MATHEMATICAL LITERACY GRADE 10 CAPS TOPIC 4 Finance
- Slides: 22
MATHEMATICAL LITERACY GRADE 10 CAPS TOPIC 4: Finance Section 4. 2: Tariff Systems
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)
Tariff systems In Section 4. 2, learners will be able to: § Understand work with tariff systems e. g. municipal tariffs, telephone tariffs, transport tariffs and bank fees. § Calculate costs using given tariffs and/or formulae
Tariff Systems �A tariff is a rate at which costs are calculated. �Municipal accounts are based on tariffs for property, water, electricity, etc.
Electricity Tariff for electricity The municipality of Waterberg has two types of tariffs: �Tariff A (prepaid): The consumer buys a coupon with a code on it. �Tariff B (monthly payment): The amount of electricity consumed is determined by the municipality from a meter.
Electricity Tariff Figure 1 below shows how tariff A and B are calculated:
Example 1
Example 1: Electricity Tariff Use the tariff in the previous slide to answer the following: The Miya family uses about 400 k. Wh electricity every month. a) Calculate how much Mr Miya will have to pay according to: (i) Tariff A (i) Tariff B. b) Explain why it is better to make use of prepaid tariff system.
Solutions: Example 1 a) (i) For Tariff A Mr Miya will pay = 400 x 0, 6949 = R 277, 96 VAT 14% = 14/100 x R 277, 96 = R 38, 91 Total to be paid = R 277, 96 + R 38, 91 = R 316, 87
Solutions: Example 1 a) (i) For Tariff B, Mr Miya will pay = 400 x 0, 6949 + 142, 10 = R 420, 06 VAT 14% = 14/100 x R 420, 06 = R 58, 81 Total to be paid = R 420, 06 + R 58, 81 = R 478, 87
Solutions: Example 1 b) A person using the prepaid system does not have to pay the fixed amount of R 142, 10 (excluding VAT). The person will save R 142, 10 + 14% = R 161, 99 (including VAT) every month on the prepaid system.
Tariff for water consumption �The monthly water account depend on how many kilolitres were consumed the previous month. � 1 kilolitre = 1 000 litres. �The municipalities do not charge for the use of the first � 6 000 litres (6 kl) every month (which is according to the Basic Water Policy of the year 2 000)
Example 2 Water Tariffs for domestic use in 2009 and 2011.
Example 2 Refer to the water tariffs in the previous slide to answer the following question: 1. How much does Mr Miya owe the municipality for water consumption of 5 kl during January 2009? 2. How much does Mr Miya owe the municipality for water consumption 14 kl during January 2011?
Solution: Example 2 1. For 5 kl Mr Miya owes the municipality = R 0, 00 a) For (14 – 6) kl amount = 8 x 6, 48 = R 51, 84 Note that there is no cost for up to 6 kl 8 kl with 14% VAT = R 51, 84 + (R 51, 84 x 0, 14) = R 59, 10 Fixed charge including 14% VAT = R 80, 70 + (R 80, 70 x 0, 14) = R 92, 00 Infrastructure including 14% VAT = R 7, 15 + (7, 15 x 0, 14) = R 8, 15 Total cost = R 59, 10 + R 92, 00 + R 8, 15 = R 159, 25
Final Assessment Questions 1 -5 (Use tariffs below to answer Questions 1 - 3 )
Question 1 The cost for Tariff A for 232 k. Wh of consumed electricity will be: A. R 22, 57 B. R 161, 22 C. R 183, 79 D. R 138, 65
Question 2 What will be the cost in question 1 excluding VAT A. R 283, 79 B. R 161, 22 C. R 184, 00 D. R 161, 00
Question 3 The cost of consumption of electricity for Tariff B for 648 k. Wh will be: A. R 675, 34 B. R 592, 40 C. R 675, 00 D. R 250, 30
Question 4 The cost of the 22 kl water consumption according to the 2009 tariff will be: A. R 191, 53 B. R 190. 00 C. R 191, 50 D. R 189, 88
Question 5 The cost of the 39 kl water consumption according to the 2011 tariff will be: A. R 389, 17 B. R 390, 00 C. R 443, 65 D. R 443, 70
Solutions: Final Assessment Questions 1. C 2. B 3. A 4. D 5. C
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