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Question 2 2.1 Carefully read the case study below and answer the questions that follow; Jacob, the owner of Busy-Corner Fast Food, rented a kitchen at R300 per month. He also pays R170 for electricity per month. Jacob started his business with a stock worth of R850 and sold everything for R1 355. He immediately pays his rent and electricity. Realising that his business is becoming busy, he employed his friend as an assistant at a salary of R200 per week. He then bought R1 120 worth of stock for cash. In the second week, the assistant sold half of his stock for R1 400 2.1.1 With the knowledge you have gained through studying basic finical mathematics, draw up a profit and loss account for Busy-Corner Fast Food at the end of the second week. (12) 2.1.2 Calculate the gross margin for Busy-Corner Fast Food at the end of the second week. Explain to Jacob the meaning of the value you got. (3) 2.1.3 Calculate the net margin and explain what it measures to Jacob's Busy- Corner Fast Food. (3) 2.2 Jacob also works as an estate agent. He sold a house for a certain amount of money and earned a R5 000 commission, which was 7.5% of the house's selling price. 2.2.1 Giving practical examples, explain the difference between a commission and a profit (4) 2.2.2 What was the selling price for the house Jacob sold? (4)

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