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NCV 2 Mathematical Literacy Hands-On Training Activities Module 2

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Solutions to activities from Module 2 NCV 2 Mathematical Literacy Hands-On Training published by Future Managers (www.futuremanagers.net)

Solutions to activities from Module 2 NCV 2 Mathematical Literacy Hands-On Training published by Future Managers (www.futuremanagers.net)

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  • 1. Mathematical Literacy 2 Module 2 Answers to Activities Mathematical Literacy Future Managers 1
  • 2. Expense Item Budget Amount Variance % Variance Adapted Amount Spent amount Budget Rental R650 R650 R0 0% R650 Creche R350 R400 R50 14% R400 Food R900 R900 R0 0% R900 Taxi R300 R400 R100 33% R400 Phone R150 R150 R0 0% R150 Entertainment R100 R100 R0 0% R50 Saved R250 R0 - -R250 -100% R0 Clothes R200 R200 R0 0% R100 Lotto R50 R150 R100 300% R50 Cigarettes R100 R204 R104 204% R100 Medical R500 R500 ----% R400 Total 3050 R3654 R604 R3200
  • 3. Activity 4 Assuming that you are banking at Wonderbank, answer the following questions: b)If you want to withdraw R500 cash at the Wonderbank ATM, how much will it cost you? R3.10+0.9% = R3.10 +R4,50 = R7,60 d)How much will it cost you if you withdraw the same amount from an ATM of any other bank R8,40 f)At Wonderbank, if you have to go inside the bank to withdraw at the teller, how much will that cost? R17,50 + 0.9% = R17,50 + R4,50 = R22,00 Mathematical Literacy Future Managers 3
  • 4. a) Writing out a cheque for the same amount, what will the bank fee on that be? R3,10 + R5,50 = R8,60 c) If the R500 was meant to pay an account, how much will it cost to link the account and pay it electronically? R3,10 + 0.6% = R3,10 + R3,00 = R6,10 e) Two other methods of payment are the internet and telephone banking. How much will they cost you? R21 Mathematical Literacy Future Managers 4
  • 5. a) How much will it cost you to deposit money at the ATM and inside the bank? ATM=3,10 + 0.90% = R7,60 Teller = R17,50 + 0.90% = R22,00 d) What is the cost if you unsuspectingly deposit a fraudulent cheque? R31,50 Mathematical Literacy Future Managers 5
  • 6. Activity 6 Word Income Expenses Deposit x Card Levy x Overdraft Interest x Administration fee x Interest x Internet banking cost x Transfer cost x Cheque deposit x Opening balance x Cheque payment x Cheque payment x reversal
  • 7. Activity 6 Date Branch Transaction Description Funds Funds Balance in out 17/05/07 PicknPay1 PNP purch CB fee 0,55 6744,79 19/07/07 Head Electronic Dep 5000 Office 11744.79 25/05/07 Biesiesfon Cheque Deposit 535,00 tein Str 12279.79 Still money 26/07/07 ATM Cash Withdrawal left in the bank 500 Fontein account 11779.79 Str 31/07/07 Head Monthly fee 2,00 11777.79 Office
  • 8. Activity 6 Date Ref Description Fees Db Cr Bal 12/07/08 518 Council 4.25 104.52 -655.81 25/07/08 Internet Salary 2968.25 2312.44 Debit 2147.58 25/07/08 Foschini 4.86 160 Order Debit 30/07/08 TV 3.31 18.81 2125.46 Order 30/07/08 Service fee Cheq 35.00 2090.46 30/07/08 Serv. Fee Card 2.00 2088.46 30/07/08 Over the limit 79.00 2009.46
  • 9. Activity 7 14/07/2006 T J Motors Three thousand two hundred 3295.67 and ninety five rand and 67/100 B Mokoena
  • 10. Activity 8 08 05 23 Florence Mokoena 550 00 550 00 Florence Mokoena F Mokoena
  • 11. Activity 9 Sparkie Welders (Pty) Ltd Employee name: Mr B. Mokoena Walter Sisulu Drive Botshabelo ID no: 686070068092 3488 Payment date: 25/04/08 Part time hours Earnings Deductions 25,50 4011,15 Tax: 1002,79 UIF: 40,11 Nett Pay 2968,25 Mathematical Literacy Future Managers 11
  • 12. Activity 9 1. Why is it necessary to have the ID no of Mr Mokoena? The ID is needed for tax purposes, to uniquely identify Mr Moekena 4. How much does he earn per hour? Earnings per hour = R4011,15 ÷ 25.5 hours 7. =R157,3 per hourof his gross payment is What percentage claimed by SARS? Percentage tax = R1002,79 ÷ 4011,15 x 100 =25% Mathematical Literacy Future Managers 12
  • 13. Activity 9 a. What do you think happens to the UIF contributions that are subtracted each month? UIF contributions go into the Unemployment insurance fund, which he can claim from if he becomes unemployed e. Check whether net pay has been calculated correctly. Net pay = Gross pay – Tax – UIF =4011,15 – 1002,79 – 40,11 =2968.25 Therefore net pay has been calculated correctly Mathematical Literacy Future Managers 13
  • 14. Activity 10 Mathematical Literacy Future Managers 14
  • 15. Activity 10 1. What was the balance bought forward on this account? Balance bought forward = R0,00 3. How much does it cost annually for wastage removal? Annual waste removal = monthly waste removal x 12 = R58,68 x 12 =R704,16 Mathematical Literacy Future Managers 15
  • 16. 1. No amount is mentioned for water, why not? Water is paid on a separate bill 3. Electricity is also not listed. Why not? Electricity is prepaid 6. On what date did the council take their actual reading? What was their estimated amount? Sewerage was read on 16/05/07. The estimated consumption was 2.824kl Mathematical Literacy Future Managers 16
  • 17. 1. Why was the previous month’s total account the same as the current month’s account? The fees are calculated on an annual basis, and divided by 12 to give a monthly figure 5. How many litres is the basic charge and what was council’s estimate of usage? Basic charge = R33,00 Estimation of usage = 2,824kl Mathematical Literacy Future Managers 17
  • 18. 1. Sewerage usage is based on the water usage of a household. A percentage rate is used. If the rate is 15%, how much water did the Mokoena family use? Water usage = Sewerage usage ÷ 15 x 100 =2,824kl ÷ 15 x 100 5. =18.827kl Mokoena pay his account on time, Did Benni or did he fall behind on his council payments as well? He paid his account on time Mathematical Literacy Future Managers 18
  • 19. Activity 11 Mathematical Literacy Future Managers 19
  • 20. a. What does “closing balance” mean? It means the balance at the end of the month d. What does “90 days +” mean? It is the amount of credit that is older than 90 days g. What is the total amount that Mrs Mokoena will have to pay to settle the account? Balance = R1859,00 Mathematical Literacy Future Managers 20
  • 21. a. The “instalment due” is the sum of two amounts. Give these two amounts as well as the total instalment on this account Instalment due = R55 + R105 = R160 c. Why is there a difference between the amount due and the amount of R190 that is given as the answer to the question, “what is my instalment?” Explain your answer. Possibly since she already paid R30 of the installment Mathematical Literacy Future Managers 21
  • 22. a. What is the maximum prescribed interest rate by the NCA and what rate is Foschini promising it customers? Maximum prescribed rate = 22.5% + 8.4% = 30.9% Foschini rate = 22.5% e. How much interest is she paying in July? Give the amount. Interest in July = R18,47 +14,34 = R32,81 Mathematical Literacy Future Managers 22
  • 23. h. In fine print beneath the account, the following is typed: “A fine of 10% is levied for late payments. How much will her balance be if she is one month late? Late payment = amount due x 10% =160 x 0.1 = R16 Mathematical Literacy Future Managers 23
  • 24. Activity 12 1. Is Benni correct in thinking that buying a “22 day” ticket will be the cheapest option? Type of ticket Amount Trips Cost per ticket 5 day 73,30 10 R7,33 6 day 88,00 12 R7,33 7 day R102,70 14 R7,34 22 day R322,60 44 R7,33 26 day R381,20 52 R7,33 Therefore the tickets all cost the same amount Mathematical Literacy Future Managers 24
  • 25. 1. What is his total monthly transport cost if he works a 5 day week? Assuming 5 day week = 22 day month Total monthly transport cost = 22 x (Bus + Taxi) = 22 x (R7,33 + R4) = 22 x R11,33 = R249,26 Mathematical Literacy Future Managers 25
  • 26. Question 3 Means of Taxi Bus transport Leg 1 R7,33 Leg 2 R7,33
  • 27. Activity 14 1. What is the difference between a debit amount and a credit amount? 4. AC
  • 28. Opening Balance 17,947.57 Date Description Amt Bal Bnk Ch 15 Apr Magtap H. Harris Flowers 23 Apr Internet pay C. Smith Baskets 27 Apr Teller Cash Stellenbos 27 Apr Handling fee 28 Apr Db Crd Pr PnP 479056300753 30 Apr Magtape Cred Salary 2 May Magtape Cred Vodacom 061221 2007 2 May Stop Order Old Mutual 30000872 3 May ATM Cash 4 May Internet Pay Municipal 101-531-700
  • 29. Activity 15 1. Who is the beneficiary of this salary slip? Willie Syothula 3. How much UIF will he pay in a year is his income is a fixed amount? Annual UIF = Monthly UIF x 12 =R92.75 x 12 =R1 113.00 Mathematical Literacy Future Managers 29
  • 30. Activity 15 1. What percentage of his salary does he contribute to the UIF? % contribution = UIF ÷ Total Salary x 100 =R92.75 ÷ R9275.00 x 100 = 1% 5. How much will his gross salary be if he gets a 6.5% increase? New salary = Old salary + Old salary x 6.5 ÷ 100 = R9275 + R9275 x 6.5 ÷ 100 =R9877.88 Mathematical Literacy Future Managers 30
  • 31. Activity 16 1. Use the table below to determine which transport option will be best to use if you have to travel to college. Motivate your answer. Single Return Weekly Monthly Train R4,00 R6,25 R25,90 R90,70 Taxi R3,00 Per trip Single Return Weekly Monthly Train R4,00 R3,13 R2,59 R2,06 Monthly train is cheapest Mathematical Literacy Future Managers 31
  • 32. Activity 16 1. You get the opportunity to travel by plane to Johannesburg on a cheap flight with Mango airlines. Calculate the total cost for a return trip if you have to take a taxi to Cape Town International Airport. Single airfare = R239 Taxi = R75 Cost of Return trip = 2 x single airfares + 2 x taxi = 2 x R239 + 2 x R75 =R628 Mathematical Literacy Future Managers 32
  • 33. Activity 16 1. Estimate your travelling time knowing that all airlines require you to book in at least an hour before the departure time. Also, collecting your luggage at the other end takes on average 15 minutes. Your answer should explain the different travelling legs and the time each leg will take. Taxi to airport 30 min Taxi from airport = 45 min Check in at airport 1h15 Total time = 5 hr 15 Flight time 2hr Luggage collection 30min Arrange transport 15min Mathematical Literacy Future Managers 33