# Quick Revision

## Need some help with quick revision of key concepts?

We’ve put together some packs of study cards to help you brush up on key concepts before tests and exams. Use the drop down menus in the search boxes above to select the grade, subject and category of content you want to revise. We’re adding new packs of study cards all the time, so check back if you can’t find what you’re looking for or contact us to make a suggestion.

Subject
Category
Grade 12 Mathematical Literacy, Numbers and operations

What are bonds?

Grade 12 Mathematical Literacy, Numbers and operations

Buying a bond is an investment (whereby you lend money to a company or government) that is repaid at a fixed interest rate at a specific time.

Grade 12 Mathematical Literacy, Numbers and operations

What is the purpose of a BCI?

Grade 12 Mathematical Literacy, Numbers and operations

BCI stands for business confidence index. A BCI is an index used to determine the confidence of the commercial world in the business situation and the health of the economy.

Grade 12 Mathematical Literacy, Numbers and operations

How do we calculate compound interest?

Grade 12 Mathematical Literacy, Numbers and operations

We use the formula below to calculate compound interest. A is the end amount and P is the present amount.

Grade 12 Mathematical Literacy, Numbers and operations

What does a CPI measure?

Grade 12 Mathematical Literacy, Numbers and operations

CPI stands for consumer price index. We use a CPI to measure the changes in the prices of selected consumer goods every month to indicate changes in general living costs.

Grade 12 Mathematical Literacy, Numbers and operations

How do we write a value as a decimal number?

Grade 12 Mathematical Literacy, Numbers and operations

A decimal number is a fraction written with a power of ten as denominator. We use a decimal comma to separate units from tenths, hundredths, thousandths and so on.

Grade 12 Mathematical Literacy, Numbers and operations

What is difference between the numerator and the denominator of a fraction?

Grade 12 Mathematical Literacy, Numbers and operations

The numerator is the top quantity of a fraction. The denominator is the bottom quantity of a fraction.

Grade 12 Mathematical Literacy, Numbers and operations

Define and give the formula for direct proportion.

Grade 12 Mathematical Literacy, Numbers and operations

In direct proportion, two quantities are directly related to each other by the formula shown below. Direct proportion is a 'more=more' situation.

Grade 12 Mathematical Literacy, Numbers and operations

What are equities?

Grade 12 Mathematical Literacy, Numbers and operations

Equities are stocks or shares issued by a company.

Grade 12 Mathematical Literacy, Numbers and operations

What is the GDP of a country?

Grade 12 Mathematical Literacy, Numbers and operations

GDP stands for Gross Domestic Product. The GDP of a country is the total value of all goods produced and services delivered in a country over a specific period.

Grade 12 Mathematical Literacy, Numbers and operations

Explain what it means to buy goods on hire purchase.

Grade 12 Mathematical Literacy, Numbers and operations

Hire purchase is a method of buying goods where the buyer takes possession of the object and repays it monthly over an agreed period of time.

Grade 12 Mathematical Literacy, Numbers and operations

Define the term index in terms of financial stocks.

Grade 12 Mathematical Literacy, Numbers and operations

A financial index gives the trends in the stock prices of a number of selected companies.

Grade 12 Mathematical Literacy, Numbers and operations

Define inflation.

Grade 12 Mathematical Literacy, Numbers and operations

Inflation is the decrease in the purchasing power of money in a country as a result of the general rise in the cost of living.

Grade 12 Mathematical Literacy, Numbers and operations

Define inverse proportion.

Grade 12 Mathematical Literacy, Numbers and operations

In inverse proportion, two quantities are indirectly related to each other. Inverse proportion is a 'more=less' situation.

Grade 12 Mathematical Literacy, Numbers and operations

What is an investment?

Grade 12 Mathematical Literacy, Numbers and operations

An investment is a money committed to a project with the expectation of obtaining additional money from it over time.

Grade 12 Mathematical Literacy, Numbers and operations

How do we calculate the market capitalisation of a company?

Grade 12 Mathematical Literacy, Numbers and operations

Market capitalisation is the total value of the shares issued by a company. We multiply the number of shares by the current market price of one share.

Grade 12 Mathematical Literacy, Numbers and operations

Define the yield of an investment.

Grade 12 Mathematical Literacy, Numbers and operations

Yield is the interest earned on an investment, expressed as a percentage.

Grade 12 Mathematical Literacy, Numbers and operations

How do we calculate the yield of an investment?

Grade 12 Mathematical Literacy, Numbers and operations

We calculate the yield with the formula:

Grade 12 Mathematical Literacy, Numbers and operations

How does the government determine the number of wards in a municipal area?

Grade 12 Mathematical Literacy, Numbers and operations

The number of registered votes in the municipal area determines the number of wards in the municipality. Half of the number of councillors determined must be elected in wards.

Grade 12 Mathematical Literacy, Numbers and operations

In the election for local council, how many votes does each voter have?

Grade 12 Mathematical Literacy, Numbers and operations

In the election for local council, each voter has two votes. One for a specific candidate and one for a specific party.

Grade 12 Mathematical Literacy, Numbers and operations

Explain the letters in the following formula:

Grade 12 Mathematical Literacy, Numbers and operations

GDP stands for Gross Domestic Product. C is consumer spending, G is government spending, I is company spending and NX is national net exports.

Grade 12 Mathematical Literacy, Numbers and operations

Explain the term socially responsible trade.

Grade 12 Mathematical Literacy, Numbers and operations

Socially responsible trade means that the government should regulate the export or exploitation of natural resources. Also money that enters the country through trade should be equally distributed.

Grade 12 Mathematical Literacy, Data handling

Define classical probability.

Grade 12 Mathematical Literacy, Data handling

Classical probability is the chance of an event occurring, calculated mathematically.

Grade 12 Mathematical Literacy, Data handling

Explain the term cumulative frequency.

Grade 12 Mathematical Literacy, Data handling

The cumulative frequency of a dataset is the total of the values in a frequency table continuously added as the table progresses.

Grade 12 Mathematical Literacy, Data handling

Define empirical probability.

Grade 12 Mathematical Literacy, Data handling

Empirical probability determines the chance of an event occurring from the data collected by studying actual events.

Grade 12 Mathematical Literacy, Data handling

What is the modal class of a dataset?

Grade 12 Mathematical Literacy, Data handling

When data have been grouped in classes, the class with the highest frequency is the modal class.

Grade 12 Mathematical Literacy, Data handling

What is the mode of a dataset?

Grade 12 Mathematical Literacy, Data handling

The mode is the value that appears most often in a dataset.

Grade 12 Mathematical Literacy, Data handling

How do we find the median of a dataset?

Grade 12 Mathematical Literacy, Data handling

The median is the midpoint of a dataset. To find the median, arrange the data in order, from the highest to the lowest value, or the lowest to the highest.

Grade 12 Mathematical Literacy, Data handling

How do we find the mean of a dataset?

Grade 12 Mathematical Literacy, Data handling

The mean is the arithmetic average of a dataset. To find the mean, add all the values and divide the total by the number of values that have been added.

Grade 12 Mathematical Literacy, Data handling

What is bimodal data?

Grade 12 Mathematical Literacy, Data handling

Bimodal data has two modes. In other words, in a bimodal dataset, two values appear the same number of times.

Grade 12 Mathematical Literacy, Data handling

What is the difference between a percentage and a percentile?

Grade 12 Mathematical Literacy, Data handling

Percentage gives the actual value out of a hundred. A percentile divides a dataset into hundred equal groups and gives an indication of the place in a row of values.

Grade 12 Mathematical Literacy, Data handling

Explain the process of researching to solve problems in life.

Grade 12 Mathematical Literacy, Data handling

Research is the gathering of information in a systematic way. Research involves collecting data in the form of interviews, questionnaires or searching existing databases.

Grade 12 Mathematical Literacy, Data handling

In statistics, what is the difference between a population and a sample?

Grade 12 Mathematical Literacy, Data handling

The population is the entire group of people or items that researchers want to study. The sample is a small group of people or items selected from the population.

Grade 12 Mathematical Literacy, Data handling

What is a scatter plot?

Grade 12 Mathematical Literacy, Data handling

A scatter plot is a graph constructed from all the pairs of coordinates in a data set where each pair is represented by a dot on the map.

Grade 12 Mathematical Literacy, Data handling

Explain the word tendency in terms of datasets.

Grade 12 Mathematical Literacy, Data handling

Tendency means that the data leans in a certain direction or that there is a general change one direction.

Grade 12 Mathematical Literacy, Data handling

Explain the difference between correlation and causation.

Grade 12 Mathematical Literacy, Data handling

Correlation means that two ideas are connected. Causation means that one aspect causes the occurrence of the other.

Grade 12 Mathematical Literacy, Data handling

The range of a dataset is the highest value minus the lowest value.

Grade 12 Mathematical Literacy, Data handling

Probability is the chance or liklihood of an event occurring. Probability is expressed as a ratio (a fraction or percentage).

Grade 12 Mathematical Literacy, Functional relationships

When plotting two variables, what is the dependent variable?

Grade 12 Mathematical Literacy, Functional relationships

The dependent variable is the output of a function or the y-value. The dependent variable depends on the input, or the x-variable.

Grade 12 Mathematical Literacy, Functional relationships

In linear programming, what does the feasible region indicate?

Grade 12 Mathematical Literacy, Functional relationships

The feasible region shows all the possible solutions for the linear programming problem. It is the area on a graph where all the limitations are satisfied.

Grade 12 Mathematical Literacy, Functional relationships

When plotting two variables, what is the independent variable?

Grade 12 Mathematical Literacy, Functional relationships

The independent variable is the input of the function or the x-variable.

Grade 12 Mathematical Literacy, Functional relationships

Why do we use inequalities in linear programming?

Grade 12 Mathematical Literacy, Functional relationships

Linear inequalities allow for many possible answers. Inequalities give us solutions that fall in the greater than an/or equal to region or the less than and /or equal to region.

Grade 12 Mathematical Literacy, Functional relationships

Define a linear function.

Grade 12 Mathematical Literacy, Functional relationships

A linear function can be represented by a straight-line graph. A linear function describes the relationship between two variables in the form shown below.

Grade 12 Mathematical Literacy, Functional relationships

How do we represent a linear inequality?

Grade 12 Mathematical Literacy, Functional relationships

A linear inequality is represented on a graph as an area bordered by a straight line. The values solving the linear inequality will lie below or above the straight line.

Grade 12 Mathematical Literacy, Functional relationships

Explain the method of linear programming.

Grade 12 Mathematical Literacy, Functional relationships

Linear programming is a method used to find the optimal value(s) of certain functions using straight-line graphs.

Grade 12 Mathematical Literacy, Functional relationships

In linear programming, what is the objective function?

Grade 12 Mathematical Literacy, Functional relationships

The objective function is an algebraic expression that describes the final goal that we must achieve in a linear programming problem.

Grade 12 Mathematical Literacy, Functional relationships

In linear programming, what are the restrictions?

Grade 12 Mathematical Literacy, Functional relationships

Restrictions are the limiting conditions or constraints placed on a situation. We represent the restrictions with linear inequalities.

Grade 12 Mathematical Literacy, Space, shape and measurement

What are scale drawings?

Grade 12 Mathematical Literacy, Space, shape and measurement

Scale is the ratio of size in a map or model. In scale drawings we draw the dimensions of objects smaller, in proportion to the dimensions of the actual objects.

Grade 12 Mathematical Literacy, Space, shape and measurement

How do we find the height of a triangle?

Grade 12 Mathematical Literacy, Space, shape and measurement

The height of a triangle is measured from any corner of the triangle perpendicular to the opposite side.

Grade 12 Mathematical Literacy, Space, shape and measurement

Give the formula for the area of a triangle.

Grade 12 Mathematical Literacy, Space, shape and measurement

The formula for the area of a triangle (where h is the height of the triangle and b is the base):

Grade 12 Mathematical Literacy, Space, shape and measurement

Give the formula for the area of a circle.

Grade 12 Mathematical Literacy, Space, shape and measurement
Grade 12 Mathematical Literacy, Space, shape and measurement

Define a hectogram and a decigram in terms of grams.

Grade 12 Mathematical Literacy, Space, shape and measurement

One hectogram is equal to 100 g. One decigram is equal to 0,1 g.

Grade 12 Mathematical Literacy, Space, shape and measurement

How do we convert from Kelvin to degrees Celsius?

Grade 12 Mathematical Literacy, Space, shape and measurement

To convert from Celsius to Kelvin we add 273.

How do we calculate compound interest?

Compound interest is calculated on the amount plus the accrued interest. We use the following formula:

What is credit life insurance?

Credit life insurance guarantees the payment of an amount due on a loan should the insured person die before the loan has been repaid fully.

What does the current capital ratio indicate?

We use the current capital ratio to measure the short-term solvency of a business. It is the ratio of current assets to current liabilities and should not fall below 2:1.

What are debentures?

Debentures are loans made available to companies, usually for a specified time period, at a specified interest rate.

What does fidelity insurance cover?

Fidelity insurance protects the employer from dishonest deeds, such as fraud or embezzlement, committed by employees

What are fixed deposits?

In a fixed deposit, money is put into a savings account for a set period of time. If the money is drawn before maturity of the account, a penalty fee has to be paid.

What is insurance?

Insurance is a contract whereby one party (the insurer) undertakes, in return for monthly payments, to indemnify another parted (the insured) for losses suffered as specified in the contract.

What is liability insurance?

Liability insurance occurs in forms of ownership where the owners are faced with unlimited liability for the debts of the business.

What is life assurance?

Life assurance is a policy that will be paid to dependents after the death of the policy holder.

What does liquidity analysis measure?

Liquidity analysis measures the ability of the business's current assets to cover its current liabilities.

What are ordinary preference shares?

Ordinary preference shares mean that the shareholders receive their dividend only if and when the business shows a profit.

What are participating preference shares?

Participating preference shares mean that shareholders may receive additional dividends after receiving their fixed dividend, but only after all other shareholders have received their dividends.

Business interruption insurance protects a business that has had to shut down as a result of a fire or other insured risks.

What does the quick acid test ratio indicate?

The quick acid test ratio measures the ability of a business to pay off its liabilities without selling stock. It should not fall below 1:1.

What are redeemable debentures?

Redeemable debentures loans made available to companies that will be repaid after a certain time period.

Define shares.

Shares represent parts of a company. The shares are certificates issued to owners in a company as proof of their purchase.

How do stokvels operate?

Stokvels are groups of people that make their own decisions about how to save their money collectively.

Explain how to do a SWOT analysis.

A SWOT analysis analyses the internal strengths and weaknesses of the product and the business and the external opportunities and threats to the business.

What is a unit trust?

A unit trust is a basket of the shares from different companies, and other financial instruments that are traded on the stock market.

Explain a contingency management approach.

A contingency management approach integrates ideas of different schools of thought by trying to eliminate the disadvantages and keeping the advantages.

What is the role of corporate reputation officer (CRO)?

A CRO is appointed by a business to research how stakeholders view the business.

In democratic leadership, the managers include the workers when making decisions. The managers take the views of the workers into account when decisions are made.

What do we mean by an ethical business practice?

A business practice is considered ethical when the running of the business and the jobs performed within the business are morally sound.

In a team, what is the Asch effect?

The Asch effect is a situation where at least 80% of team members lean towards an incorrect group opinion.

What does the term groupthink refer to?

Groupthink occurs when the majority of a group fails to view alternatives realistically.

In laissez-faire leadership, managers set objectives, but they allow the employees to do whatever is necessary to achieve the objectives.

Autocratic leadership involves one person making decisions. This type of leadership is often used in businesses that lack discipline.

Explain the school of human behaviour.

The school of human behaviour places the emphasis on creating a favourable environment between employer and employee and the external environment.

What does the term social loafing refer to?

Social loafing occurs when the size of a group increases and the individual members of the team start to decrease their efforts.

Describe a systems approach to management.

A systems approach to management regards the business undertaking as a system in which individual departments combine to form an economic unit.

What is Theory Z?

Theory Z is an approach to management that combines the best management techniques from American businesses and Japanese businesses.

Explain the trait theory of leadership.

The trait theory emphasises the qualities of good leaders, such as good physical and mental health, enthusiasm, unselfishness, courage, understanding of people and good communication skills.

In terms of ethical business practices, what are values?

Values are the social principles that help to create society's laws and a business's policies and procedures.

What is an agency shop agreement?

In agency shop agreements, the union subscriptions may be deducted on behalf of the majority trade union from the wages of non-members of the majority union without authorisation.

What information should a letter of appointment include?

The letter of appointment should include the date on which the applicant will start work, the salary and fringe benefits, leave and conditions of service and termination.

Why are workplace forums formed?

Workplace forums are organisations that represent employees in the work place. These forums aim to reduce unilateral decision making by employers in matters affecting employees.

What is the function of the Labour Appeal Court?

The Labour Appeal Court is the final court of appeal for all judgements and orders made by the Labour Court.

What is a closed shop agreement?

In closed shop agreements, all members covered by the agreement must be members of a trade union.

What is a collective agreement?

A collective agreement is a written agreement containing the terms and conditions of employment negotiated by the parties (the employer and trade unions) on behalf of the employees.

Explain the function of the CCMA.

CCMA stands for Commission for Conciliation, Mediation and Arbitration. The CCMA is independent. It deals with disputes when an agreement cannot be reached between an employer and the trade union.

What is the NQF?

NQF stands for National Qualifications Framework. NQF is a framework for the provision of lifelong learning opportunities in accordance with nationally agreed qualification levels.

A trade union is a voluntary organisation established by employees with the purpose of protecting and improving their collective interests. Trade unions represent the interests of their members.

Explain the aims of the BEE strategy.

BEE stands for Black Economic Empowerment. This strategy aims to address human resource development, employment equity, ownership and control of enterprises, economic assets and preferential procurement and investment.

Explain the term macroenvironment in terms of a business.

The macroenvironment of a business is the large environment outside the control and influence of the business environment, which includes demographic, political, social, educational and technological variables.

Explain the term microenvironment in terms of a business.

The microenvironment of a business is the small, internal environment of the business and its eight management functions.

Define the physical environment of a business.

The physical environment of a business consists of the resources, climate and location of a business.

Explain the difference between the primary and secondary sector.

Businesses or industries in the primary sector take or extract raw materials from nature. Businesses or industries in the secondary sector process raw or semi-finished materials into products for consumption.

What are SETAs?

SETA stands for Sector Education and Training Authorities. SETAs have been established to assume responsibility for the training of workers in specific industry sectors.

State the purpose of the Skills Development Act, no. 97 of 1998.

The Skills Development Act encourages lifelong learning and aims to facilitate the improvement of the general level of skills in our workforce.

What is the social responsibility of businesses?

Business organisations need to play a role to ensure that society runs effectively, by contributing to the welfare of their stakeholders as well as contributing to social welfare in general.

What is a Laffer curve?

A Laffer curve shows the relationship between tax rates and the tax revenue that the state collects. Beyond a certain tax rate level the economy grows more slowly as taxpayers are discouraged to spend, so the increased tax rate generates a decreased tax revenue.

Briefly explain the terms leading indicators, lagging indicators and coincident indicators and their purpose.

Economists use these indicators for forecasting. Leading indicators show where the economy is going in the future; lagging indicators show what has been happening in the economy; and coincident indicators move at the same time as the business cycle.

Business cycle refers to the changes in the economy that produces a cyclical pattern that repeats itself every three to five years. It is also known as the economic cycle.

What is depreciation?

Depreciation is the decrease in value of an asset or currency.

What is the difference between exogenous and endogenous causes of the business cycle?

Exogenous causes are factors that influence the business cycle from outside of the system, e.g. climate (drought and other natural disasters) and the political situation of a country. Endogenous causes are factors that influence the business cycle from inside the system, e.g. total expenditure. investment and government fiscal and monetary policy.

Explain the term macroeconomics.

Macroeconomics is the study of the entire functioning of the economy.

How do we calculate GDP at factor cost?

GDP at factor cost = C + I + G + X - Z - taxes on goods and production + subsidies on goods and production (where C stands for expenditure by households; I for investment; G for government expenditure; X for exports; and Z for imports).

What is the GDP of a country?

GDP stands for Gross Domestic Product. The GDP is the value of all the goods produced and services offered within the boundaries of a country.

What is a price-maker?

In a monopoly, a price-maker is one or a few sellers that control the supply and therefore have the power to set the prices.

In the circular flow of income, what is the multiplier?

The multiplier is the ratio between the eventual change in income and the initial investment.

Regarding macroeconomic growth and stability, what are merit goods?

Merit goods refer to goods and services that the state provides to people even if they cannot pay for them, in order to improve social welfare.

What is MTEF?

MTEF stands for Medium Term Expenditure Framework. It refers to the way in which the government budget is set up over a three-year period.

What is state property?

State property is the income from mining and state diggings and the income from forests and rental of government properties.

What are subsidies?

Subsidies are amounts that the government pays to producers so that they can sell their goods and services at lower prices to consumers.

What is a fiscal policy?

The fiscal policy is a policy of the state that concentrates on the level and composition of government spending, taxation and borrowing. Fiscal policy is also called the state financial policy.

The trade balance is a record of the values of merchandise (visible goods) that are exported and imported. The trade balance is negative when the value of imports is greater than exports and positive when the value of exports is greater than imports.

What is a factor cost?

A factor cost is a cost of production excluding taxes on production and including subsidies. (GDP at basic prices - taxes on production + subsidies on production.)

What is foreign direct investment?

Foreign direct investment is investment from another country in the form of actual physical assets such as factories or equipment.

What is BBBEE?

BBBEE stands for Broad Based Black Economic Empowerment. It is a policy to ensure that black people and black-owned companies are given advantages so that they gain a greater share in the economy.

What is a CPI?

CPI stands for consumer price index and indicates the change in the prices of consumer goods and services over a certain period of time.

What is a CPIX?

CPIX is the consumer price index (CPI) excluding housing bond or mortgage bond repayments.

What is deliberate or voluntary import substitution?

Deliberate/voluntary import substitution means that imports are substituted with locally produced products, which results in a reduced dependence on other countries.

What is the difference between economic development and economic growth?