Year 11 Standard Financial Mathematics (F1.1 & 1.2) Diagnostic Test 1) Edward earns $96 470.40 per annum and works, on average, 48 hours per week. (a) What is his average weekly wage? …………………………………………………………………………………………………………………………………… …………………………………………………………………………………………………………………………………… (b) Calculate Edward’s hourly rate of pay. ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. 2) Oscar works for a fast food company and is paid $13.50 per hour for a 35-hour week.

He gets time-and-a-half pay for overtime worked on weekdays and double time for working on weekends. Last week he worked a normal 35-hour week plus 3 hours of overtime during the week and 4 hours of overtime on the weekend. What was his wage last week?

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………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. 3) Zac is a comedian who makes $120 for a short performance and $260 for a long

performance. How much will he earn if he completes 11 short and 12 long performances?

………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. 4) Bradie is paid a royalty of 11.3% on the net sales of her book. The net sales of her

book in the last financial year were $278 420. (a) What was Bradie’s royalty payment in the last financial year? ………………………………………………………………………………………………………………………………….. …………………………………………………………………………………………………………………………………..

(b) Net sales this financial year are expected to decrease by 15%. What is the expected royalty payment for this financial year?

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5) Sarah is a real estate agent and is paid the following commission on her sales:

3% on the first $45 000, then 2% for the next $90 000 and 1.5% thereafter. What is Chelsea’s commission if she sells a property for $240 000? …………………………………………………………………………………………………………………………………..

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6) Renae earns a monthly salary of $7161.70. (a) What is her weekly earnings? ………………………………………………………………………………………………………………………………….. …………………………………………………………………………………………………………………………………..

(b) If Renae’s employer decides to reward her with a bonus amounting to 6.25% of her annual salary, how much is the bonus that Renae receives?

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………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. 7) Samman works as an electrician, earning $32.40 per hour and normally works a 37

hour week. He receives 17.5% holiday loading on four weeks normal wages. Calculate the total amount Samman will receive for his holiday pay.

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8) ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. 9) ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. …………………………………………………………………………………………………………………………………..

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11) After the 10% GST was added, the price of a mobile phone was $858. What was the price before GST was added?

………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. 12) While shopping on Monday, Leah found a dress priced at $350. On Wednesday, Leah

noticed the dress was marked down by 20%. (a) What was the marked-down price of the dress? ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. (b) When Leah enquired about the dress, she was offered a further $40 discount

off the marked down price. She bought the dress. What was Leah’s saving as a percentage of the original price of the dress? Answer correct to one decimal place.

………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. 13) Amelia has paid $49 500 interest on a $220 000 loan at a flat rate of 10%. What was

the term of the loan? ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. ………………………………………………………………………………………………………………………………….. 14) A caravan is purchased for $12 986. After 3 years it has a salvage value of $6020.

(a) What is the annual amount of depreciation, if the amount of depreciation is constant?

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………………………………………………………………………………………………………………………………….. (b) Determine the value of the caravan after 5 years. ………………………………………………………………………………………………………………………………….. …………………………………………………………………………………………………………………………………..

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