Maths Lit. Practice Questions

Transcription

1 Maths Lit Practice Questions

2 Instructions Individual, exam-style questions The questions contained in this booklet match the style of questions that are typically asked in exams. This booklet is not however, a practice exam. Elevate s research with top students identified that top students do more practice questions than anyone else. They begin the process of testing their knowledge early in the year. Therefore, we have provided exam-format questions that are sorted by topic so that you can answer them as you learn the information, rather than waiting until the very end of the year to complete exams. Comments, questions? Let us know if you need any further advice by visiting You can comment on any of our material, or head to the FAQ section and ask us a question. Also, you can find us on social media so you can stay up to date on any brand new tips we release throughout the year. Other information Every effort has been made to ensure the accuracy of the information expressed in this booklet, but no warranty or fitness is implied. If you d like to provide any feedback on this booklet, let us know at admin@elevateeducation.com. Finally, no part of this publication may be reproduced, stored in a retrieval system, or transmitted by any means without prior written consent of the publisher. 2

3 Finance: Interest is how much is paid for the use of money (as a percent, or an amount) Simple interest: A = P (1+I x N) NB Always write I as a decimal. Alex wants to borrow R1,000 for 1 year from the Local Bank at 10% Interest. Using the formula calculate A? A is the amount Alex will owe the bank in 1 year. Question 2. Alex wants to borrow R1,000 for 6 months from the Local Bank at 10% Interest. Using the formula calculate A? A is the amount Alex will owe the bank in 6 months. Compound Interest: For compound interest, the interest can be compounded yearly, monthly, quarterly, semi - annually and even daily. Formula: A=P(1+i) n. Kevin wants to borrow R1000 for 1 year from the local bank at 10% interest compounded monthly, calculate A. A is the amount that Kevin will owe the Bank in a year. Question 2. Kevin wants to borrow R1000 for 6 months from the local bank at 10% interest compounded monthly, calculate A. A is the amount that Kevin will owe the Bank in half a year. Annuity a savings account where you make regular payments i.e. Monthly Question 3. Jenny opens an annuity account; the account has monthly payments of R1000. The interest rate is 18% compound interesed. P.A. and is compounded monthly, how much is his account worth after 5 months? N.B Convert the interest rate to monthly I=18/12 =1.5 =1.5 x 100 = Inflation: Inflation is when the general price of goods and services increases and in tern each unit of currency buys fewer goods and services. How to calculate the inflation rate: 3

4 Formula: Increase in Price Initial Price X 100 ). If a house cost R850, a year ago and costs R900, now, what is the inflation rate? Question 2). If a loaf of bread cost R12.99 at the start of 2014 and the inflation rate for 2014 was 6.57% and was 7.5% in 2015, how much does it cost now (2016)? Data Handeling: Percentiles Percentiles split data into 100 equal parts. A percentile will always be represented by a specilfic number in a data set. ) The marks of 20 students are a) Find the 20 th Percentile b) Find the 80 th Percentile Correct order: Question 2) The Shoe size of 20 students are: A) Find the 10 th percentile B) Find the 50 th percentile Correct order:

5 The box whisker: The box whisker plot shows how data is spread (6+8)/2 (10+12)/2 (17+19)/2 4 min Q1 7 Q2 11 Q3 18 Max Quartiles: They divide the data set into four equal parts 25% 25% 25% 25% Lowest number Interquartile range Q3-Q1 Important! Always order your numbers first Highest Number.) Find the Quartiles Question 2.) Question 3) Question 4)

6 Tax (Financial Documents and tariffs) Questions A) What does P.A.Y.E stand for? B) What does VAT? C) What does S.I.T.E. stand for? Give the definition for: A) Rebate. B) Tax Threshhold. C) Tariff Finance Solutions Simple interest:. A = R1000 ( x 1) A = R1000 (1,1) A = R1100 Question 2. A = R1000 ( x 0,5) A = R1000 (1.05) A = R1050 Compound Interest: A = R1000 ( %/12) 12 A= R1000 ( ) 12 A=R1000 ( ) A=R Question 2. A = R1000 ( %/12) 6 6

7 A= R1000 ( ) 6 A=R1000 ( ) A=R Question 3. Month 1: R (R1000 x 0.015) = R1015 Month 2: R R (R1015 x 0.015) =R Month 3: (R1000 +R ) + (R3045 X 0.015) =R Month 4: (R R ) + (R x 0.015) =R Month 5: (R R ) + (R x 0.015) =R Inflation: Answer: 30, ,000 X 100 Question 2 = 3.45% Answer: 2015 = R (R12.99 x 6.5/100) = R = R (R13,83 x 7.5/100) = R

8 Data Handling Solutions Percentiles a) 20/100 x 20 = 4 (Position) 20 th Percentile = 4 b) 80/100 x 20 = 16 (Position) 80 th Percentile =8 Question 2 a) 10/100 x 20 = 2 (Position) 10 th Percentile = 3 b) 50/100 x 20 = 10 (Position) 50 th Percentile =5 The box whisker Q1 = 7 Q2 = 11 Q3 = 18 Quarterlies Q1 = 2 Q2 = 6 Q3 = 10 Question 2 Q1= (11+17)/2 = 14 Q2= 20 Q3 = (21+24)/2 = 22.5 Question 3 Q1=15 8

9 Q2=17 Q3=24 Question 4 Q1= ( )/2 = 10.5 Q2=(11+12)/2 = 11.5 Q3=(12+13)/2 = 12.5 Tax Qeuestions: A) PAY AS YOU EARN B) VALUE ADDED TAX C) STANDAR DINCOME TAX ON EMPLOYEES Definitions: A) IT IS THE MONEY SUBTRACTED FROM YOUR TAX B) THE MAXIMUM AMOUNT YOU CAN EARN WITHOUT PAYING TAX C) THE AMOUNT CHARGED PER UNIT 9