### Solution
1.1 Explain the concept of income.
- Income refers to the money received by an individual or family on a regular basis, primarily from work (salaries and wages), business profits, investments, or other sources like pensions. It is crucial for covering expenses and facilitating savings or investments for future needs.
1.2 List TWO fixed expenses from the Weldon's family budget.
- Rent: R2000
- Car repayment: R2999.43
1.3 Express, in simplest form, the ratio of tuckshop profit to Mrs Weldon's salary.
- Tuckshop profit: R2200
- Mrs. Weldon's salary: R6500
- Ratio (Tuckshop profit : Mrs. Weldon's salary) = [tex]\( 2200 : 6500 \)[/tex]
- To simplify this ratio, we divide both numbers by their greatest common divisor (GCD), which is 100:
[tex]\[
\frac{2200 \div 100}{6500 \div 100} = \frac{22}{65}
\][/tex]
- Therefore, the ratio in simplest form is [tex]\( 22:65 \)[/tex].
1.4 Calculate the total income for the Weldon's family.
- Mr. Weldon's Salary: R8600
- Mrs. Weldon's Salary: R6500
- Tuckshop Profit: R2200
Total Income = Mr. Weldon's Salary + Mrs. Weldon's Salary + Tuckshop Profit
[tex]\[
\text{Total Income} = 8600 + 6500 + 2200 = 17300
\][/tex]
- Therefore, the total income for the Weldon's family is R17300.
1.5 Do you think that the Weldon family is managing their finances well? Justify your answer.
- The total income for the Weldon's family is R17300.
- The total expense for the Weldon's family is R13934.95.
To determine if they are managing their finances well, we need to compare their income with their expenses:
[tex]\[
\text{Total Income} = R17300
\][/tex]
[tex]\[
\text{Total Expense} = R13934.95
\][/tex]
Since their total income (R17300) is greater than their total expense (R13934.95), this indicates that they are living within their means. Therefore, they are managing their finances well and even have a surplus, which can be used for additional savings, investments, or unexpected expenses.
Hence, the Weldon family is indeed managing their finances well.
