11-Plus Mathematics: Money Calculations

Understanding Money Calculations

In the 11-plus Mathematics curriculum, solving problems involving money is a crucial skill. This topic encompasses various aspects of financial literacy, including adding and subtracting money, calculating change, and tackling multi-step money problems.

Adding and Subtracting Money

When adding or subtracting amounts of money, it is essential to align the decimal points. For example:

Worked Example

Problem: If you have £5.75 and you buy a book for £2.50, how much money do you have left?

Solution:

• Start with £5.75
• Subtract the cost of the book: £5.75 - £2.50 = £3.25

You have £3.25 left.

Calculating Change

Calculating change is another vital skill. To find out how much change you should receive, subtract the total cost from the amount given.

Worked Example

Problem: You pay £10 for a meal that costs £7.85. How much change do you get?

Solution:

• Amount given: £10
• Cost of meal: £7.85
• Change: £10 - £7.85 = £2.15

You receive £2.15 in change.

Multi-Step Money Problems

Multi-step problems often require you to perform several calculations in one question. For example:

Worked Example

Problem: You buy three notebooks at £1.20 each and a pen for £0.80. If you pay with a £10 note, how much change do you get?

Solution:

• Cost of notebooks: 3 x £1.20 = £3.60
• Total cost: £3.60 + £0.80 = £4.40
• Change: £10 - £4.40 = £5.60

You receive £5.60 in change.

Understanding Profit and Loss

Profit and loss calculations are essential for understanding business transactions. Profit is the amount earned after costs are deducted, while loss occurs when expenses exceed income.

Worked Example

Problem: If you buy a toy for £15 and sell it for £20, what is your profit?

Solution:

• Profit: Selling price - Cost price = £20 - £15 = £5

Your profit is £5.

Calculating Discounts and Sale Prices

Discounts are reductions in price, often expressed as a percentage. To calculate the sale price after a discount, subtract the discount amount from the original price.

Worked Example

Problem: A jacket costs £40 and is on sale for 25% off. What is the sale price?

Solution:

• Discount amount: 25% of £40 = £10
• Sale price: £40 - £10 = £30

The sale price of the jacket is £30.

Working with Budgets and Bills

Understanding how to manage budgets and bills is crucial. A budget helps track income and expenses, while bills represent the amounts owed for services or products.

By mastering these money calculations, students will be well-prepared for the 11-plus exam and develop essential life skills in financial literacy.