Grade 10 · CAPS

Grade 10 Financial Mathematics

Mathematical Literacy practice questions and a worked example

Grade 10 Mathematical Literacy finance questions use everyday documents: a family budget, a bank statement with a fee structure, a till slip and a water tariff table. You read the document, then calculate a balance, a bank fee, VAT, simple interest or a percentage change, and say whether someone’s claim is valid. They come from Grade 10 November papers set by the Eastern Cape (2019, and the 2020 exemplar) and North West (2024) education departments, each with the answer from the marking guideline.

Worked example

Your friend, Kim, has asked you to help him with his bank statement. He is sure there are some errors on the bank statement as some things just do not make sense to him. Below is a copy of Kim's bank statement. Use the above bank statement to answer the questions below. 1.1.2 Kim claims that there is a mistake in the fees column. Indicate where this mistake occurred and verify, with the necessary calculations, whether his statement is valid or not.

Answer

The mistake is in the fee for the deposit on 3/1/19 (R15,00). Deposit fee = R2,00 + R1,00 × (R1 000 ÷ R100) = R2 + R10 = R12 The statement is valid.

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Financial Mathematics

Question 1 of 3

The fundraising committee of your school is planning their annual Spring Dance. They decided on a venue that charges R7 500,00 for a function of five hours, with an additional charge of R900,00 per hour, or part thereof. The venue accommodates 120 guests for a three-course meal and dancing. NOTE: The dance starts at 18:30 and ends at 23:55. 1.1 Identify the value that represents the fixed amount.

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Common mistakes

Paying only for the exact hours. When a rate is per hour “and part thereof”, 5,4 hours is paid as 6 hours, so the weekend labour in the marking guideline is R45,75 × 6 × 2 = R549.
Taking 15% of a price that already includes VAT. The VAT inside an amount is 15/115 of it: on the till slip, 15/115 × R949,02 = R123,79, after the zero-rated items are taken out.
Writing a ratio the wrong way round. The marking guideline takes off a mark for the wrong order: jellybeans to chips is 25 : 15 = 5 : 3, not 3 : 5.