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 (C)</p> Signup and view all the answers

What is the net pay?

<p>The difference between the gross salary and the total deductions. (B)</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. (B)</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. (D)</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. (A)</p> Signup and view all the answers

What is the primary purpose of a budget?

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

What is the formula for calculating total expenditure?

<p>Total Expenditure = Sum of All Expense Items (A)</p> Signup and view all the answers

What is the purpose of UIF?

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

What is the formula for calculating net income?

<p>Net Income = Total Income - Total Expenditure (C)</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 (B)</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 (C)</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 (A)</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 (A)</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 (C)</p> Signup and view all the answers

What is the formula to calculate Net Pay?

<p>Net Pay = Gross Salary - Total Deductions (B)</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 (C)</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 (A)</p> Signup and view all the answers

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

<p>Gross Income (B)</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 (C)</p> Signup and view all the answers

What is the importance of having multiple sources of income?

<p>To reduce risk (C)</p> Signup and view all the answers

What is the purpose of a payslip?

<p>To determine the net pay (A)</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 (D)</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 (C)</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 (B)</p> Signup and view all the answers

What is the percentage of the employee's contribution to UIF?

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

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

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

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

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

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

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

What is an exchange rate used for?

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

How often do exchange rates fluctuate?

<p>Daily (B)</p> Signup and view all the answers

What is the formula for accurate currency conversions?

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

What is the salary ceiling for calculating UIF?

<p>R12,478.00 (C)</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. (D)</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. (D)</p> Signup and view all the answers

What is the graphical representation of a tariff system called?

<p>Step-function Graph (D)</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. (A)</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 (B)</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. (C)</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 (D)</p> Signup and view all the answers

What is the first step in comparing two options?

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

What is a key concept in comparing two options?

<p>Criteria for comparison. (D)</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. (B)</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 (A)</p> Signup and view all the answers

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

<p>Gather data (D)</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 (A)</p> Signup and view all the answers

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

<p>Actual income and expenditure items (A)</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 (C)</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 (D)</p> Signup and view all the answers

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

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

What is included in the components of a budget?

<p>Predicted and actual values (D)</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 (C)</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. (C)</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 (B)</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 (D)</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 (B)</p> Signup and view all the answers

What is the graph representation of compound interest?

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

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

<p>Interest (B)</p> Signup and view all the answers

What is the graph representation of simple interest?

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

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

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

What is the formula for calculating the income?

<p>Selling Price per Unit * Number of Units Sold (B)</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 (A)</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) (C)</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 (D)</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 (A)</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 (A)</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 (D)</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 (A)</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 (C)</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 (B)</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 (C)</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 (D)</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 (B)</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 (B)</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 (A)</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 (A)</p> Signup and view all the answers

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

<p>Population (A)</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 (D)</p> Signup and view all the answers

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

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

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

<p>Median (D)</p> Signup and view all the answers

What is the purpose of a questionnaire?

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

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

<p>Recording sheet (B)</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 (A)</p> Signup and view all the answers

What is the first step in the data collection process?

<p>Posing relevant questions (B)</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 (C)</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 (C)</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 (A)</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 (C)</p> Signup and view all the answers

What is the range of a dataset?

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

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

<p>Correlation (C)</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 (D)</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 (A)</p> Signup and view all the answers

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

<p>It increases the range (A)</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 (D)</p> Signup and view all the answers

What is the purpose of sorting data?

<p>To organize data into a manageable and understandable format (B)</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 (A)</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 (B)</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 (D)</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 (C)</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 (A)</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 (D)</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 (C)</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 (B)</p> Signup and view all the answers

What is the first step in summarizing data?

<p>Sort the data set (B)</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 (B)</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. (A)</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. (A)</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. (B)</p> Signup and view all the answers

What is the Net Pay?

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

What is the quantity in a quotation?

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

What is the total deductions formula?

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

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

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

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

<p>Unearned income (C)</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 (C)</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 (B)</p> Signup and view all the answers

What is the purpose of subtracting deductions from gross income?

<p>To determine the net income (D)</p> Signup and view all the answers

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

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

What is the term for the income remaining after all deductions?

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

What is the purpose of understanding different sources of income?

<p>To manage finances effectively (B)</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 (C)</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 (D)</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 (A)</p> Signup and view all the answers

What is the formula for calculating Net Income?

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

What is the purpose of UIF?

<p>To provide financial support to employees who lose their jobs (C)</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 (D)</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% (C)</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 (B)</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 (D)</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 (A)</p> Signup and view all the answers

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

<p>1% × gross salary (B)</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 (A)</p> Signup and view all the answers

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

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

What is an exchange rate used for?

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

What is the formula for accurate currency conversions?

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

What is the salary ceiling for calculating UIF?

<p>R12,478.00 per month (B)</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 (B)</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 (A)</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 (B)</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 (D)</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 (A)</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 (D)</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 (A)</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 (C)</p> Signup and view all the answers

What is the first step in comparing two options?

<p>Establishing the criteria for comparison (A)</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 (B)</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 (A)</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 (B)</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 (C)</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 (A)</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 (B)</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) (A)</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 (D)</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 (A)</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 (D)</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 (B)</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 (D)</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) (B)</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 (C)</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 (C)</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 (D)</p> Signup and view all the answers

What is the formula for calculating the mean?

<p>Mean = ∑values / number of values (B)</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 (D)</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 (A)</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 (A)</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 (A)</p> Signup and view all the answers

What is the formula for calculating the net income?

<p>Total Income - Total Expenditure (C)</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 (A)</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 (C)</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 (B)</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 (C)</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 (D)</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 (D)</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 (C)</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 (C)</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 (D)</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 (C)</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 (C)</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 (A)</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 (D)</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. (C)</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 (D)</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 (D)</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 (B)</p> Signup and view all the answers

What is the graph representation of compound interest?

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

What is the key feature of a budget?

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

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

<p>Interest (A)</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 (B)</p> Signup and view all the answers

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

<p>Total Cost (B)</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 (D)</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 (B)</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 (B)</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) (B)</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 (A)</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 (C)</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 (B)</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 (D)</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 (A)</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 (B)</p> Signup and view all the answers

What is the range of a data set?

<p>The difference between the highest and lowest values (B)</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 (C)</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 (C)</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 (C)</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 (A)</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 (D)</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 (A)</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 (B)</p> Signup and view all the answers

What is a scatter plot graph used for?

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

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

<p>Correlation (D)</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 (B)</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 (A)</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 (B)</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 (C)</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 (D)</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 (B)</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 (C)</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 (B)</p> Signup and view all the answers

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

<p>Deductions (D)</p> Signup and view all the answers

What does the unit price represent in a quotation?

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

What is the formula for calculating the gross salary?

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

What is the purpose of understanding terminology in financial documents?

<p>To understand and interpret financial documents (A)</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 (B)</p> Signup and view all the answers

What is unearned income?

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

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

<p>Create a budget (B)</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 (A)</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 (D)</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 (A)</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 (D)</p> Signup and view all the answers

What is the purpose of a payslip?

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

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

<p>To calculate net income (B)</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 (C)</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 (B)</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 (C)</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 (B)</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 (D)</p> Signup and view all the answers

What is the key feature of a budget?

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

What is the first step in comparing two options?

<p>Establish the criteria for comparing the options (B)</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 (C)</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 (C)</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 (A)</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 (C)</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) (D)</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 (B)</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 (C)</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) (C)</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 (B)</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 (A)</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 (C)</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 (C)</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 (B)</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 (B)</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 (D)</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 (D)</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 (A)</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 (B)</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 (C)</p> Signup and view all the answers

What is the first step in comparing two options?

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

What is a key concept in comparing two options?

<p>Understanding the criteria for comparison (D)</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 (A)</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 (D)</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 (C)</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 (C)</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 (A)</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 (D)</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 (D)</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 (D)</p> Signup and view all the answers

What is the formula to calculate the net income?

<p>Net Income = Total Income - Total Expenditure (D)</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 (B)</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 (A)</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 (B)</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. (B)</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 (D)</p> Signup and view all the answers

What is the graph representation of compound interest?

<p>A curve showing exponential growth. (C)</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. (D)</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. (B)</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. (D)</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) (C)</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. (C)</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 (A)</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 (A)</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 (C)</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 (A)</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. (B)</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 (A)</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 (C)</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 (D)</p> Signup and view all the answers

What is the formula for calculating the total expenditure?

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

What is the purpose of UIF?

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

Why is it important to plan for taxes?

<p>To ensure compliance with tax laws (A)</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 (B)</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) (D)</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 (A)</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 (C)</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 (C)</p> Signup and view all the answers

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

<p>Pose relevant questions (C)</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 (B)</p> Signup and view all the answers

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

<p>Survey (B)</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 (C)</p> Signup and view all the answers

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

<p>Population (B)</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. (D)</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. (B)</p> Signup and view all the answers

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

<p>Highest value - Lowest value (D)</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. (A)</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. (D)</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. (D)</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. (A)</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. (D)</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. (A)</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. (C)</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. (B)</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 (D)</p> Signup and view all the answers

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

<p>Correlation (A)</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 (C)</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 (B)</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 (B)</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 (D)</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 (A)</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 (D)</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 (B)</p> Signup and view all the answers

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

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

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

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

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

<p>R124.78 (B)</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 (D)</p> Signup and view all the answers

What is the formula for accurate currency conversions?

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

What is the salary ceiling for calculating UIF?

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

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

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

What is the primary purpose of a payslip?

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

What is the formula for calculating the net pay?

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

What is the purpose of deductions in a payslip?

<p>To decrease the employee's salary (B)</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 (A)</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 (A)</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 (B)</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 (C)</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 (D)</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 (B)</p> Signup and view all the answers

What is the primary purpose of creating a budget?

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

What is the primary purpose of income tax?

<p>To fund government programs and services (A)</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 (C)</p> Signup and view all the answers

What is the primary purpose of a payslip?

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

What is the main benefit of diversifying income sources?

<p>It reduces the risk of financial instability (D)</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 (A)</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 (D)</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 (C)</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 (C)</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 (A)</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 (A)</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 (D)</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 (D)</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 (C)</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 (B)</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% (C)</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 (A)</p> Signup and view all the answers

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

<p>R300 (A)</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 (B)</p> Signup and view all the answers

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

<p>EUR (B)</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 (C)</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 (A)</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 (B)</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 (B)</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 (D)</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 (D)</p> Signup and view all the answers

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

<p>1% (C)</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 (D)</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 (D)</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 (D)</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 (B)</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 (D)</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 (D)</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 (D)</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 (A)</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 (D)</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 (B)</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 (A)</p> Signup and view all the answers

What is the purpose of a percentage increase calculation?

<p>To quantify the change between two values (D)</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 (B)</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 (B)</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 (D)</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 (A)</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 (D)</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 (A)</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 (A)</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 (C)</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 (A)</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 (B)</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 (C)</p> Signup and view all the answers

What is a key concept in comparing two options?

<p>Considering both direct and indirect costs (B)</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 (C)</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) (D)</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 (B)</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 (D)</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 (B)</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 (C)</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 (C)</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 (D)</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 (A)</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 (B)</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}} ) (A)</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 (D)</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 (B)</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 (A)</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 (B)</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 (B)</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 (B)</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 (A)</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 (A)</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 (B)</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 (C)</p> Signup and view all the answers

What is the characteristic of a compound interest graph?

<p>A curve showing exponential growth (A)</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 (B)</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) (D)</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 (D)</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) (B)</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 (A)</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 (D)</p> Signup and view all the answers

What is the graphical representation of simple interest?

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

What is the formula for calculating simple interest?

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

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

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

What is the total amount in a simple interest calculation?

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

What is the characteristic of a simple interest graph?

<p>A straight line showing a constant increase (D)</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 (D)</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. (D)</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 (B)</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. (A)</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. (C)</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. (C)</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. (D)</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. (D)</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. (D)</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. (C)</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. (D)</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 (B)</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 (C)</p> Signup and view all the answers

What is the purpose of sorting data?

<p>To organize data in a manageable and understandable format (C)</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 (D)</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 (B)</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 (D)</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 (A)</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 (B)</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 (A)</p> Signup and view all the answers

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