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 in full is: Value Added Tax* 1.1.2 Four items that a rugby player should have for own protection, except the ones mentioned above, are: Headguard Mouthguard Shoulder pads Groin protector 1.1.3 To calculate the total amount (including VAT) of money Mr. Mopayi would spend on each player, we assume a standard VAT rate of 15%. Step 1: Calculate the price of the rugby shirt, trouser, and socks set including VAT. Price (incl VAT) = R3999.00 × (1 + 0.15) = R3999.00 × 1.15 = R4598.85 Step 2: Calculate the price of the shin guards including VAT. Price (incl VAT) = R350.00 × (1 + 0.15) = R350.00 × 1.15 = R402.50 Step 3: Calculate the total cost per player by summing all items (rugby boots already include VAT). Total per player = R4598.85 (shirt set) + R1299.95 (boots) + R402.50 (shin guards) = R6301.30 The total amount (including VAT) Mr. Mopayi would spend on each player is: R6301.30 1.1.4 Mr. Sipho Mopayi intends to spend all the money on the in-field players and 5 out-field players sport kits. We need to verify if his budget of R139 999 is sufficient for the whole sport kits. We assume a standard rugby team has 15 in-field players. 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 20 players using the cost per player from 1.1.3. Total cost = R6301.30 /player × 20 players = R126026.00 Step 3: Compare the total cost with the budgeted amount. Budget = R139999 Total cost = R126026.00 Since R126026.00 < R139999, the money would be sufficient. The assumption is: Correct* 1.1.5 To calculate the VAT amount on the price of rugby boots, given the price includes VAT at 15%. Step 1: Determine the original price (excluding VAT). Price (incl VAT) = R1299.95 Original price (excl VAT) = R1299.951 + 0.15 = R1299.951.15 ≈ R1130.39 Step 2: Calculate the VAT amount. VAT amount = Price (incl VAT) - Original price (excl VAT) VAT amount = R1299.95 - R1130.39 = R169.56 The VAT amount on the price of rugby boots is: R169.56 1.2.1 The acronym UIF in full is: Unemployment Insurance Fund* 1.2.2 To calculate Sipho's monthly UIF contribution, we assume the employee contribution rate is 1% of the gross salary. Step 1: Calculate Sipho's annual UIF contribution. Annual UIF contribution = R114000 × 0.01 = R1140 Step 2: Calculate Sipho's monthly UIF contribution. Monthly UIF contribution = R114012 = R95.00 Sipho's monthly UIF contribution is: R95.00 1.2.3 UIF is important for workers because it provides financial relief during periods when they are unable to work. It offers temporary financial assistance* to workers who become unemployed, helping them cover essential living expenses while seeking new employment. It provides benefits for maternity leave, adoption leave, illness, and for the dependents of a deceased contributor*, ensuring income protection during these life events. Send me the next one 📸