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Financial Maths, STD2 EQ-Bank 13 MC

Jacinta buys several items at the supermarket. The docket for her purchases is shown below.

What is the amount of GST included in the total? 

  1. $1.15
  2. $1.27
  3. $1.55
  4. $1.71
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\(A\)

Show Worked Solution

\(\text{Total price of taxable items}\ +\ 10\%\ \text{ GST}\ =1.29+7.23+4.13=$12.65\)

\(\therefore\ 110\%\ \text{of original price}\) \(=$12.65\)
\(\therefore\ \text{GST}\) \(=$12.65\times\dfrac{100}{110}=$1.15\)

\(\Rightarrow A\)

Financial Maths, STD2 F1 2024 HSC 8 MC

A bill for servicing a car is made up of:

    • $242 for parts, which includes 10% GST
    • $100 for labour, excluding GST.

The mechanic needs to add 10% GST onto the labour charge.

How much GST does the customer pay in total?

  1. $22.00
  2. $24.20
  3. $32.00
  4. $34.20
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\(C\)

Show Worked Solution

\(\text {Let}\ \ X=\text{ parts cost ex-GST}\)

  \(X+X \times 0.1\) \(=242\)
  \(1.1X\) \(=242\)
  \(X\) \(=220\)

 
\(\text{Total GST}=0.1(220+100)=\$ 32.00\)

\(\Rightarrow C\)

♦ Mean mark 43%.

Financial Maths, STD2 F1 2023 HSC 30

A receipt from a supermarket shows a total of $124.87. The GST shown on the receipt is $3.86.

GST, at a rate of 10%, is only charged on some items.

What was the value of the items which did NOT have GST charged?  (3 marks)

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`$82.41`

Show Worked Solution

`text{Let}\ X=\ text{cost of goods that attract GST (before GST added)}`

`10% xx X` `=3.86`  
`X` `=$38.60\ \ text{(before GST added)}`  

 

`text{Items with no GST}` `=124.87-38.60-3.86`  
  `=$82.41`  
♦ Mean mark 46%.

Financial Maths, STD2 F1 2023 HSC 6 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 xx C` `=880`  
`1.1C` `=880`  
`C` `=880/1.1`  
  `=$800`  

 
`:.\ text{GST}\ =800xx0.1=$80`

`=>C`

♦ Mean mark 41%.

Financial Maths, STD2 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.)`

♦♦ Mean mark 25%.

`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 EQ-Bank 40

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

a.    `$402`

b.    `$985.74`

c.    `text(Comprehensive insurance also covers Alex for damage to his own car.)`

Show Worked Solution

a.    `($13\ 380)/100 = 133.8`

♦♦♦ Mean mark (a) 12%
IMPORTANT: “or part thereof ..” requires students to round up to 134 to get the right multiple of $3 for their calculation.

`text(Stamp duty)= 134 xx $3= $402`
 

b.    `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 (c) 34%.

 
c.    `text(Comprehensive insurance covers Alex for damage done)`

`text{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
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`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
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`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(Phone price)\ +\ text(10% GST)` `=725`
`text(110%)\ xx\ text(Phone price)` `=725`
`:.\ text(Phone price)` `=725/1.1`
  `=$659.09`

`=>  D`