Maths Monkey — Printable Worksheet
MathsMonkey
Grade 12 MathLitMathematical Literacy
2026
Grade 12 MathLit - Finance Basics Worksheet
mathsmonkey.co.za

Instructions: Show all calculations. Round money answers to 2 decimal places. Label units clearly.

Section A: Reading a Payslip (8 marks)

EarningsDeductions
Basic salaryR 18 750PAYER 2 340
Overtime (12 hrs x R 95/hr)UIF (1%)
Gross incomeMedical aidR 1 100
Pension (7.5%)
Total deductions
Net pay

  1. Calculate the overtime pay. (2)

  2. Calculate the gross income. (1)

  3. Calculate UIF and pension deductions. (2)

  4. Calculate total deductions and net pay. (3)

Section B: VAT and Tax (6 marks)

  1. A fridge is advertised at R 5 499 including 15% VAT. What is the price excluding VAT? (2)

  2. Groceries: bread R 24.99, milk R 18.49, and soap R 34.99. VAT applies only to soap. Calculate the total bill. (2)

  3. A customer’s monthly salary is R 22 000 gross. She pays 18% of gross salary as income tax. Calculate her annual tax. (2)

Section C: Budgets (6 marks)

A Grade 12 learner earns R 3 200/month doing part-time work.

Fixed expensesVariable expenses
TransportR 650FoodR 800
Phone contractR 249ClothingR 300
SavingsR 400EntertainmentR 250

  1. Calculate total fixed expenses. (1)

  2. Calculate total variable expenses. (1)

  3. Calculate the total expenses and determine the surplus or deficit. (2)

  4. The learner wants to increase savings to R 600. Which variable expense should they reduce? Justify your answer. (2)

Total: 20 marks