Name:
(28 marks)
Q1. You need 3 tins of peas. Tins of peas normally cost 45p each:-
Sellsbury’s have a deal that says, “Buy 2 get one free”
Besco’s have a deal saying “20% off tins of peas”
ESDA have a deal that says “Peas were 45p, now 38p!”
Which of the above is the best value for money? (Show why)
Sellsbury’s – 45p + 45p = 90p for 3 cans
Besco’s – 20% off => 45p ÷ 100 x 20 = 9p off so 3 cans would cost 36p + 36p + 36p = £1.08
ESDA – 38p x 3 = £1.14
This means that Sellsbury’s is the cheapest. (4 marks)
Q2. Which of the following statements best describes a debit card? (1 mark)
This is a card you can use to buy items now and pay for them later when you are billed.
This is a card that gives you points when you do your shopping.0
This is a card that takes the money from your bank account instantly when you purchase an item.
This is a card that you can use to gain access to expensive shops.
Q3. State 3 security features of a debit/credit card(3 marks)
Chip and Pin
Signature on the back
Security code at the back for purchasing goods online
Q4. Which of these contracts is cheaper for a mobile phone if you use 500 texts and 100minutes of calls each month?
O3 - £16.50 per month + 500 free texts + 50 free minutes (calls cost 13p per min. thereafter)
Bodafone - £20 per month + 500 free texts + 200 free minutes
H – Mobile - £18 per month + 200 free texts + 100 free minutes (texts cost 5p each)
£16.50 + (50 x 13p = £6.50) = £23
£20
£18 + (300 x 5p = £15) = £33
Therefore Bodafone is the cheapest! (4 marks)
Q5. John earns £6.15 per hour. How much will he earn for working 35 hours at the basic rate and 3 hours overtime at time and a half?
Basic wage = £6. 15 x 35 = £215.25 Overtime = £6.15 x 3 x 1.5 = £27.68 Total = £242.93
(3 marks)
Q6. Jason saves £500 per month. He puts it in a savings account that earns 2.5% interest per annum.
How much does Jason save in a year? £500 x 12 = £6000(1 mark)
How much interest on his savings will Jason earn in a year? £6000 ÷ 100 x 2.5 = £150 in interest. (2 marks)
Q7. Charlotte goes on holiday to Benidorm. She brings £250 with her.
The exchange rate is £1 = €1.16
How many Euros will Charlotte get for her pounds?
£250 x 1.16 = €290(2 marks)
If Charlotte spends €180 whilst on holiday. How many pounds does she have left when she returns to the UK?
€290 – €180 = €110
€110 ÷ 1.16 = £94.83(3 marks)
Q8. Mini – budget:
This is David’s monthly budget. Will he have a surplus or deficit by the end of the month? How much is his surplus/deficit?
|Income |Expenditure |
|Wages - £1500 |Rent - £505 |Gym membership - £48 |
| |Utility bills - £25 |Savings - £200 |
| |Food - £150 |Like Film - £6 |
| |Internet £30 |Credit Card - £25 |
| |Council tax - £60 |Phone - £35 |
| |Insurance - £74 |Petrol - £100 |
| |TV licence - £7 | |
| |Clothes - £48 | |
| |Going out - £100 | |
| |Total Expenditure = £1413 |
£1500 - £1413 = £87 Surplus(3 marks)
Q9. Describe one thing about money/personal finances that you have realised since studying money in Maths (write at least 2 sentences) (2 marks)
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