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Solving Problems - Money (Medium)
James inherited 75% of his grandfather's money.

Solving Problems - Money (Medium)

In this 11-plus Maths quiz you will get some practice with foreign currency and percentages.

At one time, travelling to foreign countries was a long and arduous journey, sometimes taking weeks or even months! Nowadays we can be on the other side of the world in a matter of hours. Familiarising yourself with other currencies is a good skill to have. Even more important is knowing how much your pounds will be worth in another country.

Most people can very easily work out 50% of an amount (you just half it). Are you a dab-hand at quickly working out other percentages? How about 80% of £20? Try this quiz and see if you can get ten out of ten.

Good luck!

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1.
Janet got £12.19 in change from a £50 note after she had bought three items that each cost the same price. How much did each item cost?
£16.20
£12.60
£11.19
£37.81
£50 - £12.19 = £37.81 = what she paid for the three items ∴ 1 item cost £37.81 ÷ 3 = £12.60 (to the nearest penny)
2.
Paul has just arrived in the USA from the UK, and he wants to change his pounds sterling into US dollars: the exchange rate is £1 = $1.6. If he changes £2,500, how many US dollars will he get?
$1,562.50
$4,000
$400
$156.25
If £1 = $1.6, then £2,500 = 2,500 × 1.6 = $4,000
3.
Sally gets a salary of £14,560 per annum (per year). She has now been told that she has to take a 10% reduction in her salary. How much will she earn per annum after the 10% reduction?
£13,410
£13,401
£13,140
£13,104
Per cent means per hundred, so 10% = 10100 = 110 and 10% of £14,560 means that you have to multiply 10% with £14,560: 110 × £14,560 = £1,456. So she will lose £1,456 from her salary: £:14,560 - £1,456 = £13,104
4.
Sofia has just arrived in the UK from Italy, and she wants to change her Euros into pounds sterling: the exchange rate is £1 = €1.2. If she changes €1,200, how many pounds sterling will she get?
£1,440
£144
£1,000
£100
If £1 = €1.2, then €1,200 = 1,200 ÷ 1.2 = £1,000. You have to divide 1,200 by 1.2 because you want to find out how many 'lots' of 1.2 there are in 1,200: each 'lot' equals £1: this is the same as adding 'lots' of 1.2 to itself until you get to 1,200
5.
Peter is going on holiday to Germany next week, so he decides to change £500 into Euros (€). If £1 = €1.2, how many Euros will he get?
€417
€60
€6,000
€600
If £1 = €1.2, then £500 = 500 × 1.2 = €600
6.
It costs a shop £1 to buy an article which it then sells at a profit. If the shop wants to make a 400% profit on the sale of the article, how much must it sell it for?
£5
£4
£8
£6
Profit = Selling Price - Cost Price = £5 - £1 = £4. The shop has made a profit of £4. Now £4 as a percentage of £1 = 41 × 100% = 400%. Yes! Don't fall into the trap of thinking that if you sell it at four times its cost that you will make a 400% profit: you have to subtract the original cost from your selling price before you can call it profit
7.
James inherited 75% of his grandfather's money. If his grandfather left £125,000, how much did James inherit?
£93,750
£93,650
£93,550
£93,250
Per cent means per hundred, so 75% = 75100 = 34 and 75% of £125,000 means that you have to multiply 75% with £125,000: 34 × £125,000 = £93,750
8.
Super Stores is giving a 50% discount on certain electrical items. If a 'Frosty' fridge sells for £548, what will it sell for if there is a 50% discount on it?
£274
£498
£247
£137
A 50% discount means that the price or cost of something is reduced by 50%. Since 50% is the same as one half, the 'Frosty' fridge will sell for £548 ÷ 2 = £274. Per cent means per hundred, so 50% = 50100 = 12 after reducing the fraction to its simplest form by dividing the numerator and denominator by 50
9.
A fine for late payment is charged at 1% per day on the money owed. If someone owes £250, how much will the fine be after one day?
£25.0
£2.50
£250
£0.25
Per cent means per hundred, so 1% = 1100 and 1% of £250 means that you have to multiply 1% with 250: 1100 × £250 = £2.50
10.
Mark has put £3,500 into a savings account. If he doesn't remove his money for 1 year, he will earn an interest of 2%. How much in pounds is 2% interest?
£7
£70
£700
£7,000
Per cent means per hundred, so 2% = 2100 = 150 after reducing the fraction to its simplest form by dividing the numerator and denominator by 2 ∴ Interest = 150 × £3,500 = £70. Note: '2% of' means that you multiply the 2% with something else: in this case the £3,500. The same applies for other percentages
Author:  Frank Evans

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