financialmathematics year11 standard
- MST-11-04 solves financial problems involving budgeting and purchasing
📖 Prior Knowledge
| Content | Prior knowledge | Used for |
|---|---|---|
| Fractions Decimals Percentages | - percentage increase and decrease, GST | - repeated content - stamp duty |
| Financial Mathematics A | - buying on terms and buy now pay later schemes | - repeated 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