1.1.1 A savings club which benefits all its members:
A Society
B Stokvel
C Pyramid scheme
D Book club
1.1.2 The increase in the price of goods and services:
A Interest rate
B VAT rate
C Inflation rate
D Prime rate
1.1.3 The repo rate is the interest rate …
A used to calculate compound interest - NSC Consumer Studies - Question 1 - 2022 - Paper 1
Question 1
1.1.1 A savings club which benefits all its members:
A Society
B Stokvel
C Pyramid scheme
D Book club
1.1.2 The increase in the price of goods and services:
A Inter... show full transcript
Worked Solution & Example Answer:1.1.1 A savings club which benefits all its members:
A Society
B Stokvel
C Pyramid scheme
D Book club
1.1.2 The increase in the price of goods and services:
A Interest rate
B VAT rate
C Inflation rate
D Prime rate
1.1.3 The repo rate is the interest rate …
A used to calculate compound interest - NSC Consumer Studies - Question 1 - 2022 - Paper 1
Step 1
1.1.1 A savings club which benefits all its members:
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Answer
The correct answer is B Stokvel. A stokvel is a form of saving scheme in which members contribute a designated amount of money, which is then paid out to one of the members in rotation.
Step 2
1.1.2 The increase in the price of goods and services:
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Answer
The correct answer is C Inflation rate. The inflation rate measures the rate at which the general level of prices for goods and services rises, eroding purchasing power.
Step 3
1.1.3 The repo rate is the interest rate …
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Answer
The correct answer is B which the Reserve Bank charges banks. The repo rate is the rate at which the central bank lends money to commercial banks, influencing overall interest rates in the economy.
Step 4
1.1.4 The consumer price index is used to …
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Answer
The correct answer is A calculate the official rate of inflation. The Consumer Price Index (CPI) is often used as an economic indicator to gauge inflation.
Step 5
1.1.5 Food items that are exempted from VAT:
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Answer
The correct answers are A White bread and samp, B Vegetables and pasta, C Cake flour and oil, and D Eggs and rice. These items are typically exempt from value-added tax (VAT) to keep essential goods affordable.
