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Revision For Financial Test 2024

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37 views2 pages

Revision For Financial Test 2024

Uploaded by

terenceleecw
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Revision for Financial Mathematics Test

Profit = Sales (Revenue) − Costs

1 a Which is better value? 2.5 L of soft drink for $3.55 or 1.2 L for $1.80.

b Find the cost of 100 g of each product then decide which is the best buy:
600 g of green apples for $1.44 or 750 g of red apples for $2.25.
2 An item decreases in value by 20% to $68.
What was the original price of the item?
3 A store is having a sale where all items are being discounted by 25%.
Find the sale price of an item that has a marked price of $94.
4 A store marks up all of its items by 32%.
a If the cost price of a particular item is $75, what will be its selling price?
b If the selling price of a particular item is $82.50, what was its cost price?

5 a Calculate how much Einmon earns if he works 30 hours at the normal rate of
$18.30 per hour, 4 hours at time-and-a-half, and 5 hours at double time.
b In a week, Akeeshan works 17 hours at the normal rate, 6 hours at time-and-a-half, and 3
hours at double time. What is his hourly rate if he earns $560?

6 Complete the following table showing profits and losses.

Cost price Selling price Profit (+) or % profit or loss


Loss (–)
$240 $300

$450 –$90

$6000 +$2000

–$1305 15% loss

7 Daksh works at a car dealership. He is paid a retainer of $1860 per month, and also receives a
commission of 0.5% on his monthly sales. If he makes $320 000 worth of sales in a month,
calculate his earnings for the month.

Year 9 Mathematics……………..Revision for Chapter 1……………………………..LTB


8 Rishen invests $2000 for 18 months in a simple interest account that pays 5% p.a. Calculate
the simple interest earned and the amount available at the end of the 18 months.
9 How much interest will Andy earn if he invests $6000 in a savings account that pays 5.5%
compounded annually for 3 years? Give your answer correct to two decimal places.
10. Riley earns $24000 per year. The first $6000 is tax free but 20% tax must be paid on the rest.
How much tax does Alex pay?
11. Nick has an annual salary of $54 600. His payslip each month shows deductions for taxation of
$819.
a Calculate Nick’s net income each month.
b What percentage of Nick’s monthly pay is being paid in taxation?

Harder Problems:
12. Daniel invested $8000 into a bank for 3 years. He is unsure whether to invest at simple interest
or compound interest.
Using 3.5% p.a. as an interest rate, calculate how much more Daniel will make using
compound interest rather than simple interest.

13. After 24 months, a compound interest account that pays 6% p.a. has a balance
of $10 940. How much was initially invested in the account? Give your answer correct to the
nearest dollar.

n
 r 
A P 1 +
= 
 100 

You will be given the above formula for the test.

Year 9 Mathematics……………..Revision for Chapter 1……………………………..LTB

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