Money Calculations in 11-Plus Mathematics Understanding money calculations is a crucial skill in the 11-plus Mathematics curriculum. This topic encompasses vari...
Understanding money calculations is a crucial skill in the 11-plus Mathematics curriculum. This topic encompasses various aspects of handling money, including adding and subtracting amounts, calculating change, and solving multi-step problems related to finances.
When adding or subtracting money, it is essential to align the decimal points. For example:
Problem: If you have £5.75 and you buy a book for £2.50, how much money do you have left?
Solution:
You have £3.25 left after the purchase.
Calculating change involves subtracting the total cost from the amount given. For instance:
Problem: You pay £10 for a meal that costs £7.85. How much change do you receive?
Solution:
Your change is £2.15.
Multi-step problems require combining various operations. For example:
Problem: You buy two items costing £3.50 and £4.25. You pay with a £20 note. How much change do you get?
Solution:
Your change is £12.25.
Profit and loss calculations are vital in real-world scenarios. Profit is calculated by subtracting the cost price from the selling price, while loss is the opposite.
Problem: If a toy costs £15 and is sold for £20, what is the profit?
Solution:
The profit is £5.
Discounts can be calculated as a percentage of the original price. For example:
Problem: A jacket costs £40 and has a 25% discount. What is the sale price?
Solution:
The sale price of the jacket is £30.
Understanding how to manage a budget is essential. This involves planning expenses and ensuring that spending does not exceed income.
In summary, mastering money calculations is vital for success in the 11-plus Mathematics exam. Practice these skills regularly to improve your confidence and accuracy.