Pass Check: Money & Finance
Read units carefully, use decimals correctly, and always check the answer is sensible.
VAT
Value Added Tax, a percentage added to the price of most goods and services (usually 20% in the UK).
Gross pay
The total amount earned before any deductions such as tax are taken off.
Net pay
The amount actually received after deductions such as tax and National Insurance.
Best buy
The option that gives the lowest price per unit (e.g. per gram or per item).
Quick check
Mixed quiz
1. A jacket costs GBP 55 and is reduced by 20% in a sale. Find the sale price.
2. A jacket costs GBP 70 and is reduced by 20% in a sale. Find the sale price.
3. GBP 700 is invested at 3% compound interest per year for 2 years. Find the total interest earned, to the nearest penny.
4. GBP 900 is invested at 3% compound interest per year for 2 years. Find the total interest earned, to the nearest penny.
5. A jacket costs GBP 45 and is reduced by 20% in a sale. Find the sale price.
6. Which is the better value for the same pens?
7. A jacket costs GBP 60 and is reduced by 20% in a sale. Find the sale price.
8. A jacket costs GBP 75 and is reduced by 20% in a sale. Find the sale price.