3.10 Profit and lost

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Memorandum

18.2

 Cost price Selling price Loss / Profit % Loss / Profit a) R623 24,92% profit b) R80 28,57% loss c) R9,99 27,75% profit d) R19,14 R2,64 e) R765 R135
• a) 14%
1. Jobcreating, housing, etc.
2. Milk, fresh fruit and veg. and meat

19.3 a) 41c

b) R2,66

c) R69,86

1. R770

20. Pay VAT firstly, and then get discount.

21.

a)>

b)<

c) =

d)<

e) =

f) =

g)>

h)>

i) 0,55

j) 0,125

k) 1,42

l) 0,03

m) 0,45

n) 0,075

o) 0,625

Activity: profit and lost [lo 1.4, lo 2.3.3]

18. PROFIT AND LOST

18.1 Important to know!

Profit = selling price – cost price

 % profit = selling price – cost price cost price
×
 100 1
 = profit cost price
×
 100 1

Loss = when you pay more for an item than what you sell it for

 % loss = loss cost price
×
 100 1

18.2 Complete the table with help of your calculator.

 Cost price Selling price Loss / Profit % Loss / Profit Bv. R125 R160 R35 28% profit a) R2 500 R3 123 ................. ......................... b) R280 R200 ................. ......................... c) R36 R45,99 ................. ......................... d) R16,50 ................. ................. 16% profit e) R900 ................. ................. 15% loss

19.1 Did you know?

Value added tax (VAT) is an amount of money that is determined by the Minister of Finance. This forms part of the government’s budget. It is also called sales tax.

19.2 Find out

a) What % VAT are we currently paying? ……………………………………….

…………………………………………………………………………………………..

b) What does the government do with the money that comes in through VAT?

…………………………………………………………………………………………..

…………………………………………………………………………………………..

c) Which items are not taxed by VAT? …………………………………………..

…………………………………………………………………………………………..

…………………………………………………………………………………………..

19.3 Calculate the VAT at 14 % on the following amounts. You may use your calculator.

a) R2,95 : ………………………………………………………………………….

b) R18,99 : ………………………………………………………………………...

c) R499 : …………………………………………………………………………..

d) R 5 500 : ………………………………………………………………………..

20. BRAIN-TEASER!

You buy an article for cash and get a 10 % discount. You also have to pay 14 % VAT. What is the most advantageous for you: to first pay the tax and then get the discount or vice versa?

…………………………………………………………………………………………..

…………………………………………………………………………………………..

…………………………………………………………………………………………..

…………………………………………………………………………………………..

21. Can you complete the following mental test within 3 minutes?

 Fill in:<;>; = : Write as a decimal fraction: a) 0,8 ........... 8% i) 55% : .................... b) $\frac{3}{4}$ ............ 76% j) $\frac{1}{8}$ : .................... c) 60% ........... 0,6 k) 142% : .................... d) $\frac{4}{5}$ ............ 85% l) 3% : .................... e) 0,835 ........... 83,5% m) $\frac{9}{\text{20}}$ : .................... f) 0,02 ........... 2% n) $7\frac{1}{2}$ % : .................... g) $\frac{1}{3}$ ............ 33% o) $\text{62}\frac{1}{2}$ % : .................... h) 12,5% ............ $\frac{1}{8}$

(15)

Assessment

Learning Outcome 1: The learner will be able to recognise, describe and represent numbers and their relationships, and to count, estimate, calculate and check with competence and confidence in solving problems.

Assessment Standard 1.4: We know this when the learner recognises and uses equivalent forms of the rational numbers listed above;

Learning Outcome 2: The learner will be able to recognise, describe and represent patterns and relationships, as well as to solve problems using algebraic language and skills.

Assessment Standard 2.3: We know this when the learner represents, explains and justifies observed relationships or rules in own words:

2.3.3 tables.

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