INTRODUCTION TO BUSINESS MATHEMATICS – NQF LEVEL 3
PRACTICE ASSIGNMENT
Dear Student,
Your studies are important to us at Fernwood Business College (FBC) and to assist you, we include an
assignment for each subject of the IBS Professional Qualification: Business Administration. Many of
the questions in each assignment appeared in previous examination papers and were sourced from
the official ICSA website. After completing the various assignments, you should be quite familiar
with the nature, level and format of the examination question papers. NOTE: The assignment is to
be used as an examination preparation tool and does not guarantee your success in the formal
examination. DO NOT SPOT!
Though not a formal requirement, you may complete each assignment and return it to the Academic
Support Team at FBC for review and comment. After reviewing the marked assignments, we will
return your script, together with a possible solution. Note: you will not receive a formal mark for
your assignment but an Academic Consultant will comment where appropriate. Once you have
received your reviewed scripts back from FBC, refer to the identified problem areas and comments.
Alternatively, you are can visit the ICSA website (www.icsa.co.za) to access past exam papers.
Before sending us your assignment, you must complete the Assignment Cover Page (at the back of
this assignment) and attach it to the front of each submitted assignment. Assignments must be
posted to: Academic Support, Fernwood Business College, Private Bag X6, Tecoma, 5214 or e-mailed
to ibssupport@fbc.edu.za.
Academic Support is also available Monday to Thursday from 8:00am to 5:00pm and on Fridays from
8:00 to 4:00pm. You may phone us on 0861887771 and/or e-mail us with your academic questions
on ibssupport@fbc.edu.za
All the best for your studies.
Academic Support Team
FERNWOOD BUSINESS COLLEGE – INTRODUCTION TO BUSINESS MATHEMATICS
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Institute of Business Studies (IBS) examination instructions:
Below are standard instructions that appear on all the Institute’s examination papers. We suggest
that you refer to them when completing the assignment.
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When receiving your examination paper, make sure it is for the correct subject.
Only BLACK BALL-POINT INK must be used to write the examination.
Do not use your own name or that of your company in any of your answers.
Start each answer on a fresh page, clearly numbering it at the top.
Check that all answers are correctly numbered.
The examination will be closed-book. Students are not allowed to consult any notes.
Answer all questions.
SPECIFIC OUTCOME 1
TOPIC 1
USE KNOWLEDGE OF NUMBERS AND THEIR RELATIONSHIPS TO INVESTIGATE A RANGE OF
DIFFERENT CONTEXT WHICH INCLUDE FINANCIAL ASPECTS OF PERSONAL, BUSINESS AND
NATIONAL ISSUES.
QUESTION 1
1.1
In a business three partners agree that Ann will receive
of the profit and Samantha will receive
of the profit, Jennifer will receive
of the profit. What is the sharing ratio between
them?
(10)
1.2
7.86 – 0.36 =
(1)
1.3
((63.9 ÷ 3) – 8) =
(1)
1.4
14% of 15% of 7 =
(1)
1.5
In a national survey posted to 8 100 people, 2 835 responded. What percentage responded?
(1)
1.6
In a test of 120 questions a candidate scored 40. What percentage did she score?
1.7
as a decimal fraction =
(1)
(1)
1.8
3.56 as a vulgar fraction =
(1)
1.9
Write √
(1)
1.10
75 =
in exponential form
FERNWOOD BUSINESS COLLEGE – INTRODUCTION TO BUSINESS MATHEMATICS
(1)
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SPECIFIC OUTCOME 2
TOPIC 2
RECOGNISE, INTERPRET, DESCRIBE AND REPRESENT VARIOUS PATTERNS AND RELATIONSHIPS TO
SOLVE PROBLEMS IN REAL AND SIMULATED CONTEXTS.
QUESTION 2
2.1
Jennifer won R150 000 at the Casino . She decided to give her sister one third and to invest
the balance with the IB Bank. She is given an interest rate of 9% compounded yearly. She has
invested the money for a period of four years. At the end of four years how much money will
she have in the bank?
(5)
2.2
How much would Jennifer have if she rather received 9.5% simple interest for the four
years?
(4)
2.3
Which option should Jennifer chose and how much more would she have using this chosen
option?
(2)
2.4
Jason has won R2.8 million in the Lottery. He takes R1.3 million and invests it with the IB
Bank. He is given an interest rate of 12% compounded yearly. He has invested the money for
a period of 5 years. At the end of the 5 years how much money will he have in the bank? (5)
2.5
If the interest had been calculated using the simple interest method, how much less would
he have earned? (Give your answer in Rand)
(5)
SPECIFIC OUTCOME 3
TOPIC 3
USE KNOWLEDGE OF NUMBERS AND THEIR RELATIONSHIPS TO INVESTIGATE A RANGE OF
DIFFERENT CONTEXTS FINANCIAL ASPECTS
QUESTION 3
3.1
A carpenter makes small tables. He has to pay R4 000 a month for rent, R2 500 a month for
insurance and R8 500 to his staff. The material for each table costs him R75.00. The market
price for each table is R195.00
a)
Write an equation to represent his profit.
(5)
b)
How many tables must he sell in a month to cover the costs?
(2)
c)
How many tables must he sell in a month to make a profit of R6 000?
(2)
d)
What will the total sales (in Rands) be in order to make a profit of R6 000?
(3)
FERNWOOD BUSINESS COLLEGE – INTRODUCTION TO BUSINESS MATHEMATICS
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SPECIFIC OUTCOME 4
TOPIC 5
COLLECT, SUMMARISE, DISPLAY AND ANALYSE DATA AND APPLY KNOWLEDGE OF STATISTICS AND
PROBABILITY TO COMMUNICATE, JUSTIFY, PREDICT AND CRITICALLY INTERROGATE FINDINGS AND
DRAW CONCLUSIONS.
QUESTION 4
A car hire centre keeps free information pamphlets for information listing the various categories of
cars. They currently have 500 pamphlets divided as follows:
Pamphlets
Quantity
Category A vehicles
Category B vehicles
Category C vehicles
Category D vehicles
55
265
150
30
a)
What is the probability that a person will select a Category D vehicle pamphlet?
(2)
b)
What is the probability that person will not select a category D vehicle pamphlet?
(2)
c)
What is the probability that neither a Category B vehicle nor a Category C vehicle pamphlet
is selected?
(2)
d)
The client now has a choice hiring one of four cars, being either a Honda or a Volkswagen or
a Mazda or a Corolla. What is the probability the tourist will choose a Category B vehicle
pamphlet and a Mazda car?
(4)
QUESTION 5
Below is the number of chocolates found in 12 different boxes of chocolates:
51
48
64
63
51
126
45
61
56
52
55
60
a)
Arrange the above data in an ascending array
(1)
b)
Calculate the mean number of chocolates in a box. (working must be shown)
(2)
c)
Calculate the median
(2)
d)
What is the value of the mode?
(1)
FERNWOOD BUSINESS COLLEGE – INTRODUCTION TO BUSINESS MATHEMATICS
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e)
Discuss why these three central measures differ
(3)
f)
Find the range of the data
(1)
FERNWOOD BUSINESS COLLEGE – INTRODUCTION TO BUSINESS MATHEMATICS
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ASSIGNMENT COVER PAGE
SUBJECT NAME
STUDENT INFORMATION:
FIRST NAME
SURNAME
STUDENT NUMBER
CELL PHONE NUMBER
E-MAIL ADDRESS
POSTAL ADDRESS:
HOUSE NUMBER AND
STREET NAME
SUBURB
CITY/TOWN
POSTAL CODE
ACADEMIC CONSULTANT’S COMMENTS:
FERNWOOD BUSINESS COLLEGE – INTRODUCTION TO BUSINESS MATHEMATICS
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