Financial Maths
Financial maths applies percentage and ratio skills to real money situations including wages, taxation, discounts, and budgeting. These skills are essential for adult life in Australia.
What You Need to Know
Key Concept Diagram
GST (Goods and Services Tax) in Australia is 10% added to the pre-tax price
A discount reduces a price by a percentage; sale price = original x (1 - discount/100)
Percentage profit = (profit / cost price) x 100
A budget allocates income across different categories of spending
Key Vocabulary
GST
Goods and Services Tax - a 10% tax added to most goods and services in Australia
Discount
A reduction in price, expressed as a percentage of the original price
Profit margin
Profit expressed as a percentage of the selling price
Budget
A plan for allocating income across expenses and savings
Knowledge Check
Select the correct answer for each question. Click "Check Answer" to see if you are right.
Question 1
A phone costs $450 before GST. What is the price including 10% GST?
Question 2
A jacket is marked 25% off its original price of $120. What is the sale price?
Question 3
A retailer buys items for $80 and sells them for $100. What is the percentage profit on cost price?
Key Concepts Summary
- ●GST (Goods and Services Tax) in Australia is 10% added to the pre-tax price
- ●A discount reduces a price by a percentage; sale price = original x (1 - discount/100)
- ●Percentage profit = (profit / cost price) x 100
- ●A budget allocates income across different categories of spending