Quiz 4: Managing Money In this topic you will practise numeracy skills to help you learn: Different types of income Different types of expenses How to plan spending You will practise: Reading sums of money written as decimals Adding and subtracting sums of money Multiplying whole numbers Using a calculator

Income Income is money that you earn. Income can be regular, such as a monthly salary. Income can also be once-off, such as a student loan or a gift. Choose the options that show regular income: Monthly/Weekly Income Disability Grant Pension Pocket Money

Expenses Expenses is money you spend or payments you make. Some expenses are regular, such as monthly rent. Some expenses are irregular, such as buying a new jersey. Choose the regular expenses: Food Movie tickets Buying a birthday present Cell phone bill Loan repayment

Budgeting A budget helps you look after your money. If you spend more than your income, you will be in debt. If your income is more than your expenses, you can save and plan for the future. Look at these two examples of weekly income and expenses. Income R3500 Expenses R2800 Surplus Expenses R2700 Income R2350 Debt This person spends more than their income. Subtract the income from the expenses to work out the debt. Type your answer in the box. The person's income is more than they spend. Subtract the expenses from the income to work out the money that is left. Type your answer in the box.

Money and decimals To manage money, you need to be able to work with decimal numbers. Match the money to the amount written in words. R125 R120.05 R102.50 R100.25 One hundred and twenty five rand One hundred and two rand and fifty cents One hundred rand and twenty five cents One hundred and twenty rand and five cents

Payments Deductions Basic Pay R15399.96 PAYE Tax R3849.99 UIF R153.99 Total Gross Pay R15399.96 Total Deductions R4003.98 Net Pay R11395.97 If you have a job, your employer should give you a payslip each week or month. It will show your personal details, your employer's name and the date. This is part of John’s monthly payslip. Click on the labels to find out what they mean. How much money will John receive this month? Type your answer in the box. R

Payments Deductions Basic Pay R15399.96 PAYE Tax R3849.99 UIF R153.99 Total Gross Pay R15399.96 Total Deductions R4003.98 Net Pay R11395.97 Picture of a payslip. When you click on each part, you find out more about it. Payments show monthly basic pay and overtime pay. This payslip shows basic pay of R15399.96. Total gross pay is the total of all the payments. In this case it is the same as basic pay. Gross pay is pay before money is taken off. Deductions are taken from your pay. PAYE tax is income tax, which is paid to the government. This payslip shows tax of R3849.99 Workers who become unemployed have the right to claim from the UIF (Unemployment Insurance Fund). This payslip shows UIF of R153.99. Total deductions is the sum of all the deductions. This amount is taken off your total gross pay. This payslip shows total deductions of R4003.98. Net pay is the amount of money you receive. It is gross pay minus deductions. This payslip shows net pay of R11395.97.

Edward is working overtime on an public holiday Edward is working overtime on an public holiday. He works for 8 hours and gets paid double time. His normal rate of pay is R63.31 an hour. How much overtime will he earn on the public holiday? Click on the calculator button to use the calculator. R63.31 R506.49 R253.24 R126.62

Susan is being retrenched. She has worked in her job for eleven years Susan is being retrenched. She has worked in her job for eleven years. Her employer is paying the minimum retrenchment package. This is one week's pay for each full year of employment. Susan earns R8000 per week. How much retrenchment pay will she get? R11000 R22000 R88000 R44000

Steve is working out a monthly budget. His rent is R450 per week Steve is working out a monthly budget. His rent is R450 per week. Click on the picture to find out how he works out the rent per month. How much is the rent per month? You can use the calculator to work this out. R1950 R2200 R1800 R3000 Check Answer

Kagiso wants to save for her TV license, which costs R250 per year Kagiso wants to save for her TV license, which costs R250 per year. If she saves R25 per month, will she have enough money to cover the costs? Type your answers in the boxes below. Number of payments per year 12 Amount saved per month R25 Total saved per year R300 Cost of TV License R250 Difference R50

Irfaan and Sarah are considering buying a new house Irfaan and Sarah are considering buying a new house. If they buy the house it will cost R4325 per month? Can they afford it? Combined monthly income R18 000 Home Loan Repayment R4325 Electricity R555 Water and Rates R840 Food R3500 Transportation R3220 Insurance R1350 Entertainment R1000 TOTAL Yes No