Mathematical Literacy 2 Module 2 Answers to Activities 1 Mathematical Literacy Future Managers
Jun 13, 2015
Mathematical Literacy 2Module 2
Answers to Activities
1Mathematical Literacy Future Managers
Expense Item Budget Amount
Amount Spent
Variance amount
% Variance Adapted Budget
Rental R650
Creche R350
Food R900
Taxi R300
Phone R150
Entertainment R100
Saved R250 -
Clothes R200
Lotto R50
Cigarettes R100
Medical
Total 3050
R650
R400
R900
R400
R150
R100
R0
R200
R150
R204
R500
R3654
R0
R50
R0
R100
R0
R0
-R250
R0
R100
R104
R500
0%
14%
0%
33%
0%
0%
-100%
0%
300%
204%
----%
R650
R400
R900
R400
R150
R50
R0
R100
R50
R100
R400
R3200R604
Activity 4Assuming that you are banking at Wonderbank, answer the following questions:
a)If you want to withdraw R500 cash at the Wonderbank ATM, how much will it cost you?
b)How much will it cost you if you withdraw the same amount from an ATM of any other bank
c)At Wonderbank, if you have to go inside the bank to withdraw at the teller, how much will that cost?
R3.10+0.9% = R3.10 +R4,50 = R7,60
R8,40
R17,50 + 0.9% = R17,50 + R4,50 = R22,00
3Mathematical Literacy Future Managers
d) Writing out a cheque for the same amount, what will the bank fee on that be?
e) If the R500 was meant to pay an account, how much will it cost to link the account and pay it electronically?
f) Two other methods of payment are the internet and telephone banking. How much will they cost you?
R3,10 + R5,50 = R8,60
R3,10 + 0.6% = R3,10 + R3,00 = R6,10
R214Mathematical Literacy Future Managers
g) How much will it cost you to deposit money at the ATM and inside the bank?
h) What is the cost if you unsuspectingly deposit a fraudulent cheque?
ATM=3,10 + 0.90% = R7,60
Teller = R17,50 + 0.90% = R22,00
R31,50
5Mathematical Literacy Future Managers
Activity 6Word Income Expenses
Deposit
Card Levy
Overdraft Interest
Administration fee
Interest
Internet banking cost
Transfer cost
Cheque deposit
Opening balance
Cheque payment
Cheque payment reversal
x
x
xx
x
x
x
x
x
x
x
Activity 6Date Branch Transaction Description Funds
inFunds out
Balance
17/05/07 PicknPay1 PNP purch CB fee 0,55 6744,79
19/07/07 Head Office
Electronic Dep 5000
25/05/07 Biesiesfontein Str
Cheque Deposit 535,00
26/07/07 ATM Fontein Str
Cash Withdrawal 500
31/07/07 Head Office
Monthly fee 2,00
11744.79
12279.79
11779.79
11777.79
Still money left in the
bank account
Activity 6Date Ref Description Fees Db Cr Bal
12/07/08 518 Council 4.25 104.52 -655.81
25/07/08 Internet Salary 2968.25
25/07/08Debit Order
Foschini 4.86 160
30/07/08Debit Order
TV 3.31 18.81
30/07/08 Service fee Cheq 35.00
30/07/08 Serv. Fee Card 2.00
30/07/08 Over the limit 79.00 2009.46
2312.44
2147.58
2125.46
2090.46
2088.46
Activity 7
T J Motors
14/07/2006
Three thousand two hundred
and ninety five rand and 67/100 3295.67
B Mokoena
Activity 8
Florence Mokoena
08 05 23
550 00
550 00
Florence MokoenaF Mokoena
Activity 9
Sparkie Welders (Pty) Ltd
Employee name: Mr B. MokoenaWalter Sisulu DriveBotshabelo3488
ID no: 686070068092Payment date: 25/04/08
Part time hours Earnings Deductions25,50 4011,15 Tax: 1002,79
UIF: 40,11
Nett Pay2968,25
11Mathematical Literacy Future Managers
Activity 91. Why is it necessary to have the ID no of Mr
Mokoena?
2. How much does he earn per hour?
3. What percentage of his gross payment is claimed by SARS?
The ID is needed for tax purposes, to uniquely identify Mr Moekena
Earnings per hour = R4011,15 25.5 hours=R157,3 per hour
Percentage tax = R1002,79 4011,15 x 100 =25%
12Mathematical Literacy Future Managers
Activity 9d. What do you think happens to the UIF
contributions that are subtracted each month?
e. Check whether net pay has been calculated correctly.
UIF contributions go into the Unemployment insurance fund, which he can claim from if he becomes unemployed
Net pay = Gross pay – Tax – UIF=4011,15 – 1002,79 – 40,11=2968.25Therefore net pay has been calculated correctly
13Mathematical Literacy Future Managers
Activity 10
14Mathematical Literacy Future Managers
Activity 101. What was the balance bought forward on this
account?
2. How much does it cost annually for wastage removal?
Balance bought forward = R0,00
Annual waste removal = monthly waste removal x 12
= R58,68 x 12
=R704,16
15Mathematical Literacy Future Managers
3. No amount is mentioned for water, why not?
4. Electricity is also not listed. Why not?
5. On what date did the council take their actual reading? What was their estimated amount?
Water is paid on a separate bill
Electricity is prepaid
16Mathematical Literacy Future Managers
Sewerage was read on 16/05/07. The estimated consumption was 2.824kl
6. Why was the previous month’s total account the same as the current month’s account?
7. How many litres is the basic charge and what was council’s estimate of usage?
The fees are calculated on an annual basis, and divided by 12 to give a monthly figure
Basic charge = R33,00
Estimation of usage = 2,824kl
17Mathematical Literacy Future Managers
8. 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?
9. Did Benni Mokoena pay his account on time, or did he fall behind on his council payments as well?
Water usage = Sewerage usage 15 x 100
=2,824kl 15 x 100
=18.827kl
He paid his account on time18Mathematical Literacy Future Managers
Activity 11
19Mathematical Literacy Future Managers
a. What does “closing balance” mean?
b. What does “90 days +” mean?
c. What is the total amount that Mrs Mokoena will have to pay to settle the account?
It means the balance at the end of the month
It is the amount of credit that is older than 90 days
Balance = R1859,00
20Mathematical Literacy Future Managers
d. The “instalment due” is the sum of two amounts. Give these two amounts as well as the total instalment on this account
e. 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.
Instalment due = R55 + R105 = R160
21Mathematical Literacy Future Managers
Possibly since she already paid R30 of the installment
f. What is the maximum prescribed interest rate by the NCA and what rate is Foschini promising it customers?
g. How much interest is she paying in July? Give the amount.
Maximum prescribed rate = 22.5% + 8.4% = 30.9%
Foschini rate = 22.5%
Interest in July = R18,47 +14,34 = R32,81
22Mathematical Literacy Future Managers
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
23Mathematical Literacy Future Managers
Activity 121. 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
24Mathematical Literacy Future Managers
2. 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
25Mathematical Literacy Future Managers
Means of transport
Taxi Bus
Leg 1
Leg 2
R7,33
R7,33
Question 3
Activity 141. What is the difference between a debit amount and a
credit amount?
2. AC
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
Activity 151. Who is the beneficiary of this salary slip?
2. How much UIF will he pay in a year is his income is a fixed amount?
Willie Syothula
Annual UIF = Monthly UIF x 12
=R92.75 x 12
=R1 113.00
29Mathematical Literacy Future Managers
Activity 153. What percentage of his salary does he
contribute to the UIF?
4. How much will his gross salary be if he gets a 6.5% increase?
% contribution = UIF Total Salary x 100
=R92.75 R9275.00 x 100
= 1%
New salary = Old salary + Old salary x 6.5 100
= R9275 + R9275 x 6.5 100
=R9877.8830Mathematical Literacy Future Managers
Activity 161. 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 cheapest31Mathematical Literacy Future Managers
Activity 162. 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
32Mathematical Literacy Future Managers
Activity 163. 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
Check in at airport 1h15
Flight time 2hr
Luggage collection 30min
Arrange transport 15min
Taxi from airport = 45 min
Total time = 5 hr 15
33Mathematical Literacy Future Managers