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

2. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Starter Questions www.mathsrevision.com

3. 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. www.mathsrevision.com Wages & Salaries

4. 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. www.mathsrevision.com Salaries & Overtime Hourly rate :How much you get paid for an hours work.

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

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

7. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. www.mathsrevision.com Example : Michael gets an annual salary of £ 30 000. What is his monthly wage. What is his weekly wage. Salaries & Overtime £30 000 ÷ 12 = £ 2 500 Monthly wage: Weekly wage : £30 000 ÷ 52 = £ 576.92

8. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. £239 x 52 = £ 12 428Annual Salary = www.mathsrevision.com Example : Caitlin is a shop assistant and gets paid £239 a week. How much is her annual salary. Salaries & Overtime

9. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. £1 100 x 12 = £ 13 200Annual Salary = www.mathsrevision.com 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 = £ 13 520Annual Salary = Bus driver has better annual wage

10. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. www.mathsrevision.com Example : Liam sells double glazing. He is paid a commission of 15% on any windows he sells. Last month he sold £ 30 000 worth of windows. How much commission was he paid ? Salaries & Overtime 15 ÷ 1 00 x £30 000 = £ 4500 Commission :

11. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. www.mathsrevision.com 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 :

12. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. www.mathsrevision.com 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 :

13. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. 5 x £8 x 2 = £80.005 hours overtime is = www.mathsrevision.com 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 = £320.0040 hours basic time is = Total pay is = £320 + £80 = £400

14. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. 4 x £6 x 1.5 = £36.004 hours overtime is = www.mathsrevision.com 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 = £180.0030 hours basic time is = Total pay is = £36 + £180 = £216.00

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

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

17. 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. www.mathsrevision.com 2.Calculate NET pay. Gross Pay, Net Pay

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

19. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. www.mathsrevision.com Example 1 : Calculate the Net wage for the following :GrossDeductions Net Wage £15 550 £3 400 £13 025 £2 905 £22 430 £5 094 £12 150 £10 120 £17 336 Gross Pay, Net Pay

20. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. www.mathsrevision.com Example 2 : Calculate the Net wage for this payslip : 704.00 149.00 555.00 Gross Pay, Net Pay

21. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. www.mathsrevision.com Example 3 : Calculate the Net wage for this payslip : 739.15 207.76 531.39 Gross Pay, Net Pay

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

23. Level 4 Sunday, 10 July 2016Sunday, 10 July 2016Sunday, 10 July 2016Sunday, 10 July 2016 Starter Questions www.mathsrevision.com In pairs, write down important Points about Pythagoras Theorem

24. 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. www.mathsrevision.com 2.Calculate Income Tax for a given salary. Income Tax

25. 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. www.mathsrevision.com Membership of professional bodies Special clothing equipment Income Tax

26. Level 4 www.mathsrevision.com Taxable income Rate of Tax First £32010 20% £32011 - £150000 40% Over - £150000 45% Income Tax Rate of Tax 2014

27. Level 4 www.mathsrevision.com Calculate Paul’s Income Tax if his taxable income is £27 000 a year. Tax @ 20% : 20% of £27000 = 2700 x 2 = £5400 Taxable income Rate of Tax First £32010 20% £32011 - £150000 40% Over - £150000 45% Rate of Tax 2014

28. Level 4 www.mathsrevision.com Calculate Mr Lafferty’s Income Tax if his taxable income is £500 000 a year. Tax @ 20% : 20% of £32010= 3201 x 2 = £6402 Taxable income Rate of Tax First £32010 20% £32011 - £150000 40% Over - £150000 45% Rate of Tax 2014 = £500000 - £32010 = £467990 = 0.4 x 117990 = £47196Tax @ 40% : 40% of £117990 150000 – 32010 £117990

29. Level 4 www.mathsrevision.com Rate of Tax 2014 £467990 - £ 117990 = £350000 = 0.45 x £350000 =£157500 Tax @ 45% : 45% of £350000 Total Income Tax= £157500 + £47196 + £6402 = £211098

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

31. 10-Jul-16Compiled by Mr. Lafferty Maths Dept. Starter Questions www.mathsrevision.com National 4 NUM 1.2

32. 10-Jul-16Compiled by Mr. Lafferty Maths Dept. www.mathsrevision.com 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

33. Simple Bills & VAT Created by Mr. Lafferty Maths Dept www.mathsrevision.com 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

34. 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems National 4 NUM 1.2

35. 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems 072 144 320 56 1 3 National 4 NUM 1.2

36. 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems 144 045 076 256 1 1 National 4 NUM 1.2

37. 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Money Problems Example : Copy and complete the garage bill. A tax added by Government 7850 5350 2310 11 = 17.5 ÷ 100 x 132 = £23.45 50151 20031 1 National 4 NUM 1.2

38. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Money Problems www.mathsrevision.com Example : Copy and complete the garage bill. A tax added by Government 3595 2575 1080 11 = 17.5 ÷ 100 x 61.70 = £10.80 ( to nearest pence) 2057 1076 1 1

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

40. 10-Jul-16Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Expand out 2j (k – 5g + 4jk) Q3. Q2. Find all the missing angles www.mathsrevision.com 25 o National 4 NUM 1.2

41. 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. www.mathsrevision.com Hire Purchase National 4 NUM 1.2

42. 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. www.mathsrevision.com Normally you pay more for the goods using this method. National 4 NUM 1.2

43. 10-Jul-16Created by Mr. Lafferty Maths Dept. Buying Products Hoover Cash Price £120 or by H.P. £30 deposit + 12 Payment £8.50 £30 + 12 x £8.50 = £132Total H.P. price = Hire Purchase www.mathsrevision.com Difference in price =£132 - £120 = £12 How much more do you pay by using Hire Purchase National 4 NUM 1.2

44. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. + 12 x £28.80 = £420.60Total H.P. price = www.mathsrevision.com Difference in price =£420.60 - £365.50 = £55.10 How much more do you pay by using Hire Purchase Buying Products Washing Machine Cash Price £365.50 or by H.P. £75 deposit + 12 Payment £28.80 £75 Loans & Hire Purchase National 4 NUM 1.2

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

46. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. www.mathsrevision.com Example 3 : Calculate the Net wage for this payslip : Salaries & Overtime 739.15 207.76 531.39

47. 10-Jul-16Created by Mr. Lafferty Maths Dept Starter Questions Starter Questions www.mathsrevision.com

48. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Building & Life Insurance www.mathsrevision.com 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.

49. Level 4 Building & Life Insurance 10-Jul-16Created by Mr. Lafferty Maths Dept www.mathsrevision.com 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.

50. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.comItemsCharge 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

51. Level 4 Building & Life Insurance 10-Jul-16Created by Mr. Lafferty Maths Dept www.mathsrevision.com Example 1 :How much is the House Insurance for a housevalued at £40 000. Value Premium 1000  0.73 40000 Are we expecting more or less

52. Level 4 Building & Life Insurance 10-Jul-16Created by Mr. Lafferty Maths Dept www.mathsrevision.com Example 2 :I decided to increase my insurance from £40 000 to £50 000 cover. How much more did it have to pay. Value Premium 1000  0.73 10000 Are we expecting more or less

53. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept www.mathsrevision.com Example : How much for Buildings insurance and contents insurance if a house is valued at £80 000 and contents are valued at £5 000 and no claims for 2 years. Buildings insurance : £ 17.85 £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

54. 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 www.mathsrevision.comAge Male smoker Female smoker Malenon-smokerFemalenon-smoker201.251.020.770.57 251.361.110.860.66 301.481.200.960.75 What factors affect the cost of Life Insurance Age, Male or Female, smoker or Non- smoker

55. 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 www.mathsrevision.comAge Male smoker Female smoker Malenon-smokerFemalenon-smoker201.251.020.770.57 251.361.110.860.66 301.481.200.960.75 Kerry is 25 years old and takes out a fixed term policy. She does not smoke. She wants to leave £150 000 to her dependants should she die. What is her monthly premium and how much will she pay over 20 years. Building & Life Insurance

56. Level 4 Monthly premium = 150000 ÷ 10000 x 0.66 = £9.90 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Total paid over 20 years = £9.90 x 12 x 20 = £2376 Building & Life Insurance

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

58. Level 4 10-Jul-16Created by Mr. Lafferty Maths Dept. Starter Questions Starter Questions www.mathsrevision.com 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.

59. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept Foreign Currency www.mathsrevision.com 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

60. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com 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

61. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Level 2 Foreign Currency Euro € Dollar $ 1.44 1.51 Yen190 Exchange rate £1 = Example : How many Dollars will I get for £50. Converting to another currency Proportion method £ $ 1  1.51 50 Are we expecting more or less (more)

62. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Foreign Currency Euro € Dollar $ 1.44 1.51 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  1.44 300 Are we expecting more or less (more)

63. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Foreign Currency Euro € Dollar $ 1.44 1.51 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)

64. Level 4 10-Jul-16Created by Mr.Lafferty Maths Dept www.mathsrevision.com Foreign Currency Euro € Dollar $ 1.44 1.50 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  1 450 Are we expecting more or less (more)

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