worksheet general 2 mathematics · 2019-12-04 · 6. financial maths, 2ug 2011 hsc 19 mc simon is a...
TRANSCRIPT
WORKSHEET General 2 MathematicsTopic Areas:Financial Mathematics
FM1 – Earning money
Teacher: PETER HARGRAVESSource: HSC exam questionsExam Equivalent Time: 46.5 minutesWorked Solutions: IncludedNote: Each question has designated marks. Use this information as both a guide to the question's difficultyand as a timing indicator, whereby each mark should equate to 1.5 minutes of working (examination) time.
Questions
1. Financial Maths, 2UG 2014 HSC 13 MC
Jane sells jewellery. Her commission is based on a sliding scale of on the first ofher sales, on the next , and thereafter.
What is Jane’s commission when her total sales are ?
(A)
(B)
(C)
(D)
2. Financial Maths, 2UG 2013 HSC 3 MC
Luke's normal rate of pay is per hour. In one week he worked hours at the normalrate, hours at timeandahalf, and hours at double time. He was also paid a wetweather allowance of for the week.
What was his pay for the week?
(A)
(B)
(C)
(D)
6% $20003.5% $1000 2%
$5670
$188.40
$208.40
$321.85
$652.05
$24.80 144 3.5
$50
$583.20
$620.40
$669.60
$719.60
3. Financial Maths, 2UG 2008 HSC 7 MC
Luke’s normal rate of pay is per hour. Last week he was paid for hours, at timeandahalf.
How many hours would Luke need to work this week, at double time, to earn the sameamount?
(A)
(B)
(C)
(D)
4. Financial Maths, 2UG 2009 HSC 10 MC
Billy worked for hours at the normal hourly rate of pay and for five hours at double time. Heearned in total for this work.
What was the normal hourly rate of pay?
(A)
(B)
(C)
(D)
5. Financial Maths, 2UG 2012 HSC 18 MC
Jo qualifies for both Rent Assistance and Youth Allowance and receives a fortnightly paymentfrom the government.
Rent Assistance is per fortnight.
The maximum Youth Allowance is per fortnight. It is reduced by cents in the dollarfor any income earned over per fortnight.
Jo earns per fortnight from a parttime job.
What is the total payment Jo receives each fortnight from the government?
(A)
(B)
(C)
(D)
$15 12
4
6
8
9
35$561.60
$7.02
$12.48
$14.04
$16.05
$119.40
$402.70 50$236
$300
$370.70
$372.10
$458.60
$490.10
6. Financial Maths, 2UG 2011 HSC 19 MC
Simon is a mechanic who receives a normal rate of pay of per hour for a hourweek.
When he is needed for emergency callouts he is paid a special allowance of for thatweek. Additionally, every time he is called out to an emergency he is paid for a minimumof hours at double time.
In the week beginning 2 February, 2011 Simon worked hours normal time and wasneeded for emergency callouts. His emergency callout log book for the week is shown.
What was Simon’s total pay for that week?
(A)
(B)
(C)
(D)
7. Financial Maths, 2UG 2013 HSC 11 MC
An enterprise agreement has the following annual salary arrangements:
George's employer pays more than the enterprise agreement. He is on Step 3 andreceives an allowance for Leader 2.
What is George's gross monthly pay?
(A)
(B)
(C)
(D)
$22.35 40
$150
4
40
$1189.28
$1296.30
$1334.55
$1446.30
6 %
$4375.00
$4412.50
$4600.00
$4637.50
8. Financial Maths, 2UG 2010 HSC 23a
This advertisement appeared in a newspaper
What is the maximum possible salary per annum for this civil engineer, correct to the nearestdollar? (2 marks)
9. Financial Maths, 2UG 2011 HSC 23a
Sri has a gross salary of . She has tax deductions of for union fees, in workrelated expenses and in donations to charities.
The Medicare levy is of her taxable income.
Calculate Sri’s Medicare levy. (3 marks)
$56 350 $350$2000 $250
1.5 %
Li has a Cheap Access Account. During September, he made
• five withdrawals using internet banking• two cash withdrawals from a MyBank ATM• four EFTPOS purchases• two cash withdrawals at other ATMs.
What was the total amount that Li paid in bank fees for the month of September? (3marks)
In October, what is the maximum that Li could pay in withdrawal fees to ensure thata Cheap Access Account costs him no more than a Free Access Account? (1 mark)
10. Financial Maths, 2UG 2009 HSC 23d
The tables below show information about fees for MyBank accounts.
(i)
(ii)
Find the value of , the amount that Warrick allocates towards electricity eachweek. (1 mark)
Warrick has an unexpectedly high telephone and internet bill. For the last threeweeks, he has put aside his savings as well as his telephone and internet money topay the bill.
How much money has he put aside altogether to pay the bill? (1 mark)
The bill for the telephone and internet is . It is due in two weeks time. Warrickrealises he has not put aside enough money to pay the bill.
How could Warrick reallocate nonessential funds in his budget so he has enoughmoney to pay the bill? Justify your answer with suitable reasons and calculations. (3 marks)
11. Financial Maths, 2UG 2010 HSC 23d
Warrick has a net income of per week. He has created a budget to help manage hismoney.
(i)
(ii)
(iii)
12. Financial Maths, 2UG 2012 HSC 27a
Tai earns a gross weekly wage of . Each week her deductions are:
• tax instalment of • health fund contribution of • union fees of .
She also pays over the year as her share of the household expenses.
What percentage of her net wage does Tai pay for household expenses? (3 marks)
$590
X
$620
$1024
$296.40$24.50
$15.80
$3640
What is the amount of SuLin’s monthly contribution? (2 marks)
NB. Part (ii): No longer in syllabus
Based on his research, how much could Bob expect to earn in a year if he were tochoose Method 1? (2 marks)If Bob were to choose a method of payment based on the average sales figures,state which method he should choose in order to earn the greater income. Justifyyour answer with appropriate calculations. (3 marks)
13. Financial Maths, 2UG 2012 HSC 29d
SuLin pays a monthly contribution of of her salary into a superannuation fund. Her salaryis per annum. The fund pays interest of per annum, compounded monthly.
(i)
14. Financial Maths, 2UG 2008 HSC 24a
Bob is employed as a salesman. He is offered two methods of calculating his income.
Bob’s research determines that the average sales total per employee per month is .
(i)
(ii)
Copyright © 200914 The State of New South Wales (Board of Studies, Teaching and Educational Standards NSW)
5 %$81 600 6.6 %
$15 670
Worked Solutions
1. Financial Maths, 2UG 2014 HSC 13 MC
2. Financial Maths, 2UG 2013 HSC 3 MC
3. Financial Maths, 2UG 2008 HSC 7 MC
Commission
= (2000 × 6 % ) + (1000 × 3.5 % ) + (5670 − 3000) × 2 %
= (2000 × 0.06) + (1000 × 0.035) + (2670 × 0.02)
= 120 + 35 + 53.40
= 208.40
⇒ B
Pay = (14 × 24.80) + (4 × 1.5 × 24.80) + (3.5 × 2 × 24.80) + 50
= 347.20 + 148.80 + 173.60 + 50
= 719.60⇒ D
Amount earned last week
= 12 × 1.5 × 15
= $270
Double time rate = 2 × 15
= $30/hr# Hours at double time
=27030
= 9 hrs
⇒ D
♦ Mean mark 41%COMMENT: To reduce errors,calculate each element of payseparately in your working andthen add up the total, as per theWorked Solution.
4. Financial Maths, 2UG 2009 HSC 10 MC
5. Financial Maths, 2UG 2012 HSC 18 MC
6. Financial Maths, 2UG 2011 HSC 19 MC
Let hourly rate = $X per hour
35X + 5(2X) = 561.60
45X = 561.60
X =561.60
45= $12.48
⇒ B
Rent assistance = 119.40
Youth allowance = 402.70 less 50c per dollar (income > $236)
= 402.70 − 0.5(300 − 236)
= 402.70 − 32
= 370.70
∴ Total payment = 119.40 + 370.70
= 490.10⇒ D
Normal pay = 40 × 22.35
= 894.00Special Allowance = 150.00
Emergency Calls = (5 × 2 × 22.35) + (4 × 2 × 22.35)
= 223.50 + 178.80
= 402.30
Total Weekly Pay = 894.00 + 150.00 + 402.30
= 1446.30⇒ D
♦ Mean mark 46%
MARKER'SCOMMENT: Calculatingdeductions and taxable incomein clear separate steps results inless calculation errors and moremarks for working when errorsare made.
7. Financial Maths, 2UG 2013 HSC 11 MC
8. Financial Maths, 2UG 2010 HSC 23a
9. Financial Maths, 2UG 2011 HSC 23a
Gross annual pay = (45 000 + 7500) × 1.06
= $55 650
∴ Gross monthly pay =55 650
12= $4637.50
⇒ D
Base wage = 1586.70 pw
Max weekly base = $1586.70 + (3.5 % × 1586.70)
= 1586.70 + 55.53
= 1642.23 (nearest cent)
∴ Max annual base = 1642.23 × 52
= 85 395.96
= $86 396 nearest dollar
Deductions = 350 + 2000 + 250
= $2600
Taxable Income = Gross Income less deductions
= 56 350 − 2600
= $53 750
Medicare Levy = 1.5 % × 53 750
= $806.25∴ Sri's Medicare levy is $806.25
♦ Mean mark 47%MARKER'S COMMENT: Manystudents misinterpreted thisquestion. Read carefully!
10. Financial Maths, 2UG 2009 HSC 23d
(i)
(ii)
Withdrawals from internet 5 × 0.30 = 1.50
Withdrawals from MyBank ATM 2 × 0.50 = 1.00
EFTPOS purchases 4 × 0.50 = 2.00
Withdrawal from other ATMs 2 × 2.00 = 4.00
Account Fee 1 × 4.00 = 4.00
∴ Total bank fees in Sep = 1.50 + 1.00 + 2.00 + 4.00 + 4.00
= $12.50
Monthly account fee (Cheap Access) = $4
Monthly account fee (Free Access) = $7
Difference = 7 − 4 = $3
∴ Maximum Li could pay in withdrawal fees
is $3 to ensure Cheap Access costs no more.
11. Financial Maths, 2UG 2010 HSC 23d
(i)
(ii)
(iii)
X = 590−(175 + 45 + 10 + 15 + 90
+40 + 30 + 70 + 50 + 40)
= 590 − 565
= $25
Weekly Amount = 40 + 40
= 80
⇒ Total (3 weeks) = 3 × 80
= 240∴ Warwick has put aside $240 to pay the bill.
Amount required less amount put aside
= 620 − 240
= $380Extra 2 weeks of savings and telephone
= 2 × (40 + 40)
= $160
∴ Funds to be reallocated
= 380 − 160
= 220 over 2 weeks
= $110 per week
Non essential items are Entertainment
and Clothes and Gifts
Amount = 70 + 50
= $120 per week∴ Warwick could reallocate funds for Entertainment
and Clothes and Gifts to pay the bill.
MARKER'S COMMENT: Thebest answers used clear stepsin calculating deductions andnet wages, and kept wages intheir weekly form untilmultiplying by 52 as the laststep (see Worked Solutions).
12. Financial Maths, 2UG 2012 HSC 27a
13. Financial Maths, 2UG 2012 HSC 29d
(i)
Gross wage = $1024 per week
Weekly Deductions = 296.40 + 24.50 + 15.80
= $336.70
Net Weekly Wage = 1024 − 336.70 = $687.30
Annual Net Wage = 52 × 687.30 = $35 739.60
Household expenses (as %) =3640
35 739.60= 10.18478... %
= 10.18 % (to 2 d.p.)
Annual super cont. = 5 % × 81 600
= 4080
∴ Monthly contribution =408012
= $340
14. Financial Maths, 2UG 2008 HSC 24a
(i)
(ii)
Copyright © 2015 M2 Mathematics Pty Ltd (SmarterMaths.com.au)
Method 1
Yearly sales = 12 × 15 670
= 188 040
∴ Earnings = 13% × 188 040
= $24 445.20
Method 2
In 1 Year, Weekly Wage = 350 × 52
= 18 200
Commission = 4.5% × 188 040
= 8461.80
Total earnings = 18 200 + 8461.80
= $26 661.80
∴ Bob should choose Method 2.