Level 4 Money Matters Hire Purchase Insurance (House & Life) Foreign Exchange Exam Type Questions VAT (Value Added Tax) Income Tax Gross Pay, Net Pay and Deductions Wages & Salaries

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Starter Questions

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.Understand the terms wage and salary. 1.We are learning about wages and salaries calculations. 2.Calculate various types of wages / salaries. Wages & Salaries

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Wages / Salary :How much a person is paid to do a job. Can be measured weekly, monthly or annually. Salaries & Overtime Hourly rate :How much you get paid for an hours work.

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. £6.50 x 38 = £247.00Pay is = Example : Sean the mechanic hourly rate of pay is £6.50. Last week he worked 38 hours. What is his basic pay? Salaries & Overtime

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. £10.50 x 40 = £420.00Pay is = Example : Adam is a joiner his hourly rate of pay is £ He works 40 hours a week. What is his basic pay? Salaries & Overtime

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Example : Michael gets an annual salary of £ What is his monthly wage. What is his weekly wage. Salaries & Overtime £ ÷ 12 = £ Monthly wage: Weekly wage : £ ÷ 52 = £

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. £239 x 52 = £ Annual Salary = Example : Caitlin is a shop assistant and gets paid £239 a week. How much is her annual salary. Salaries & Overtime

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. £1 100 x 12 = £ Annual Salary = Example : A mechanic gets paid £1 100 a month. A bus driver gets paid £260 a week. Who gets the better annual salary. Salaries & Overtime Mechanic : Bus Driver : £260 x 52 = £ Annual Salary = Bus driver has better annual wage

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Example : Liam sells double glazing. He is paid a commission of 15% on any windows he sells. Last month he sold £ worth of windows. How much commission was he paid ? Salaries & Overtime 15 ÷ 1 00 x £ = £ 4500 Commission :

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Example : Caitlin is a door to door cosmetic saleswoman. She gets 7% commission on everything over £500 she sells. During the Christmas period she sold £6500 Worth of products. How much commission was she paid ? Salaries & Overtime £6500 – £ 500 = £ 6000 Value over £ : 7 ÷ 1 00 x £6 000 = £ 420 Commission :

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Example : Lewis gets a basic salary of £150 a week plus 5% of the total value of doors he sells. He sold £4000 worth of doors last week. How much did he earn last week ? Salaries & Overtime 5 ÷ 1 00 x £4 000 = £ 200 Commission : £150 + £200 = £ 350 Total wage :

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. 5 x £8 x 2 = £ hours overtime is = Example : Jordan the gardener works a basic 40 hours a week. He does 5 hours overtime at ‘double time’ on Saturday. His hourly rate is £8 per hour. Work out his overtime pay and then his total pay. Salaries & Overtime 40 x £8 = £ hours basic time is = Total pay is = £320 + £80 = £400

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. 4 x £6 x 1.5 = £ hours overtime is = Example : Tim the shop assistance works a basic 30 hours a week. He does 4 hours overtime at ‘time and a half’ on Sunday. His hourly rate is £6 per hour. Work out his overtime pay and then his total pay. Salaries & Overtime 30 x £6 = £ hours basic time is = Total pay is = £36 + £180 = £216.00

Level 4 10-Jul-16Created by Mr. Lafferty Maths Department Now try TJ4+ Ex 4.1 Ch4 (page 21) Wages & Salaries

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Starter Questions Starter Questions 1.Two numbers add to give 12 and divide to give 3. Find the two numbers. 2. Two numbers subtract to give 5 and multiply to 24. Find the two numbers. 3. Make your own question up.

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how to work out NET pay. 1.Understand the terms Gross, Deductions and NET pay. 2.Calculate NET pay. Gross Pay, Net Pay

Level 4 Gross Pay, Net Pay 10-Jul-16Created by Mr. Lafferty Maths Dept. Gross Pay:What you are paid by the employer. Tax National Insurance Deductions:Taken off your wages. Net Pay:Your take home pay. Write down some Pension

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Example 1 : Calculate the Net wage for the following :GrossDeductions Net Wage £ £3 400 £ £2 905 £ £5 094 £ £ £ Gross Pay, Net Pay

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Example 2 : Calculate the Net wage for this payslip : Gross Pay, Net Pay

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Example 3 : Calculate the Net wage for this payslip : Gross Pay, Net Pay

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Now try 4+ Ex 4.2 Ch 4 (page 23) Gross Pay, Net Pay

Level 4 Sunday, 10 July 2016Sunday, 10 July 2016Sunday, 10 July 2016Sunday, 10 July 2016 Starter Questions In pairs, write down important Points about Pythagoras Theorem

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To explain how to work out Income Tax calculations. 1.Understand the term Income Tax. 2.Calculate Income Tax for a given salary. Income Tax

Level 4 If your income in a tax year is below a certain value you do not pay tax. The tax allowance is made up of a personal allowance plus other special allowances. Membership of professional bodies Special clothing equipment Income Tax

Level 4 Taxable income Rate of Tax First £ % £ £ % Over - £ % Income Tax Rate of Tax 2014

Level 4 Calculate Paul’s Income Tax if his taxable income is £ a year. 20% : 20% of £27000 = 2700 x 2 = £5400 Taxable income Rate of Tax First £ % £ £ % Over - £ % Rate of Tax 2014

Level 4 Calculate Mr Lafferty’s Income Tax if his taxable income is £ a year. 20% : 20% of £32010= 3201 x 2 = £6402 Taxable income Rate of Tax First £ % £ £ % Over - £ % Rate of Tax 2014 = £ £32010 = £ = 0.4 x = 40% : 40% of £ – £117990

Level 4 Rate of Tax 2014 £ £ = £ = 0.45 x £ =£ % : 45% of £ Total Income Tax= £ £ £6402 = £211098

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Now try 4+ Ex 4.3 Ch 4 (page 24) Income Tax

10-Jul-16Compiled by Mr. Lafferty Maths Dept. Starter Questions National 4 NUM 1.2

10-Jul-16Compiled by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.Understand the term VAT. 1.To explain how to calculate simple bills that include VAT. 2.Calculate simple bills that include VAT. Simple Bills & VAT National 4 NUM 1.2

Simple Bills & VAT Created by Mr. Lafferty Maths Dept Value added Tax Why do we pay it ? VAT means : To pay for NHS, bin collection, School education etc…… 17.5% What is the current percentage rate of VAT Going up to 20% National 4 NUM 1.2

10-Jul-16Created by Mr.Lafferty Maths Dept Money Problems National 4 NUM 1.2

10-Jul-16Created by Mr.Lafferty Maths Dept Money Problems National 4 NUM 1.2

10-Jul-16Created by Mr.Lafferty Maths Dept Money Problems National 4 NUM 1.2

10-Jul-16Created by Mr.Lafferty Maths Dept Money Problems Example : Copy and complete the garage bill. A tax added by Government = 17.5 ÷ 100 x 132 = £ National 4 NUM 1.2

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Money Problems Example : Copy and complete the garage bill. A tax added by Government = 17.5 ÷ 100 x = £10.80 ( to nearest pence)

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Now try 4+ Ex4.4 Ch4 (page 25) VAT

10-Jul-16Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Expand out 2j (k – 5g + 4jk) Q3. Q2. Find all the missing angles 25 o National 4 NUM 1.2

10-Jul-16Created by Mr. Lafferty Maths Dept. Learning Intention Success Criteria 1.To know the meaning of the terms HIRE PURCHASE. 1.To understand the terms Hire Purchase. 2.Apply knowledge to calculations. Hire Purchase National 4 NUM 1.2

10-Jul-16Created by Mr. Lafferty Maths Dept. Hire Purchase Hire Purchase :When you pay for goods by putting down a deposit and then paying the rest up in small fixed payments over a period of time. Normally you pay more for the goods using this method. National 4 NUM 1.2

10-Jul-16Created by Mr. Lafferty Maths Dept. Buying Products Hoover Cash Price £120 or by H.P. £30 deposit + 12 Payment £8.50 £ x £8.50 = £132Total H.P. price = Hire Purchase Difference in price =£132 - £120 = £12 How much more do you pay by using Hire Purchase National 4 NUM 1.2

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept x £28.80 = £420.60Total H.P. price = Difference in price =£ £ = £55.10 How much more do you pay by using Hire Purchase Buying Products Washing Machine Cash Price £ or by H.P. £75 deposit + 12 Payment £28.80 £75 Loans & Hire Purchase National 4 NUM 1.2

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Now try 4+ Ex4.5 Ch4 (page 27) Hire Purchase

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Example 3 : Calculate the Net wage for this payslip : Salaries & Overtime

10-Jul-16Created by Mr. Lafferty Maths Dept Starter Questions Starter Questions

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Building & Life Insurance Learning Intention Success Criteria 1.To calculate Building & Life Insurance from a table of values taking account various factors. 1.Read information from a chart. 2.Calculate Building & Life Insurance taking in various factors.

Level 4 Building & Life Insurance 10-Jul-16Created by Mr. Lafferty Maths Dept You NEED to buy building insurance in case anything goes wrong with your house. It is a good idea to buy content insurance in case your house gets broken into or items breakdown. It is a good idea to valuables insurance in case your house gets broken into. Roof, walls, floor etc... TV, DVD, Washing Machine Jewellery, very expensive gifts.

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Building per £1000 £0.73 Contents per £1000 £3.57 Valuables per £100 £4.75 * Building & Contents 10% discount for each year no claims ** Maximum discount 30% Building & Life Insurance

Level 4 Building & Life Insurance 10-Jul-16Created by Mr. Lafferty Maths Dept Example 1 :How much is the House Insurance for a housevalued at £ Value Premium 1000  Are we expecting more or less

Level 4 Building & Life Insurance 10-Jul-16Created by Mr. Lafferty Maths Dept Example 2 :I decided to increase my insurance from £ to £ cover. How much more did it have to pay. Value Premium 1000  Are we expecting more or less

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept Example : How much for Buildings insurance and contents insurance if a house is valued at £ and contents are valued at £5 000 and no claims for 2 years. Buildings insurance : £ £58.40 Contents insurance : Total : £76.25 Discount 20% of £76.25 = 0.2 x £76.26 = £15.25 Total : £61.00 Building & Life Insurance

Level 4 Building & Life Insurance Table shows monthly premiums. The sum assured is £10000 (with Profits) for the term 20 years. 10-Jul-16Created by Mr.Lafferty Maths Dept Male smoker Female smoker Malenon-smokerFemalenon-smoker What factors affect the cost of Life Insurance Age, Male or Female, smoker or Non- smoker

Level 4 Table shows monthly premiums. The sum assured is £10000 (with Profits) for the term 20 years. 10-Jul-16Created by Mr.Lafferty Maths Dept Male smoker Female smoker Malenon-smokerFemalenon-smoker Kerry is 25 years old and takes out a fixed term policy. She does not smoke. She wants to leave £ to her dependants should she die. What is her monthly premium and how much will she pay over 20 years. Building & Life Insurance

Level 4 Monthly premium = ÷ x 0.66 = £ Jul-16Created by Mr.Lafferty Maths Dept Total paid over 20 years = £9.90 x 12 x 20 = £2376 Building & Life Insurance

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Now try 4+ Ex4.6 Ch4 (page 28) Building & Life Insurance

Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Starter Questions Starter Questions 1.Two numbers add to give 12 and divide to give 3. Find the two numbers. 2. Two numbers subtract to give 5 and multiply to 24. Find the two numbers. 3. Make your own question up.

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Foreign Currency Learning Intention Success Criteria 2.Convert £’s to another currency and vice versa. 1.We are learning how to convert £’s to foreign currency and vice versa. 1.Understand the term exchange rate and the proportion method. Converting to another currency

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Foreign Currency Up until 1 st January 2002, all the countries in Europe had their own type of money (currency). The euro was introduced and the other currencies were no longer accepted. Britain still uses the pound (£) and when you go to Europe on holiday you have to change your pounds to euros. A euro is divided into 100 parts and each part is called a cent Converting to another currency

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Level 2 Foreign Currency Euro € Dollar $ Yen190 Exchange rate £1 = Example : How many Dollars will I get for £50. Converting to another currency Proportion method £ $ 1  Are we expecting more or less (more)

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Foreign Currency Euro € Dollar $ Yen190 Exchange rate £1 = Example : A iPod costs £300 in Scotland and 420 € in Spain. Which is the better buy ? Should buy in Spain and save 12 € Converting to another currency Proportion method £ € 1  Are we expecting more or less (more)

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Foreign Currency Euro € Dollar $ Yen190 Exchange rate £1= Example :How many £’s will I get for 20 €. Converting back to £’s Proportion method € £ 1.44  1 20 Are we expecting more or less (more)

Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Foreign Currency Euro € Dollar $ Yen190 Exchange rate £1 = Example : A business man returns from America with $450. He converts them back to £’s. How much will he get back ? Converting back to £’s Proportion method $ £ 1.50  Are we expecting more or less (more)

Level 4 10-Jul-16Created by Mr. Lafferty Maths Department Now try TJ4+ Ex 4.7 Ch4 (page 29) Money Matters Have you updated your Learning Log ?