11-Plus Mathematics: Money

Understanding Money in 11-Plus Mathematics

The topic of money in 11-plus mathematics encompasses various essential skills that are crucial for everyday financial literacy. This includes adding and subtracting amounts of money, calculating change, and solving more complex multi-step problems related to finances.

Adding and Subtracting Money

When working with money, it is important to understand how to perform basic operations. 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 a practical skill that involves subtracting the total cost from the amount given. For instance:

Worked Example

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

Solution:

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

Solving Multi-Step Money Problems

Multi-step problems require careful reading and calculation. For example:

Worked Example

Problem: You buy 3 notebooks at £1.20 each and a pen for £0.80. How much do you spend in total?

Solution:

• Cost of notebooks: 3 x £1.20 = £3.60.
• Cost of pen: £0.80.
• Total cost = £3.60 + £0.80 = £4.40.

Understanding Profit and Loss

Profit and loss calculations are essential for understanding business transactions. For example:

Worked Example

Problem: A shop buys a toy for £10 and sells it for £15. What is the profit?

Solution:

• Profit = Selling Price - Cost Price = £15 - £10 = £5.

Calculating Discounts and Sale Prices

Discounts are common in shopping and can be calculated as follows:

Worked Example

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

Solution:

• Discount = 25% of £40 = 0.25 x £40 = £10.
• Sale Price = Original Price - Discount = £40 - £10 = £30.

Working with Budgets and Bills

Managing a budget involves planning how to spend money wisely. For instance:

Worked Example

Problem: You have a budget of £50 for the week. You spend £15 on groceries and £20 on entertainment. How much do you have left?

Solution:

• Total spent = £15 + £20 = £35.
• Remaining budget = £50 - £35 = £15.

By mastering these skills, students will be well-prepared for the money-related questions they may encounter in the 11-plus mathematics exam.