BN101 - imm
Page 1 of 5
ASSIGNMENT 1ST SEMESTER
:
BUSINESS NUMERACY 1 (BN101)
CHAPTERS COVERED
: :
2 AND 5 (Wegner, 2004) 1, 2 AND 4 (Zidel, 2010)
LEARNER GUIDE
:
UNITS 1 TO 4
DUE DATE
:
3:00 p.m. 19 MARCH 2013
TOTAL MARKS
:
100
INSTRUCTIONS TO CANDIDATES FOR COMPLETING AND SUBMITTING ASSIGNMENTS The complete ‘Instructions to Students for Completing and Submitting Assignments’ must be collected from any IMM GSM office, the relevant Student Support Centre or can be downloaded from the IMM GSM website. It is essential that the complete instructions be studied prior to commencing your assignment. The following points highlight only a few important notes. 1. You are required to submit ONE assignment per subject. 2. The assignment will contribute 20% towards the final examination mark, and the other 80% will be contributed by the examination, however, the examination papers will count out of 100%. 3. Although your assignment will contribute towards your final examination mark, you do not have to earn credits for admission to the examinations; you are automatically accepted on registering for the exam. 4. Number all the pages of your assignment (e.g. page 1 of 4) and write your name and surname, student number and subject at the top of each page. 5. The IMM GSM requires assignments to be presented in a typed format, on plain A4 paper. Unless otherwise specified, this assignment must be completed within a limit of 1500 words, excluding the bibliography. Students who exceed the word limit may find that only part of the submitted assignment will be marked. 6. A separate assignment cover, which is provided by the IMM GSM, must be attached to the front of each assignment. 7. Retain a copy of each assignment before submitting, in case the original does not reach the IMM GSM. 8. The assignment due date refers to the day up to which assignments will be accepted for marking purposes. The deadline is 3:00 p.m. on 19 March 2013. Late assignments will be accepted, but 25 marks will be deducted from the maximum mark, if received after 3:00 p.m. on 19 March 2013 and up to 5:00 p.m. the following day, after which no assignments will be accepted. 9. If you fail to follow these instructions carefully, the IMM Graduate School of Marketing cannot accept responsibility for the return of the assignment. It may even result in your assignment not being marked. Results will be available on the IMM GSM website, www.immgsm.ac.za, on Friday 3 May 2013. Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
Page 2 of 5
Answer ALL the questions
IMPORTANT: Do not give the final answer only to any of the questions. You need to show the interim steps of how you arrived at the answer, as this will also be allocated marks. If the final answer is given without any of your workings, you’ll receive 1 mark for the correct answer only. QUESTION 1
[12]
Simplify each of the following (write the answer as a mixed fraction if appropriate): 1.1
(2)
1.2
(2)
1.3
(2)
1.4
(3)
1.5
(3)
QUESTION 2
[16]
The following table shows the test results for a group of business numeracy students. 30 53 65 25 85 2.1
82 57 47 57 72
45 51 62 68 57
71 77 80 48 66
With reference to the results above, calculate the: i. ii. iii.
Mean Median Mode
(2) (2) (1)
2.2
What do the answers to the calculations in ‘2.1’ tell us about the data?
(2)
2.3
What is the data range?
(1)
Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
Page 3 of 5
2.4
With reference to the results mentioned, calculate the: i. ii. iii.
2.5
Lower quartile Upper quartile Interquartile range
Calculate the standard deviation for the test results.
QUESTION 3 3.1.
(2) (2) (1) (3) [12]
During a sale, all goods are labelled ‘Sale price 10% off marked price’. The sale price of a dining room table is R10 260 inclusive of VAT. The retailer adds 25% to the cost price to give the marked price. Calculate the following: a. The marked price, exclusive of VAT, before the sale. (2) b. The cost price, exclusive of VAT, of the dining room table. (2) c. The percentage profit the retailer makes on the dining room table sold during the sale. (2)
3.2.
I can sell a leather jacket for R1 368 in my shop. What is the maximum price I should pay for the leather jacket if I require a mark-up of at least 20%? (2)
3.3.
The cost price of a handbag is R500. A retailer normally adds 20% to the cost price to determine the marked price. During a sale all goods were marked ‘Sale price 10% off marked price’. Determine the percentage profit the retailer makes on the handbag sold during the sale. (4)
QUESTION 4 4.1.
[11]
You have been offered the following options: Option A Receive a lump sum of R100 000 payable immediately, OR Option B Receive a payment of R50 000 at the end of year one, another R40 000 at the end of year two and a third payment of R20 000 at the end of year 3. You can currently earn 11% on your investments. Determine which of these two options you will choose and state why. (5)
4.2.
You started with an investment of R100 per month at the age of 20 in a unit trust investment. Calculate how much you will have saved by age 50 if you can earn 12% per annum compounded monthly on your investment. (2)
4.3.
You bought a car for R70 000 and have to finance it over a period of 60 months. Calculate your monthly repayments if the bank charges you 15% per annum compounded monthly. Repayments are at the end of each month. (2)
Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
Page 4 of 5
4.4.
A litre of milk costs you R15 today. If the average inflation rate is 6% per annum, how much will a litre cost you 15 years from now. (2)
QUESTION 5 5.1
[49]
The following sets of points (1 to 8) each lie on one of the straight lines which have been provided by equations (A to H). You are required to match each set with the correct straight line equation. Clearly indicate which set correctly relates to each equation. (16) Set 1: (0,5) (1,4) (2,3) (1,6)
Set 2: 0,01,12,23,3 Set 3: 0,11,12,33,5 Set 4: 2,43,44,45,4 Set 5: 2,13,34,50,3 Set 6: 0,01,12, 23, 3 Set 7: 3,23,33,43,5 Set 8: 3,02,1.55, 30,4.5 5.2
Equation A: 2x - y = 3 Equation B: y = 2x - 1 Equation C: y = - x Equation D: x + y = 5 Equation E: y = 4 Equation F: y = x Equation G: x = -3 Equation H: 3x + 2y = 9
The following pie-chart shows the percentage distribution of the expenditure incurred in publishing a book. Study the pie-chart and then answer the questions 5.2.1 – 5.2.5 that follow on the next page.
Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
Page 5 of 5
5.2.1 The publisher has to pay R30 600 as printing cost for a certain quantity of books. Calculate the amount of royalty to be paid for these books. (2) 5.2.2 The price of a book is marked 20% above the cost price. If the marked price of the book is R180, calculate the cost of the paper used in a single copy of the book. (3) 5.2.3 If 5 500 copies are published and the transportation cost for all copies amounts to R82 500, calculate the selling price per book so that the publisher can earn a profit of 25%. (5) 5.2.4 By what percentage is the royalty per book less than the printing cost? (2) 5.2.5 For an edition of 12 500 copies, the amount of royalty paid by the publisher is R281 250. Calculate the selling price per book if the publisher desires a profit of 5%. (5) 5.3.
The table below shows the surface area of each continent in square kilometres. Construct both a pie chart and a bar graph and motivate which graph best represents this data by providing an analysis into each graphs representation of the data given. (16) Surface Area of Continents Continent Surface Area (km2) Africa 15 000 000 Antarctica 14 200 000 Asia 44 936 000 Australia 7 614 500 Europe 10 525 000 North America 23 500 000 South America 17 819 100
(Note: Be sure to present your graphs clearly and neatly, with all necessary labels, headings etc.) ASSIGNMENT TOTAL: 100
Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
ASSIGNMENT 1ST SEMESTER
:
BUSINESS NUMERACY 1 (BN101)
CHAPTERS COVERED
: :
2 AND 5 (Wegner, 2004) 1, 2 AND 4 (Zidel, 2010)
LEARNER GUIDE
:
UNITS 1 TO 4
DUE DATE
:
3:00 p.m. 19 MARCH 2013
TOTAL MARKS
:
100
INSTRUCTIONS TO CANDIDATES FOR COMPLETING AND SUBMITTING ASSIGNMENTS The complete ‘Instructions to Students for Completing and Submitting Assignments’ must be collected from any IMM GSM office, the relevant Student Support Centre or can be downloaded from the IMM GSM website. It is essential that the complete instructions be studied prior to commencing your assignment. The following points highlight only a few important notes. 1. You are required to submit ONE assignment per subject. 2. The assignment will contribute 20% towards the final examination mark, and the other 80% will be contributed by the examination, however, the examination papers will count out of 100%. 3. Although your assignment will contribute towards your final examination mark, you do not have to earn credits for admission to the examinations; you are automatically accepted on registering for the exam. 4. Number all the pages of your assignment (e.g. page 1 of 4) and write your name and surname, student number and subject at the top of each page. 5. The IMM GSM requires assignments to be presented in a typed format, on plain A4 paper. Unless otherwise specified, this assignment must be completed within a limit of 1500 words, excluding the bibliography. Students who exceed the word limit may find that only part of the submitted assignment will be marked. 6. A separate assignment cover, which is provided by the IMM GSM, must be attached to the front of each assignment. 7. Retain a copy of each assignment before submitting, in case the original does not reach the IMM GSM. 8. The assignment due date refers to the day up to which assignments will be accepted for marking purposes. The deadline is 3:00 p.m. on 19 March 2013. Late assignments will be accepted, but 25 marks will be deducted from the maximum mark, if received after 3:00 p.m. on 19 March 2013 and up to 5:00 p.m. the following day, after which no assignments will be accepted. 9. If you fail to follow these instructions carefully, the IMM Graduate School of Marketing cannot accept responsibility for the return of the assignment. It may even result in your assignment not being marked. Results will be available on the IMM GSM website, www.immgsm.ac.za, on Friday 3 May 2013. Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
Page 2 of 5
Answer ALL the questions
IMPORTANT: Do not give the final answer only to any of the questions. You need to show the interim steps of how you arrived at the answer, as this will also be allocated marks. If the final answer is given without any of your workings, you’ll receive 1 mark for the correct answer only. QUESTION 1
[12]
Simplify each of the following (write the answer as a mixed fraction if appropriate): 1.1
(2)
1.2
(2)
1.3
(2)
1.4
(3)
1.5
(3)
QUESTION 2
[16]
The following table shows the test results for a group of business numeracy students. 30 53 65 25 85 2.1
82 57 47 57 72
45 51 62 68 57
71 77 80 48 66
With reference to the results above, calculate the: i. ii. iii.
Mean Median Mode
(2) (2) (1)
2.2
What do the answers to the calculations in ‘2.1’ tell us about the data?
(2)
2.3
What is the data range?
(1)
Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
Page 3 of 5
2.4
With reference to the results mentioned, calculate the: i. ii. iii.
2.5
Lower quartile Upper quartile Interquartile range
Calculate the standard deviation for the test results.
QUESTION 3 3.1.
(2) (2) (1) (3) [12]
During a sale, all goods are labelled ‘Sale price 10% off marked price’. The sale price of a dining room table is R10 260 inclusive of VAT. The retailer adds 25% to the cost price to give the marked price. Calculate the following: a. The marked price, exclusive of VAT, before the sale. (2) b. The cost price, exclusive of VAT, of the dining room table. (2) c. The percentage profit the retailer makes on the dining room table sold during the sale. (2)
3.2.
I can sell a leather jacket for R1 368 in my shop. What is the maximum price I should pay for the leather jacket if I require a mark-up of at least 20%? (2)
3.3.
The cost price of a handbag is R500. A retailer normally adds 20% to the cost price to determine the marked price. During a sale all goods were marked ‘Sale price 10% off marked price’. Determine the percentage profit the retailer makes on the handbag sold during the sale. (4)
QUESTION 4 4.1.
[11]
You have been offered the following options: Option A Receive a lump sum of R100 000 payable immediately, OR Option B Receive a payment of R50 000 at the end of year one, another R40 000 at the end of year two and a third payment of R20 000 at the end of year 3. You can currently earn 11% on your investments. Determine which of these two options you will choose and state why. (5)
4.2.
You started with an investment of R100 per month at the age of 20 in a unit trust investment. Calculate how much you will have saved by age 50 if you can earn 12% per annum compounded monthly on your investment. (2)
4.3.
You bought a car for R70 000 and have to finance it over a period of 60 months. Calculate your monthly repayments if the bank charges you 15% per annum compounded monthly. Repayments are at the end of each month. (2)
Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
Page 4 of 5
4.4.
A litre of milk costs you R15 today. If the average inflation rate is 6% per annum, how much will a litre cost you 15 years from now. (2)
QUESTION 5 5.1
[49]
The following sets of points (1 to 8) each lie on one of the straight lines which have been provided by equations (A to H). You are required to match each set with the correct straight line equation. Clearly indicate which set correctly relates to each equation. (16) Set 1: (0,5) (1,4) (2,3) (1,6)
Set 2: 0,01,12,23,3 Set 3: 0,11,12,33,5 Set 4: 2,43,44,45,4 Set 5: 2,13,34,50,3 Set 6: 0,01,12, 23, 3 Set 7: 3,23,33,43,5 Set 8: 3,02,1.55, 30,4.5 5.2
Equation A: 2x - y = 3 Equation B: y = 2x - 1 Equation C: y = - x Equation D: x + y = 5 Equation E: y = 4 Equation F: y = x Equation G: x = -3 Equation H: 3x + 2y = 9
The following pie-chart shows the percentage distribution of the expenditure incurred in publishing a book. Study the pie-chart and then answer the questions 5.2.1 – 5.2.5 that follow on the next page.
Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
Page 5 of 5
5.2.1 The publisher has to pay R30 600 as printing cost for a certain quantity of books. Calculate the amount of royalty to be paid for these books. (2) 5.2.2 The price of a book is marked 20% above the cost price. If the marked price of the book is R180, calculate the cost of the paper used in a single copy of the book. (3) 5.2.3 If 5 500 copies are published and the transportation cost for all copies amounts to R82 500, calculate the selling price per book so that the publisher can earn a profit of 25%. (5) 5.2.4 By what percentage is the royalty per book less than the printing cost? (2) 5.2.5 For an edition of 12 500 copies, the amount of royalty paid by the publisher is R281 250. Calculate the selling price per book if the publisher desires a profit of 5%. (5) 5.3.
The table below shows the surface area of each continent in square kilometres. Construct both a pie chart and a bar graph and motivate which graph best represents this data by providing an analysis into each graphs representation of the data given. (16) Surface Area of Continents Continent Surface Area (km2) Africa 15 000 000 Antarctica 14 200 000 Asia 44 936 000 Australia 7 614 500 Europe 10 525 000 North America 23 500 000 South America 17 819 100
(Note: Be sure to present your graphs clearly and neatly, with all necessary labels, headings etc.) ASSIGNMENT TOTAL: 100
Assignment: 1st Semester 2013
© IMM Graduate School of Marketing BN101
