This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
ScanSolve AI Answer
Here are the solutions to the questions. 1.1.1 The acronym VAT stands for: Value Added Tax* 1.1.2 Four items a rugby player should have for own protection, excluding shin guards: Headguard Mouthguard Shoulder pads Chest guard 1.1.3 Step 1: Calculate the cost of rugby shirt, trouser, and socks including VAT. The VAT rate is assumed to be 15\%. Cost (including VAT) = R3\,999.00 × (1 + 0.15) = R3\,999.00 × 1.15 = R4\,598.85 Step 2: Calculate the cost of shin guards including VAT. Cost (including VAT) = R350.00 × (1 + 0.15) = R350.00 × 1.15 = R402.50 Step 3: Calculate the total amount (including VAT) for each player. The cost of rugby boots is already R1 299.95 (including VAT). Total per player = R4\,598.85 + R1\,299.95 + R402.50 = R6\,301.30 The total amount (including VAT) he would spend on each player is: R6\,301.30 1.1.4 Step 1: Determine the total number of players. The team consists of 15 in-field players and 5 out-field players. Total players = 15 + 5 = 20 Step 2: Calculate the total cost for all players. Using the cost per player from 1.1.3: Total cost = 20 × R6\,301.30 = R126\,026.00 Step 3: Compare the total cost with the budgeted amount. Budgeted amount = R139 999. Calculated total cost = R126 026.00. Since R126 026.00 is less than R139 999, the assumption is correct. The assumption is correct. 1.1.5 Step 1: Identify the price of rugby boots including VAT. The price of rugby boots including VAT is R1 299.95. Step 2: Calculate the price of rugby boots excluding VAT. Assuming a VAT rate of 15\%. Price excluding VAT = R1\,299.951 + 0.15 = R1\,299.951.15 = R1\,130.39 Step 3: Calculate the VAT amount. VAT amount = Price including VAT - Price excluding VAT VAT amount = R1\,299.95 - R1\,130.39 = R169.56 The VAT amount on the price of rugby boots is: R169.56 1.2.1 The acronym UIF stands for: Unemployment Insurance Fund* 1.2.2 Step 1: Calculate Sipho's monthly gross salary. Gross annual salary = R114 000. Monthly salary = R114\,00012 = R9\,500.00 Step 2: Calculate Sipho's monthly UIF contribution. The UIF contribution rate is typically 1\% of the gross salary. Monthly UIF contribution = 1\% × R9\,500.00 = 0.01 × R9\,500.00 = R95.00 Sipho's monthly UIF contribution is: R95.00 1.2.3 UIF is important for workers for the following two reasons: • It provides temporary financial relief to workers who become unemployed, are on maternity leave, adoption leave, or are unable to work due to illness. • It helps workers maintain a basic standard of living and meet essential expenses when they are temporarily out of work. Send me the next one 📸