Stage 6 General Mathematics

Topic test

Money Matters
Year 12 term 1 (2017 HSC)

General Instruction

Working time 50 minutes Total Mark ( 40 marks )

Write Using black pen or blue pen You may attempt all the question

Section 1: Multiple choices

Question 1 to 10 (10 marks)

Section 2: Extended Response

Question 11 12 (30 marks)

SECTION 1: MULTIPLE CHOICES

10 Mark
Attempt question 1 -10
Allow about 15 minutes for this section

Circle the right answer

1. A car is on sale and redcue from $3000 to $2500. What is the PERCENTAGE discount?

Answer to the nearest whole number

a. 15%

b. 20%

c. 25%

d. $500

2. Steven makes $6.25 per house. Calculate his salary for the week where she works 3
hours on Monday, 3 hours on Tuesday and 4 house on Thursday?

a. $67.5

b. $68.9

c. $88.5

d. $62.5

3. Stan works at a restaurant for $11.55 per house. He has $164.59 for weekly wages.
Work out the number of hours she work

a. 48.15 hours

b. 12.50 hours

c. 14.25 hours

d. 17.50 hours
4. Find the simple interest on $900 at 6% p.a for 5 years

a. $0.93

b. $5.91

c. $5.51

d. $0.85

5. Steven borrow $5000 form the bank with the interest rate of 7% p.a in the period of
3 years. Fin the monthly repayments due on the loan.

a. $160.09

b. $165.98

c. $168.06

d. $170

6. Lana is shopping for cottage cheese. She finds that there is a variety of size and price.
If each is of equal quality which of these is the best buy?

a. 170 g for $1.45

b. 340 g for $2.65

c. 235 g for 1.90

d. 500g for $3.95

7. Ross normal pay per fortnight is $1 085. Calculate the holiday loading of 17.5 % % of
4 weeks wages for Ross.

a. $ 2 170

b. $12

c. 326.15

d. 379.75
8. Monica make $830/ fortnight. Her deductions are:

Tax $232.40, Medical Insurance $ 22.30 and Union Fees 6$. Find Monicas net incom
for the fortnight.

a. $260.60

b. $977.60

c. $569.30

d. $250.80

Use this table for question 9 - 10

9. Rachel invest $3800 for 12 moths and wishes to have interest paid monthly. Find
the interest payment she receives each moth.

a. $22.17

b. $25.30

c. $30.1

d. $28.3

10. Joey invests $12 000 for 13 months. Find how much joey earns in interest, if it is paid
on maturity (i.e. interest is paid at the end of the 13 moths)

a. $1 040

b. $2 080

c. $918

d. $218
SECTION 2: EXTENDED RESPONE

Question 11 (10 marks) Rosa ears $ 1250 for every fortnight. Here deduction are :
Tax: $259 and Medical Insurance $22.40.

i) Find Rosas net income for the fortnight (2 marks)

ii) What is her net income for the year? (2 marks)

Expenses
Rent $220/week
Car insurance $940/year
Petrol $58/week
Groceries $220/fortnight
Electricity $123/quarter
Telephone $88/quarter
Clothes $100/moth

iii) Work out how much Rosa must put aside out of her pay for expenses each
fortnight (nearest dollar) (3 marks)

iv) Manny wants to go for a holiday in six months. What is the maximum amount
that she could save in the next six months for this holiday? (3 marks)

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Question 12. (6 marks) Miriam earns $11.56 per hour. She earns overtime at time-and-a-half
for the first 3 hours she works each day after the normal 8 hours worked. After this her rate
becomes double-time. In order to save for a house deposit Miriam decides to work overtime
for 4 hours each day, 5 days a week for 12 weeks. How much money will she earn in
overtime by the end of the 12 weeks?

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Question 13 (6 marks) As an art reseller, Chris is paid on the basis of sales made in the
following manner:
6% on the first $20 000
2% on the next $80 000
0.8% on the remainder
Find Chriss earnings (to the nearest dollar) on the following sales:

i. $75 000 ( 3 marks )

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ii. 255 000 ( 3 marks )
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Question 14 Jodie earns $628.50 per week. Her years allowable tax deductions total $878.

i. Calculate her Medicare Levy. (2 marks)

ii. Calculate her total tax payable (normal tax plus Medicare Levy)? (3 marks )

iii. Jodie has already paid $54.76 per week in tax instalments. Is she due a refund or a
tax bill ? what amount will this be ?

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Stage 6 General Mathematics
Topic test

Marking Guideline
Section 1: Multiple choices

1 B

2 D

3 C

4 C

5 C

6 B

7 D

8 C

9 A

10 A

Section 2 : Extended Responsive.

Q11 i) 2 marks
Criteria Marks
Correct Deduction 1 mark
Correct Net income 1 mark
Sample Answer:

Total Deductions $ 250 $22.40 $272.40

Net income $1250 $272.40 $977.60

ii) 2 marks
Criteria Marks
Correct Solution 2 marks
Correct Yearly Net income 1 mark
Correct substitution but wrong answer 1 mark
Sample Answer:

Yearly Net income 26 $977.60 $25,417.60

iii) 3 marks
Criteria Marks
Correct solution 3 marks
Correct Yearly expenses 2 marks
Correct Expenses/fornight 1 mark
Sample Answer:

Yearly expenses $220 52 $940 $58 52 $220 26 $123 4 $88 4 $100 12

$23,160

Expenses/fortnight $23,160 26 $890.77

iv) 3 marks
Criteria Marks
Correct solution 3 marks
Correct Amount available each fortnight 1marks
Correct explanation 1 mark
Correct max.saving 1 mark
Sample Answer:

Amount available each fortnight $977.60 $890.77 $86.83

Six months half a year 13 fortnights

Max.saving 13 $86.83 $1,128.79

Q12. 6 marks
Criteria Marks
Correct Solution 6 mark
Correct normal pay 1 mark
Correct time and a half 1 mark
Correct double time 1 mark
Correct explanation 4h over time each and 1 mark
12 weeks working 5 day a week
Correct overtime/ day 1 mark
 Correct total earnings in over time 1 marks
Sample Answer:

normal = $11.56/h, time-and-a-half = $17.34/h, double-time = $23.12/h

4 h overtime each day = (3 h at time -and-a-half) + (1 h at double-time)

= (3 17.34) + (1 23.12) = $75.14 (overtime/day)

12 weeks working 5 days a week = 60 days

Total earnings in overtime = 60 x75.14 = $4508.40

Q13.
i. 3marks
Criteria Marks
Correct solution 3 marks
Correct graph 1marks
Correct substitution 1 mark
Correct commission 1 mark

Sample Answer:

=Commission = 6% of 20 000) + ( 2% of 55 000)

6 2
= 20000 + 100 100 = $2300
100

ii. 3marks
Criteria Marks
Correct solution 3 marks
Correct graph 1marks
Correct substitution 1 mark
Correct commission 1 mark
Sample Answer:
Commission = (6% of 20 000) + ( 2% of 80 000) + 0.8% of 255 000
6 2 0.8
= 20000 + 80 000 + 155 000 = $4 040
100 100 100
Q14
i. 2marks
Criteria Marks
Correct solution 2 marks
Correct taxable income 1mark
Correct Medicare Levy 1 mark
Sample Answer:

Taxable income = total income - tax deduct'ns

= (628.50 52) - 878

= $31,804

Medicare Levy = 1.5% of taxable income

= 0.015 x 31 804

= $477.06

ii. 3marks
Criteria Marks
Correct solution 3 marks
Correct excess 1 mark
Correct normal tax 1 mark
Correct total tax 1 mark
Sample Answer:

excess = 31,804 - 18 200 = $13,604

normal tax = 0.19 x 13 604 = $2,584.76

total tax = 2 584.76 + 477.06 (normal levy)

= $3 061.82
 iii. 3 marks

Criteria Marks
Correct solution 3 marks
Correct total of instalments 1 mark
Correct explanation 1 mark
Correct tax bill 1 mark
Sample Answer:

Total of instalments = 52 x 54.76 = $2 847.52

Jodie has already paid $2 847.52 but needs to pay a total of $3 061.82

So she has a TAX BILL = 3 061.82 - 2 847.52 = $214.30