MATHEMATICAL LITERACY GRADE 10 CAPS TOPIC 4 Finance

MATHEMATICAL LITERACY GRADE 10 CAPS TOPIC 4: Finance Section 4. 1: Financial documents

Topic 4: Finance The following sections will be covered: 4. 1. Financial documents 4. 2. Tariff systems 4. 3. Income and Expenditure profit/loss, budgets 4. 4. Interest 4. 5. Banking, loans and investments 4. 6. Taxation (VAT)

Financial documents In Section 4. 1, learners will be able to: § Work with shopping documents e. g. till slips. § Work with household bills e. g. telephone. Cell phone. § Understand the terminology used in shopping documents and household bills.

Financial documents: Till slip Financial documents help us to organise our finances. �A till slip shows what we have bought as proof of payment. �A till slip is also a record of sales for the shop owner. �VAT means Value Added Tax which is 14%

Till slip Information found on a till slip: �Name of the shop �Items bought and their prices �Identification of zero rated goods – marked wit an asterisk. �Identification of VAT payable �Total amount to be paid and change �The cashier’s name, time and date of the transaction

Financial documents: Till slip � WELCOME TO ZWAANSWYK SPAR TEL: 021 713 3779 FAX: 021 713 3997 VAT NO. : 4140235797 CCOMPLETE MEAL 0. 342 Kg @ R 69. 99/Kg R 23. 94 B/CAT BOOSTER BAR 2 x. R 2. 99 R 5. 98 QUALI JCE ORANGE 2 x. R 2. 99 R 4. 58 ALBANY SUP LOAF *R 5. 29 6 BALANCE DUE R 39. 79 Rounding R 0, 04 Cash R 50. 00 TAX-CODE TAXABLE-VALUE TAX-VALUE VAT R 34. 50 R 4. 83 Zero VAT R 5. 29 R 0. 00 TOTAL TAX R 4. 83 CHANGE R 10. 25 ______________________ CASHIER NAME: SAMANTHA CC 017 #7616 13: 06: 11 13 JUL 2007

Example 1: Till slip 1. On what date and at what time did the transaction take place? 2. How does the slip indicate items that are zero rated with respect to VAT? 3. What does the “ 6” on the left of “BALANCE DUE” refer to? 4. Why is the information about the cashier important? 5. How much does the customer pay for these goods? 6. Name the total value of taxable items. 7. Work out the VAT at 14% on the till slip.

Solutions: Example 1: Till slip 1. Date: 13 July 2007 Time: 13: 06 2. With an asterisk. 3. There are 6 items that were bought on the till slips. 4. The cashier’s name is important in case there is a query afterwards. 5. R 39, 75. Note that the R 39, 79 total is rounded down by R 0, 04 to R 39, 75. 6. R 34, 50 7. 14/100 x R 34, 50 = R 4, 83

Activity 1: Till slip Piet ‘s shop Acrylic canister LG R 54, 99 Delicious dark choc 50 g R 12, 99 Hand cream 200 ml R 24, 99 Delicious prunes R 19, 99 5 BALANCE DUE R 167, 95 Credit card R 167, 95 Exp date: 02/2013 Change R 0, 00 Total before VAT (B) Total VAT (C) Total after VAT R 167, 95 Tax code Taxable val Tax val 14% VAT R 167 95 R … Cashier Name: Johan 9: 26: 04 4 NOV 2011 Thank you for shopping with us

Activity 1: Use the till slip in the previous slide to answer the following questions: a) When was the transaction done and at what time? b) Why is the change on the slip R 0, 00? c) Which items are exempted from VAT? d) The value of C, the VAT, on Piet’s till slip is R 20. 62, Calculate the value of B. e) Show that the value of C is 14% of the value

Solution: Activity 1 a) 4 Nov 2011 and at 9: 26: 04 b) The credit card was used to pay and not cash. c) There were no items exempted from VAT d) B = R 167, 95 ÷ 1, 14 = R 147, 32 e) VAT = R 167, 95 – R 147, 32 = R 20, 63

Final Assessment Questions

Question 1 Study the Telkom invoice of Botha household and use it to answer questions 1 -8: Write down the account number and the telephone number for the Botha household.

Question 2 How much is the monthly rental for the telephone line?

Question 3 How much will Mrs. Botha pay this month for telephone usage?

Question 4 Show the VAT for the account was calculated.

Question 5 What is the total amount that must Mrs Botha pay this month, and what is the due date for this payment?

Question 6 Explain what the term “usage” means.

Question 7 Telkom rounds off their amounts to ……. cents and rolls the one cent over to the following account.

Question 8 What is the amount of money that was carried over to the following month?

Solutions: Final Assessment Questions 1. Account Number: 25880368002 Telephone number: 031 455 8879 2. Monthly rental: R 116, 93 3. Mrs Botha has to pay in usage: R 122, 45 4. 14/100 x R 239, 38 = R 33, 51 5. Mrs Botha is to pay R 277, 90 on or before 1 December 2010. 6. Usage is the total cost for all the calls made for the month. 7. Five 8. R 0, 04