MA4-6NAFinancialMathematics.docx



MA4-6NA Financial Maths | Stage 4 | MathematicsSummary of SubstrandsDuration: 4 weeksMA4-5NA Fractions, Decimals and PercentagesStart Date:Completion Date:Teacher and Class:OutcomesMathematics K-10MA46NA solves financial problems involving purchasing goodsMA41WM communicates and connects mathematical ideas using appropriate terminology, diagrams and symbolsMA42WM applies appropriate mathematical techniques to solve problemsMA43WM recognises and explains mathematical relationships using reasoningOverviewKey WordsSuggested Assessment Throughout this unit students will solve financial problems involving purchasing goods. They will investigate “best buys”, GST and methods of calculation. They will evaluate special offers, investigate unit pricing and recognize that price is not always an indication that that item is the best buy.Goods and Services Tax (GST), best buys, unit price, percentage discounts, comparison, computation, selling price, cost price, profit, loss, sale price, wholesale price, retail priceRegoContentTeaching, learning and assessment Resources Stage 4 - Financial MathematicsStudents:Investigate and calculate the Goods and Services Tax (GST), with and without the use of digital technologiescalculate GST and GST-inclusive prices for goods purchased in Australia, given the pre-GST price interpret GST information contained on receipts (Communicating)investigate efficient methods of computing?the?GST and GST-inclusive prices (Problem Solving)explain why the value of the GST itself is not equivalent to 10% of the GST-inclusive price (Communicating, Reasoning)determine the pre-GST prices for goods, given the GST-inclusive priceexplain why the pre-GST price is not equivalent to 10% off the GST-inclusive price (Communicating, Reasoning)Investigate and calculate 'best buys', with and without?the use of digital technologies (ACMNA174)solve problems involving discounts, including calculating the?percentage discountevaluate special offers, such as percentage discounts, 'buy-two-get-one-free', 'buy-one-get-another-at-half-price', etc., to determine how much is saved (Communicating, Problem Solving) calculate 'best buys' by comparing price per unit, or quantity per monetary unit, e.g.?500?grams for $4.50 compared with 300 grams for $2.75 investigate 'unit pricing' used by retailers and use this to determine the best buy (Problem Solving) recognise that in practical situations there are considerations other than just the 'best buy', eg?the amount required, waste due to spoilage (Reasoning) use price comparison websites to make informed decisions related to purchases under given conditions (Problem Solving) Solve problems involving profit and loss, calculate the cost price, given the selling price and percentage with and without?the use of digital technologies (ACMNA189)calculate the selling price, given the percentage profit/loss on the cost priceexpress profit/loss as a percentage of the cost price profit/lossDiscussion with students to ascertain levels of knowledge with regard to Goods and Services Tax (GST)It important to specify the current GST rate as this is not static.Review finding the percentage of a quantityInitially use simple numbers that can be done without the use of a calculator.e.g. pre-gst =$100 10% GST = $ 10 post-gst = $100 + $10 = $110Adjustment: More able students may go directly to finding 110% etc.Ask students to bring in dockets from home and investigate the breakdown (see example supplied below in resources section)Unitary Method when given GST inclusive price and working out pre-GST or GSTIllustrate initially with simple numbers that give whole values and that can be manipulated without a calculator. Stress that answers are to two decimal places as we are dealing with money.Adjustment: Lower level ability students may experience difficulty with rounding, and this needs to be considered with the selection of questions.FlowchartThis flowchart is only suitable when the GST remains at 10% It is essential that students are proficient at % calculations before continuing. Review has been covered above.Relate the question selection here to something that the students are interested in e.g. If you wish to purchase a new TV for your room, decide which of the following offers is the best for you,STORE A = Price $880 5% discount for cash $836STORE B = Price $920 10% discount for cash $828Investigate using catalogues the various terminology and methods of advertising “special”Using these as a basis, investigate the offers. Discussion should include whether offers like “buy one get one free” is value if you only want one item etc.Ask: Is buying in bulk always the best way to buy?Discussion as to needs and requirements rather than simply the cost per unit.Recap unitary method as above through investigation of bulk buying etc. This is best achieved through repetition and practiceMake a mind map using Wordle for the terminology used in this section. Discussion of terms such as profit, loss, wholesale, retail, markup etc.Illustrate with real life examples how these terms are linked Profit and lossProfit = selling price – cost priceLoss = cost price – selling priceTo express profit or loss as a percentage of the cost or selling priceCalculate the profit or lossDivide profit or loss by cost or sellingMultiply by 100%Teacher notes and examples for topic Scootle - M008605Revise finding % of a quantity to revise finding the % of a quantity about GST for GST questions with discounts in shopping discounts best buys buy game and activitiesScootle L1928 and L1932 price interactive questions price worked example mobile phone plans and lossWorksheets and Loss notes bakery profitScootle L3238 and L3239EvaluationResources ................
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