# 1.4 Money matters

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## Money matters

Money matters

CLASS WORK

• Few people don’t deal with money practically every day. We will look at a few important financial principles.

1 Someone who starts a business, does it so that he can earn money for buying food, paying his water and power accounts, and paying for his other needs. Making money out of a business means that you have to get more money in from the business than you pay out to keep the business running. So, he makes a profit when his income is bigger than his expenses . If the expenses are more than the income, then he shows a loss . Another way of putting it is to look at gross income and net income . Gross income is the same as income above, namely all the money the business receives. Net income is what is left after you have subtracted expenses from the income. When income is more than expenses, net income is positive (a profit), but when income is less than expenses, net income is negative – i.e. a loss.

1.1 Calculate the profit or loss of the following businesses:

1.1.1 Income: R 36 000, R1 250 and R9 500; Expenses: R49 000

1.1.2 Expenses: R120 560; R15 030 and R55 250; Expenses: R85 000; R95 000 and R63 550

1.1.3 Patsy sells dried fruit and sweets from her stall in a large shopping centre. In March she paid R150 for the stall and R850 for the floor area in the centre. She sold dried fruit to the value of R1 500. In March she paid R250 to an assistant who relieves her two afternoons. She also made R2 840 on the sweets she sold in March. In April her expenses for renting the stall stayed the same, but she had to pay R50 more for the floor space. Her purchases of dried fruit and sweets during March and April cost her a total of R5 500. Her assistant earned R280 in April. Patsy’s phone account came to R860 for March and April. In April she sold dried fruit to the value of R1 370 and sweets for R2 550. Her packaging material for the two months came to R420. Did Patsy show a profit, or a loss for these two months? Show your calculations neatly.

2 All families have certain expenses that have to be paid. To do this, there must be an income – someone has to have a profitable business, or a job for which he or she receives a wage or a salary. To ensure that the important expenses are covered, most families budget . It is very easy. At the start of the month, you write down all the expected expenses for that month in order of importance. If all the critical expenses are less than the expected income for the month, then you have to decide what could be done with the rest: will a part of it be saved, or will all of it be spent? In this way you can avoid spending all your money on movies and parties, leaving nothing for the phone account! For example, the Jacobs family are expecting the following monthly expenses: R160 for municipal services, R240 for the telephone, R2 800 for groceries, R1 300 for a bond payment, R650 for the hire purchase payment on their car, R250 pocket money for the children, R150 school fees, R340 for petrol and R200 to save for a holiday. Mr and Mrs Jacobs together earn R8 200 per month.

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