N4 Lifeskills - Budgeting and Planning

N4 Lifeskills - Budgeting and Planning

1. Michael is a student living away from home.

He has two part-time jobs and is also supported by his parents

His weekly income and expenditure are shown below.

(a) Calculate Michael's total weekly income.

(b) Considering this budget, calculate Michael's free funds each week?

take him to save up for a new phone costing £140?

2. Susan is organising a fund raising night at her local tennis club. Her estimated expenditure

and income for the event are shown in the table below.

(a) If 50 people turn up on the night how much profit would she make from the event?

(b) She is however estimating a profit from the night of £606.

With this profit in mind, how many people is she actually expecting to turn up

and pay the £8.50 for an entry ticket?

3. A small business has an annual turnover of £156000. The total annual

expenditure for the business (including staff wages) is £128500.

(a) Calculate the weekly profit these figures produce for the business if

the business operates around a 50 week working year.

(b) How many weeks would it take the company to save its profits for a new

printing machine costing £20900?

4. 120 people attended this Race Night.

(a) How much money was collected, in total,

from the entrance fee?

(b) During the evening there were six prizes

of £55 and two of £80.

The cost of hiring the hall was £140.

Did the Race Night make a profit ?

You must show working and give a reason for your answer.

5. The local rugby club are selling raffle tickets at 50 pence each.

(a) The first and second prizes together cost the club £550 and the raffle

tickets cost £40 to get printed.

Taking into account all the prizes and the price of the printing, calculate

the total cost of running this raffle.

(b) If the club made a profit of £1200 on the raffle how many 50 pence tickets

did they sell?

6. A youth club is organising a bowling tournament at the local ten pin bowling alley.

Six teams of 4 people will take part.

The costs for running the tournament are as follows

* Three lanes hired for 4 games on each at a cost of £3.80 per game

* A drink and a snack for each person at a cost of £2.10 per person

* 8 prizes costing in total £36.00

How much should the youth club charge each team member so that the costs are covered?

N4 Lifeskills - Wages, Overtime and Commission (1)

1. Karen has a choice of two jobs. The first pays £1620 per month and the second pays

£410 per week. Which job has the better rate of pay per year and by how much ?

2. A clerk works a 38 hour week at a basic rate of £9.10 per hour.

Find his gross weekly wage.

3. A council employee works a 40 hour week at the rate of £7.75 per hour. There is no

overtime.

What can he expect to earn in a year with paid holidays?

4. A shop assistant receives a gross weekly wage of £214.60 for a 37 hour week.

What is the hourly rate ?

5. Find the annual income of a man who works a 40 hour week at a basic rate of

£13.86 per hour.

6. Calculate the hourly rate of pay for a woman who works a 40 hour week and earns an

annual salary of £18512.

7. Overtime is paid at "time-and-a-half" (1×5 times normal rate of pay).

(a) Graeme is paid £6.85 per hour and works a 40 hour week. How much will he earn

in a week where he works 46 hours ?

(b) Susan earns £9.20 per hour for a normal working week of 34 hours. How much will

she be paid for working 38 hours one week ?

Calculate his pay for this week if his normal rate of pay is £8.40 per hour.

(d) In a particular week Michael works his normal 40 hours plus an extra 5 hours

overtime. Calculate his pay for this week if his normal rate of pay is £6.35 per hour.

8. Steven works a 36 hour week. His normal rate of pay is £12.95 per hour.

Calculate his total pay for a week where he works his normal hours + ……..

….. 4 hours overtime at "time-and-a-half" and 6 hours at "double-time"

9. Lucy works a 30 hour week. Her normal rate of pay is £18.50 per hour.

Calculate her total pay for a week where she works her normal hours + ……..

….. 8 hours overtime at "time-and-a-half" and 2 hours at "double-time"

N4 Lifeskills - Wages, Overtime and Commission (2)

1. Des works at the sports centre. He works a 35-hour week and is paid £8 an hour. Overtime is paid at “double time”.

The table shows the hours he works in one week.

Calculate his total wage for this week.

2. Vicki works at the Strike One Bowling Alley. She works a 37-hour week at the rate of

£5.60 an hour. Overtime is paid at “time and a half”. Her time sheet for one week is shown below.

Calculate her total wage for this week.

3. Mr Greig is a door-to-door salesperson. He is paid a weekly wage of £140 plus a commission

of 12% on his total weekly sales. How much will he earn in a week where his sales total was £1050 ?

4. Miss Jones sells cars. She works a basic 38 hour week and is paid £3.45 per hour.

She is also earns a 2% commission on every car she sells.

Calculate her total pay for the week where she sells three cars totalling £14200 in value.

5. Tony is a used car salesman. He is paid a basic wage of £420 per

week plus commission of 1×5% on all his sales.

Here is a copy of his sales sheet

for one week in June.

Calculate his total wage for this week.

N4 Lifeskills - Income Tax, Deductions and Wageslips

The information opposite

can be used when needed

in this worksheet.

1. John Henderson has a gross income of £25600 p.a. He claims the personal

allowance and has a further £800 in allowances. Calculate :

(a) his total allowances. (b) his taxable income. (c) the income tax he pays.

2. Ian McStay is a farmer with an income of £38000. He claims the personal

allowance plus has additional allowances totalling £4500. Calculate :

(a) his total allowances. (b) his taxable income. (c) the income tax he has to pay.

3. Susan Moffat is a computer analyst with an income of £163000. She claims

allowances of £3000 over and above her personal allowance. Calculate :

(a) her total allowances. (b) her taxable income. (c) the income tax she pays.

4. Peter Preston works at The Hungry Horse Diner. Copy and complete his payslip by

calculating his Gross Pay, Total Deductions and Net Pay.

5. Complete a similar payslip for Maureen Owens who works in the office of Sofa Cars.

Employee Number 023 Tax Code 258L Week 31

Basic Pay £379.20 Overtime £86.88 Commission -

Income Tax £74.40 Superann. £ 30.50 Nat. Ins. £40.75

6. Brenda works as a librarian. She claims the standard personal allowance for income tax and

pays 20% on her taxable income.

If she pays £1700 per year in tax calculate her annual salary.

N4 Lifeskills - Earnings and Income (further examples)

1. John works for a telephone sales company and is paid an hourly rate of £8×40.

He gets paid time and a half for any overtime worked.

His basic working week is 40 hours

One week he got paid a total of £411.60.

How many hours overtime did he work?

2. Cathy works in her local supermarket.

She works a basic week of 30 hours.

She is paid £6.80 per hour.

All overtime (anything beyond 30 hours) is paid

at time-and-a-half.

One week Cathy worked different shifts each day.

Her time sheet for this week is shown opposite.

Calculate Cathy's wages for this week.

3. A phone salesman earns a basic wage £250 per week plus commission from his sales.

One week he earns a total of £325.

(a) How much commission did he earn?

(b) What percentage of his basic wage is this commission?

4. George works in a fast food restaurant. He works a basic 37½ hour week (7½ hours per day) and

is paid £6.28 an hour.

Any weekday overtime is paid at “time and a half” and Sundays are paid at double time.

The table below shows the hours he worked one week.

If George's deductions for this week were as follows ….

Income Tax £40.37, National Insurance £16.22, Superannuation £24.85 and Union Fees £3.44,

calculate his net pay for the week.

N4 Lifeskills - Hire Purchase

1. For each of the following , calculate :

i) the total hire purchase price ; ii) the difference between the HP price and the cash price.

2. A car costing £7200 can be paid for in three ways.

i) by cash

ii) by hire purchase with a deposit of £2000 and 24 monthly payments of £260

iii) by hire purchase with a deposit of 25% and 36 monthly payments of £186

Calculate the difference between the most and least expensive methods.

3. An electric guitar has a cash price of £340.

It can be bought by hire purchase under the terms: 15% deposit + 24 equal monthly payments.

If the total hire purchase price is £399, calculate the monthly payment.

N4 Lifeskills - Foreign Currency

For the following questions use this table of exchange rates, unless instructed otherwise in the question, which gives the amount of each currency you will receive in exchange for £1.

1. Maria and Vicki are going on a school trip to Europe. Maria has saved £110 spending

money and Vicki has saved £94. How much will they each get when they change their

money into Euros?

2. Martin is travelling to America on a business trip. He changes £550 into dollars before he goes.

(a) How many dollars does he receive?

(b) If he spends $800 how any dollars will he have left?

3. Carol is going on holiday to Japan with her parents. She takes £75 of her savings to the

bank to change into yen.

(a) How many yen does she receive?

(b) At the end of her holiday she has 1420 yen left. How many yen did she spend?

4. Jean-Pierre is visiting some friends in England. He bought some presents in Geneva

before he left home. The presents are shown below. How much did each item cost in

pounds ?

5. Riz has been on holiday in India. He comes home with 945 rupees. How much is this in pounds?

6. Soraya changes £245 into Rand for a visit to South Africa.

(a) How many Rand does she receive?

(b) She spends 3344 Rand. How much does she have left?

How many pounds will she get back?

7. John and Graeme are off on a camping holiday to Switzerland.

John has £750 spending money and Graeme has £680.

(a) They changed their spending money into Swiss francs. How many francs did each receive?

(b) John returned home with 217.50 francs and Graeme with 79.75 francs.

How much did each boy spend in pounds?

8. Kelbay has £300 spending money for her trip to Rome.

She wants to return with at least a quarter of it left.

She returns with 84 euros which she changes back to

British pounds at an exchange rate of £1 = 1×20 euros.

Did she spend more than she had hoped?

You must show working and give a reason for your answer.

9. On the first weekend that the film ‘Slumdog Millionaire’ was released in USA the box office

takings amounted to 1 570 260 US dollars.

In the UK the same film took £1 827 457 on the first weekend of release.

How much more was taken in the UK than in the USA? Give your answer in pounds.

[Exchange rate at the time: £1 = $1.25]

10. Christine is driving to France on holiday and arrives at the ferry port

with not a lot of petrol left in her car.

She decides she needs to buy petrol either here in the UK or immediately

on her arrival in France.

She knows that the cost of a litre of petrol next to the ferry port is 138.5p

and the cost of a litre of petrol in France is 1.54 Euros.

She intends to buy 40 litres of petrol.

With the exchange rate being , where should Christine buy her petrol

so that she pays the lower amount and how much would she save on the 40 litres in pounds?

11. Paul was on holiday in France with his wife and four children.

On a day trip to Switzerland, Paul noticed that he could pay for

their lunch in either Swiss francs (Sf)) or Euros (€).

Paul’s bill was either 128.02 Swiss francs or 104 euros.

Using the exchange rates shown, which currency gives Paul the best value

for his money, and how much would he save, in pounds, by taking this option?