This is where maths collides with the real world, it’s all about the money! This GCSE Maths quiz will see how well you understand the financial maths that you will come across in life, from overtime payments to bank interest and VAT. You will need to be confident working with percentages, so if you’re not sure try the Percentages quiz first!
Everyone is affected by financial maths – wage calculations, interest payments, profit and loss for a business, understanding VAT. Even on a personal level you should be able to understand your bank statements, work out which deal on a loan or hire purchase is best, and check your wages are correct. There are stories of families getting into debt, all due to the fact they didn’t know how to plan their household budget. The same principles of business profit and loss can be applied at home – if you spend more than you earn, you are making a loss.
Ideally you want to earn more than you spend, so that you can start to build some savings. If you keep these savings in a bank, then the bank will pay you to look after it. This is called interest, and is a percentage of the amount you save. The reverse is true if you need to borrow money, for a loan or a mortgage – the bank will charge you interest, as a percentage of the amount borrowed. If you want to get the best deal possible on a loan or your savings, you will need a good understanding of financial maths!