1. Distinguish between discrete and continuous data. Discrete data consists of distinct, separate values (e.g., number of students), while continuous data can take any value within a range (e.g., height). 2. What is inverse proportion? Two quantities are inversely proportional if their product is constant: $$xy = k$$ where $k$ is a constant. 3. What is a tariff? A tariff is a tax or duty to be paid on a particular class of imports or exports. 4. Understand Range, Median, Mean, and Mode. - Range: difference between highest and lowest values. - Median: middle value when data is ordered. - Mean: average, sum of values divided by number of values. - Mode: most frequently occurring value. 5. Identify various graphs (Bar, Histogram, etc.). - Bar graph: represents categorical data with rectangular bars. - Histogram: represents frequency distribution of continuous data. 6. Understand how to work with financial documents. Includes reading invoices, receipts, and statements to interpret financial information. 7. Increase and decrease an amount by a certain percentage. - Increase: New amount = Original amount $\times (1 + \frac{p}{100})$ - Decrease: New amount = Original amount $\times (1 - \frac{p}{100})$ 8. Cost price and selling price. - Cost price (CP): price at which an item is bought. - Selling price (SP): price at which an item is sold. 9. Tariffs e.g., cellphone tariffs, cost of call. Tariffs can include fixed charges plus variable charges based on usage. 10. Probability. Probability of an event = $\frac{\text{Number of favorable outcomes}}{\text{Total number of outcomes}}$ 11. Understand how to interpret a table using mean, median, range, and mode. Use the data in the table to calculate these measures to summarize the data. 12. Financial Documents. Understand components like income, expenses, profit, and loss in documents.