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Money, Profit and Loss Problems (F)

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Money, Profit and Loss Problems (F)

Tackle profit, loss, and VAT in GCSE Maths. Use percentages, multipliers, and reverse percentages to compare prices and check value for money.

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Fascinating Fact:

For VAT in the UK, adding 20 percent to £45 gives price with VAT = 45 × 1.20 = £54, while removing VAT uses price without VAT = 54 ÷ 1.20 = £45.

In GCSE Maths, you’ll solve money problems using percentage change, multipliers, and reverse percentages. Expect mark-ups, discounts, VAT, and profit/loss. Show clear working, use currency units, and round sensibly.

Key Terms

Profit: Money gained: profit = selling price − cost price. A positive result.
Loss: Money lost: loss = cost price − selling price. A negative result.
Multiplier: A single number for a percentage change. For +20% use × 1.20; for −15% use × 0.85.

Frequently Asked Questions (Click to see answers)

How do I add VAT or a percentage increase?

Use a multiplier: increase by rate r% means multiply by 1 + r/100. Example: add 20% VAT by multiplying the price by 1.20.

How do I remove VAT or find the original price?

Divide by the multiplier used to add VAT. Example: if VAT was 20%, original price = price with VAT ÷ 1.20.

What is the formula for percentage profit and loss?

Profit = selling − cost. Percentage profit = (profit ÷ cost) × 100%. For a loss, use loss instead of profit.

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You can find more about this topic by visiting BBC Bitesize - Solving 'number' problems

Author: Frank Evans (Specialist 11 Plus Teacher and Tutor)

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