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MA4-6NA Financial Maths | Stage 4 | Mathematics
Summary of Substrands / Duration: 4 weeks
MA4-5NA Fractions, Decimals and Percentages / Start Date:
Completion Date:
Teacher and Class:
Outcomes
Mathematics K-10
›  MA46NA solves financial problems involving purchasing goods
›  MA41WM communicates and connects mathematical ideas using appropriate terminology, diagrams and symbols
›  MA42WM applies appropriate mathematical techniques to solve problems
›  MA43WM recognises and explains mathematical relationships using reasoning
Overview / Key Words / Suggested Assessment
Throughout this unit students will solve financial problems involving purchasing goods. They will investigate “best buys”, GST and methods of calculation. They will evaluate special offers, investigate unit pricing and recognize that price is not always an indication that that item is the best buy. / Goods and Services Tax (GST), best buys, unit price, percentage discounts, comparison, computation, selling price, cost price, profit, loss, sale price, wholesale price, retail price
Rego / Content / Teaching, learning and assessment / Resources
Stage 4 - Financial Mathematics
Students:
Investigate and calculate the Goods and Services Tax (GST), with and without the use of digital technologies
▪  calculate GST and GST-inclusive prices for goods purchased in Australia, given the pre-GST price
  interpret GST information contained on receipts (Communicating)
  investigate efficient methods of computingtheGST and GST-inclusive prices (Problem Solving)
  explain why the value of the GST itself is not equivalent to 10% of the GST-inclusive price (Communicating, Reasoning)
▪  determine the pre-GST prices for goods, given the GST-inclusive price
  explain why the pre-GST price is not equivalent to 10% off the GST-inclusive price (Communicating, Reasoning)
Investigate and calculate 'best buys', with and withoutthe use of digital technologies (ACMNA174)
▪  solve problems involving discounts, including calculating thepercentage discount
  evaluate special offers, such as percentage discounts, 'buy-two-get-one-free', 'buy-one-get-another-at-half-price', etc., to determine how much is saved (Communicating, Problem Solving)
▪  calculate 'best buys' by comparing price per unit, or quantity per monetary unit, e.g.500grams for $4.50 compared with 300 grams for $2.75
  investigate 'unit pricing' used by retailers and use this to determine the best buy (Problem Solving)
  recognise that in practical situations there are considerations other than just the 'best buy', egthe amount required, waste due to spoilage (Reasoning)
  use price comparison websites to make informed decisions related to purchases under given conditions (Problem Solving)
Solve problems involving profit and loss, calculate the cost price, given the selling price and percentage with and withoutthe use of digital technologies (ACMNA189)
▪  calculate the selling price, given the percentage profit/loss on the cost price
express profit/loss as a percentage of the cost price profit/loss / Discussion with students to ascertain levels of knowledge with regard to Goods and Services Tax (GST)
It important to specify the current GST rate as this is not static.
Review finding the percentage of a quantity
Initially use simple numbers that can be done without the use of a calculator.
e.g. pre-gst =$100 10% GST = $ 10 post-gst = $100 + $10 = $110
Adjustment: More able students may go directly to finding 110% etc.
Ask students to bring in dockets from home and investigate the breakdown (see example supplied below in resources section)
Unitary Method when given GST inclusive price and working out pre-GST or GST
Illustrate initially with simple numbers that give whole values and that can be manipulated without a calculator. Stress that answers are to two decimal places as we are dealing with money.
Adjustment: Lower level ability students may experience difficulty with rounding, and this needs to be considered with the selection of questions.
Flowchart
This flowchart is only suitable when the GST remains at 10%
It is essential that students are proficient at % calculations before continuing. Review has been covered above.
Relate the question selection here to something that the students are interested in e.g. If you wish to purchase a new TV for your room, decide which of the following offers is the best for you,
STORE A = Price $880 5% discount for cash $836
STORE B = Price $920 10% discount for cash $828
Investigate using catalogues the various terminology and methods of advertising “special”
Using these as a basis, investigate the offers. Discussion should include whether offers like “buy one get one free” is value if you only want one item etc.
Ask: Is buying in bulk always the best way to buy?
Discussion as to needs and requirements rather than simply the cost per unit.
Recap unitary method as above through investigation of bulk buying etc. This is best achieved through repetition and practice
Make a mind map using Wordle for the terminology used in this section.
Discussion of terms such as profit, loss, wholesale, retail, markup etc.
Illustrate with real life examples how these terms are linked
Profit and loss
Profit = selling price – cost price
Loss = cost price – selling price
To express profit or loss as a percentage of the cost or selling price
●  Calculate the profit or loss
●  Divide profit or loss by cost or selling
●  Multiply by 100% / Teacher notes and examples for topic Scootle - M008605
Revise finding % of a quantity
http://worksheetplace.com/index.php?function=DisplayCategory&links=4&id=218&link1=40&link2=46&link3=215&link4=218
http://www.homeschoolmath.net/worksheets/percentages-words.php
http://teachingimage.com/percentages-worksheets/percentages-of-whole-numbers-1.pdf
http://teachingimage.com/percentages-worksheets/percentages-of-whole-numbers-2.pdf
Game to revise finding the % of a quantity
http://www.mathplayground.com/balloon_invaders_percent.html
http://www.baileytraining.co.uk/courses/file.php/22/doms.swf
Information about GST
http://www.gstaustralia.com.au/
http://gst.nusystems.com.au/pdf/part1.pdf
Flowchart for GST
http://www.math.net.au/formulas/gst.php
GST questions
http://au.ixl.com/math/year-7/percent-of-a-number-gst-discount-and-more
Game with discounts in shopping
http://www.mathplayground.com/percent_shopping.html
Shopping discounts
http://www.topbuy.com.au/
worksheets best buys
http://edhelper.com/math/ratios217.htm
https://mrsdaintreysonlineclassroom.wikispaces.com/file/view/Worksheet+%232+-+Determining+the+Best+Buy.pdf
http://www.curriculumsupport.education.nsw.gov.au/clever_shopping/teachers/index.htm
Best buy game and activities
Scootle L1928 and L1932
http://ethemes.missouri.edu/themes/443
Unit price interactive questions
http://www.mathsisfun.com/measure/unit-price-game.html
Unit price worked example
http://www.mathsisfun.com/measure/unit-price.html
Comparing mobile phone plans
http://www.brainpop.com/math/dataanalysis/comparingprices/
http://www.greenslips.com.au/calculator.html
Profit and loss
Worksheets
http://studymaths.co.uk/workout.php?workoutID=96
http://www.onlinemathlearning.com/percents-worksheets.html
http://www.tes.co.uk/teaching-resource/Homes-Under-The-Hammer-Percentage-Change-6298389/
Profit and Loss notes
http://passyworldofmathematics.com/applied-percents-loss/
http://passyworldofmathematics.com/discount-and-loss/
http://passyworldofmathematics.com/cost-price-mark-up-and-profit/
Extension
Increasing bakery profit
Scootle L3238 and L3239
Evaluation / Resources

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