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Tips For Exam Paper 1

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20 views

Tips For Exam Paper 1

Uploaded by

busisasbuda
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Page 1 of 4

Tips for exam: Paper 1

Last two papers:

Question 1
1. Definitions IN CONTEXT.
2. Definitions when given multiple options and you have to choose the correct
answer.
3. Write a number in words.
4. Determining a time period in years and months.
5. Writing an abbreviation/acronym in words.
6. Conversions - exchange rate.
7. Identify the type of graph used.
8. Calculate a percentage of a given amount.
9. Calculate the percentage if two number values are given for example.
Contributions to medical aid is: Employee: R1 701,00
Member fee: R4 027,00
Question: Calculate what percentage is paid by the employee towards
medical aid.
Round-off your answer to the nearest WHOLE NUMBER.
1 701
× 100
4 027
= 42,2398808%
= 42%
10. Concentrate on rounding off in different ways (3 decimal places, nearest
whole number, nearest TEN, etc.).

Question 2: Finance
VAT
Understand VAT inclusive and VAT exclusive.
DETERMINE THE AMOUNT BEFORE VAT WAS ADDED and determine VAT if it
was included in the price. Example: Prelim 2024 question 2.1.1
Calculate the price, excluding VAT.
100
Cost excluding VAT = 115
× 𝑅𝑅432

= R375,65
Concentrate on the mathematical calculation of this.
𝑊𝑊ℎ𝑎𝑎𝑎𝑎 % 𝐼𝐼 𝑊𝑊𝑊𝑊𝑊𝑊𝑊𝑊
The use of the formula: 𝑊𝑊ℎ𝑎𝑎𝑎𝑎 % 𝐼𝐼 𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻
× 𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎 𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔 for example working with cost
price and selling price.
Page 2 of 4

1. (Cost price) + VAT = Selling Price


a. 100% + 15% = 115%
We use the following formula to calculate:
𝑊𝑊ℎ𝑎𝑎𝑎𝑎 % 𝐼𝐼 𝑊𝑊𝑊𝑊𝑊𝑊𝑊𝑊
× 𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎 𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔
𝑊𝑊ℎ𝑎𝑎𝑎𝑎 % 𝐼𝐼 𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻

2. Can ask different questions:


a. What was the cost price if the selling price is given with VAT included.
Question can also be –

b. They give you the selling price and ask you to calculate the price before VAT
was added.

𝑊𝑊ℎ𝑎𝑎𝑎𝑎 % 𝐼𝐼 𝑊𝑊𝑊𝑊𝑊𝑊𝑊𝑊
× 𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎 𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔𝑔
𝑊𝑊ℎ𝑎𝑎𝑎𝑎 % 𝐼𝐼 𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻
100
× 𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝 = cost price
115

3. They give you the selling price and ask you to calculate the VAT that was added

(Cost price) + VAT = Selling Price


100% + 15% = 115%
In this question they are asking you to calculate the 15%

𝑊𝑊ℎ𝑎𝑎𝑎𝑎 % 𝐼𝐼 𝑊𝑊𝑊𝑊𝑊𝑊𝑊𝑊
We use the following formula to calculate: × 𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝
𝑊𝑊ℎ𝑎𝑎𝑎𝑎 % 𝐼𝐼 𝐻𝐻𝐻𝐻𝐻𝐻𝐻𝐻
15
× 𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝 = 𝑉𝑉𝑉𝑉𝑉𝑉 𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖𝑖 𝑖𝑖𝑖𝑖 𝑡𝑡ℎ𝑒𝑒 𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆𝑆 𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝𝑝
115

4. Simple and compound interest

Remember all interest is simple interest unless they state in the question
that it is compounded.

5. Must be able to calculate Interest rate:

𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼𝐼 𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎 𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒𝑒


Interest rate = × 100
𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃𝑃 𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎𝑎

In compound interest, interest can be compounded:


• Daily % ÷ 365
• Monthly % ÷ 12
• Quarterly %÷4
• Half yearly %÷2
• Annually no division

REMEMBER TO DIVIDE THE PERCENTAGE BY THE TIMES THE INTEREST IS


COMPOUNDED IN A YEAR
Page 3 of 4

6. Tariff systems

Most important step is to calculate the usage per step correctly.


STEPS WATER CONSUMPTION USAGE PER STEP RATE (R/kl)
1 0 ≤ 6 𝑘𝑘𝑘𝑘 6 – 0 = 6 kl R 17,51
2 > 6 ≤ 10,5 𝑘𝑘𝑘𝑘 10,5 – 6 = 4,5 kl R 24,39
3 > 10,5 ≤ 35 𝑘𝑘𝑘𝑘 35 – 10,5 = 24,5 kl R 34,63
4 > 35 𝑘𝑘𝑘𝑘 EVERYTHING THAT IS LEFT (... R 76,04
– 35 = ... kl)

7. Personal tax.
• Calculate the fixed amount in the tax table in a specific tax bracket.
• Prove with calculations that the tax threshold for a specific age was calculated
correctly.
• Calculate the taxable income.
• Calculate the medical aid credits.
• Calculate the monthly tax that a person must pay.

Data Handling

Categorical data: Data that can be broken down into groups.


Numerical data: Numbers.

Quantitative data is further divided into 2 groups: discrete and continuous data.

1. Discrete data

Discrete data is data that is COUNTED. This type of data has definite, specific values or
quantities and can ONLY BE INTEGERS (WHOLE NUMBERS). Example: Number of
people, money (Rand and cents). If a graph has to be drawn: BAR GRAPH.

2. Continuous data
Continuous data is MEASURED DATA. This type of data is obtained by measurement and
can assume any values within a range, i.e., you can get FRACTIONS OR DECIMALS.
Example: Time, temperature, distance, height, weight. If a graph has to be drawn:
HISTOGRAM.
Page 4 of 4

3. Graphs

We use a bar graph to represent discrete data.


We usually use a histogram to represent continuous data values.
A pie chart is used to display categorical data and must add up to 100%

4. Measures of central tendency:


• Mean (Average of a dataset)
• Median (Middle value when arranged from low to high)
• Mode (The value the occurs the most)

5. Measures of spread
• Range (Highest – Lowest)
• Quartiles (Q2, Q1, Q3)
• Percentiles

6. Determine an unknown number in a dataset if the mean is given.

7. Determine the 5-number summary for a dataset:


• Minimum value
• Quartile 1
• Quartile 2
• Quartile 3
• Maximum value

8. Inter-quartile range = Q3 – Q1

9. Box-and-whisker plot – Read values from graph and interpret the results.

10. Percentiles – remember the principle: If you earn a mark of 73% for a test it does not
mean that you will be on the 73rd percentile.

11. Analysing/Identifying a TREND in a dataset – explain what you see on the graph/table
and give a reason for this occurrence.

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