Table of Contents

Mathematics Standard Stage 6 – Unit Outline: Money Matters. Subtopic: Earning and Managing
Money................................................................................................................................................ 2
Mathematics Standard Stage 6 – Lesson Plan No. 5 ......................................................................... 8
Examination Year 11, Earning and Managing Money ..................................................................... 20
Sample Answers and Making Guide for Examination ..................................................................... 31
Portfolio Workbook (Alternative Task)............................................................................................ 37
Sample Answers for Portfolio Workbook (Alternative Task)........................................................... 43
Rubric for Portfolio Workbook ........................................................................................................ 58
Critical Reflection............................................................................................................................. 59
 Mathematics Standard Stage 6 – Unit Outline: Money Matters.
Subtopic: Earning and Managing Money
UNIT OUTLINE
Subject: Mathematics
Financial Mathematics
Unit title: Money Matters
Subtopic focus: F1.2 Earning and managing money
Key Concepts/ Big Ideas
- Financial mathematics
involves the application
of knowledge, skills and
understanding of
numbers to earning,
spending, investing,
saving and borrowing
money.
- Knowledge of financial
mathematics enables
students to analyse
different financial
situations to come to the
best options given the
circumstances.
Unit context within Scope and
Sequence/Purpose
This is the fourth topic out of five
topics for Mathematic Standard
stage 6 for the year 11 course.
Literacy Focus Numeracy
Focus
Focus on N/A
mathematical
Course: Year 11 Number of
Weeks: 8
The importance of this learning
- Financial mathematics is important in developing
students’ ability to make informed financial decisions,
to be aware of the consequences of such decision, and
to manage personal financial resources effectively.
- Students will be able to make various financial
decisions that will affect their life now and into the
future
Syllabus Outcomes
- MS11-2: represents information in symbolic, graphical
and tabular form.
- MS11-5: models relevant financial situations using
appropriate tools.
- MS11-6: makes predications about everyday situations
based on simple mathematical models
- MS11-9: uses appropriate technology to investigate,
organise and interpret information in a range of
contexts
- MS11-10: justifies a response to a given problem using
appropriate mathematical terminology and/or
calculations.
ICT Focus
Differentiation
- Computers - Scaffold of the lessons
- Excel Spread to give order for
 terminology and sheets students to keep track
definitions - Internet Browsing of the content.
relating to - Group based activities
financial where students with
mathematics. low level financial
mathematics ability can
learn from their peers.
- Teacher to focus on
factoring the whole
class when a concept is
not understood. For
example, the use of the
word ‘we’ instead of a
particular student/(s).
- Activities that are not
open ended, where
different students with
various abilities can
complete at their levels
and other at higher
level.
- Alternate Task is
Portfolio Workbook
which is highly
scaffolded with
individual task, take
home task and
classroom group based
activities to be utilised
to complete the
Portfolio Workbook.

Lesson Syllabus Content Teaching and Learning Strategies Resources

including assessment for learning.

- calculate - Scaffold unit and introduce - Text book, Ley

1 monthly, assessments which include: & Fuller, (2013)
fortnightly, Examination due in lesson - White board
weekly, daily or 6, group work in lessons 5 - Pens
hourly pay rates & 7, and Portfolio Work - Worksheet
from a given Book due at end of lesson Number 1
salary, wages 8. - Calculator
involving hourly - Introduce the different
rates and penalty types of methods for
rates, including earning an income, which
situations include the following:
involving (a) Salary
overtime and (b) Wages
other special (c) Penalty rates
allowances, and (d) Overtime & time-and-a
 earnings based half
on commission (e) Allowances
(including
commission (f) Commissions
based on a sliding (g) Royalties
scale), piecework
or royalties - Hand out worksheet no. 1
for students to complete
and include in their
Portfolio Work Book. This is
a take home task.
- Give examples of how to
calculator each of the
above (a) to (g)
- Allow students to do
examples from textbook.
Students to work at their
own pace to allow those
students at high ability to
complete more than
students with lower
mathematical ability

- calculate annual
- Revise lesson 1 and the - Text book, Ley
leave loading
types of incomes earned. & Fuller, (2013)
- calculate
2 - Introduce the annual leave - White board
payments based
loading - Pens
on government
- Introduce the types - Worksheet
allowances and
government allowance that Number 2
pensions
are available for pensions, - Calculator
disability, sole parents and
students. Give worked
examples on how to
calculate annual leave
loading.
- Hand out worksheet no. 2
for students to complete
and include in their
Portfolio Works Book. This
is a take home task.
- Give worked examples on
how to calculate
government allowance and
pensions
- Allow students to do
examples from textbook.
Students to work at their
own pace to allow those
students at high ability to
complete more than
students with lower
mathematical ability.
 - calculate income
3 tax - Table and discuss the - Text book, Ley
- identify allowable definitions for: taxable & Fuller, (2013)
tax deductions income, total income and - White board
- calculate taxable allowable deductions. - Pens
income after - Provide examples for each - Worksheet
allowable tax
of the above. Number 3
deductions are
taken from gross - Give worked examples on - Calculator
pay how to calculate taxable
income & income tax.
- Hand out worksheet no. 3
for students to complete
and include in their
Portfolio Work Book. This is
a take away home task.
- Allow students to do
examples from textbook.

- calculate the
- Revise lesson 3 and with - Text book, Ley
Medicare levy
4 focus on allowable & Fuller, (2013)
(basic levy only)
deductions. - White board
- calculate net pay
- Give worked example on - Pens
following
how to calculator the - Worksheet
deductions from
Medicare Levy. Number 4
income
- Hand out worksheet no. 4 - Calculator
for students to complete
and include in their
Portfolio Worksheet. This is
a take home task.
- Give worked examples on
how to calculate net
income after allowing for
deductions discussed in
lessons 1-4.

5 - calculate the - Revise lesson 4 and

amount of Pay As calculating the Medicare - Text book, Ley
You Go (PAYG) levy. & Fuller, (2013)
tax payable per - Do worked examples on - White board
fortnight or week board to show them how - Pens
using current tax to calculate the weekly, - Worksheet
scales, and use fortnightly and monthly Number 5
this to determine Gross income, PAYG tax - Calculator
if more tax is payable, Net income. - Income tax
payable or if a - Divide class into groups of rates table
refund is owing 4-5 and hand out the - Job
following: advertisement
(a) print out of the from
applicable income tax seek.com.au
 rates for financial year - Laptop
2018 from
www.ato.gov.au.
(b) print out of a job
advertisement from
www.seek.com.au.
(c) Teacher worksheet
number 5 to
completed using Excel
in groups.
- Each group is to have
access to school laptop and
should open Excel
spreadsheet.
- Worksheet number 5 to be
completed in groups and
demonstrate if refund
applicable.

6
- Examination (45 - Prepare Students to do
minutes) 45min exam covering - White board
syllabus content for the - Pens
lessons 1-5. - Calculator
- Get feedback on the exam, - Exam paper
what was hard and what is
easy to prepare for
feedback and worked
examples in Lesson 8 (after
exams have been marked).

7
- use technology to - Divide into same groups of - White board
perform financial 4-5, with groups having - Pens
computations, access to laptop and excel - Worksheet
for example worksheet. Number 6
calculating - Handout worksheet - Calculator
percentage number 6 to be completed
change, in groups and in excel
calculating tax format to cover
payable and calculations involving
preparing a percentage change, tax
wage-sheet payable and wage sheet.

8
- Portfolio Work - Portfolio Work Book due. - Exam
Book due. - Give feedback on the - White board
- Summarise class exam. - Pens
performance: - Provide worked examples - Portfolio Work
Strength and in the class for overall Book
Weakness. weakness from exam
results.
Assessment Details Outcomes

1. Exam - MS11-2: represents information in symbolic,

Weighting: 25% graphical and tabular form.
Date of Issue: Lesson 6 - MS11-5: models relevant financial situations using
Due Date: Lesson 6 (45 appropriate tools.
minutes) - MS11-6: makes predications about everyday
situations based on simple mathematical models
2. Portfolio Workbook - MS11-9: uses appropriate technology to investigate,
Weighting: 15% organise and interpret information in a range of
Due Date: Lesson 8 contexts
Complete Portfolio Worksheets - MS11-10: justifies a response to a given problem
that compiles unit content and using appropriate mathematical terminology and/or
class activities into a workbook calculations.

Evaluation of the Learning and Indicators of Learning

Teaching

- Teacher has introduced Used the following form of learning in the lesson and
week by week worksheets Portfolio Workbook exercises.
to complete and form a
Workbook Portfolio to - Utilise internet to access information about how to
summarise what they’ve use excel spreadsheets and youtube to learn how to
learned at the end of the use mathematical concepts.
unit.
- Summative assessment in - Group based in class activities
the form of exam.
- Teacher introduced - Teacher worked examples during lessons.
Instructional Scaffolding in
lesson plans
- Students have learnt how
to apply financial
mathematic concepts such
as income, tax and used it
to find out if refund of tax
is applicable.
 Mathematics Standard Stage 6 – Lesson Plan No. 5

Lesson Plan

TOPIC AREA: STAGE OF LEARNER: SYLLABUS PAGES:

MS-F1 MONEY MATTERS MATHEMATICS STANDARD 40-41
PRELIMINARY STAGE 6
DATE: LOCATION BOOKED: LESSON NUMBER:
1/07/2018 CLASSROOM 5/8

TIME: 60 MINUTES TOTAL NUMBER OF STUDENTS: 25 PRINTING/PREPARATION:

25 X INCOME TAX RATES TABLE
25 X JOB ADVERTISEMENT
25X WORKSHEET NO. 5

Outcomes Assessment Students learn about Students learn to

Syllabus outcomes:
- MS11-2: represents
information in symbolic,
graphical and tabular form.
- MS11-5: models relevant
financial situations using
appropriate tools.
- MS11-6: makes predications
about everyday situations
based on simple
mathematical models
- MS11-9: uses appropriate
technology to investigate,
organise and interpret
information in a range of
contexts
Lesson assessment: PAYG income tax and using Students will learn to calculate
this information to making an the PAYG income tax and how
informed judgement on the to use this information to make
Group based activity: expected income tax payable an informed decision on
for a real-life job. whether there is a tax refund or
use real life example of
not.
job advertisement to They will also about how to
calculate PAYG tax calculate PAYG tax payable Students will also learn to use
payable and complete using ATO tax table. the ATO website and excel
worksheets to form a spreadsheet to calculate the
reference Portfolio PAYG income tax by
Workbook of the unit investigating and finding the
income tax rates applicable.

- MS11-10: justifies a response

to a given problem using
appropriate mathematical
terminology and/or
calculations

Life Skills outcomes

n/a

Cross Curriculum themes & General capabilities Explicit subject specific concepts and skills

CC Themes: they don’t apply here but they do have a lot of
topic overlap with Business Studies, Commerce and Economics.
GC: Basic understanding of stage 4-5 Mathematics knowledge
- Calculating PAYG tax
- Working out applicable income deductions
- Determining if tax is payable or refundable
- Excel and utilising financial information to tabulate
and graph.
Makes predictions about a real life situation and communicating
ideas and problem solving

Planning and organising activities

Uses appropriate technology.

Quality Teaching Elements (lesson focus) Highlight the appropriate areas

Intellectual Quality 1.1 Deep knowledge 1.4 Higher-order thinking

This refers to pedagogy focused on producing deep understanding of important,
1.2 Deep understanding 1.5 Metalanguage
substantive concepts, skills and ideas. Such pedagogy treats knowledge as something
that requires active construction and requires students to engage in higher-order 1.3 Problematic 1.6 Substantive
thinking and to communicate substantively about what they are learning. knowledge communication

Quality Learning Environment 2.1 Explicit quality criteria 2.4 Social Support
This refers to pedagogy that creates classrooms where students and teachers work
2.2 Engagement 2.5 Students’ self regulation
productively in an environment clearly focused on learning. Such pedagogy sets high and
explicit expectations and develops positive relationships between teacher and students 2.3 High Expectations 2.6 Student direction
and among students.

Significance 3.1 Background 3.4 Inclusivity

This refers to pedagogy that helps make learning more meaningful and important to knowledge
3.5 Connectedness
students. Such pedagogy draws clear connections with students’ prior knowledge and
3.2 Cultural knowledge
identities, with contexts outside of the classroom, and with multiple ways of knowing all 3.6 Narrative
cultural perspective. 3.3 Knowledge
integration

How the quality teaching elements you have identified are achieved within the lesson.

Teaching Indicators of presence in the lesson

element
High-order Being able to read income tax tables, extract information from a job advertisement and constructing the
thinking information to calculate the applicable tax in a group-based activity suggests higher order thinking. Furthermore,
to extrapolate this information to decide about everyday situations like being about to determine if a tax refund
is applicable indicates that there is high order thinking.

Engagement Students are asked to engage in this lesson by working in groups, discuss the facts and extra information from
income tax table and job advertisement. The lesson is also scaffolded in order to keep the students informed
about what is planned for the lesson and where the lesson is at. There are numerous activities in this lesson
promoting high level engagement. There are also opportunities for students to ask questions during the lesson
while the teacher is walking around the class. This indicates a high level of teacher-student engagement is
present in this lesson.

Background Background knowledge is very useful in this lesson and is re-enforced at the commencement of each lesson by
Knowledge revising the previous lessons. Furthermore, background knowledge from earlier mathematics stage 5 is useful.
To grasp the calculation of PAYG Income Tax, prior knowledge of basic financial mathematics is important.
 Time Teaching and learning actions
Intro (Roll check, introduction and scaffolding lesson)
5mins A roll check it to be completed along with scaffolding of
the lessons tasks to be completed. Since there is a group
based activity, scaffolding of lesson will give students a
visual list of what is happening during the lesson.
Stage 1 Revise Lesson 4: Calculating Medicare Levy
5 mins (teacher talk)
Teacher is to go over lesson four and do a couple of
worked examples on the white board to recap and revise
Medicare Levy calculation. This is to pre-position students
to learn about another form of deduction – PAYG
withholding tax.
Organisation Centred
T/S
Teacher: Teacher commences roll call by
getting students sitting down and quiet.
Once roll is finished teacher is to
introduce the lesson for today.
Scaffold of lesson is listed on board as
follows:
Stage: 1 Revise lesson 4: Calculating
Medicare Levy.
Stage: 2 Form groups of 4-5 & introduce
ATO Tax Table, Seek Job Advertisement &
Worksheet Number 5.
T
Stage 3: Worked examples to calculating
PAYG
Stage 4: Worksheet Number 5 to be
worked on in class.
Student: Students listening at their
desks.
Resources: Whiteboard, whiteboard
marker and roll call list.
Teacher: Teacher to go over the
Medicare Levy and explain why it’s paid
and why it’s a deduction.
Also do a few worked examples on the
white board to refresh the calculations
from lesson 4.
T
Student: Students listen to teacher and
follow worked example.
Resources: Whiteboard, whiteboard
marker.
Stage 2 Form groups of 4-5 & introduce ATO Tax Table, Seek Job
Advertisement & Worksheet Number 5.
5mins
(Give instructions to form groups and handout printouts)
Teacher to organise students in groups of 4-5 and hand
out the three printouts: ATO tax table, seek job
advertisement and worksheet number 5
Stage 3 Worked examples to calculating PAYG Withholding Tax
15mins (teach talk & classroom example)
Teacher is to give a brief talk and introduction on what is
PAYG tax and how it is calculated. Use the seek job
advertisement and ATO tax table to illustrate real life
example. Worked examples to be provided by teacher in
front of the class to allow students to do the calculation
on their own from the textbook.
Once teacher is confident that students have grasped the
concept on how to calculate PAYG tax, they are to
commence stage 4. Maximum 15mins on stage 3.
Stage 4 Students to commence Worksheet Number 5 in
classroom (Blend of Individualised & Co-operative
Learning)
25 mins
Teacher to encourage students to work in groups to
complete the tasks set in the Worksheet Number 5.
Teacher should also assist groups in answering any
questions.
Teacher: Teacher to walk around in class
assisting students with forming groups
and hand out the ATO table, Seek job
advertisement and worksheet number 5.
Teacher is to allow students to read the
handouts while groups are being formed.
Teacher to instruct students not to
commence the tasks in the worksheet
number 5.
Student: Students are to prepare S
themselves into groups as instructed by
teacher then familiarise themselves with
the handout.
Students to ask for assistance if required.
Resources: ATO table, Seek job
advertisement, worksheet number 5.
Teacher: Teacher is to give a small
introduction to PAYG Tax and how it is
payable. Once defined and explained
what PAYG tax is, teacher is to complete
examples of calculating PAYG Tax on
white board using the AFP ad from seek,
then in groups to complete a few
examples from the textbook.
Teacher to walk around to see the level
of understanding in calculating PAYG Tax. S
Student: Students to pay attention when
teacher is introducing PAYG and the
worked examples.
Once teacher is finished, students are to
work on the textbook examples provided
by the teacher in groups but to be
completed individually.
Resources: Whiteboard, pen, textbook,
laptops, student’s workbooks.
Teacher: Teacher to walk around the
groups and give direction on how to
commence and complete the worksheet
provided.
Teacher to instruct students to complete
Worksheet Number 5 at if not complete
in the class lesson and include in the
Portfolio Workbook.
Student: Students to talk in their groups
to complete the task and should ask S
teacher for assistance if anything is not
 clear.

Resources: Whiteboard, pen, textbook,

laptops, student’s workbooks, worksheet
no. 5

Questions Closing Questions Re: Worksheet Number 5
& end
lesson
Teacher to ask if students have any questions in relation
to worksheet number 5. Teacher to also instruct students
5 mins to keep the completed tasks in Worksheet number 5 as it
forms part of the Work Book Portfolio for this unit.
Teacher: Teacher to answer any
questions from students.
S
Student: Students to ask questions on
relating to the worksheet number 5.

Resources: Whiteboard, pen, textbook,

End of lesson 5 laptops, student’s workbooks.
Reflection
In completing this lesson plan I wanted to scaffold the content of the lesson because it involved group based work activities
and there is a chance that different students can progress through the task at different speeds. To carter for all scaffolding
was important at the inception of the lesson. I considered this important to introduce the alternative task in the classroom
so that any student who has not commenced it at home has the opportunity to discuss the Portfolio Workbook with fellow
students. It would be easier to reach out to other students in order to complete the Portfolio Workbook than teachers. In
essence this was introduced to get students to leverage of their peers in order to commence or ask pressing questions to
get them off first base.

In reflecting back on how I prepared the lesson, it would have been good to have time allocated in the prior lessons for
students to work on the Worksheets that form the Workbook Portfolio, and not just limited to lesson 5.

How am I measuring the outcomes of this lesson?

Learning Outcome Method of measurement and recording

MS11-2: represents information in - Use of excel spreadsheet to tabulate information & generate
symbolic, graphical and tabular form. graphs relating to income, PAYG tax. Tasks set in worksheet
No. 5 and their completions are good measurement and
MS11-5: models relevant financial recording of this.
situations using appropriate tools.
- Commencement on worksheet No.5 in lesson number 5 is good
MS11-6: makes predications about
measure of achievement and progress on the learning
everyday situations based on simple
outcomes by teacher walking in class individually checking the
mathematical models
students work.
MS11-9: uses appropriate
technology to investigate, organise
and interpret information in a range
of contexts

MS11-10: justifies a response to a

given problem using appropriate
mathematical terminology and/or
calculations

Other considerations

Complete the table blow by inserting the AISTL graduate standards that you are demonstrating
and indicates the evidence from this lesson that should comply with the standard.

Graduate Evidence within this lesson

Standards
1.5 Differentiate Designed the lessons in such a way to help students with different abilities and skills. This is
teaching to meet achieved by commencing the lessons into scaffolded stages. This allows all the students in
the specific the classroom to refer back to the board to find out where the lesson is at and what is
learning needs of required of them during each lesson. The alternative task known as the Portfolio Workbook
students across is designed to summarise each lesson and the questions introduced to complete at home is
the full range of put together for future reference. Since it is mostly a take away worksheets lesson-by-
abilities lesson, it allows students to get assistance outside of school lesson time.

2.1 Content and Teaching strategies vary in this unit where students are introduced to real life examples of
teaching jobs and what they pay, ATO tax tables and how to use this information to make an
strategies of the informed decision on the real life situations. Group based work and peer to peer leverage is
teaching area evident.
 The Portfolio Workbook is a lesson by lesson worksheet based questions and activities that
are challenging because it takes the student out of the traditional textbook method of
3.1 Establish teaching mathematics. The tasks in the worksheets are real life and are challenging because
challenging it involves internet use, excel proficiency and youtube access to learn how to design,
learning goals prepare and complete graphs on information collated.

WHS

What are the key risk issues that may appear for and need to be reduced/eliminated in this lesson?
Using your syllabus and support documents as well as other WHS policy- Outline the key WHS
considerations that are to be applied in this lesson?

The use of laptops to complete some of the lesson activities requires students to be mindful of the safety when
using equipment that run of electricity. All electrical cords should be out of harm’s way.

Also when forming groups it is important that students’ bags are out of the way so no one trips over.

References (In APA)

You must list all references that you have used for the content and resources of this lesson in this
space.
Australian Taxation Office. (2017). Individual Income Tax Rates. Retrieved from https://www.ato.gov.au/rates/individual-
income-tax-rates/?=top_10_rates

Ley, J. & Fuller, M. (2013). Insight Mathematics General 11. Australia: Oxford University Press.

NSW Education Standards Authority (2017). Mathematics Standard Stage 6 Syllabus. Sydney: NSW Education Standards
Authority. Retrieved from, https://syllabus.nesa.nsw.edu.au/mathematics-standard-stage6/

th
Seek (2018). Sworn Police Entry Level Recruit – with the Australian Federal Police. Retrieved 14 March 2018, from
https://www.seek.com.au/job/35749347?type=promoted&userqueryid=0fda239828b0c3c15b9e9673b7c46787-
6953983

Resources Attached:
See below resources for the lesson.

Resources for Stage 1 from Lesson plan number 5

Teacher worked examples to be based around below formula and completed on whiteboard.

Medicare Levy = rate x taxable income.

Resources for Stage 2 from Lesson plan number 5

Includes:

1. Seek advertisement
2. ATO Tax Table
3. Worksheet Number 5
Seek Job Advertisement
ATO Tax Table
Worksheet Number 5
Resources for Stage 3 from Lesson plan number 5

Answers to worked example by teacher below.

Seek Job advertisement shows Gross Income of $56,398 p.a

Assuming no deductions and that is the taxable income and using the ATO tax table, the PAYG tax will be calculated as
follows if payment is monthly.

Individual tax bracket: $3,572 plus 32.5x for each $1 over $37,000

= $3,572 + $0.325($56,398 - $37,000)

= $3,572 + $6,304

= $9,876 p.a divide by 12 to get the monthly PAYG instalment for the above income.

= $823 p.m.

Examples from text book below. Teacher to choice any number of examples depending on the time.
 Textbook examples for PAYG

Resources for Stage 4 from Lesson plan number 5

Not applicable.
 Examination Year 11, Earning and Managing Money

Examination – Year 11
Financial Mathematics

Money Matter, Subtopic Earning and Managing Money

Section 1
10 Questions
Complete all questions 1 to 10 (marks indicated for each
question)
Consider the following information about Adam for
questions 1 and 2.

Adam earns a wage and gets paid weekly. The weekly

take home pay for Adam is $700 per week. He works a
38 hour week.
1 What is the hourly rate that his employer pays
him? (1 mark)

(a) $21.80
(b) $23.40
(c) $18.42
(d) $16.42

2 During the tax financial year Adams employer

asked him to work one week on a Saturday for 3
hours and got paid time and half for those three
hours. What will be Adams annual income during
the financial year? (1 mark)

(a) $36,400
(b) $36,482
(c) $36,000
(d) $34,571
Consider the following Income Tax Table and answer
questions 3, 4 and 5.

Resident tax rates 2017–18

Taxable income Tax on this
income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $87,000 $3,572 plus 32.5c for each $1 over
$37,000
$87,001 – $180,000 $19,822 plus 37c for each $1 over
$87,000
$180,001 and over $54,232 plus 45c for each $1 over
$180,000

3 Bombaka is a cleaner at the local Mall and works 5

days a week on a 38-hour week roster. His
employer pays him $17.00 per hour. He gets
cleaning allowance of $23 per week on his normal
pay. Calculate his total annual income for the
financial year. (2 marks)
__________________________________________
__________________________________________
__________________________________________
__________________________________________
4 Using the answer from question 3 and utilising the
income tax table provided, calculate the income tax
for Bombaka. (2 marks)
__________________________________________
__________________________________________
__________________________________________
__________________________________________

5 Bamboka is also married and has three kids and is

entitled to non-taxable government allowance of
$8,900 during the financial year. What would be his
new income tax for the same financial year with
this new information? (1 mark)

(a) No change in his income tax

(b) 19c extra on the $8,900 he received
(c) $4,814
(d) $3,861

Consider the following information about

Adam to answer questions 6, 7 and 8.

o Earns wages of $21.50 per hour as a labourer

o Is entitled to the following deductions: cleaning $12
weekly.
o Works 40 hours a week, Monday to Friday
o 4 Weeks annual leave per annum, with 8% leave
loading
6 What is Adams annual leave loading if he took the
full 4 weeks annual leave during the financial year?
(2 marks)

_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________

7 What is Adams taxable income assuming he

claimed the cleaning deduction for 48 weeks during
the financial year? (2 Marks)

_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
8 If during the financial year that Adam was going to
lodge a tax return the Medicare leave was a rate of
2%. His Medicare Levy will be? (1 mark)
(a) Nil
(b) $920.30
(c) $894.40
(d) $888.38
9 Calculate the rate of Medicare Levy if Aroufa
Bambouka paid $900 p.a in Medicare Levy and her
taxable income for the year was $46,000. (1 Mark)
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________

10 Consider the following information about Kim

Jackson:

o Earned taxable income of $50,000 p.a

o Did not have any deductions or supplementary
income during the financial year.
o Paid Medicare Levy of $900 p.a
o Employer provided PAYG summary with tax
withheld amounting to $8,788
Did Kim’s employer over collect PAYG instalments
during the financial year? Give worked evidence for
your conclusion and use tax table previous
provided if required (2 marks)
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
 Section 2
2 Long answer questions

Question 1

Consider the following information about Domba to

answer (a), (b) & (c).

- Earns Salary of $56,000 as a sales manager

- Has allowable tax deductions of $180 per month
- Took a total of one week off unpaid leave.
- Earns FTBA & B from Government (taxable income) for
his two children amounting to $220 per fortnight.
- Has no paid leave under the terms of his contract of
employment.
(a) What is Dombas total take gross income after
allowing for deductions from his work as sales
manager? Calculate below to show how you derived
your answer.
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
__________________________________________
(b) What is Dombas total taxable income during the
financial year: Calculate below to show how you
derived your answer.
____________________________________________
____________________________________________
____________________________________________
____________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________

(c) Using your answer in question one (b), what would be

Dombas Medicare levy assuming its 1.5%
____________________________________________
____________________________________________
____________________________________________
____________________________________
____________________________________________
____________________________________________
____________________________________________
____________________________________
Question 2

Consider the following information about Jenny Lee

to answer questions (a), (b) & (c).

o Earns wages of $18.50 per hour as a medical

receptionist.
o Has travel allowance of $2.50 every 1km when
delivering blood samples to pathologist.
o Is entitled to the following deductions: uniform and
cleaning expenses.
o Has one-week annual loading leave at a rate of 12%
of normal one week’s pay.
o Works 38 hours a week, Monday to Friday

(a) What is the gross income for Jenny Lee if she

claims 3km worth of travel allowance each week
and claimed one week of annual loading leave?
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
(b) What is the taxable income for Jenny Lee if
claimed the deductions during the preparation of
her individual tax return: uniform expense of
$600 p.a and cleaning expense of $300 p.a?

_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________

(c) If her employer gave her a PAYG summary for at

the end of the financial year with total PAYG tax
withheld amounting to $4,264, is she entitled to
a refund and how much? Provide work out
below to come to your conclusion and use tax
table provided in Section 1
_________________________________________
_________________________________________
_________________________________________
_________________________________________
_________________________________________
 Sample Answers and Making Guide for Examination

Mathematics Standard
Money Matters
Subtopic: Earning and Managing Money
Marking Guidelines

Section 1
Question 1

Criteria Marks
Provides correct answer 1

Sample answer: (c )

Y = hourly rate

38wks x Y = $700

Y = $18.42

Question 2

Criteria Marks
Provides correct answer 1

Sample answer: (b)

$700 x 52weeks =$36,400, plus, 3 x 1.5 x $8.42 = $36,482

Question 3

Criteria Marks
Provides correct answer 1
Able to demonstrate understanding of 1
allowance added to normal pay

Sample answer:

(38hr x $17) + $23 = $669 pw

$669 x52 = $34,788

Question 4

Criteria Marks
Provides correct answer 1
Demonstrate understanding of using tax table 1

Sample answer:

$34,788 taxable income

Tax bracket: 19c for each $1 over $18,200

= 0.19 x ($34,788 - $18,200)

= 0.19 x ($16,588)

= $3,151.72

Question 5

Criteria Marks
Provides correct answer 1

Sample answer: (a)

Government allowance is non-taxable.

Question 6

Criteria Marks
Provides correct answer 1
Understands annual leave calculation 1

Sample answer:

Wages p.a: $21.50 x 40 x 52 = $44,720

Leave loading: [($44,720/52) x 0.08] x 4wks = $275.20

Question 7

Criteria Marks
Provides correct answer 1
Can calculate leave loading and use deductions 1
to determine taxable income

Sample answer:

Deductions: 48 x $12 = $576 p.a

Income: $44,720 p.a

Leave Loading: [($44,720/52) x 0.08)] x 4wks = $275.20, therefore;

= $44,720 + $275.20 - $576

= $44,419

Question 8

Criteria Marks
Provides correct answer 1

Sample answer: (d)

2% of taxable income

= 0.02 x $44,419

= $888.38

Question 9

Criteria Marks
Provides correct answer 1

Sample answer:

$46,000 x Med Rate = $900

Med rate = $900/$46,000

Medicare rate = 1.96%

Question 10

Criteria Marks
Provides correct answer 1
Understand PAYG and utilise this to work out if
there is a refund.

Sample answer:

$50,000 falls into tax bracket: $3,572 + 32.5% > $37,000

= $3,572 + 0.325($50,000 - $37,000)

= $3,572 + 0.325(13,000)

= $7,797

Therefore, yes over paid.

Section 2

Question 1 (a)

Criteria Marks
Provides correct answer 1
Demonstrate understanding of paid leave 1

Sample answer:

Income: $56,000 – deductions of ($180x12)

= $53,840

Less: one-week unpaid leave $1,076.92

Gross Income = $52,763.08

Question 1 (b)

Criteria Marks
Provides correct answer 1

Sample answer:

$52,763.08 plus FTB ($220 x 26wks) = $58,483.08

Question 1 (c)

Criteria Marks
Provides correct answer 1

Sample answer:

Medicare levy = taxable income x 1.5%

= $58,483.08 x 0.015

= $877.2
Question 2 (a)

Criteria Marks
Provides correct answer 1
Demonstrates understanding in calculating 1
Travel Allowance
Demonstrate understanding of calculating 1
Gross income by adding allowancing.

Sample answer:

Normal pay: 38hrs x $18.50 = $703 p.w

= $36,556 p.a

Travel allowance: $2.50 x 3km x 52 wks = $390p.a

Leave loading: 0.12 x $703 x 1wk = $84.36

Total = $37,030.36

Question 2 (b)

Criteria Marks
Provides correct answer 1
Demonstrate understanding of deduction 1
expenses from gross income

Sample answer:

Gross income from (a) is: $37,030.36

Less deductions of $600 for uniform and $300 for travel

= $36,130.36

Question 2 (c)

Criteria Marks
Provides correct answer 1
Demonstrates understanding of PAYG 1
instalments and refund of tax.

Sample answer:

Taxable income of $36,130.36 falls into tax bracket of: 19c for amount over $18,200.

= $0.19 x ($36,130.36 - $18,200)

=$3,406.76.

Refund of $4,264 - $3,406.76 = $857.23

 Portfolio Workbook (Alternative Task)

Worksheet number 1 – Types of Income

Question 1: From what you have learned in lesson 1, define each of the below types of income
received:

(a) Salary: ______________________________________________________________

Give two examples of people that might be paid salaries: _________________________

(b) Wages: ______________________________________________________________

Give two examples of people that might be paid wages: __________________________

Question 2: Joanne Smith works on a permanent full-time basis as a research assistant and is on a
salary that pays $3,600 gross per month. Her husband John Smith works as Kitchen Hand at a local
restaurant where he gets paid $18.00 per hour Monday to Friday. On weekends he gets paid time
and half for Saturday shift and double time on Sunday. Throughout the whole year John only worked
8 hours during the weekdays, 3 hours on Saturdays and 3 hours on Sundays. While sitting having
dinner, Joanne and John get into an argument as to who is the bread winner this year. Both claim
they’ve worked harder and earned more. Complete the below to find out who has earned more and
can claim to the ‘Bread Winner’ in the Smith family?

(a) Calculate the total monthly gross earning for John assuming he works 4 weeks a month:

(b) Calculate the total yearly gross earning for Joanne and John to determine who is the bread
winner in the Smith Family.
Question 3: Complete an excel spread for Joanne and Johns month to month earning based on the
information provided in question 2. Assume it is one full financial year ending in 2017. Therefore,
you should commence in July 2016 and end in June 2017. Once completed, show the information in
a bar graph format and answer the below questions. Screen shot the table and the graph into your
worksheet below once you have completed both.

Information on how to do excel columns, rolls, headings, totals and bar graphs watch the below
youtube link: https://www.youtube.com/watch?v=eI_7oc-E3h0, titled ‘Excel Tutorial For Beginners
#1’.

Excel are powerful enough to be able to adjust the bar graph if the numbers in the spreadsheet
change. One weekend when John came back from work and was having an afternoon drink with
Joanne, she opened challenged John over the bread winner title by making the following claim:
claim:

“John, I think you are not the break winner because you took two weeks off in August-2016
when you got that virus and one week off in Dec-2016 when we went on our summer
holidays. When you calculated your income, you did not deduct the unpaid leave in Aug-
2016 and Dec-2016”

(a) Can you use the excel worksheet to find out who is the bread winner now by adjusting
the relevant cells for John and Joanne? Screenshot the table and graph as evidence.
 Worksheet number 2 – Annual Leave Loading & Government
Allowances

Question 1: From what you have learned in lesson 2, define each of the following:

(a) Annual Leave Loading: ______________________________________________

Give two examples of people that might be paid salaries: _____________________

(b)Government Allowances: ____________________________________________

(c) Research on the Government website www.humanservices.gov.au and find a list of 5 type of
allowances paid by the government:______________________________________________
___________________________________________________________________________

Question 2: Joanne and John have an 18-year-old son, Jack Smith that has just been studying
his first year in Aeronautical Engineering at the University of Bambooka. While playing a
game of cards one evening he asked his parents if her can get a weekly pay since he is
studying full time. His dad, John was quick to reply to Jack by saying that he gets ‘a lot of
income’ from Austudy and there is no need for them to give him a weekly allowance.
(a) Find out what Jack is earning in Austudy payments by using the information you found on
the www.humanservices.gov.au in Question 1 (c). Printout the details and attach to this
Worksheet.

Question 3: Tabulate Jacks monthly income into the Excel spread sheet completed in Worksheet
Number 1 that captured his parents income and regenerate a bar graph including Jacks Austudy
Income.
 Worksheet number 3 – Income Tax & Tax Deductions

Question 1: From what you have learned in lesson 3, answer the following:

(d) Derive an equation for taxable income.

(e) List one possible deductions for the following professions:

1. Teacher: ___________________________________
2. Labourer: __________________________________
3. Bank Manager: ______________________________
4. Mobile sale representative: ____________________
(f) True or false: Medicare Levy is calculated on the taxable income? ____________
(g) What is the tax free Threshold for the end of financial year 2017? Provide a copy of the tax
table for financial year ending 2017 and attach in this worksheet no. 3.

Question 2: While the Smith family were having dinner one evening, Jack couldn’t help himself by
bringing up the topic of getting some extra weekly allowance from his parents. He quickly browsed
the Australian Taxation Office website and made the following claim: ‘Dad, I think I have to pay tax.
This is because based on my earnings from Austudy I will be getting more than the tax free threshold
of $18,200 p.a’.

(a) Do your own research on the Australian Taxation Office website and determine if what Jack
has said to his dad is correct or not. Provide evidence for your outcome from the ATO
website www.ato.gov.au.

Question 3: Assume the Smith family had the following deductions during financial year 2017:

John: Uniform $500 for the whole FY2017

Joanne: Travel expense $800 for the whole FY2017

Jack: Nil.

Based the information provided in worksheets No. 1, 2 & 3 answer the following:

(a) Calculate the tax payable for each member of the Smith Family
 Worksheet number 4 – Medicare Levy

Question 1: From what you have learned in lesson 4, answer the following:

(a) What is the Medicare Levy and how much is it for the financial year 2017? Provide evidence
and attach to the worksheet no. 4.

Question 2: Using the ATO website introduced in Lesson 4. Find out the amount to qualify for the
Medicare Levy for FY2017. Provide evidence from the website and include in the worksheet no. 4.

(a) Now that you know what the taxable incomes for the Smith family calculate the
Medicare Levy payable by everyone in the Smith family.
 Worksheet number 5 – PAYG
Question 1: Complete the following sentence PAYG is……
_____________________________________________________________________________

Question 2: How is PAYG calculated? ______________________________________________

Questions 3: Replicate the below table in excel work sheet and using the information you have
accumulated in your Portfolio Workbook during lessons 1-4, complete the below table using
formulas.

Monthly Gross Yearly Gross Yearly Tax Monthly PAYG

Income Income Payable Instalment

Joanne $3,600
John $3,636
Jack $1,783

Question 4: Below is the summary of what the PAYG summary provided to the Smith family at the
end of the financial year. But in fact, when completing the tax return, there were deductions and the
taxable income changed for some in the family and therefore there might have been a refund to
someone. Replicate the below table into excel and calculate the ‘Taxable Income’ after considering
the deductions. Does anyone in the Smith family have a refund?

Yearly Gross PAYG Summary Yearly Taxable Yearly Tax

Income (collected at end income after Payable
of FY2017) deduction
Joanne $43,200 $5,587 $43,200

John $43,632 $5,727 $40,905

Jack $21,396 $607 $21,398

Question 5: After considering the tax paid and the refund who is the bread winner now and explain
how you came to this conclusion? Devise a excel spreadsheet with your outcome.

Gross Income Tax Payable Net Income Refund Total Income after tax
after deductions after tax and refund
Joanne $42,400 $5,587 $36,813
John $40,905 $4,841 $36,064
Jack $21,398 $608 $20,790
 Sample Answers for Portfolio Workbook (Alternative Task)

Worksheet number 1 – Types of Income

Question 1: From what you have learned in lesson 1, define each of the below types of income
received:

(h) Salary: Income earned and paid on a regular basis such as weekly, fortnightly or monthly.

Give two examples of people that might be paid salaries: Engineers, Doctors, and Teacher etc.

(i) Wages: Income earned and paid based on the number of hours worked and paid weekly,
fortnightly or monthly.

Give two examples of people that might be paid wages: Retail sales manager, mechanics and all
forms of labourers.

Question 2: Joanne Smith works on a permanent full-time basis as a research assistant and is on a
salary that pays $3,600 gross per month. Her husband John Smith works as Kitchen Hand at a local
restaurant where he gets paid $18.00 per hour Monday to Friday. On weekends he gets paid time
and half for Saturday shift and double time on Sunday. Throughout the whole year John only worked
8 hours during the weekdays, 3 hours on Saturdays and 3 hours on Sundays. While sitting having
dinner, Joanne and John get into an argument as to who is the bread winner this year. Both claim
they’ve worked harder and earned more. Complete the below to find out who has earned more and
can claim to the ‘Bread Winner’ in the Smith family?

(c) Calculate the total monthly gross earning for John assuming he works 4 weeks a month:
$18.00 x 8hrs * 5days p.w x 4weeks = $2,880.00 p.m
$18.00 x 1.5(time and half) x 3hrs x 1day p.w x 4weeks = $324.00 p.m
$18.00 x 2.0(double time) x 3hrs x 1day p.w x 4weeks = $432.00
Total Gross Income for the year = $3,636.00

(d) Calculate the total yearly gross earning for Joanne and John to determine who is the bread
winner in the Smith Family.
John: $3,636 x 12 months = $43,632 p.a
Joanne: $3,600 x 12 months = $43,200 p.a

Therefore, John is the ‘bread winner in the Smith Family by $432 p.a

Question 3: Complete an excel spread for Joanne and Johns month to month earning based on the
information provided in question 2. Assume it is one full financial year ending in 2017. Therefore,
you should commence in July 2016 and end in June 2017. Once completed, show the information in
a bar graph format and answer the below questions. Screen shot the table and the graph into your
worksheet below once you have completed both.

Information on how to do excel columns, rolls, headings, totals and bar graphs watch the below
youtube link: https://www.youtube.com/watch?v=eI_7oc-E3h0, titled ‘Excel Tutorial For Beginners
#1’.

Excel are powerful enough to be able to adjust the bar graph if the numbers in the spreadsheet
change. One weekend when John came back from work and was having an afternoon drink with
Joanne, she opened challenged John over the bread winner title by making the following claim:
claim:

“John, I think you are not the break winner because you took two weeks off in August-2016
when you got that virus and one week off in Dec-2016 when we went on our summer
holidays. When you calculated your income, you did not deduct the unpaid leave in Aug-
2016 and Dec-2016”

(b) Can you use the excel worksheet to find out who is the bread winner now by adjusting
the relevant cells for John and Joanne? Screenshot the table and graph as evidence.

Answer: Amend the income in cell C4: =(18*8*5*2)+(18*3*1.5*2)+(18*3*2*2), that is,

reduce by 2 weeks pay during that month.
Amend the income in cell G4: =(18*8*5*3)+(18*3*1.5*3)+(18*3*2*3), that is, reduce by 1
weeks pay during that month.
 Worksheet number 2 – Annual Leave Loading & Government
Allowances
Question 1: From what you have learned in lesson 2, define each of the following:

(j) Annual Leave Loading: payment made during annual leave on top of holiday pay.

Give two examples of people that might be paid salaries: Engineers, Doctors, and Teacher etc.

(k) Government Allowances: Payments made by the Government depending on the persons
personal circumstances.
(l) Research on the Government website www.humanservices.gov.au and find a list of 5 type of
allowances paid by the government: Age Pension, Carer Payment, Bereavement Allowance,
Disability Support and Austudy.

Question 2: Joanne and John have an 18-year-old son, Jack Smith that has just been studying his first
year in Aeronautical Engineering at the University of Bambooka. While playing a game of cards one
evening he asked his parents if her can get a weekly pay since he is studying full time. His dad, John
was quick to reply to Jack by saying that he gets ‘a lot of income’ from Austudy and there is no need
for them to give him a weekly allowance.

(b) Find out what Jack is earning in Austudy payments by using the information you found on
the www.humanservices.gov.au in Question 1 (c). Printout the details and attach to this
Worksheet.

Answer: $445.80 p.w x 4 = $1,783 per month & $21,396 p.a

Question 3: Tabulate Jacks monthly income into the Excel spread sheet completed in Worksheet
Number 1 that captured his parents income and regenerate a bar graph including Jacks Austudy
Income.
 Worksheet number 3 – Income Tax & Tax Deductions
Question 1: From what you have learned in lesson 3, answer the following:

(m) Derive an equation for taxable income.

Taxable income = Gross Income – Deductions

(n) List one possible deductions for the following professions:

5. Teacher: stationary
6. Labourer: clothes
7. Bank Manager: meeting expense
8. Mobile sale representative: travel expense
(o) True or false: Medicare Levy is calculated on the taxable income? True
(p) What is the tax free Threshold for the end of financial year 2017? Provide a copy of the tax
table for financial year ending 2017 and attach in this worksheet no. 3. Answer: $18,200

Question 2: While the Smith family were having dinner one evening, Jack couldn’t help himself by
bringing up the topic of getting some extra weekly allowance from his parents. He quickly browsed
the Australian Taxation Office website and made the following claim: ‘Dad, I think I have to pay tax.
This is because based on my earnings from Austudy I will be getting more than the tax free threshold
of $18,200 p.a’.

(b) Do your own research on the Australian Taxation Office website and determine if what Jack
has said to his dad is correct or not. Provide evidence for your outcome from the ATO
website www.ato.gov.au.
Answer: Jack is receiving Austudy and is not on the Exempt Income list from the ATO website
so his income is taxable.
Question 3: Assume the Smith family had the following deductions during financial year 2017:

John: Uniform $500 for the whole FY2017

Joanne: Travel expense $800 for the whole FY2017

Jack: Nil.

Based the information provided in worksheets No. 1, 2 & 3 answer the following:

(b) Calculate the tax payable for each member of the Smith Family
Joanne:
Taxable income = Gross Income – Deductions
= $43,200 - $800
= $42,400
Tax = $3,572 + (0.325 x ($43,200-$37,000)

= $3,572 + $2,015

=$5,587

John:
Taxable income = Gross Income – Deductions
= $40,905 - $500
= $40,405
Tax = $3,572 + (0.325 x ($40,405-$37,000)

= $3,572 + $1,106

=$4,678

Jack:
Taxable income = Gross Income – Deductions
= $21,398 - $0
= $21,398
Tax = (0.19 x ($21,398-$18,200)

= $607
 Worksheet number 4 – Medicare Levy
Question 1: From what you have learned in lesson 4, answer the following:

(a) What is the Medicare Levy and how much is it for the financial year 2017? Provide evidence
and attach to the worksheet no. 4.

This is a charge by the ATO for those who work to cover the expense of Medicare in public
hospitals.

Question 2: Using the ATO website introduced in Lesson 4. Find out the amount to qualify for the
Medicare Levy for FY2017. Provide evidence from the website and include in the worksheet no. 4.
Answer $21,655.
(c) Now that you know what the taxable incomes for the Smith family calculate the Medicare
Levy payable by everyone in the Smith family.

Joanne: $43,200 x 0.02 = $864

John: $40,905 x 0.02 = $818
Jack: Nil – his taxable income of $21,398 is under the Medicare Levy threshold of $21,655.
 Worksheet number 5 – PAYG
Question 1: Complete the following sentence PAYG is…… Pay as you go income tax that is paid
instalments usually weekly, fortnightly or monthly.

Question 2: How is PAYG calculated? (applicable tax payable p.a) / frequency eg Weekly, fortnightly
or monthly

Questions 3: Replicate the below table in excel work sheet and using the information you have
accumulated in your Portfolio Workbook during lessons 1-4, complete the below table using
formulas.

Monthly Gross Yearly Gross Yearly Tax Monthly PAYG

Income Income Payable Instalment

Joanne $3,600
John $3,636
Jack $1,783
Question 4: Below is the summary of what the PAYG summary provided to the Smith family at the
end of the financial year. But in fact, when completing the tax return, there were deductions and the
taxable income changed for some in the family and therefore there might have been a refund to
someone. Replicate the below table into excel and calculate the ‘Taxable Income’ after considering
the deductions. Does anyone in the Smith family have a refund?

Yearly Gross PAYG Summary Yearly Taxable Yearly Tax

Income (collected at end income after Payable
of FY2017) deduction
Joanne $43,200 $5,587 $43,200

John $43,632 $5,727 $40,905

Jack $21,396 $607 $21,398

 Jack is entitled to a refund amounting to $886 (PAYG collected – actual amount taxable after
deduction), that is $5,727 - $4,841 = $886.

Question 5: After considering the tax paid and the refund who is the bread winner now and
explain how you came to this conclusion? Devise a excel spreadsheet with your outcome.

Gross Income Tax Payable Net Income Refund Total Income after tax
after deductions after tax and refund
Joanne $42,400 $5,587 $36,813 $0 $36,813
John $40,905 $4,841 $36,064 $886 $36,950
Jack $21,398 $608 $20,790 $0 $20,790
And the winner is John Smith - get the title for the Bread Winner in the Smiths Family
 Rubric for Portfolio Workbook
Marking guidelines:

Criteria Mark
- Demonstrates detailed understanding of how to calculate monthly, fortnightly, weekly,
daily or hourly pay rates from a given salary and wages. Can also calculate annual leave 21-25
loading, payments based on government allowance, calculate income tax, Medicare
Levy, deductions and PAYG

- Demonstrates detailed use of technology to perform financial computations, for

example calculating tax payable.

- Provides clear and presents worksheets in a relevant and professional manner to the
requirements.

- Demonstrates thorough understanding of how to calculate monthly, fortnightly,

weekly, daily or hourly pay rates from a given salary and wages. Can also calculate
annual leave loading, payments based on government allowance, calculate income tax, 16-20
Medicare Levy, deductions and PAYG

- Demonstrates thorough use of technology to perform financial computations, for

example calculating tax payable.

- Provides worksheets in a relevant manner to the requirements.

- Demonstrates some understanding of how to calculate monthly, fortnightly, weekly, 11-15

daily or hourly pay rates from a given salary and wages. Can also calculate annual leave
loading, payments based on government allowance, calculate income tax, Medicare
Levy, deductions and PAYG

- Demonstrates some use of technology to perform financial computations, for example

calculating tax payable.

- Presents some worksheets in a relevant manner to the requirements.

- Demonstrates basic understanding of how to calculate monthly, fortnightly, weekly,

daily or hourly pay rates from a given salary and wages. Can also calculate annual leave 6-10
loading, payments based on government allowance, calculate income tax, Medicare
Levy, deductions and PAYG

- Shows some sort of use of technology to perform financial computations, for example
calculating tax payable.

- Shows some sort of worksheets in a relevant manner to the requirements.

- Demonstrate minimal understanding of doing financial mathematics calculations.

1-5
 Critical Reflection

The unit outline for the Stage 6 Mathematical Standard subject was completed to address
the outcomes for the unit Money Matters with emphasis on the subtopic known as F1.2 Earning and
Managing Money. The unit was designed to promote a blend of individualised and cooperative
learning during the lessons to help students with various financial mathematical skills and abilities
grasp the key concepts.

Individualised learning was promoted in the preparation of this unit to give students
ownership and control of their learning of the financial mathematic concepts outside of the lesson.
This is achieved by introducing an alternative assessment task known as Portfolio Workbook. The
Portfolio Workbook comprised five worksheets that summarised and reinforced the key concepts
during the lessons. This was done as a take home task to allow students to complete at their own
pace and give the opportunity for highly capable students to go over and above what is required to
complete some of the tasks set out. Therefore, the alternative task is designed to carter for students
with various levels of financial mathematics ability and skills while working individually. This learning
approach also helps students to develop their own financial mathematics problem-solving skills
through research, use of internet and excel spreadsheets. There is to a lesser degree an emphasis on
cooperative learning within groups, and in particular lessons 5 and 7. Cooperative learning is small
groups working together to fulfil the lesson outcomes. This is particularly important when there is a
gap in the student ability and skills within the classroom. It is essentially peers leveraging of each
other to develop their skills. This approach moves away from teacher centred learning and is used in
this unit because according to Johnson and Johnson (2009) it creates positive outcomes in achieving
higher results than when working individually, as cited in Marsh, Clarke, & Pittaway,(2014, p.142). In
completing the unit plan I found it to be long and could not complete in the required one page
requested.

The lesson plan was extremely scaffolded with stages numbered and given headings at the
commencing of each lesson to allow students to visualise where the lesson is headed. This key
feature of the lesson plan was adapted to compliment the individualised and cooperative learning
strategies used throughout the unit. The advantages to the student are that should they get partially
distracted during the lesson, they can always catch up by looking at the stage of where they think
the class is at. This process of scaffolding the lessons is advantages because as cited in McCosker, N.,
& Diezmann, C. (2009, p.1), according to Henningsen & Stein (1997) “scaffolding plays an important
role in supporting students’ high-level engagement by encouraging divergent and creative thinking”.
While scaffolding might encourage creative thinking a critical reflection of too much scaffolding
might suggest that it does not promote high order thinking. Therefore, the right balance is
paramount, and it is not known if the scaffolding might have lead some students in lesson 5 to
become too much dependent on scaffolding and teacher centred instructions.

Assessment within the unit plan is predominately summative with the scheduled
examination in week 6 and the Portfolio Workbook that is due in lesson 8. As with most
mathematics feedback, the dominate method of feedback is end of unit or course examination.
According to Dandis, M.A. (2013, p. 137) qualitative research, the teachers interviewed said that 70%
of students were assessed by written exams. I would like to minimise summative assessment and
use other forms of assessment in order not to lose time for lessons. Some examples that were
promoted in the lesson were for the teacher to walk around and find out the level of understanding
of financial mathematics concepts introduced in the lesson. This could be one alternative but not a
full replacement of summative assessment. In completing the marking guideline marks were given
for obtaining the correct answer and another mark was given if the concept or calculation was
correct, but not necessary resulting in the overall correct answer. This is referred to as flow on credit
and was awarded to those who demonstrated the ability to calculate or understand a financial
mathematic concept but not necessary get the overall answer correct. Completing the rubric for
mathematics was hard because it was heavy on content and categories to award marks were
limited.

Overall, I did not find the syllabus difficult nor completing lesson or activities much of a
challenge as there are a lot of content in financial mathematics to test. Only challenge that I found
was I couldn’t tell how much to drill into teaching the syllabus outcomes. One way to find out is by
collecting the worksheets for the Portfolio Workbook during the lessons after the students have
attempted the questions. Looking back, I should have done this in the unit outline and lesson plan.
 Reference

Marsh, C., Clarke, M., & Pittaway S. (2014) Marsh’s becoming a teacher (6th ed.). Frenchs Forest,
Australia: Pearson.

McCosker, N., & Diezmann, C. (2009). Scaffolding students’ thinking in mathematical investigations:
Australian Primary Mathematics Classroom, 14(3), 27+. Retrieved from
http://link.galegroup.com.ezproxy.uws.edu.au/apps/doc/A210224590/AONE?u=uwsydney&si
d=AONE&xid=e6095e75

Dandis, M.A. (2013). The assessment methods that are used in a secondary mathematics class.
Journal for Educators, Teachers and Trainers, Vol. 4 (2), pp. 133 –143.