Solving Money Problems in 11-Plus Mathematics Understanding how to manage and calculate money is an essential skill in 11-plus mathematics. This topic covers va...
Understanding how to manage and calculate money is an essential skill in 11-plus mathematics. This topic covers various aspects of money calculations, including adding and subtracting amounts, calculating change, and solving complex multi-step problems.
When adding or subtracting money, it is crucial to align the decimal points to ensure accuracy. 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.
Calculating change involves subtracting the total cost from the amount given. For example:
Problem: You buy a toy for £8.40 and pay with a £10 note. How much change do you receive?
Solution:
You receive £1.60 in change.
Multi-step problems require combining several operations. For example:
Problem: You have £20. You spend £5.75 on lunch and £3.50 on a drink. How much money do you have left?
Solution:
You have £10.75 left.
Profit and loss calculations are essential for understanding business transactions. Profit is the amount earned over the cost, while loss is the amount lost below the cost. For instance:
Problem: If you buy a shirt for £15 and sell it for £20, what is your profit?
Solution:
Your profit is £5.
Discounts are often expressed as percentages. To find the sale price after a discount:
Problem: A jacket costs £50 and is on sale for 20% off. What is the sale price?
Solution:
The sale price is £40.
Managing a budget involves planning how much money can be spent. It is important to track expenses to stay within budget. For example:
Problem: If your monthly budget is £200 and you spend £150, how much do you have left?
Solution:
You have £50 left in your budget.
Mastering these money calculations is crucial for success in the 11-plus mathematics exam and everyday life.