Financial maths is needed for all jobs, from calculating wages to working out profit, loss and VAT. Knowledge of financial maths is also required to be able to understand bank statements and savings.
What is meant by 'salary'?
Wages that are below the minimum wage
Tax you pay on goods and services
Earnings per year
Which of these is NOT typically a deduction from your pay each month?
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?
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?
What is net pay?
'Take home wages', or the money you earn once all deductions have been made
Wages before deductions have been made
An average projection of wages per year for people who work shifts and irregular hours
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?
What is National Insurance?
Health insurance for private medical care
Tax paid on goods and services
Contributions by all workers to pay for schools, the National Health Service and state pensions
What is VAT?
A tax paid on goods and services
Work out the total amount in a bank account if £250 is invested and earns simple interest of 2% for 2 years.
Work out the amount of interest earned on £400 at 5% compound interest for 3 years.