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Financial Maths, STD1 F1 2023 HSC 7 MC

An item was purchased for a price of \($880\), including \(10\%\) GST.

What is the amount of GST included in the price?

  1. \($8.00\)
  2. \($8.80\)
  3. \($80.00\)
  4. \($88.00\)
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\(C\)

Show Worked Solution

\(\text{Let}\ C =\text{Original cost}\)

\(C+0.1 \times C\) \(=880\)  
\(1.1C\) \(=880\)  
\(C\) \(=\dfrac{880}{1.1}\)  
  \(=$800\)  

 
\(\therefore \text{GST}=800\times 0.1=$80\)

\(\Rightarrow C\)

♦ Mean mark 15%.

Financial Maths, STD1 F1 2021 HSC 12

A dance school runs a holiday program and charges $150 per student.

The costs of running the program are:

Dance teacher: $110 per hour

Room hire: $52 per hour plus 10% GST.

The program goes for two hours a day for five days.

What profit does the dance school make if 20 students pay for the program?  (3 marks)

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`$1328`

Show Worked Solution

`text(Revenue) = 20 xx 150 = $3000`

`text(C)text(ost per hour)` `= 110 + (52 + \text{GST})`
  `= 110 + 52 xx 1.1`
  `= $167.20`
`text(Total cost)` `= 2 xx 5 xx 167.20`
  `= $1672`

 

`:.\ text(Profit)` `= 3000 – 1672`
  `= $1328`

Financial Maths, STD1 F1 2019 HSC 29

Part of a supermarket receipt is shown.

Determine the missing values, `A` and `B`, to complete the receipt.  (2 marks)

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`$9.00`

Show Worked Solution

`text(Chocolate is the only item where GST applies.)`

`text(GST on chocolate = 0.70)`

`=> text(C)text(ost of chocolate) = $7.00`

`:. A = 7.00 + 0.70 = $7.70`

`:. B` `= 36.25 – (7.70 + 5.00 + 8.50 + 3.20 + 2.85)`
  `= $9.00`

Financial Maths, STD2 F1 SM-Bank 5

Alex is buying a used car which has a sale price of  $13 380. In addition to the sale price there are the following costs:

2014 27a1

  1. Stamp Duty for this car is calculated at $3 for every $100, or part thereof, of the sale price.  
    Calculate the Stamp Duty payable.   (1 mark)

  2. Alex wishes to take out comprehensive insurance for the car for 12 months.

     

    The cost of comprehensive insurance is calculated using the following:
     
          2014 27a2
    Find the total amount that Alex will need to pay for comprehensive insurance.   (3 marks)

  3. Alex has decided he will take out the comprehensive car insurance rather than the less expensive non-compulsory third-party car insurance.

  4.  

    What extra cover is provided by the comprehensive car insurance?   (1 mark)

Show Answers Only
  1. `$402`
  2. `$985.74`
  3. `text(Comprehensive insurance covers Alex)`
  4. `text(for damage done to his own car as well.)`
Show Worked Solution
♦♦♦ Mean mark 12%
IMPORTANT: “or part thereof ..” in the question requires students to round up to 134 to get the right multiple of $3 for their calculation.
i.    `($13\ 380)/100 = 133.8`
`:.\ text(Stamp duty)` `= 134 xx $3`
  `= $402`

 

ii.   `text(Base rate) = $845`

 
`text(FSL) =\ text(1%) xx 845 = $8.45`
 

`text(Stamp)` `=\ text(5.5%) xx(845 + 8.45)`
  `= 46.9397…`
  `= $46.94\ text{(nearest cent)}`

 

`text(GST)` `= 10 text(%) xx(845 + 8.45)`
  `= 85.345`
  `= $85.35`

 

`:.\ text(Total cost)` `= 845 + 8.45 + 46.94 + 85.35`
  `= $985.74`

 

♦ Mean mark 34%.
iii.   `text(Comprehensive insurance covers Alex)`
  `text(for damage done to his own car as well.)`

Financial Maths, STD2 F1 2015 HSC 15 MC

A camera costs $449, including 12% GST.

What is the price of the camera without GST, correct to the nearest dollar?

  1.    `$395`
  2.    `$401`
  3.    `$437`
  4.    `$503`
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`B`

Show Worked Solution

`text(Let)\ C\ text(= cost of camera ex-GST)`

♦ Mean mark 36%.
`C + text(12%)C` `= $449`
`1.12C` `= 449`
`:. C` `= 449/1.12`
  `= $400.89…`

`⇒ B`

Financial Maths, STD2 F1 2004 HSC 17 MC

Rita purchased a camera for $880 while on holidays in Australia. This price included 10% GST. When she left Australia she received a refund of the GST.

What was Rita’s refund?

  1.   $80
  2.   $88
  3.   $792
  4.   $800
Show Answers Only

`A`

Show Worked Solution

`text(Let)\ C = text(cost before GST)`

`880` `= C + text(10%) C`
`1.1C` `= 880`
`C` `= $800`
   
`:.\ text(GST)` `=10 text(%) xx 800`
  `= $80`

 
`=>  A`

Financial Maths, STD2 F1 2007 HSC 6 MC

The price of a CD is $22.00, which includes 10% GST.

What is the amount of GST included in this price?

  1.    $2.00
  2.    $2.20
  3.    $19.80
  4.    $20.00
Show Answers Only

`A`

Show Worked Solution

`text(CD costs $22.00 incl. GST`

`text(Let)\ C = text(original cost)`

`C + text(10%) xx C` `= 22`
`1.1C` `= 22`
`C` `= 20`

 

`:.\ text(GST)` `= 22.00 – 20.00`
  `= $2.00`

 
`=>  A`

Financial Maths, STD2 F1 2010 HSC 2 MC

A new phone was purchase for $725 which included 10% GST.

What was the price of the phone without GST, correct to the nearest cent? 

  1.    $65.91
  2.    $72.50
  3.    $652.50
  4.    $659.09
Show Answers Only

`D`

Show Worked Solution
♦ Mean mark 44%.
COMMENT: A surprise this was so poorly answered. Ensure you understand this tax!
`text(Price phone)\ +\ text(10% GST)` `=725`
`text(110%)\ xx\ text(Phone price)` `=725`
`:.\ text(Phone price)` `=725/1.1`
  `=$659.09`

`=>  D`