Grade 12 · CAPS

Grade 12 Financial Mathematics

Mathematical Literacy practice questions and a worked example

Grade 12 Mathematical Literacy finance questions come from the NSC papers and use real documents: a till slip for prepaid electricity, a rent-to-own advert, a municipal budget and an income tax table. You read the document, then calculate VAT, tax or the cost of an option and say which choice is better. Work through them as practice for the way the exam sets finance questions.

Worked example

1.3.1 Define the term gross monthly income.

Answer & explanation

Gross monthly income is the monthly income before deductions.

Gross monthly income refers to the total amount of money earned in a month before any deductions such as taxes, insurance, or retirement contributions are taken out. It includes all sources of income, such as salary, bonuses, and any other earnings. This is the amount you earn before any expenses or obligations are subtracted.

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Financial Mathematics

Question 1 of 3

1.2.1 Use the pie chart above to answer the questions that follow. Give the acronym for value-added tax.

Learn from each answer, right or wrong.

Try again before revealing the solution.

Common mistakes

Forgetting to remove or add VAT before comparing two prices.
Using monthly income in an annual tax table, or forgetting to subtract the rebate.
Giving a calculation without the final statement of whether a claim is valid.