Gr 11 Math Lit: November Mix P(1)
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Questions and Answers

What is the basic salary?

  • The difference between the gross salary and the total deductions.
  • The portion of an employee's salary on which tax is calculated.
  • The employee's salary excluding any additional income or deductions. (correct)
  • The total of all the income sources of the employee.

    • What is the purpose of a quotation?

  • To provide proof that a customer has paid for an item/service.
  • To provide a guideline of all the costs that a customer will have to pay if they choose to buy an item/service. (correct)
  • To calculate the total deductions.
  • To provide a summary of all the costs that a customer must pay.

    • What is the formula for calculating the gross salary?

  • Gross Salary = Basic Salary + Additional Incomes (correct)
  • Gross Salary = Basic Salary - Total Deductions
  • Gross Salary = Taxable Income - Basic Salary
  • Gross Salary = Total Deductions - Basic Salary

    • What is the total deductions formula?

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

    What is the net pay?

    <p>The difference between the gross salary and the total 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 the taxable income?

    <p>The portion of an employee's salary on which tax is calculated.</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 primary purpose of a budget?

    <p>To plan and predict future income and expenditure</p> Signup and view all the answers

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

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

    What is the formula for calculating total expenditure?

    <p>Total Expenditure = Sum of All Expense Items</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

    What is the formula for calculating net income?

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

    What is the purpose of setting financial goals?

    <p>To save and invest a portion of the income</p> Signup and view all the answers

    Why are budgets and statements of income-and-expenditure important tools?

    <p>They are used to plan and predict future finances</p> Signup and view all the answers

    What is the formula for calculating the percentage change in expenditure?

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

    Why is it important to monitor and adjust a budget?

    <p>To accommodate changes in income or expenses</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values?

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

    What is the formula to calculate Net Pay?

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

    What is the process of declaring income to the tax authorities and calculating the amount of tax owed or the refund due?

    <p>Filing Taxes</p> Signup and view all the answers

    What type of income is received from working, such as salaries, wages, commissions, and bonuses?

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

    What is the total income earned before any deductions or taxes?

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

    What is the process of creating a plan for how to allocate income to cover expenses, savings, and investments?

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

    What is the importance of having multiple sources of income?

    <p>To reduce risk</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 income remaining after all deductions, such as taxes, pension contributions, and other mandatory deductions?

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

    What is the purpose of setting aside a portion of income for future use or emergencies?

    <p>Saving</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 percentage of the employee's contribution to UIF?

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

    What is the employer's contribution to UIF as a percentage of the gross salary?

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

    What is the total contribution to UIF as a percentage of the gross salary?

    <p>2%</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 an exchange rate used for?

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

    How often do exchange rates fluctuate?

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

    What is the formula for accurate currency conversions?

    <p>Converted amount = Foreign currency amount × Exchange rate</p> Signup and view all the answers

    When is an exchange rate considered strong?

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

    What is the purpose of the estimation method for currency conversions?

    <p>To provide a general idea of the exchanged amount for travellers</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 meant by a weak currency?

    <p>One unit of that currency exchanges for less than one unit of another currency.</p> Signup and view all the answers

    What is the main purpose of a water tariff system?

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

    What is the graphical representation of a tariff system called?

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

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

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

    What is the formula for calculating the monthly cost in a prepaid electricity tariff 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 represent in a tariff system?

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

    What is the formula for calculating the percentage increase?

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

    What is the first step in comparing two options?

    <p>Identify the options and gather relevant information.</p> Signup and view all the answers

    What is a key concept in comparing two options?

    <p>Criteria for comparison.</p> Signup and view all the answers

    Why is it important to consider both direct and indirect costs in a cost analysis?

    <p>To get a complete picture of the costs associated with each option.</p> Signup and view all the answers

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

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

    What is the next step after establishing the criteria for comparing two options?

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

    What is the 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 included in a statement of income-and-expenditure?

    <p>Actual income and expenditure items</p> Signup and view all the answers

    What is the key feature of a budget that helps in understanding its performance?

    <p>Comparison of predicted vs. actual values</p> Signup and view all the answers

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

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

    What is the next step after calculating the total cost of each option?

    <p>Analyse benefits</p> Signup and view all the answers

    What is the purpose of documenting the comparison process?

    <p>To record the comparison process and present findings</p> Signup and view all the answers

    What is included in the components of a budget?

    <p>Predicted and actual values</p> Signup and view all the answers

    What is the purpose of assessing the potential risks of each option?

    <p>To evaluate the potential risks and their impact</p> Signup and view all the answers

    What is the main difference between simple and compound interest?

    <p>Compound interest is calculated on the principal plus any accumulated interest.</p> Signup and view all the answers

    What is the formula for calculating the total amount in a compound interest scenario?

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

    What type of account is used for regular transactions, such as withdrawals, payments, and deposits?

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

    What is the term for purchasing an item now and paying for it later through installments?

    <p>Buying on Credit</p> Signup and view all the answers

    What is the graph representation of compound interest?

    <p>A curve showing exponential growth.</p> Signup and view all the answers

    What is the term for the initial payment made when purchasing on credit or taking a loan?

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

    What is the formula for calculating the fee in a bank fee structure with a maximum fee limit?

    <p>Fee = Fixed cost + (Percentage of transaction value), if calculated fee exceeds the maximum fee, then the maximum fee is charged.</p> Signup and view all the answers

    What is the main difference between a fixed deposit account and a transactional account?

    <p>The balance can change regularly.</p> Signup and view all the answers

    What is the term for the cost of borrowing money, added to the principal amount?

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

    What is the graph representation of simple interest?

    <p>A straight line showing a constant increase.</p> Signup and view all the answers

    What is the formula for calculating the cost price per item?

    <p>Total Cost of Batch / Number of Items in Batch</p> Signup and view all the answers

    What is the break-even point in a business?

    <p>The point where the business covers all expenses</p> Signup and view all the answers

    What is the formula for calculating the total cost of a batch?

    <p>Sum of the cost of each ingredient or material</p> Signup and view all the answers

    What is the method of determining the break-even value by drawing graphs?

    <p>Drawing Graphs</p> Signup and view all the answers

    What is the horizontal axis value in the graphical representation of the break-even point?

    <p>Quantity (e.g. number of items sold)</p> Signup and view all the answers

    What is the formula for calculating the income?

    <p>Selling Price per Unit * Number of Units Sold</p> Signup and view all the answers

    What is the break-even quantity?

    <p>The number of units that must be sold to cover all costs</p> Signup and view all the answers

    What is the formula for calculating the break-even point?

    <p>Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)</p> Signup and view all the answers

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

    <p>It helps to determine the point where the business covers all expenses and starts making a profit</p> Signup and view all the answers

    What is the graphical representation of the break-even point?

    <p>The intersection of two graphs: one for costs and one for income</p> Signup and view all the answers

    What is the purpose of comparing predicted and actual values in budgeting and financial statements?

    <p>To determine the accuracy of predictions and assess performance</p> Signup and view all the answers

    What is the formula for calculating the difference between predicted and actual values?

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

    What is the purpose of analyzing income-and-expenditure statements?

    <p>To understand the financial performance over a specific period</p> Signup and view all the answers

    What is the formula for calculating the cost of a specific quantity needed?

    <p>(Quantity Needed / Packet Size) × Packet Price</p> Signup and view all the answers

    What is the importance of understanding the cost price of an item?

    <p>To determine how much the item must be sold for to cover the costs involved</p> Signup and view all the answers

    What is the purpose of comparing the values of income and expenditure over time?

    <p>To show how income and expenditure have changed over time, indicating improvements or declines in performance</p> Signup and view all the answers

    What is the formula for calculating the change in value over time?

    <p>Value in Later Period - Value in Earlier Period</p> Signup and view all the answers

    Why is it necessary to adjust the cost price of an item?

    <p>To account for other costs not considered, such as electricity, water, or rental costs</p> Signup and view all the answers

    What is the importance of setting a competitive selling price?

    <p>To ensure the selling price is reasonable and competitive while covering costs and providing a profit margin</p> Signup and view all the answers

    What is the purpose of calculating the net income?

    <p>To show the profitability of a business or organization</p> Signup and view all the answers

    What is the purpose of posing questions in the statistical process?

    <p>To guide the data collection process</p> Signup and view all the answers

    What is the term for the entire group about which data is being collected?

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

    What is a potential problem with a small sample size?

    <p>It may lead to skewed or biased data</p> Signup and view all the answers

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

    <p>$rac{\sum ext{values}}{ ext{number of values}}$</p> Signup and view all the answers

    What is the middle value in a sorted data set called?

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

    What is the purpose of a questionnaire?

    <p>To gather information about a group or their opinions</p> Signup and view all the answers

    What is the term for a document used to record the frequency of events?

    <p>Recording sheet</p> Signup and view all the answers

    What is the purpose of ensuring a sample is representative of the population?

    <p>To avoid bias and ensure accurate results</p> Signup and view all the answers

    What is the first step in the data collection process?

    <p>Posing relevant questions</p> Signup and view all the answers

    What is the term for the process of collecting data from a sample or population?

    <p>Data collection</p> Signup and view all the answers

    What is the median of a dataset when it has an odd number of values?

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

    What is the main advantage of using the median over the mean?

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

    What is the purpose of placing two line graphs on the same set of axes?

    <p>To compare changes in different data sets over time</p> Signup and view all the answers

    What is the range of a dataset?

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

    What is the term for describing the relationship or pattern between two variables?

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

    What is the purpose of a scatter plot graph?

    <p>To compare the type of relationship between two variables</p> Signup and view all the answers

    When is the mode a useful measure of central tendency?

    <p>When the dataset is categorical and the most common value is important</p> Signup and view all the answers

    What is the effect of outliers on the range of a dataset?

    <p>It increases the range</p> Signup and view all the answers

    What is the term for points in the data that deviate significantly from the other points?

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

    What is the purpose of sorting data?

    <p>To organize data into a manageable and understandable format</p> Signup and view all the answers

    What type of graph is used to compare the frequency values for different categories over various intervals?

    <p>Double bar graph</p> Signup and view all the answers

    What is the purpose of a frequency table?

    <p>To summarize how often different values appear in a data set</p> Signup and view all the answers

    What is the purpose of a bar-of-pie chart?

    <p>To show the total frequency of two combined categories</p> Signup and view all the answers

    What type of graph is effective for showing how changes occur in a data set over time?

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

    What is the first step in creating a frequency table?

    <p>Identify the class intervals needed to group the data</p> Signup and view all the answers

    Why is the median a better choice than the mean when the dataset contains outliers?

    <p>Because the median is less affected by outliers</p> Signup and view all the answers

    What is the formula for calculating the percentage of data points in a specific class interval?

    <p>Percentage = (Frequency of the interval / Total number of data points) x 100</p> Signup and view all the answers

    What is the purpose of calculating the percentage values in a frequency table?

    <p>To standardize comparisons, especially when the total number of data points in different categories varies</p> Signup and view all the answers

    What is the first step in summarizing data?

    <p>Sort the data set</p> Signup and view all the answers

    What is the benefit of sorting data according to two criteria, such as sorting height data separately for males and females?

    <p>It helps in comparing the height distribution within each gender group</p> Signup and view all the answers

    What is the difference between Gross Salary and Basic Salary?

    <p>Gross Salary includes additional income, while Basic Salary does not.</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 if they choose to buy an item/service.</p> Signup and view all the answers

    What is the difference between a receipt and an invoice?

    <p>A receipt provides proof of payment, while an invoice is a summary of all the costs.</p> Signup and view all the answers

    What is the Net Pay?

    <p>The difference between the gross salary and the total deductions.</p> Signup and view all the answers

    What is the purpose of learning and understanding the different terms used in financial documents?

    <p>To understand the different financial documents such as payslip, quotation, invoice, and receipt.</p> Signup and view all the answers

    What is the quantity in a quotation?

    <p>The number of items being bought.</p> Signup and view all the answers

    What is the total deductions formula?

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

    What is the difference between Gross Salary and Taxable Income?

    <p>Gross Salary is the total of all income sources, while Taxable Income is the portion of the salary on which tax is calculated.</p> Signup and view all the answers

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

    <p>To determine the net pay</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 creating a budget?

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

    What is the term for setting aside a portion of income for future use or emergencies?

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

    What is the purpose of subtracting deductions from gross income?

    <p>To determine the net income</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

    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 term for the income remaining after all deductions?

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

    What is the purpose of calculating the net income?

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

    What is the purpose of understanding different sources of income?

    <p>To manage finances effectively</p> Signup and view all the answers

    What is the main purpose of setting financial goals?

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

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

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

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

    <p>To adjust the budget as necessary to accommodate changes in income or expenses</p> Signup and view all the answers

    What is the formula for calculating Net Income?

    <p>Net Income = Total Income - Total Expenditure</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

    What is the purpose of comparing predicted and actual values of income and expenditure?

    <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 for calculating the percentage change in expenditure?

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

    Why is it important to have multiple sources of income?

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

    What is the purpose of a budget?

    <p>To predict the income and expenditure items for an event, business, or organization</p> Signup and view all the answers

    What is the purpose of monitoring and adjusting a budget?

    <p>To accommodate changes in income or expenses</p> Signup and view all the answers

    What is the formula for calculating the employee's contribution to UIF?

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

    What is the total contribution to UIF as a percentage of the gross salary?

    <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 an exchange rate used for?

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

    What is the formula for accurate currency conversions?

    <p>Converted amount = Foreign currency amount × Exchange rate</p> Signup and view all the answers

    When is an exchange rate considered strong?

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

    What is the purpose of the estimation method for currency conversions?

    <p>To provide a general idea of the exchanged amount for travellers</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 meant by a weak currency?

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

    What is the purpose of calculating the total contribution to UIF?

    <p>To determine the total amount of UIF contributions from both the employee and employer</p> Signup and view all the answers

    What is the purpose of a water tariff system?

    <p>To encourage water conservation by charging increasing rates for higher usage levels</p> Signup and view all the answers

    What does a steeper gradient in a graph of a tariff system indicate?

    <p>An increase in the cost of water usage</p> Signup and view all the answers

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

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

    What is the formula for calculating the monthly cost in a prepaid electricity tariff 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 a tariff system represent?

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

    What is the purpose of comparing two options?

    <p>To evaluate the advantages and disadvantages of each option</p> Signup and view all the answers

    What is the first step in comparing two options?

    <p>Establishing the criteria for comparison</p> Signup and view all the answers

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

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

    What is the formula for calculating the percentage increase?

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

    What is the purpose of considering both direct and indirect costs in a cost analysis?

    <p>To ensure that all relevant costs are considered</p> Signup and view all the answers

    What does the break-even point indicate in a business?

    <p>The amount of money the business must make to avoid a loss and start making a profit</p> Signup and view all the answers

    What is the formula for calculating the total cost of a batch?

    <p>Total Cost of Batch = Sum of Cost of Each Ingredient or Material</p> Signup and view all the answers

    What is the graphical representation of the break-even point?

    <p>The intersection of two graphs: one for total costs and one for total income</p> Signup and view all the answers

    What is the formula for calculating the break-even quantity?

    <p>Break-even Quantity = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)</p> Signup and view all the answers

    What is the purpose of break-even analysis?

    <p>To determine the amount of money a business must make to avoid a loss and start making a profit</p> Signup and view all the answers

    What is the cost price per item?

    <p>The total cost of a batch divided by the number of items in the batch</p> Signup and view all the answers

    What is the method of determining the break-even value by drawing graphs?

    <p>Method 1: Drawing Graphs</p> Signup and view all the answers

    What is the equation for calculating the income?

    <p>Income = Selling Price per Unit x Number of Units Sold</p> Signup and view all the answers

    What is the break-even quantity in a business?

    <p>The number of units that must be sold to cover all costs</p> Signup and view all the answers

    What is the formula for calculating the total cost?

    <p>Total Cost = Fixed Costs + (Variable Cost per Unit x Number of Units Sold)</p> Signup and view all the answers

    What is the purpose of posing questions in the statistical process?

    <p>To guide the data collection process and justify the type of data needed</p> Signup and view all the answers

    What is the primary consideration when selecting a data collection instrument?

    <p>The nature of the data and the target population</p> Signup and view all the answers

    What is the purpose of ensuring the sample is representative of the population?

    <p>To avoid bias in the data collection process</p> Signup and view all the answers

    What is the formula for calculating the mean?

    <p>Mean = ∑values / number of values</p> Signup and view all the answers

    What is the purpose of defining the population and sample in the data collection process?

    <p>To identify the population and select a representative sample</p> Signup and view all the answers

    What is the purpose of a questionnaire in data collection?

    <p>To gather information about a group or their opinions on a particular topic</p> Signup and view all the answers

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

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

    What is the purpose of a recording sheet in data collection?

    <p>To record the frequency of events, the duration of events, or specific features of events</p> Signup and view all the answers

    What is the formula for calculating the net income?

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

    What is the purpose of collecting data from a sample?

    <p>To collect data from a smaller subset of the population</p> Signup and view all the answers

    What is the importance of understanding the cost price of an item or service?

    <p>To determine how much the item must be sold for or how much must be charged for the service to cover the costs involved</p> Signup and view all the answers

    What is the primary purpose of data collection?

    <p>To guide the data collection process and justify the type of data needed</p> Signup and view all the answers

    What is the purpose of data summarization?

    <p>To determine the mean, median, and mode of a data set</p> Signup and view all the answers

    What is the formula for calculating the cost of a specific quantity of an item or material?

    <p>(Quantity Needed / Packet Size) x Packet Price</p> Signup and view all the answers

    What is the purpose of analyzing income-and-expenditure statements?

    <p>To understand the financial performance over a specific period</p> Signup and view all the answers

    What is the formula for calculating the change in a value over time?

    <p>Value in Later Period - Value in Earlier Period</p> Signup and view all the answers

    What is the purpose of considering additional costs when determining the selling price of an item or service?

    <p>To include other costs not covered in the initial cost price</p> Signup and view all the answers

    What is the formula for calculating the cost price per item?

    <p>Total Cost of Batch / Number of Items in Batch</p> Signup and view all the answers

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

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

    What is the importance of setting a competitive selling price?

    <p>To avoid making the item too expensive for buyers</p> Signup and view all the answers

    What is the next step after establishing the criteria for comparing two options?

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

    What is the purpose of analyzing the income-and-expenditure statements of two different periods?

    <p>To compare the financial performance over time and identify changes</p> Signup and view all the answers

    What is the key difference between simple and compound interest?

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

    What is the purpose of analyzing the costs of each option?

    <p>To calculate the total cost of each option, considering both direct and indirect costs</p> Signup and view all the answers

    What is the formula for calculating the total amount in a compound interest scenario?

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

    What is the purpose of comparing the total 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 the graph representation of compound interest?

    <p>A curve showing exponential growth.</p> Signup and view all the answers

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

    <p>To compare the predicted and actual values to assess performance</p> Signup and view all the answers

    What type of account is used for regular transactions, such as withdrawals, payments, and deposits?

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

    What is the key feature of a budget?

    <p>It includes both predicted and actual values</p> Signup and view all the answers

    What is the cost of borrowing money, added to the principal amount?

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

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

    <p>To describe what has actually been spent and earned, providing an overview of the current finances</p> Signup and view all the answers

    What is the sum of the deposit, all payments, and any interest or fees?

    <p>Total Cost</p> Signup and view all the answers

    What is the primary purpose of comparing the options based on the criteria?

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

    What type of account has a fixed balance during the month, and interest is calculated on the balance at the beginning of the month?

    <p>Fixed Deposit Account</p> Signup and view all the answers

    What is the purpose of assessing the potential risks of each option?

    <p>To evaluate the potential risks of each option, considering both their likelihood and impact</p> Signup and view all the answers

    What is the formula for calculating the fee in a bank fee structure, where there is a fixed cost plus a percentage of the transaction value?

    <p>Fee = Fixed cost + (Percentage of transaction value)</p> Signup and view all the answers

    What is the purpose of buying on credit?

    <p>To purchase an item immediately and pay for it later</p> Signup and view all the answers

    What is the purpose of calculating the key metrics such as the cost-benefit ratio?

    <p>To use formulas to calculate key metrics that help in decision making</p> Signup and view all the answers

    What is the difference between a loan and a hire purchase?

    <p>A loan is for borrowing money, while a hire purchase is for buying an item on credit</p> Signup and view all the answers

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

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

    When is the median a better measure of central tendency than the mean?

    <p>When the data set has extreme outliers</p> Signup and view all the answers

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

    <p>To identify the most frequent value</p> Signup and view all the answers

    What is the range of a data set?

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

    Why is the range affected by outliers?

    <p>Because it only takes into account the two extreme values</p> Signup and view all the answers

    What is the purpose of comparing the mean, median, and mode of a data set?

    <p>To assess the presence of outliers</p> Signup and view all the answers

    What type of graph is used to show the comparison between two different categories of data?

    <p>Double bar graph</p> Signup and view all the answers

    What is the purpose of a bar-of-pie chart?

    <p>To show the components of the main categories</p> Signup and view all the answers

    What is the primary purpose of using two-line graphs on the same set of axes?

    <p>To identify trends in a data set over time</p> Signup and view all the answers

    Why is it important to consider the presence of outliers when choosing a measure of central tendency?

    <p>Because they can skew the mean, making it unrepresentative of the data</p> Signup and view all the answers

    What is the purpose of placing two line graphs on the same set of axes?

    <p>To compare changes in different data sets over time and how they change relative to each other</p> Signup and view all the answers

    What is a scatter plot graph used for?

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

    What is the term for the relationship or pattern between two variables?

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

    What is the purpose of sorting data?

    <p>To make sense of data by organizing it in a manageable and understandable format</p> Signup and view all the answers

    What is the purpose of a frequency table?

    <p>To summarize how often different values appear in a data set</p> Signup and view all the answers

    What is the formula to calculate the percentage of data points in a specific class interval?

    <p>Percentage = (Frequency of the interval / Total number of data points) x 100</p> Signup and view all the answers

    What is the purpose of creating a frequency table with separate columns for different categories?

    <p>To compare the frequency of different values in each category</p> Signup and view all the answers

    What is the term for points in the data that deviate significantly from the other points?

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

    What is the purpose of sorting data according to two criteria?

    <p>To analyze the data by organizing it into a structured format that is easy to interpret</p> Signup and view all the answers

    What is the primary purpose of creating a frequency table?

    <p>To summarize how often different values appear in a data set</p> Signup and view all the answers

    What is the main purpose of a quotation?

    <p>To provide a guideline of costs for a customer</p> Signup and view all the answers

    What is deducted from an employee's salary to pay for medical aid?

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

    What does the unit price represent in a quotation?

    <p>The price of each individual item</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 formula for calculating the gross salary?

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

    What is the purpose of a receipt?

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

    What is the relationship between the basic salary and the gross salary?

    <p>The basic salary is part of the gross salary</p> Signup and view all the answers

    What is the purpose of understanding terminology in financial documents?

    <p>To understand and interpret financial documents</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 unearned income?

    <p>Income received from sources other than employment, such as interest and dividends</p> Signup and view all the answers

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

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

    What is the role of income tax in personal finance?

    <p>To recognize the government's share of income</p> Signup and view all the answers

    What is the purpose of identifying all sources of income?

    <p>To understand the total amount of income received</p> Signup and view all the answers

    What is the difference between gross income and net income?

    <p>Gross income is before deductions, while net income is after 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 is the purpose of a payslip?

    <p>To provide a record of income and deductions</p> Signup and view all the answers

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

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

    What is the importance of budgeting in personal finance?

    <p>To manage finances effectively and achieve financial goals</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 primary purpose of using mathematical tools and techniques in decision making?

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

    What is the next step after establishing the criteria for comparing two options?

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

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

    <p>To describe what has actually been spent and earned</p> Signup and view all the answers

    What is the key feature of a budget?

    <p>Comparison of predicted vs. actual values</p> Signup and view all the answers

    Why is it important to consider both direct and indirect costs in a cost analysis?

    <p>To ensure that all costs are included in the analysis</p> Signup and view all the answers

    What is the first step in comparing two options?

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

    What is the purpose of using formulas to calculate key metrics?

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

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

    <p>To evaluate performance against predicted values</p> Signup and view all the answers

    What is the purpose of presenting the findings in a clear and logical manner?

    <p>To communicate the results to stakeholders</p> Signup and view all the answers

    What is the purpose of break-even analysis?

    <p>To identify the point at which a business starts making a profit</p> Signup and view all the answers

    What is the formula for calculating the break-even quantity?

    <p>Break-even Quantity = Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)</p> Signup and view all the answers

    What is the definition of break-even?

    <p>The point at which a business's total revenue equals its total cost</p> Signup and view all the answers

    What is the graph representation of break-even analysis?

    <p>The intersection of two graphs: one for total costs and one for total income</p> Signup and view all the answers

    What is the cost equation in break-even analysis?

    <p>Total Cost = Fixed Costs + (Variable Cost per Unit x Number of Units Sold)</p> Signup and view all the answers

    What is the income equation in break-even analysis?

    <p>Income = Selling Price per Unit x Number of Units Sold</p> Signup and view all the answers

    What is the purpose of drawing graphs in break-even analysis?

    <p>To identify the break-even point</p> Signup and view all the answers

    What is the method of trial and improvement used for in break-even analysis?

    <p>To find the exact break-even point by substituting different values into the equations</p> Signup and view all the answers

    What is the importance of break-even analysis in business?

    <p>To avoid making a loss and start making a profit</p> Signup and view all the answers

    What is the difference between the break-even quantity and the break-even income?

    <p>The break-even quantity is the number of units sold, while the break-even income is the total revenue</p> Signup and view all the answers

    What is the main purpose of a water tariff system?

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

    What does the incremental increase in a step-function graph represent?

    <p>The more water used, the higher the tariff and cost</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 for calculating the monthly cost in a prepaid electricity tariff 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 represent in a tariff system?

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

    What is the formula for calculating the percentage increase?

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

    What is the first step in comparing two options?

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

    What is a key concept in comparing two options?

    <p>Understanding the criteria for comparison</p> Signup and view all the answers

    Why is it important to consider both direct and indirect costs in a cost analysis?

    <p>Because both direct and indirect costs are significant and relevant to the decision-making process</p> Signup and view all the answers

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

    <p>To make informed decisions by analyzing and evaluating data</p> Signup and view all the answers

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

    <p>To determine the accuracy of predictions and assess performance</p> Signup and view all the answers

    What is the formula to calculate the cost of a specific quantity needed?

    <p>Cost of Quantity Needed = (Quantity Needed / Packet Size) × Packet Price</p> Signup and view all the answers

    What is the purpose of analyzing income-and-expenditure statements?

    <p>To understand the financial performance over a specific period</p> Signup and view all the answers

    What is the formula to calculate the change in value over time?

    <p>Change = Value in Later Period - Value in Earlier Period</p> Signup and view all the answers

    What is the purpose of considering additional costs when determining the selling price?

    <p>To cover all costs involved and avoid a loss</p> Signup and view all the answers

    What is the importance of understanding the cost price?

    <p>To understand how much the item must be sold for or how much must be charged for the service to cover the costs involved</p> Signup and view all the answers

    What is the formula to calculate the net income?

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

    What is the purpose of adjusting the cost price?

    <p>To account for other costs not considered, such as electricity, water, or rental costs</p> Signup and view all the answers

    What is the importance of setting a competitive selling price?

    <p>To avoid making the item too expensive for buyers</p> Signup and view all the answers

    What is the purpose of comparing income and expenditure items for two different periods?

    <p>To see changes over time and understand the financial performance</p> Signup and view all the answers

    What is the main difference between simple and compound interest?

    <p>Simple interest is calculated on the principal amount, while compound interest is calculated on the principal plus any accumulated interest.</p> Signup and view all the answers

    What is the formula for calculating the total amount in a compound interest calculation?

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

    What is the graph representation of compound interest?

    <p>A curve showing exponential growth.</p> Signup and view all the answers

    What is the difference between a transactional account and a fixed deposit account?

    <p>A transactional account is used for regular transactions, while a fixed deposit account is used for long-term savings.</p> Signup and view all the answers

    What is the purpose of buying on credit?

    <p>To purchase an item now and pay for it later through installments.</p> Signup and view all the answers

    What is the total cost of a loan or hire purchase?

    <p>The deposit plus the interest and the monthly payments.</p> Signup and view all the answers

    What is the formula for calculating the fee in a bank fee structure?

    <p>Fee = Fixed cost + (Percentage of transaction value)</p> Signup and view all the answers

    What is the main purpose of a bank fee structure?

    <p>To charge a combination of a fixed fee and a percentage of the transaction value.</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 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 formula for calculating the amount in a compound interest calculation?

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

    What is the purpose of comparing predicted and actual values of income and expenditure?

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

    What is the difference between a loan and a hire purchase?

    <p>A loan is used to borrow money, while a hire purchase is used to purchase an item.</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 financial goals</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 make adjustments as necessary</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 for calculating the total expenditure?

    <p>Total Expenditure = ∑ All Expense Items</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

    What is the formula for calculating the percentage change in expenditure?

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

    Why is it important to plan for taxes?

    <p>To ensure compliance with tax laws</p> Signup and view all the answers

    What is the purpose of posing questions in the statistical process?

    <p>To guide the data collection process and determine the type of data needed</p> Signup and view all the answers

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

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

    What is the term for a smaller subset of the population chosen to represent the entire population?

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

    What is the purpose of ensuring the sample is representative of the population?

    <p>To avoid bias in the data collection process</p> Signup and view all the answers

    What is the term for the document used to record the frequency of events, the duration of events, or specific features of events?

    <p>Recording Sheet</p> Signup and view all the answers

    What is the first step in developing a data collection instrument?

    <p>Pose relevant questions</p> Signup and view all the answers

    What is the purpose of a questionnaire?

    <p>To gather information about a group or their opinions on a particular topic</p> Signup and view all the answers

    What is the term for the process of collecting data from a sample or population?

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

    What is the purpose of ensuring the sample size is large enough?

    <p>To provide an accurate reflection of the population</p> Signup and view all the answers

    What is the term for the entire group about which data is being collected?

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

    What is the primary advantage of using the median as a measure of central tendency?

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

    What is the purpose of identifying the mode in a data set?

    <p>To identify the most common value in the data.</p> Signup and view all the answers

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

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

    When is the mean a suitable measure of central tendency?

    <p>When the data set has no extreme outliers and is relatively evenly distributed.</p> Signup and view all the answers

    What is the effect of outliers on the range of a data set?

    <p>Outliers increase the range.</p> Signup and view all the answers

    What is the purpose of comparing the mean, median, and mode in a data set?

    <p>To assess the central tendency of the data in the context of the data set.</p> Signup and view all the answers

    What is the advantage of using double bar graphs?

    <p>They are used to compare the frequency values for different categories over various intervals.</p> Signup and view all the answers

    What is the purpose of using pie-of-pie charts?

    <p>To show the components of the main categories in a larger pie chart.</p> Signup and view all the answers

    What is the primary use of line graphs?

    <p>To show how changes occur in a data set over time.</p> Signup and view all the answers

    What is the effect of outliers on the mean of a data set?

    <p>Outliers can skew the mean, making it unrepresentative of the data.</p> Signup and view all the answers

    What is the main purpose of placing two line graphs on the same set of axes?

    <p>To compare changes in different data sets over time and how they change relative to each other.</p> Signup and view all the answers

    What type of graph is useful for comparing the type of relationship between two different variables?

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

    What is the term used to describe the relationship or pattern between two variables?

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

    What is the purpose of sorting data?

    <p>To make sense of data by organizing it in a manageable and understandable format</p> Signup and view all the answers

    What is a frequency table used for?

    <p>To summarize how often different values appear in a data set</p> Signup and view all the answers

    What is the purpose of class intervals in frequency tables?

    <p>To group large sets of data into more manageable categories</p> Signup and view all the answers

    What is the formula for calculating the percentage of data points in a specific class interval?

    <p>Percentage = (Frequency of the interval / Total number of data points) x 100</p> Signup and view all the answers

    What is an outlier in a data set?

    <p>A point that does not fit the general pattern</p> Signup and view all the answers

    What is the purpose of sorting data according to two criteria?

    <p>To compare the height distribution within each gender group</p> Signup and view all the answers

    What is the first step in creating a frequency table?

    <p>Identify the class intervals needed to group the data</p> Signup and view all the answers

    What is the formula for calculating the employee's contribution to UIF?

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

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

    <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 an exchange rate?

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

    What is the formula for accurate currency conversions?

    <p>Converted amount = Foreign currency amount × Exchange rate</p> Signup and view all the answers

    What is considered 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 the estimation method for currency conversions?

    <p>To provide a general idea of the amount of currency exchanged</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 for calculating the employer's contribution to UIF?

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

    What is the significance of the exchange rate in currency conversions?

    <p>It indicates how many units of one currency are equal to a certain number of units of another currency</p> Signup and view all the answers

    What is the primary purpose of a payslip?

    <p>To show the employee's salary and deductions</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 formula for calculating the net pay?

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

    What is the purpose of deductions in a payslip?

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

    What is the relationship between the gross salary and the basic salary?

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

    What is the difference between the taxable income and the gross salary?

    <p>The taxable income is the portion of the gross salary on which tax is calculated</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 the difference between a quotation and a payslip?

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

    What is the primary purpose of calculating the total deductions from the gross salary?

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

    What is the main difference between earned income and unearned income?

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

    What is the primary purpose of creating a budget?

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

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

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

    What is the primary purpose of income tax?

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

    What is the main difference between short-term and long-term financial goals?

    <p>Short-term goals are focused on immediate needs, while long-term goals are focused on future needs</p> Signup and view all the answers

    What is the primary purpose of a payslip?

    <p>To provide a record of income and deductions</p> Signup and view all the answers

    What is the main benefit of diversifying income sources?

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

    What is the primary 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 main benefit of setting financial goals?

    <p>It helps to create a plan for achieving financial objectives</p> Signup and view all the answers

    What is the primary purpose of a budget in terms of financial planning?

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

    Which of the following is a key feature of a statement of income-and-expenditure?

    <p>It provides a comparison of predicted and actual values</p> Signup and view all the answers

    What is the primary purpose of setting financial goals?

    <p>To establish a plan to achieve specific financial objectives</p> Signup and view all the answers

    What is the formula for calculating 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 identify areas for improvement and make informed decisions</p> Signup and view all the answers

    What is the primary purpose of UIF?

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

    What is the formula for calculating the net income of a business?

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

    What is the purpose of monitoring and adjusting a budget?

    <p>To accommodate changes in income or expenses</p> Signup and view all the answers

    What is the formula for calculating the percentage change in expenditure?

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

    What is the purpose of planning for taxes in terms of financial planning?

    <p>To ensure compliance with tax laws and set aside money for taxes</p> Signup and view all the answers

    If an employee's gross salary is R15,000, what is the total UIF contribution?

    <p>R300</p> Signup and view all the answers

    A company wants to import goods from a foreign country. The exchange rate is 1 USD = 15 ZAR. If the company needs to import goods worth 10,000 USD, how much will they need to pay in ZAR?

    <p>150,000 ZAR</p> Signup and view all the answers

    If the exchange rate is 1 EUR = 18 ZAR, which currency is stronger?

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

    What is the maximum UIF deduction from an employee's salary if their gross salary is R20,000?

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

    If an employee's gross salary is R12,500, what is the employer's contribution to UIF?

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

    What is the purpose of the estimation method for currency conversions?

    <p>To get a general idea of the amount of currency exchanged</p> Signup and view all the answers

    If the exchange rate is 1 USD = 12 ZAR, and an individual wants to exchange 500 USD, how much will they receive in ZAR?

    <p>6,000 ZAR</p> Signup and view all the answers

    What is the total UIF contribution if the employee's gross salary is R10,000 and the employer's contribution is 1% of the gross salary?

    <p>R200</p> Signup and view all the answers

    If the exchange rate is 1 EUR = 18 ZAR, and an individual wants to exchange 1,000 EUR, how much will they receive in ZAR?

    <p>18,000 ZAR</p> Signup and view all the answers

    What is the employer's contribution to UIF as a percentage of the gross salary?

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

    What is the primary factor that affects the buying power of a currency?

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

    What is the purpose of drawing graphs to compare tariff systems?

    <p>To determine the break-even point</p> Signup and view all the answers

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

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

    What is the benefit of using a prepaid electricity tariff system?

    <p>It allows for the calculation of the exact monthly cost</p> Signup and view all the answers

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

    <p>To evaluate the performance of the business or event</p> Signup and view all the answers

    What is the purpose of identifying the options in a comparison?

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

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

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

    What is the formula to calculate the change in expenditure between two periods?

    <p>Change = Value in Later Period - Value in Earlier Period</p> Signup and view all the answers

    What is the characteristic of a weak currency?

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

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

    <p>To describe the actual income and expenditure of an event, business, or organization</p> Signup and view all the answers

    What is the importance of considering additional costs not covered in the initial cost price?

    <p>To ensure all costs are covered</p> Signup and view all the answers

    What is the purpose of a percentage increase calculation?

    <p>To quantify the change between two values</p> Signup and view all the answers

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

    <p>The comparison of predicted and actual values</p> Signup and view all the answers

    What is the primary purpose of a tariff system?

    <p>To charge different rates for different portions of a quantity used</p> Signup and view all the answers

    What is the primary purpose of assessing risks in the decision-making process?

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

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

    <p>To understand the financial performance over a specific period</p> Signup and view all the answers

    What is the benefit of using a step-function graph to represent a tariff system?

    <p>It shows a sudden change in the tariff rate at a specific point</p> Signup and view all the answers

    What is the next step after defining the two options to be compared?

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

    What is the formula to calculate the cost of a specific quantity needed?

    <p>Cost of Quantity Needed = (Quantity Needed / Packet Size) × Packet Price</p> Signup and view all the answers

    What is the primary purpose of documenting the comparison process?

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

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

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

    What is the purpose of adjusting the cost price to account for other costs not considered?

    <p>To ensure all costs are covered</p> Signup and view all the answers

    What is the importance of comparing the selling price with market prices?

    <p>To set a competitive price</p> Signup and view all the answers

    What is a key concept in comparing two options?

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

    What is the benefit of considering both direct and indirect costs in a cost analysis?

    <p>It allows for a comprehensive understanding of the total costs associated with each option</p> Signup and view all the answers

    What is the primary purpose of using formulas to calculate key metrics in the decision-making process?

    <p>To calculate the cost-benefit ratio, break-even point, or return on investment (ROI)</p> Signup and view all the answers

    What is the purpose of calculating the net income?

    <p>To show the profitability of a business or project</p> Signup and view all the answers

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

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

    Why is it important to compare the total 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 the importance of setting a balanced and appropriate selling price?

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

    Which of the following is a graphical representation of a tariff system with a fixed cost and a variable fee that increases at a constant rate for every unit?

    <p>Linear graph increasing at a rate of the given percentage for every unit</p> Signup and view all the answers

    What is the primary purpose of posing questions in the statistical process?

    <p>To guide the data collection process and inform the methods used for data collection, organization, representation, and measurement</p> Signup and view all the answers

    What is the definition of a population in the context of data collection?

    <p>The entire group about which data is being collected</p> Signup and view all the answers

    What is the purpose of ensuring the sample accurately represents the population?

    <p>To avoid bias in the data collection process</p> Signup and view all the answers

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

    <p>( ext{Mean} = rac{\sum ext{values}}{ ext{number of values}} )</p> Signup and view all the answers

    What is the total cost of batch if the cost of each ingredient or material is $10, $20, and $30?

    <p>$60</p> Signup and view all the answers

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

    <p>To gather information about a group or their opinions on a particular topic</p> Signup and view all the answers

    What is the definition of bias in the context of data collection?

    <p>When the data collection process is influenced by personal opinions or external factors</p> Signup and view all the answers

    What is the cost price per item if the total cost of batch is $60 and the number of items in the batch is 10?

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

    What is the break-even point in a business or organization?

    <p>The point where the business breaks even, covering all expenses</p> Signup and view all the answers

    What is the main difference between simple and compound interest?

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

    What is the purpose of identifying the population in the data collection process?

    <p>To determine the type of data to be collected</p> Signup and view all the answers

    What is the definition of a recording sheet in the context of data collection?

    <p>A document used to record the frequency of events, the duration of events, or specific features of events</p> Signup and view all the answers

    What is the horizontal axis value in the graphical representation of break-even analysis?

    <p>Quantity of items sold</p> Signup and view all the answers

    What is the formula for calculating the total amount in a compound interest scenario?

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

    What is the characteristic of a compound interest graph?

    <p>A curve showing exponential growth</p> Signup and view all the answers

    What is the purpose of selecting the data collection instrument?

    <p>To choose the most effective tool for collecting the data, considering the nature of the group or objects from which data will be collected</p> Signup and view all the answers

    What is the equation to determine the break-even point using equations?

    <p>Selling price per unit × number of units sold = fixed costs + (variable cost per unit × number of units sold)</p> Signup and view all the answers

    In a transactional account, how is interest calculated?

    <p>Daily, based on the balance at the end of each day</p> Signup and view all the answers

    What is the formula to calculate the break-even quantity?

    <p>Fixed costs / (selling price per unit - variable cost per unit)</p> Signup and view all the answers

    What is the interpretation of the break-even quantity?

    <p>The number of units that must be sold to cover all costs</p> Signup and view all the answers

    What is the difference between a hire purchase and a loan?

    <p>A hire purchase is used to buy an item, whereas a loan is used to borrow money</p> Signup and view all the answers

    What is the graphical representation of simple interest?

    <p>A linear (straight line) graph</p> Signup and view all the answers

    What is the total cost of a hire purchase or loan?

    <p>The principal amount plus the deposit, interest, and fees</p> Signup and view all the answers

    What is the formula for calculating simple interest?

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

    What is the purpose of calculating the total amount in a compound interest scenario?

    <p>To determine the total amount of money owed or invested</p> Signup and view all the answers

    What is the formula for calculating the interest in a simple interest scenario?

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

    What is the total amount in a simple interest calculation?

    <p>P + (interest × t)</p> Signup and view all the answers

    What is the characteristic of a simple interest graph?

    <p>A straight line showing a constant increase</p> Signup and view all the answers

    What is the purpose of comparing the total cost of a hire purchase and a loan?

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

    What is the primary advantage of using the median as a measure of central tendency?

    <p>It provides a more accurate representation of the data in the presence of outliers.</p> Signup and view all the answers

    Which of the following graphs is most suitable for comparing the frequency values of different categories over various intervals?

    <p>Double Bar Graph</p> Signup and view all the answers

    What is the main disadvantage of using the range as a measure of spread?

    <p>It only takes into account the two extreme values.</p> Signup and view all the answers

    Which of the following is a characteristic of a data set with outliers?

    <p>The data set is skewed.</p> Signup and view all the answers

    What is the purpose of identifying the mode in a data set?

    <p>To identify the most common value in the data.</p> Signup and view all the answers

    When would you use the mean as a measure of central tendency?

    <p>When the data set is normally distributed with no extreme outliers.</p> Signup and view all the answers

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

    <p>To determine the spread of the data.</p> Signup and view all the answers

    When would you use a Vertical Stack Graph?

    <p>To show the total frequency of two combined categories and illustrate the different components making up this total frequency.</p> Signup and view all the answers

    What is the purpose of comparing the mean, median, and mode in the context of a data set?

    <p>To choose the measure that best represents the data.</p> Signup and view all the answers

    Why is it important to consider the presence of outliers when choosing a measure of central tendency?

    <p>Because outliers can make the mean an unrepresentative measure of central tendency.</p> Signup and view all the answers

    What is the primary purpose of creating a scatter plot graph?

    <p>To identify patterns in the relationship between variables and determine the strength of the correlation</p> Signup and view all the answers

    What is an outlier in a scatter plot graph?

    <p>A point that deviates significantly from the other points</p> Signup and view all the answers

    What is the purpose of sorting data?

    <p>To organize data in a manageable and understandable format</p> Signup and view all the answers

    What is the first step in creating a frequency table?

    <p>Identify the class intervals needed to group the data</p> Signup and view all the answers

    What is the formula for calculating the percentage of data points in a specific class interval?

    <p>(Frequency of the interval / Total number of data points) × 100</p> Signup and view all the answers

    What is correlation in the context of scatter plot graphs?

    <p>A description of the relationship or pattern between two variables</p> Signup and view all the answers

    What is the purpose of class intervals in frequency tables?

    <p>To group large sets of data into more manageable categories</p> Signup and view all the answers

    What is the benefit of sorting data according to two criteria?

    <p>It enables the analysis of data by organizing it into a structured format</p> Signup and view all the answers

    What is the purpose of calculating the percentage values for each frequency in a frequency table?

    <p>To make it easier to compare the distribution of data across different categories</p> Signup and view all the answers

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