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HOMEWORK ASSIGNMENT
1 Find out what the turnover of a business is. Describe it and give an example.
2 Set up an improved budget for the Jacobs family, and decide how the rest of the income is to be spent. Think carefully about possible expenses not on the list in the question.
3 Someone borrows R12 000 at 11% per annum. After the first month she repays R900 month. In your opinion, how many months will it take her to repay the full amount? Show all your working neatly.
4 If you win R3 million in the Lotto and you invest it at 10,5% per annum, how much interest can you expect to receive every year? And monthly? And weekly? And daily? And how much do you still have in the bank? Round your answers to the nearest rand.
5 If you don’t want to borrow money for a car, but you can save R1 500 per month (at an annual interest rate of 13,5%) until you have enough to pay R66 000 for the car of your choice; about how long will it take you?
6 You are on holiday in America, and you want to join a tour group to Disney World. They offer a six–day, all–inclusive tour package for $1 740. The current exchange rate is R9,55 per dollar. Determine the rand amount a tour like this will set you back.
end of HOMEWORK ASSIGNMENT
Assessment
Financial calculations ω
| I can . . . | ASs | | | | Now I have to . . . |
| Calculate profit and loss | 1.3.1 | < | |||
| Understand budgets | 1.3.1 | ||||
| Calculate loans and interest | 1.3.1 | ||||
| Determine simple and compound interest of investments | 1.3.1 | ||||
| Understand hire purchase | 1.3.1 | ||||
| Use exchange rates | 1.4 | > |
good average not so good
| For this learning unit I . . . | |||
| Worked very hard | yes | no | |
| Neglected my work | yes | no | |
| Worked very little | yes | no | Date : |
| Learner can . . . | ASs | 1 | 2 | 3 | 4 | Comments |
| Calculate profit and loss | 1.3.1 | |||||
| Understand budgets | 1.3.1 | |||||
| Calculate loans and interest | 1.3.1 | |||||
| Determine simple and compound interest of investments | 1.3.1 | |||||
| Understand hire purchase | 1.3.1 | |||||
| Use exchange rates | 1.4 | |||||
| Critical outcomes | 1 | 2 | 3 | 4 | ||
| Organises own portfolio | ||||||
| Importance of financial matters | ||||||
| Effective problem solving | ||||||
| Creative problem solving |
| Educator: |
| Signature: Date : |
| Feedback from parents : |
| Signature: Date : |
| Learning outcomes(LOs) |
| LO 1 |
| Numbers, Operations and RelationshipsThe learner will be able to recognise, describe and represent numbers and their relationships, and to count, estimate, calculate and check with competence and confidence in solving problems. |
| Assessment standards(ASs) |
| We know this when the learner : |
| 1.1 describes and illustrates the historical development of number systems in a variety of historical and cultural contexts (including local); |
| 1.2 recognises, uses and represents rational numbers (including very small numbers written in scientific notation), moving flexibly between equivalent forms in appropriate contexts; |
| 1.3 solves problems in context including contexts that may be used to build awareness of other learning areas, as well as human rights, social, economic and environmental issues such as: |
| 1.3.1 financial (including profit and loss, budgets, accounts, loans, simple and compound interest, hire purchase, exchange rates, commission, rentals and banking); |
| 1.3.2 measurements in Natural Sciences and Technology contexts; |
| 1.4 solves problems that involve ratio, rate and proportion (direct and indirect); |
TEST
1. A toy shop:
Calculate the net income from the following information, and say whether it is a profit or a loss.
Expenses: Hiring shop: R1 450
Water and electricity: R380
Telephone: R675
Staff salaries: R7 530
Purchases of toys from wholesaler: R67 550
Packaging material: R1 040
Income from sales: R92 406
2. Joey borrows R780 for six months from his dad to fix his bicycle. His dad requires 8% interest per year. What is the sum of money Joey pays back after six months?
3. You receive a bequest of R12 000 from an aunt. But you have to wait five years until you are 19 before receiving it. In the meantime it is invested at 13,5% per annum compounded. What sum do you receive after five years?
4. The rand-euro exchange rate is 8,75. How many rand do you have to exchange if you need 11 500 euros for a holiday in Europe?
Memorandum
1. Net Income = Total Income – Total Expenses = R92 406 – R78 625 = R13781
and this is a profit.
2. For one year the interest comes to R62,40. For six months he owes his dad R811,20 in total.
3. After one year there is R13 620 in the bank.
After two years: R15458,70
After three years: R17 545, 62…
After four years: R19 914,28…
After five years: R22 602,71 rounded to the nearest cent
4. Rand = 8,75 × 11 500 = R100 625
CLASS WORK
1.1.1 Net income = (36 000 + 1 250 + 9 500 ) – 49 000 = –2 250 ( R2 250 loss )
1.1.2 (85 000 + 95 000 + 63 550) – (120 560 + 15 030 + 55 250) = 52 710 rand profit
1.1.3 Loss = R1 100
2.1 There is no right or wrong answer – it is the process that matters.
3.1 R3 972,50
4. The last example (Kevin) is actually more than compound interest. It illustrates the mechanism of an annuity – a popular saving mechanism. It can be taught as enrichment.
When learners learn about common factors, they will appreciate the pattern found in compound interest.
4.1 1 375 + 3 100 + 910,42 = R5 385,42
5.1 About R105 100
5.2 About r R85 000
6.1 £2,36
HOMEWORK ASSIGNMENT
1. Turnover is the total amount made from sales, before any deductions (gross amount).
2. Judge the process and not the answer.
3. 15 months (the amount in the 15 th month is less).
4. Annually: R315 000; monthly: R26 250; weekly: R6 058; daily: R865
5. A little less than two years (in two years she saves nearly R70 000).
6. R16 617
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