financialmathematics year11 standard
- MST-11-04 solves financial problems involving budgeting and purchasing
📖 Prior Knowledge
| Content | Prerequisite relationships |
|---|---|
| Represents Numbers B | - Find 10%, 25% and 50% of a quantity → Find a percentage of a quantity |
| Fractions Decimals Percentages | - Convert between fractions, decimals and percentages → Express one quantity as a fraction or percentage of another - Express one quantity as a fraction or percentage of another (revisited content) - Find a percentage of a quantity (revisited content) - Calculate percentage increases and decreases → Use multipliers for percentage change - Calculate percentage increases and decreases → Identify the percentage a value represents - Calculate percentage increases and decreases → Solve financial percentage problems - Use multipliers for percentage change (revisited content) - Solve percentage problems with the unitary method (revisited content) - Calculate change as a percentage (revisited content) - Apply repeated percentage changes (revisited content) - Identify the percentage a value represents (revisited content) - Solve reverse percentage problems (revisited content) - Solve financial percentage problems (revisited content) |
| Financial Mathematics A | - Calculate costs of spending options (revisited content) |
Purchasing goods
- Apply percentage increase and decrease to determine the cost of goods, and profit and loss
- Calculate the goods and service tax (GST) or value-added tax (VAT) when purchasing goods and services in Australia and internationally
- Solve problems involving GST or VAT
- Examine payment options involving buy now, pay later and analyse the costs associated with these schemes for purchasing goods
- Calculate the cost of buying on terms that involve paying an initial deposit and making regular repayments
- Compare the total cost of using different methods of purchasing goods and justify which method of purchasing is best suited to a given context
- Calculate the cost of purchasing a vehicle by considering the purchase price or loan repayments, registration, compulsory and non-compulsory third-party insurance, comprehensive insurance and stamp duty at current rates
Budgeting
- Examine the ongoing costs of a vehicle
- Use a spreadsheet to model the costs of purchasing, running and maintaining a vehicle
- Calculate household costs including electricity, water and gas usage from household bills
- Prepare a personal budget for a given income, considering fixed and discretionary spending
- Use a spreadsheet to model personal and household budgets
- Examine budgeting, saving, establishing an emergency fund with 3 to 6 months of living expenses, and monitoring spending as strategies designed to minimise financial problems