**Solving money problems is a vital skill to learn. Don't forget: £1 = 100 p (p = pence).** Make sure that you do ALL the other money quizzes BEFORE you do this one. See if you can get every question correct - and give yourself a pat on the back if you do!

If you want some extra practice dealing with money, start collecting all the coins you can find. When you have a good amount, see how many ways you can make £1, £5 or £10. How many 5ps are in £1? How many 20ps are in £5? The more you practise, the better you will be as you start to use money in your life.

Read each question carefully, looking at all four answers first before making your choice. Take your time and good luck!

1.

Which one of the following calculations or statements is correct?

If you buy something for £45 and later sell it at £35, you have made a profit of £10

If you buy something for £45 and later sell it at £35, you have made a loss of £-10

If you buy something for £45 and later sell it at £35, you have made a loss of £15

If you buy something for £45 and later sell it at £35, you have made a loss of £10

Profit = Selling Price - Cost Price = £35 - £45 = £10. You have made a loss of £10 NOT £-10

2.

Which one of the following calculations or statements is correct?

£1,010 + £110.00 + £10.01 = £1,130.01

£1,010 + £110.00 + £10.01 = £1,130.10

£1,010 + £110.00 + £10.01 = £1,103.01

£1,010 + £110.00 + £10.01 = £1,310.01

Just add the numbers up to see it!

3.

Which one of the following calculations or statements is correct?

If £1 = $1.6, then $1,600 = £2,560

If £1 = $1.6, then $1,600 = £1,000

If £1 = $1.6, then $1,600 = £100

If £1 = $1.6, then $1,600 = £256

If £1 = $1.6, then $1,600 = 1,600 ÷ 1.6 = £1,000. You have to divide 1,600 by 1.6 because you want to find out how many 'lots' of 1.6 there are in 1,600: each 'lot' equals £1: this is the same as adding 'lots' of 1.6 to itself until you get to 1,600

4.

Which one of the following calculations or statements is correct?

If you sell something at six times what it cost you to buy it, then you make a 600% profit

If you sell something at five times what it cost you to buy it, then you make a 500% profit

If you sell something at six times what it cost you to buy it, then you make a 500% profit

If you sell something at five times what it cost you to buy it, then you make a 600% profit

For example: if Selling Price = £6 and Cost Price = £1, Profit = £6 - £1 = £5: a profit of £5. Now £5 as a percentage of £1 = ^{5}⁄_{1} × 100% = 500%. Yes! Don't fall into the trap of thinking that if you sell it at six times its cost, then you will make a 600% profit: you have to subtract the original cost from your selling price before you can call it profit

5.

Which one of the following calculations or statements is correct?

If £1 = €1.2, then £450 = €357

If £1 = €1.2, then £450 = €504

If £1 = €1.2, then £450 = €375

If £1 = €1.2, then £450 = €540

£450 = 1.2 × 450 = €540

6.

Which one of the following calculations or statements is correct?

If there is a 25% discount on the sale/cost price, it means that the sale/cost price has been reduced by one eighth

If there is a 25% discount on the sale/cost price, it means that the sale/cost price has been reduced by one quarter

If there is a 75% discount on the sale/cost price, it means that the sale/cost price has been reduced by one half

If there is a 50% discount on the sale/cost price, it means that the sale/cost price has been reduced by three quarters

25% = ^{25}⁄_{100} = ^{1}⁄_{4}

7.

Which one of the following calculations or statements is correct?

If 35% of £600 was spent on entertainment, £210 was spent on food and bills

If 35% of £600 was spent on entertainment, £390 was spent on food and bills

If 35% of £600 was spent on entertainment, £309 was spent on food and bills

If 35% of £600 was spent on entertainment, £120 was spent on food and bills

35% of £600 = ^{35}⁄_{100} × 600 = ^{7}⁄_{20} × 600 = £210 which was spent on entertainment ∴ £600 - £210 = £390 was spent on food and bills

8.

Which one of the following calculations or statements is correct?

There are five hundred 20 p coins in £100

There are four hundred 20 p coins in £100

There are two hundred 20 p coins in £100

There are six hundred 20 p coins in £100

There are five 20 p coins in £1 ∴ in £100 there are 100 × 5 = 500

9.

Which one of the following calculations or statements is correct?

If someone owes you £250 and they pay back £50, they have paid back 25% of what they owe you

If someone owes you £250 and they pay back £50, they have paid back 2% of what they owe you

If someone owes you £250 and they pay back £50, they have paid back 20% of what they owe you

If someone owes you £250 and they pay back £50, they have paid back 200% of what they owe you

50 as a percentage of 250 is given by ^{50}⁄_{250} × 100 = ^{1}⁄_{5} × 100 = 20%

10.

Which one of the following calculations or statements is correct?

If you buy something for £4 and sell it for £12, you have sold it for 30% more than what it cost you to buy

If you buy something for £4 and sell it for £12, you have sold it for 3% more than what it cost you to buy

If you buy something for £4 and sell it for £12, you have sold it for 300% more than what it cost you to buy

If you buy something for £4 and sell it for £12, you have sold it for 3000% more than what it cost you to buy

12 as a percentage of 4 is given by ^{12}⁄_{4} × 100 = ^{3}⁄_{1} × 100 = 300%. What's the percentage profit?