reviewing income and expenses in a budget?

    <p>To ensure the budget is being followed and make adjustments as necessary</p> Signup and view all the answers

    What is the main difference between a budget and a statement of income-and-expenditure?

    <p>A budget predicts future income and expenditure, while a statement of income-and-expenditure shows actual income and expenditure</p> Signup and view all the answers

    What is the formula to calculate the total expenditure of a business?

    <p>Total Expenditure = ∑ All Expense Items</p> Signup and view all the answers

    What is the purpose of calculating the percentage change in expenditure over time?

    <p>To understand how the expenditure has changed over time</p> Signup and view all the answers

    What is the main purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is the employee's contribution to UIF calculated?

    <p>Employee's contribution = 1% × gross salary</p> Signup and view all the answers

    What is the employer's contribution to UIF?

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

    What is the net income of a business calculated as?

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

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To understand how the business has performed</p> Signup and view all the answers

    What is the formula to calculate the difference between predicted and actual values?

    <p>Difference = Predicted Value - Actual Value</p> Signup and view all the answers

    What is the employer's contribution to the UIF?

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

    What is the maximum UIF deduction from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What is the primary purpose of exchange rates?

    <p>To determine the value of a currency in relation to another currency</p> Signup and view all the answers

    What is the accurate method of converting currencies?

    <p>Accurate calculation by multiplying the foreign currency amount by the exchange rate</p> Signup and view all the answers

    What determines the strength of a currency in relation to another currency?

    <p>The exchange rate</p> Signup and view all the answers

    What is an example of an incremental tariff system?

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

    What is the total contribution to the UIF from both the employee and employer?

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

    What is the purpose of using exchange rates for businesses?

    <p>To convert currencies accurately for import and export transactions</p> Signup and view all the answers

    What is the buying power of a currency dependent on?

    <p>The comparative cost of living and earning power in that country</p> Signup and view all the answers

    Why do exchange rates fluctuate?

    <p>Daily and sometimes multiple times a day due to market forces</p> Signup and view all the answers

    What is the maximum amount that can be deducted from an employee's salary for UIF?

    <p>R124.78</p> Signup and view all the answers

    What is the purpose of an exchange rate?

    <p>To compare the value of two currencies</p> Signup and view all the answers

    What is the formula to calculate the total UIF contribution?

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

    What is the method of estimating currency conversions?

    <p>Rounding the exchange rate</p> Signup and view all the answers

    What is a strong currency?

    <p>A currency that exchanges for more than one unit of another currency</p> Signup and view all the answers

    What is the purpose of a water tariff system?

    <p>To charge different rates for different portions of water consumption</p> Signup and view all the answers

    What is the graphical representation of a tariff system?

    <p>A step-function graph</p> Signup and view all the answers

    What is the purpose of comparing graphs of different tariff systems?

    <p>To analyse costs under different conditions</p> Signup and view all the answers

    What is the formula to calculate the converted amount of a currency?

    <p>Foreign currency amount x exchange rate</p> Signup and view all the answers

    What is the buying power of a currency?

    <p>The amount of a foreign currency needed to purchase goods or services</p> Signup and view all the answers

    What is the main purpose of break-even analysis in electricity tariffs?

    <p>To find the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What does a flat line section in a graph of electricity tariffs represent?

    <p>A period where the cost does not change</p> Signup and view all the answers

    What is the formula to calculate the percentage increase in electricity cost?

    <p>(New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the first step in comparing two electricity tariff options?

    <p>Gather data for each option</p> Signup and view all the answers

    What is the purpose of a cost-benefit analysis in comparing electricity tariff options?

    <p>To compare the benefits in relation to the costs</p> Signup and view all the answers

    What is included in the calculation of the total cost of a non-prepaid electricity tariff system?

    <p>Service charge, network charge, and units used</p> Signup and view all the answers

    What is the purpose of graph interpretation in break-even analysis?

    <p>To visually compare the costs across different usage levels</p> Signup and view all the answers

    What is the final step in comparing two electricity tariff options?

    <p>Make an informed decision</p> Signup and view all the answers

    What is the purpose of risk assessment in comparing electricity tariff options?

    <p>To evaluate the potential risks associated with each option</p> Signup and view all the answers

    What is the main purpose of using mathematical tools and techniques in comparing electricity tariff options?

    <p>To organize and visualize the data</p> Signup and view all the answers

    What is the main characteristic of a step-function graph in a tariff system?

    <p>The graph has sections where the cost does not change, indicating a fixed rate for usage within a specific range.</p> Signup and view all the answers

    What is the purpose of break-even analysis in comparing tariff systems?

    <p>To determine the point at which the costs of two tariff systems are equal.</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a non-prepaid electricity tariff system?

    <p>Monthly Cost = Service Charge + Network Charge + (Rate per Unit x Units Used)</p> Signup and view all the answers

    What does an increasing gradient in a graph of a tariff system represent?

    <p>A higher rate for higher usage levels.</p> Signup and view all the answers

    What is the purpose of comparing two options in a decision-making process?

    <p>To compare the costs, benefits, and risks of each option.</p> Signup and view all the answers

    Which of the following is a key feature of a payslip?

    <p>Basic Salary</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>Percentage Increase = (New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the purpose of cost analysis in comparing options?

    <p>To calculate the total cost associated with each option.</p> Signup and view all the answers

    What is the purpose of determining the gross salary in a payslip?

    <p>To determine the net pay</p> Signup and view all the answers

    Which of the following steps is NOT part of the process of comparing two options?

    <p>Create a budget</p> Signup and view all the answers

    What is the purpose of documenting the comparison process in decision-making?

    <p>To document the comparison process, including all calculations and rationales for the decision.</p> Signup and view all the answers

    What is the purpose of assessing risks in the comparison of two options?

    <p>To evaluate the potential risks of each option</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in decision-making?

    <p>To organize and visualize the data, and to calculate key metrics.</p> Signup and view all the answers

    Which of the following is a characteristic of a quotation?

    <p>Summarizes the costs of an item/service</p> Signup and view all the answers

    What is the purpose of establishing criteria in the comparison of two options?

    <p>To cover all important aspects of the decision</p> Signup and view all the answers

    What is the main purpose of calculating net income?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    Which of the following is an example of earned income?

    <p>Salary from a part-time job</p> Signup and view all the answers

    What is the difference between a quotation and an invoice?

    <p>A quotation is a guideline of costs, while an invoice is a summary of costs</p> Signup and view all the answers

    What is the purpose of documenting and presenting the comparison of two options?

    <p>To present the findings using visual aids</p> Signup and view all the answers

    What is the primary function of a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    Which of the following is NOT a step in demonstrating values in financial documents?

    <p>Creating a budget</p> Signup and view all the answers

    What is the term for income received from sources other than employment?

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

    What is the purpose of comparing two options?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the primary benefit of having multiple sources of income?

    <p>Reduced risk of financial instability</p> Signup and view all the answers

    What is the last step in understanding and managing sources of income?

    <p>Monitor and adjust the budget</p> Signup and view all the answers

    What is the primary purpose of filing taxes?

    <p>To declare income to the tax authorities</p> Signup and view all the answers

    Which of the following is a long-term financial goal?

    <p>Planning for retirement</p> Signup and view all the answers

    What is the term for payments made by the government to individuals?

    <p>Government transfers</p> Signup and view all the answers

    Why is it important to set financial goals?

    <p>To create a plan to achieve financial stability</p> Signup and view all the answers

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

    <p>To describe the current finances of a business, organization, or event</p> Signup and view all the answers

    How is the total expenditure calculated?

    <p>By summing up all the expense items</p> Signup and view all the answers

    What is the formula to calculate the net income?

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

    What is UIF, and what is its purpose?

    <p>UIF is an insurance, and its purpose is to provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is the employee's contribution to UIF calculated?

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

    What is the total contribution to UIF from both the employee and employer?

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

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To identify areas of improvement</p> Signup and view all the answers

    What is the formula to calculate the percentage change in expenditure?

    <p>(Actual Value - Previous Value) / Previous Value</p> Signup and view all the answers

    What is the salary ceiling for calculating UIF?

    <p>R12,478.00 per month</p> Signup and view all the answers

    Why are informed predictions important in budgeting?

    <p>Because they are based on actual data from a previous period</p> Signup and view all the answers

    What is the term for the amount of money an employee receives after deductions have been made from their gross salary?

    <p>Net Pay</p> Signup and view all the answers

    What is the purpose of a quotation?

    <p>To provide a guideline of all the costs that a customer will have to pay</p> Signup and view all the answers

    What is the formula to calculate the total deductions?

    <p>Total Deductions = Sum of All Deduction Values</p> Signup and view all the answers

    What is the term for the price of each individual item?

    <p>Unit Price</p> Signup and view all the answers

    What is the document that provides proof that a customer has paid for an item/service?

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

    What is the term for the number of items being bought?

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

    What is the formula to calculate the net pay?

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

    What is the term for the items for which a payment is required from the employee?

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

    What is the primary purpose of a budget?

    <p>To plan the future finances of an event, business, or organization</p> Signup and view all the answers

    What is the formula to calculate the total expenditure of a business?

    <p>Sum of all expense items</p> Signup and view all the answers

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

    <p>To describe the current finances of an event, business, or organization</p> Signup and view all the answers

    What is the formula to calculate the net income of a business?

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

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To see how the business actually performed versus how it was planned or predicted to perform</p> Signup and view all the answers

    What is the formula to calculate the percentage change in expenditure over time?

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

    What is the purpose of UIF in South Africa?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is the employee's contribution to UIF calculated?

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

    What is the employer's contribution to UIF?

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

    What is the main difference between a budget and a statement of income-and-expenditure?

    <p>A budget shows predicted income and expenditure, while a statement of income-and-expenditure shows actual income and expenditure</p> Signup and view all the answers

    What is the main purpose of identifying all sources of income?

    <p>To determine the gross income</p> Signup and view all the answers

    What is the result of subtracting the total deductions from the gross salary?

    <p>Net pay</p> Signup and view all the answers

    What is the main purpose of creating a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is an example of an earned income?

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

    What is the purpose of income tax?

    <p>To fund government activities and public services</p> Signup and view all the answers

    What is the result of subtracting the total deductions from the gross income?

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

    What is the purpose of setting financial goals?

    <p>To achieve financial stability and security</p> Signup and view all the answers

    What is the main purpose of budgeting?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the purpose of identifying deductions?

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

    What is the main purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What is the primary purpose of a tariff system?

    <p>To charge different rates for different quantities of water consumed</p> Signup and view all the answers

    What does an incremental increase in a graph of a tariff system represent?

    <p>An increase in the tariff rate as consumption increases</p> Signup and view all the answers

    What is the purpose of comparing graphs of different tariff systems?

    <p>To analyze the costs of different tariff systems and determine the break-even point</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a prepaid system?

    <p>Monthly Cost = Rate per Unit × Units Used</p> Signup and view all the answers

    What does a flat line section in a graph of electricity tariffs represent?

    <p>A period where the cost does not change</p> Signup and view all the answers

    What is the purpose of break-even analysis in electricity tariffs?

    <p>To determine the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>Percentage Increase = (New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the purpose of comparing two options in a decision-making process?

    <p>To evaluate the costs and benefits of each option and make an informed decision</p> Signup and view all the answers

    What is the purpose of cost analysis in a decision-making process?

    <p>To calculate the total cost associated with each option</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in a decision-making process?

    <p>To organize and visualize the data to make an informed decision</p> Signup and view all the answers

    What is the total contribution to the UIF from both the employee and employer, expressed as a percentage of gross salary?

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

    What is the salary ceiling for calculating UIF?

    <p>R12,478.00</p> Signup and view all the answers

    What is the purpose of exchange rates in international trade?

    <p>To convert currencies for trade and travel</p> Signup and view all the answers

    What is the accurate method of converting currencies?

    <p>Accurate calculation using the exchange rate</p> Signup and view all the answers

    What determines the strength of a currency in relation to another currency?

    <p>The exchange rate</p> Signup and view all the answers

    What is the primary purpose of creating a budget?

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

    What is the difference between gross income and net income?

    <p>Gross income is before taxes, while net income is after taxes</p> Signup and view all the answers

    What is the purpose of a water tariff system?

    <p>To calculate the cost of water usage</p> Signup and view all the answers

    What is an example of an unearned income?

    <p>Interest on a savings account</p> Signup and view all the answers

    What is the formula to calculate the total UIF contribution?

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

    What is the maximum UIF deduction from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What is the purpose of filing taxes?

    <p>To declare income and calculate tax owed</p> Signup and view all the answers

    What is the purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What is the purpose of using exchange rates for businesses?

    <p>To convert currencies for international trade</p> Signup and view all the answers

    What is the buying power of a currency dependent on?

    <p>The comparative cost of living and earning power</p> Signup and view all the answers

    What is the first step in understanding and managing sources of income?

    <p>Identify all sources of income</p> Signup and view all the answers

    What is the purpose of a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the difference between earned income and unearned income?

    <p>Earned income is from employment, while unearned income is from investments</p> Signup and view all the answers

    What is the purpose of setting financial goals?

    <p>To create a plan to achieve short-term and long-term goals</p> Signup and view all the answers

    What is the purpose of regularly reviewing income and expenses in a budget?

    <p>To ensure the budget is being followed and make adjustments as necessary</p> Signup and view all the answers

    What is the purpose of UIF?

    <p>To provide insurance in case of illness or unemployment</p> Signup and view all the answers

    What is the formula to calculate the employee's contribution to UIF?

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

    What is the exchange rate used for?

    <p>To convert one currency into another</p> Signup and view all the answers

    What is an example of an incremental tariff system?

    <p>Water tariff system</p> Signup and view all the answers

    What determines the strength of a currency?

    <p>The exchange rate</p> Signup and view all the answers

    What is the formula to calculate the total UIF contribution?

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

    What is the purpose of comparing graphs of different tariff systems?

    <p>To analyse the cost under different conditions</p> Signup and view all the answers

    What is the accurate method of converting currencies?

    <p>Accurate calculation</p> Signup and view all the answers

    What is the buying power of a currency dependent on?

    <p>The cost of living and earning power in the country</p> Signup and view all the answers

    What is the maximum UIF deduction from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What is the primary purpose of establishing criteria in comparing two options?

    <p>To determine the criteria that will be used to compare the options</p> Signup and view all the answers

    What is the main difference between a payslip and an invoice?

    <p>A payslip is for employees, while an invoice is for customers</p> Signup and view all the answers

    What is the purpose of calculating the net pay of an employee?

    <p>To determine the actual amount of money an employee will receive</p> Signup and view all the answers

    What is the purpose of using visual aids such as charts and graphs in presenting financial data?

    <p>To provide a clear and logical presentation of the data</p> Signup and view all the answers

    What is the primary purpose of assessing risks in comparing two options?

    <p>To evaluate the potential risks of each option</p> Signup and view all the answers

    What is the purpose of documenting the comparison process in comparing two options?

    <p>To record the comparison process, including all calculations and rationales</p> Signup and view all the answers

    What is the formula to calculate the total deductions of an employee?

    <p>Sum of All Deduction Values</p> Signup and view all the answers

    What is the primary purpose of comparing two options?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the purpose of identifying the basic salary and any additional incomes in determining the gross salary?

    <p>To sum these values to determine the gross salary</p> Signup and view all the answers

    What is the purpose of using mathematical tools such as tables and graphs in comparing two options?

    <p>To organize the data and make it easier to analyze</p> Signup and view all the answers

    What is the key purpose of break-even analysis in electricity tariffs?

    <p>To determine the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is represented by the increasing gradients in the graph of electricity tariffs?

    <p>A higher rate for higher usage levels</p> Signup and view all the answers

    What is the formula to calculate the monthly cost of a prepaid electricity tariff system?

    <p>Monthly Cost = Rate per Unit x Units Used</p> Signup and view all the answers

    What is the purpose of identifying the options in a comparison of two electricity tariff systems?

    <p>To clearly define the two options and gather relevant data</p> Signup and view all the answers

    What is the formula to calculate the percentage increase in the cost of an electricity tariff system?

    <p>Percentage Increase = (New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the purpose of comparing the costs of two electricity tariff systems?

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

    What is the purpose of using graphs to compare the costs of two electricity tariff systems?

    <p>To visually compare the costs across different usage levels</p> Signup and view all the answers

    What is the key aspect of cost analysis in comparing two electricity tariff systems?

    <p>Considering both direct and indirect costs</p> Signup and view all the answers

    What is the purpose of calculating the break-even point in comparing two electricity tariff systems?

    <p>To determine the point at which the costs of two systems are equal</p> Signup and view all the answers

    What is the benefit of using mathematical tools and techniques in comparing two electricity tariff systems?

    <p>It helps to organize and visualize the data to make a more informed decision</p> Signup and view all the answers

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

    <p>To provide a summary of actual income and expenditure items for an event, business, or organization</p> Signup and view all the answers

    What is the formula to calculate the total expenditure of a business?

    <p>Total Expenditure = ∑ All Expense Items</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To see how the business actually performed versus how it was planned or predicted to perform</p> Signup and view all the answers

    What is the formula to calculate the difference between predicted and actual values?

    <p>Difference = Predicted Value - Actual Value</p> Signup and view all the answers

    What is the purpose of calculating the percentage change in expenditure over time?

    <p>To understand how the expenditure has changed over time</p> Signup and view all the answers

    What is the formula to calculate the percentage change in expenditure over time?

    <p>Percentage Change = (Actual Value - Previous Value) / Previous Value × 100%</p> Signup and view all the answers

    What is the main purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is the employee's contribution to UIF calculated?

    <p>Employee's contribution = 1% × Gross Salary</p> Signup and view all the answers

    What is the total contribution to the UIF from both the employee and employer?

    <p>Total contribution = 2% × Gross Salary</p> Signup and view all the answers

    What is the salary ceiling for UIF?

    <p>R12,478.00 per month</p> Signup and view all the answers

    What is the maximum amount of UIF that can be deducted from an employee's salary per month?

    <p>R124.78</p> Signup and view all the answers

    What is the formula to calculate the total UIF contribution?

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

    What is the purpose of exchange rates in business?

    <p>To convert currencies accurately for import and export transactions</p> Signup and view all the answers

    What determines the strength of a currency in relation to another currency?

    <p>The exchange rate</p> Signup and view all the answers

    What is an example of an incremental tariff system?

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

    How is the employee's contribution to UIF calculated?

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

    What is the method of estimating currency conversions?

    <p>Estimation using a rounded exchange rate</p> Signup and view all the answers

    What is the formula to calculate the converted amount of a currency?

    <p>Foreign currency amount × exchange rate</p> Signup and view all the answers

    What is the buying power of a currency dependent on?

    <p>Comparative cost of living and earning power</p> Signup and view all the answers

    Why do exchange rates fluctuate?

    <p>Daily and sometimes multiple times a day</p> Signup and view all the answers

    What is the purpose of a payslip?

    <p>To show the employee's salary details, including deductions and net pay</p> Signup and view all the answers

    What is the difference between gross salary and taxable income?

    <p>Gross salary includes all income sources, while taxable income is the portion on which tax is calculated</p> Signup and view all the answers

    What is the main purpose of demonstrating values in financial documents?

    <p>To explain how different values in the documents have been determined</p> Signup and view all the answers

    What is the formula to calculate the net pay?

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

    What is the purpose of a quotation?

    <p>To provide a guideline of all the costs that a customer will have to pay</p> Signup and view all the answers

    What is the unit price?

    <p>The price of each individual item</p> Signup and view all the answers

    What is the first step in determining the gross salary?

    <p>Identify the basic salary and any additional incomes</p> Signup and view all the answers

    What is the purpose of understanding terminology in financial documents?

    <p>To learn and understand the different terms used in financial documents</p> Signup and view all the answers

    What is the purpose of calculating gross income?

    <p>To identify all sources of income</p> Signup and view all the answers

    What is the difference between earned income and unearned income?

    <p>Earned income is from employment, while unearned income is from sources other than employment</p> Signup and view all the answers

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities</p> Signup and view all the answers

    What is the purpose of budgeting?

    <p>To create a plan for how to allocate income</p> Signup and view all the answers

    What is the purpose of setting financial goals?

    <p>To achieve short-term and long-term financial goals</p> Signup and view all the answers

    What is the purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What is the purpose of a payslip?

    <p>To determine the net pay</p> Signup and view all the answers

    What is the purpose of savings?

    <p>To set aside a portion of income for future use or emergencies</p> Signup and view all the answers

    What is the purpose of investments?

    <p>To use income to purchase assets that can generate additional income or appreciate in value over time</p> Signup and view all the answers

    What is the purpose of understanding income tax?

    <p>To recognize the role of income tax in personal finance</p> Signup and view all the answers

    What is the primary purpose of a budget?

    <p>To plan the future finances of an event, business, or organization</p> Signup and view all the answers

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

    <p>To describe the current finances of an event, business, or organization</p> Signup and view all the answers

    What is the formula to calculate the total expenditure of a business?

    <p>Total Expenditure = Σ All Expense Items</p> Signup and view all the answers

    What is the purpose of calculating the percentage change in expenditure over time?

    <p>To understand how the expenditure has changed over time</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To see how the business actually performed versus how it was planned or predicted to perform</p> Signup and view all the answers

    How is the employee's contribution to UIF calculated?

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

    What is the employer's contribution to UIF?

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

    What is the net income of a business calculated as?

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

    What is the purpose of monitoring and adjusting a budget?

    <p>To ensure the budget is being followed and to make adjustments as necessary</p> Signup and view all the answers

    What is the main difference between a budget and a statement of income-and-expenditure?

    <p>A budget shows predicted values, while a statement of income-and-expenditure shows actual values</p> Signup and view all the answers

    What is the purpose of establishing criteria in comparing two options?

    <p>To cover all important aspects of the decision</p> Signup and view all the answers

    What is the next step after gathering data for each option?

    <p>Establish criteria</p> Signup and view all the answers

    What is the purpose of a payslip?

    <p>To outline the employee's salary and deductions</p> Signup and view all the answers

    What is the purpose of a step-function graph in tariff systems?

    <p>To represent the same tariff rate charged for water consumption within a certain bracket</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a non-prepaid electricity tariff system?

    <p>Service Charge + Network Charge + (Rate per Unit × Units Used)</p> Signup and view all the answers

    What is the calculation to determine the total deductions?

    <p>Sum of All Deduction Values</p> Signup and view all the answers

    What does an increasing gradient in a graph of a tariff system represent?

    <p>A higher rate for higher usage levels</p> Signup and view all the answers

    What is the purpose of comparing two options?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is the formula to calculate the net pay?

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

    What is the purpose of break-even analysis in comparing electricity tariffs?

    <p>To determine the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is the purpose of using mathematical tools in comparing two options?

    <p>To organize the data and calculate key metrics</p> Signup and view all the answers

    What is the formula to calculate the percentage increase in a value?

    <p>((New Value - Old Value) / Old Value) × 100</p> Signup and view all the answers

    What is the purpose of documenting and presenting the comparison of two options?

    <p>To present the findings in a clear and logical manner</p> Signup and view all the answers

    What is the purpose of comparing tariff systems?

    <p>To determine the most cost-effective tariff system for a given usage level</p> Signup and view all the answers

    What is the benefit of using graphical representations in tariff systems?

    <p>To compare the costs of different tariff systems</p> Signup and view all the answers

    What is the purpose of an invoice?

    <p>To provide a summary of all the costs that a customer must pay</p> Signup and view all the answers

    What is the purpose of identifying the options to be compared in a cost analysis?

    <p>To establish a clear definition of the options and gather relevant data</p> Signup and view all the answers

    What is the purpose of a quotation?

    <p>To provide a guideline of all the costs that a customer will have to pay</p> Signup and view all the answers

    What is the benefit of using mathematical tools and techniques in cost analysis?

    <p>To organize and visualize the data to make informed decisions</p> Signup and view all the answers

    What is the purpose of evaluating the potential risks associated with each option in a cost analysis?

    <p>To assess the likelihood and impact of potential risks</p> Signup and view all the answers

    What is the maximum UIF deduction that can be made from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What is the purpose of exchange rates?

    <p>To facilitate international trade and travel</p> Signup and view all the answers

    What is the formula to calculate the total UIF contribution?

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

    What is the method of estimating currency conversions?

    <p>Rounding the exchange rate to estimate the amount</p> Signup and view all the answers

    What determines the strength of a currency in relation to another currency?

    <p>The exchange rate</p> Signup and view all the answers

    What is an example of an incremental tariff system?

    <p>Water tariff system</p> Signup and view all the answers

    What is the purpose of comparing graphs of different tariff systems?

    <p>To analyse the costs under different conditions</p> Signup and view all the answers

    What is the formula to calculate the converted amount of a currency?

    <p>Amount × Exchange rate</p> Signup and view all the answers

    What is the buying power of a currency dependent on?

    <p>The cost of living and earning power in the country</p> Signup and view all the answers

    What is the graphical representation of a tariff system?

    <p>Step-function graph</p> Signup and view all the answers

    What is the primary purpose of a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the difference between earned income and unearned income?

    <p>Earned income is from employment, while unearned income is from investments</p> Signup and view all the answers

    What is the purpose of calculating net income?

    <p>To determine the income remaining after all deductions</p> Signup and view all the answers

    What is the purpose of income tax?

    <p>To redistribute income from individuals to the government</p> Signup and view all the answers

    What is the purpose of setting financial goals?

    <p>To create a plan for achieving specific financial objectives</p> Signup and view all the answers

    What is the purpose of identifying all sources of income?

    <p>To list all the ways in which income is received</p> Signup and view all the answers

    What is the purpose of creating a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities</p> Signup and view all the answers

    What is the purpose of budgeting and managing finances?

    <p>To create a plan for how to allocate income</p> Signup and view all the answers

    What is the purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What is the main purpose of including both predicted and actual values in a budget?

    <p>To compare the predicted and actual financial performance of a business</p> Signup and view all the answers

    What does a statement of income-and-expenditure show?

    <p>A summary of actual income and expenditure values</p> Signup and view all the answers

    What is the formula to calculate the net income of a business?

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

    Why are statements of income-and-expenditure important tools for describing the current finances of a business?

    <p>Because they allow for a comparison of performance over time</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To identify areas of improvement in the business</p> Signup and view all the answers

    What is the formula to calculate the percentage change in expenditure over time?

    <p>(Actual Value - Previous Value) / Previous Value</p> Signup and view all the answers

    What is the main purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is the employee's contribution to UIF calculated?

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

    What is the total contribution to the UIF from both the employee and employer?

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

    What is the salary ceiling for calculating UIF?

    <p>R12,478.00 per month</p> Signup and view all the answers

    What is the purpose of break-even analysis in electricity tariffs?

    <p>To determine the break-even point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What does a flat line section in a graph of electricity tariffs represent?

    <p>A period where the cost does not change, indicating a fixed rate for usage within a specific range</p> Signup and view all the answers

    What is the formula to calculate the monthly cost of a prepaid electricity tariff system?

    <p>Monthly Cost = Rate per Unit x Units Used</p> Signup and view all the answers

    What is the purpose of comparing two tariff systems?

    <p>To compare the costs and benefits of each tariff system and make an informed decision</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>Percentage Increase = (New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the purpose of using graphs to compare two tariff systems?

    <p>To visually compare the costs of each tariff system across different usage levels</p> Signup and view all the answers

    What is the step in comparing two options that involves calculating the total cost associated with each option?

    <p>Analyzing the costs of each option</p> Signup and view all the answers

    What is the purpose of identifying the options in comparing two options?

    <p>To clearly define the two options to be compared</p> Signup and view all the answers

    What does increasing gradients in a graph of electricity tariffs represent?

    <p>Higher rates for higher usage levels</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in comparing two options?

    <p>To organize and visualize the data and make calculations</p> Signup and view all the answers

    What is the purpose of a payslip?

    <p>To display the employee's salary deductions and net pay</p> Signup and view all the answers

    What is the formula to calculate the net pay?

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

    What is the term for the money deducted from an employee's salary to pay for items such as Medical Aid and Pension?

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

    What is the document that provides a guideline of all the costs that a customer will have to pay if they choose to buy an item/service?

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

    What is the total of all the income sources of an employee, excluding any additional income or deductions, called?

    <p>Basic Salary</p> Signup and view all the answers

    What is the purpose of an invoice?

    <p>To summarize the costs that a customer must now pay because they have chosen to buy an item/service</p> Signup and view all the answers

    What is the formula to calculate the gross salary?

    <p>Gross Salary = Basic Salary + Additional Incomes</p> Signup and view all the answers

    What is the term for the portion of an employee's salary on which tax is calculated?

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

    What is the main purpose of a budget?

    <p>To plan the future finances of an event, business, or organization</p> Signup and view all the answers

    What is the formula to calculate the net income of a business?

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

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

    <p>To describe the current finances of an event, business, or organization</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To see how the business actually performed versus how it was planned or predicted to perform</p> Signup and view all the answers

    What is the formula to calculate the percentage change in expenditure over time?

    <p>(Actual Value - Previous Value) / Previous Value</p> Signup and view all the answers

    What is the purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    How is the employee's contribution to UIF calculated?

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

    What is the employer's contribution to UIF?

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

    What is the total expenditure of a business?

    <p>The sum of all the expense items</p> Signup and view all the answers

    What is the main difference between a budget and a statement of income-and-expenditure?

    <p>A budget plans for the future, while a statement of income-and-expenditure describes the current finances</p> Signup and view all the answers

    What is the purpose of using the salary ceiling of R12,478.00 per month for calculating UIF?

    <p>To prevent UIF deductions from exceeding a certain amount</p> Signup and view all the answers

    What is the formula to calculate the total UIF contribution from both the employee and employer?

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

    What is the primary purpose of exchange rates for individuals?

    <p>To facilitate international travel and trade</p> Signup and view all the answers

    What is the accurate method of converting currencies?

    <p>Accurate calculation using the exact exchange rate</p> Signup and view all the answers

    What determines the strength of a currency in relation to another currency?

    <p>The exchange rate between the two currencies</p> Signup and view all the answers

    What is the purpose of the UIF salary ceiling?

    <p>To prevent UIF deductions from exceeding a certain percentage of the salary</p> Signup and view all the answers

    What is the formula to calculate the employee's UIF contribution?

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

    What is the purpose of estimating currency conversions?

    <p>To get an approximate amount of the converted currency</p> Signup and view all the answers

    What is the buying power of a currency dependent on?

    <p>The comparative cost of living in the two countries</p> Signup and view all the answers

    What is the purpose of a water tariff system?

    <p>To provide an example of an incremental tariff system</p> Signup and view all the answers

    What is the purpose of calculating the net income?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    Which of the following is an example of a government transfer?

    <p>Social security benefits</p> Signup and view all the answers

    What is the purpose of a payslip?

    <p>To provide a summary of the salary and deductions</p> Signup and view all the answers

    What is the difference between gross income and net income?

    <p>Gross income is the total income, while net income is the income after deductions</p> Signup and view all the answers

    What is the purpose of income tax?

    <p>To fund government programs and services</p> Signup and view all the answers

    What is the purpose of budgeting?

    <p>To create a plan for allocating income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the main purpose of a graphical representation of a tariff system?

    <p>To compare the costs of different tariff systems</p> Signup and view all the answers

    What is the first step in understanding and managing sources of income?

    <p>Identify all sources of income</p> Signup and view all the answers

    What is the formula to calculate the percentage increase in a tariff system?

    <p>(New Value - Old Value) / Old Value</p> Signup and view all the answers

    What is the purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What is the purpose of break-even analysis in electricity tariffs?

    <p>To determine the point at which the costs of two tariff systems are equal</p> Signup and view all the answers

    What is the purpose of setting financial goals?

    <p>To achieve financial stability and security</p> Signup and view all the answers

    What is represented by an increasing gradient in a graph of electricity tariffs?

    <p>A higher rate for higher usage levels</p> Signup and view all the answers

    What is the purpose of comparing the costs of different tariff systems?

    <p>To identify the most cost-effective tariff system</p> Signup and view all the answers

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities and calculate the amount of tax owed or refund due</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a non-prepaid system?

    <p>Service Charge + Network Charge + (Rate per Unit x Units Used)</p> Signup and view all the answers

    What is the purpose of identifying the options in a cost-benefit analysis?

    <p>To gather detailed information about each option</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in a cost-benefit analysis?

    <p>To organize and visualize the data</p> Signup and view all the answers

    What is the purpose of documenting the comparison process in a cost-benefit analysis?

    <p>To present the findings to stakeholders</p> Signup and view all the answers

    What is the purpose of a step-function graph in a tariff system?

    <p>To show the same tariff rate for a specific range of usage</p> Signup and view all the answers

    What is the primary purpose of comparing two options in decision making?

    <p>To evaluate the benefits and costs of each option</p> Signup and view all the answers

    What is the purpose of a payslip?

    <p>To show the employee's salary and deductions</p> Signup and view all the answers

    What is the formula to calculate the net pay?

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

    What is the purpose of establishing criteria in decision making?

    <p>To cover all important aspects of the decision</p> Signup and view all the answers

    What is the purpose of a quotation?

    <p>To provide a guideline of all the costs that a customer will have to pay</p> Signup and view all the answers

    What is the purpose of analyzing benefits in decision making?

    <p>To evaluate the monetary benefits of each option</p> Signup and view all the answers

    What is the purpose of using tables and graphs in decision making?

    <p>To organize and present data in a clear and logical manner</p> Signup and view all the answers

    What is the purpose of assessing risks in decision making?

    <p>To identify the potential risks associated with each option</p> Signup and view all the answers

    What is the purpose of documenting and presenting the comparison process?

    <p>To record the comparison process and present the findings in a clear and logical manner</p> Signup and view all the answers

    What is the purpose of calculating the cost-benefit ratio in decision making?

    <p>To determine the most advantageous option</p> Signup and view all the answers

    What is the primary purpose of creating a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    Which of the following is an example of an unearned income?

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

    What is the purpose of filing taxes?

    <p>To declare income to the tax authorities and calculate the amount of tax owed or the refund due</p> Signup and view all the answers

    What is the primary purpose of break-even analysis in electricity tariffs?

    <p>To compare the costs of different tariff systems at various usage levels</p> Signup and view all the answers

    What is the difference between gross income and net income?

    <p>Gross income is the total income earned, while net income is the income remaining after all deductions</p> Signup and view all the answers

    What is the purpose of income diversification?

    <p>To ensure financial stability by having multiple sources of income</p> Signup and view all the answers

    What does the increasing gradient in a graph of electricity tariffs represent?

    <p>A higher rate for higher usage levels</p> Signup and view all the answers

    What is the formula to calculate the percentage increase?

    <p>((New Value - Old Value) / Old Value) × 100</p> Signup and view all the answers

    What is the first step in understanding and managing sources of income?

    <p>Identify all sources of income</p> Signup and view all the answers

    What is the purpose of cost analysis in comparing two options?

    <p>To calculate the total cost associated with each option</p> Signup and view all the answers

    What is the maximum UIF deduction that can be made from an employee's salary?

    <p>R124.78</p> Signup and view all the answers

    What is the purpose of setting financial goals?

    <p>To set short-term and long-term financial goals and create strategies to achieve them</p> Signup and view all the answers

    What is the purpose of an exchange rate?

    <p>To show the value of one currency in relation to another</p> Signup and view all the answers

    What is the purpose of establishing criteria for comparing two options?

    <p>To ensure the criteria are relevant and comprehensive for the decision-making process</p> Signup and view all the answers

    What is the purpose of a quotation?

    <p>To provide a summary of all the costs that a customer must pay</p> Signup and view all the answers

    What is the purpose of using mathematical tools and techniques in comparing two options?

    <p>To organize and visualize the data to make an informed decision</p> Signup and view all the answers

    What is the formula to calculate the total UIF contribution?

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

    What is the purpose of a budget?

    <p>To allocate income to cover expenses, savings, and investments</p> Signup and view all the answers

    What is the formula to calculate the monthly cost in a non-prepaid (billing or flat rate) system?

    <p>Service Charge + Network Charge + (Rate per Unit × Units Used)</p> Signup and view all the answers

    What is the method of estimating currency conversions?

    <p>Rounding the exchange rate</p> Signup and view all the answers

    What is the purpose of regularly reviewing income and expenses in a budget?

    <p>To ensure that the budget is being followed and make adjustments as necessary</p> Signup and view all the answers

    What determines the strength of a currency in relation to another currency?

    <p>The exchange rate</p> Signup and view all the answers

    What is the purpose of documenting the comparison process in comparing two options?

    <p>To provide a clear and logical record of the analysis and decision-making process</p> Signup and view all the answers

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

    <p>To compare the current financial performance of an organization</p> Signup and view all the answers

    What is the primary purpose of comparing the costs, benefits, and risks of each option?

    <p>To make an informed decision about which option is more advantageous</p> Signup and view all the answers

    What is an example of an incremental tariff system?

    <p>Water tariff system</p> Signup and view all the answers

    What is calculated by subtracting the total expenditure from the total income?

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

    What is the formula to calculate the percentage change in expenditure over time?

    <p>(Actual Value - Previous Value) / Previous Value</p> Signup and view all the answers

    What is the graphical representation of a tariff system?

    <p>Step-function graph</p> Signup and view all the answers

    What is the purpose of graph interpretation in electricity tariffs?

    <p>To visualize the costs across different usage levels and identify patterns</p> Signup and view all the answers

    What is the purpose of comparing graphs of different tariff systems?

    <p>To analyze costs under different conditions</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values in a budget?

    <p>To identify areas of improvement in the business</p> Signup and view all the answers

    What is the total contribution to the UIF from both the employee and employer?

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

    What is the formula to calculate the converted amount of a currency?

    <p>Foreign currency amount x exchange rate</p> Signup and view all the answers

    What is the buying power of a currency dependent on?

    <p>The exchange rate and the cost of living</p> Signup and view all the answers

    What is the main purpose of UIF?

    <p>To provide financial support to employees who lose their jobs</p> Signup and view all the answers

    What is the salary ceiling for calculating UIF?

    <p>R12,478.00 per month</p> Signup and view all the answers

    What is the formula to calculate the difference between predicted and actual values?

    <p>Predicted Value - Actual Value</p> Signup and view all the answers

    What is the purpose of calculating the total expenditure of a business?

    <p>To calculate the net income of a business</p> Signup and view all the answers

    What is the formula to calculate the total expenditure of a business?

    <p>Sum of all expense items</p> Signup and view all the answers

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