Financial mathematics - OCR

1

What is meant by 'salary'?

2

Which of these is NOT typically a deduction from your pay each month?

3

David earns £6.83 per hour parking cars at an airport carpark. If he works for 38 hours per week, how much is his weekly gross pay?

4

Debbie earns £1,980 per month as a consumer reviewer for a supermarket chain. She pays income tax at a rate of 20%. How much tax does Debbie pay per month?

5

What is net pay?

6

Sam earns £14,664 per year as a restaurant manager and works for an average of 40 hours per week. What is her hourly wage?

7

What is National Insurance?

8

What is VAT?

9

Work out the total amount in a bank account if £250 is invested and earns simple interest of 2% for 2 years.

10

Work out the amount of interest earned on £400 at 5% compound interest for 3 years.