Financial Documents, Income & Expenditure is one of 9 topics in the Grade 11 Mathematical Literacy CAPS syllabus, covered across 3 lessons on Study Vault. Below are real practice questions from this topic with full worked answers.
Sample practice questions
Easy
1. What is the key difference between an invoice and a receipt?
An invoice requests payment for goods or services, while a receipt confirms payment has already been made
An invoice and a receipt are always exactly the same document with different names
An invoice confirms payment was made, while a receipt requests payment
Neither document has anything to do with payment
Answer: An invoice requests payment for goods or services, while a receipt confirms payment has already been made — An invoice is a request for payment (issued before or at the point of a sale), while a receipt is proof that payment has already been made -- confusing the two is a common but important error to avoid.
Easy
2. What is the name of the document a supplier provides BEFORE a sale, stating an estimated price that a customer can accept or decline?
Answer: quotation — A quotation is provided before a sale takes place, stating an estimated price for goods or a service, which the customer may accept or decline.
Medium
3. An employee uses a personal vehicle for a business trip. The odometer reads 45,820 km before the trip and 45,955 km after. The employer reimburses at R4.50 per km. Calculate the reimbursement amount, in Rand.
Answer: 607.50 — Distance travelled = 45,955 - 45,820 = 135 km. Reimbursement = 135 x R4.50 = R607.50.
