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.
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Here are the solutions to the questions: 1.1.1 VAT stands for Value Added Tax. 1.1.2 Four items a rugby player should have for own protection, except the ones mentioned, are: • Headguard • Mouthguard • Shoulder pads • Scrum cap 1.1.3 Assumption: The standard VAT rate is 15\%. Step 1: Calculate the price of the rugby shirt, trouser, and socks including VAT. Price (incl. VAT) = R3999.00 × (1 + 0.15) = R3999.00 × 1.15 = R4598.85 Step 2: The price of rugby boots is already given including VAT. Rugby boots (incl. VAT) = R1299.95 Step 3: Calculate the price of shin guards including VAT. Price (incl. VAT) = R350.00 × (1 + 0.15) = R350.00 × 1.15 = R402.50 Step 4: Calculate the total amount (including VAT) for each player. Total per player = R4598.85 + R1299.95 + R402.50 = R6301.30 The total amount he would spend on each player is R6301.30. 1.1.4 Step 1: Determine the total number of players. Total players = 15 (in-field) + 5 (out-field) = 20 players Step 2: Calculate the total cost for all 20 players. Total cost = 20 × R6301.30 = R126026.00 Step 3: Compare the total cost with the budgeted amount. The budgeted amount is R139 999.00. The total cost for 20 players is R126 026.00. Since R126 026.00 < R139 999.00, the money would be sufficient. The assumption is Correct. 1.1.5 Assumption: The standard VAT rate is 15\%. Step 1: The price of rugby boots including VAT is R1 299.95. Let the original price (excluding VAT) be P. P × (1 + 0.15) = R1299.95 P = R1299.951.15 = R1130.3913... Step 2: Calculate the VAT amount. VAT amount = Price (incl. VAT) - Original Price VAT amount = R1299.95 - R1130.39 = R169.56 The VAT amount on the price of rugby boots is R169.56. 1.2.1 UIF stands for Unemployment Insurance Fund. 1.2.2 Step 1: Calculate Sipho's gross monthly salary. Monthly salary = R11400012 = R9500.00 Step 2: Calculate Sipho's monthly UIF contribution (1% of gross remuneration). Monthly UIF contribution = R9500.00 × 0.01 = 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, helping them cover essential living expenses while seeking new employment. • It offers benefits for specific life events such as maternity leave, illness, adoption leave, and death benefits to beneficiaries of deceased contributors. Send me the next one 📸