Math L2 Module 14

Mathematics NQF Level 2 Downloaded from hlayiso.com *see terms and conditions Mathematics NQF Level 2

Financial mathematics Topic 5 Downloaded from hlayiso.com Mathematics NQF Level 2

Planning and managing personal and household finances Module 14 Downloaded from hlayiso.com Mathematics NQF Level 2

Learning activity 14.1 Downloaded from hlayiso.com Mathematics NQF Level 2

3. Complete the crossword about financial concepts using the clues given. Downloaded from hlayiso.com Learning activity 14.1

Learning activity 14.5 Downloaded from hlayiso.com Mathematics NQF Level 2

Click above to play this video. Downloaded from hlayiso.com Learning activity 14.5

Summative assessment Module 14 Downloaded from hlayiso.com Mathematics NQF Level 2

1. Complete the table. 1.1 Savings An account opened at a bank into which account money can be paid (e.g. a salary) and withdrawn at a counter or from an automatic teller machine (ATM). 1.2 Fixed Money invested in a bank for a specific deposit period at a fixed rate of interest. Downloaded from hlayiso.com Summative assessment – Module 14

1.3 A form of collective investment Unit trust constituted under a trust. It is a medium- to long-term investment that is aimed at beating inflation. It allows you, along with other investors, to pool your funds in different investment options. Downloaded from hlayiso.com Summative assessment – Module 14

1.4 Short-term An investment where the benefit can be investment used after a short term, for example one year. 1.5 An investment that is made with a view Medium- term to receiving a benefit in the medium investment term, for example after five years. 1.6 A bank card that is used to regulate Debit transactions from a bank account card containing money to spend. Downloaded from hlayiso.com Summative assessment – Module 14

1.7 A bank card that is used to regulate Credit card transactions from a bank account containing money to spend and which offers an overdraft for unexpected, urgent expenses. 1.8 Money paid to the bank for the services it Bank fees renders (for example a cheque fee for every cheque you write out). 1.9 The percentage that regulates the interest Interest you will receive on your savings or will rate have to pay on hire-purchase amounts and overdrafts. Downloaded from hlayiso.com Summative assessment – Module 14

1.10 Budget A summary of the cash flowing into (income) and out of (expenses) a household or company, usually for a period of one month. 1.11 A summary of a person or company’s Balance assets (income and possessions) and sheet liabilities (fixed expenses and debts) as at a specific date. Downloaded from hlayiso.com Summative assessment – Module 14

2. Copy and complete the following budget for February using the information that follows: January February Type Budget Actual Variance Budget Actual Variance Salary 7 651 7 651 0% 7 651 Interest 30 31 30 Total Mortgage 1 270 1 270 0% 1 270 Transport 130 150 130 Municipality 540 550 540 Insurance 350 350 0% 350 350 Groceries 1 850 1 950 1 850 Entertainment 400 420 400 450 Education 400 400 0% 400 400 Clothing 700 720 700 500 Petrol 250 260 250 Downloaded from hlayiso.com Summative assessment – Module 14

2. (continued) The following changes on actual expenditure are valid from 1 February: • Salary increases by 5,7%. 5, 7 Actual salary  Budget salary  Budget salary  100 5, 7  Budget salary  (1+ ) 100 5,7  7 651 (1 ) 100  7 6511,057  8 087,11 Downloaded from hlayiso.com Summative assessment – Module 14

2. (continued) • Interest increases by R1. Actual interest  Budget interest  1  30  1  31 • Mortgage increases by 1%. 1 Actual mortage = Budget mortgage  (1  ) 100  1 270  1,01  1 282,70 Downloaded from hlayiso.com Summative assessment – Module 14

2. (continued) • Transport increases by 2%. 2 Actual transport = Budget transport  (1  ) 100 2  130  (1  ) 100  130  1, 02  132, 6 Downloaded from hlayiso.com Summative assessment – Module 14

2. (continued) • Groceries increase by 6%. 6 Actual groceries  Budget groceries  (1  ) 100 6  1 850  (1 ) 100  1 850  1,06  1 961 Downloaded from hlayiso.com Summative assessment – Module 14

2. (continued) • Petrol decreases by 3,3%. 3,3 Actual petrol February  Budget petrol  (1  ) 100 3,3  250  (1  ) 100  250  0,967  241, 75 Downloaded from hlayiso.com Summative assessment – Module 14

2. (continued) • Municipal tariffs increase by 6%. 6 Actual tariffs February  Budget tariffs  (1  ) 100 6  540  (1  ) 100  540  1, 06  572,40 Downloaded from hlayiso.com Summative assessment – Module 14

Variances between actual and projected figures difference between budget and actual % financial variance = 100 budgeted amount For income: variance = actual amount – budgeted amount For expenses: variance = budgeted amount – actual amount Downloaded from hlayiso.com Unit 14.4

JB1 Copy final out of LG January February Type Budget Actual Variance Budget Actual Variance Salary 7 651,00 7 651,00 0,0% 7 651,00 8 087,11 5,7% Interest 30,00 31,00 3,3% 30,00 31,00 3,3% Total income 7 681,00 7 682,00 7 681,00 8 118,00 5,7% Mortgage 1 270,00 1 270,00 0,0% 1 270,00 1 282,70 –1,0% Transport 130,00 150,00 –15,4% 130,00 132,60 –2,0% Municipality 540,00 550,00 –1,9% 540,00 572,40 –6,0% Insurance 350,00 350,00 0,0% 350,00 350,00 0,0% Groceries 1 850,00 1 950,00 –5,4% 1 850,00 1 961,00 –6,0% Entertainment 400,00 420,00 –5,0% 400,00 450,00 –12,5% Education 400,00 400,00 0,0% 400,00 400,00 0,0% Clothing 700,00 720,00 –2,9% 700,00 500,00 28,6% Petrol 250,00 260,00 –4,0% 250,00 241,75 3,3% Total exp. 5 890,00 6 070,00 5 890,00 6 001,00 Downloaded from hlayiso.com Summative assessment – Module 14

Slide 22 JB1 Check if this is right Janet Bartlet, 11-Feb-18 Downloaded from hlayiso.com

Downloaded from hlayiso.com Mathematics NQF Level 2