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Financial Maths, STD1 EQ-Bank 14

The table shows Youth Allowance payment rates per fortnight.

  1. Helen is single and receives the maximum Age Pension payment. She is entitled to the Pension Supplement and Energy Supplement. Calculate her total Age Pension payment per fortnight.   (1 mark)

    --- 2 WORK AREA LINES (style=lined) ---

  2. Helen earns $290 per fortnight from part-time work. Her pension is reduced by 50 cents for each dollar earned over $218 per fortnight. Calculate Helen's reduced Age Pension payment.   (2 mark)

    --- 3 WORK AREA LINES (style=lined) ---

Show Answers Only

a.    \($1178.70\)

b.    \($1,142.70\ \text{per fortnight}\)

Show Worked Solution

a.    \(\text{Total Age Pension}= 1079.70+84.90+14.10=$1178.70\)

b.    \(\text{Income over free area} =290-218=$72\)

\(\text{Reduction in pension} = 0.50\times 72=$36\)

\(\text{Reduced Age Pension} = 1178.70-36=$1,142.70\)

\(\therefore\ \text{Helen receives }$1,142.70\ \text{per fortnight}\)

Filed Under: Ways of Earning Tagged With: Band 3, Band 4, smc-6515-40-Govt Payments

Financial Maths, STD1 EQ-Bank 13

The table shows Youth Allowance payment rates per fortnight.

\begin{array} {|l|c|}
\hline
\rule{0pt}{2.5ex} \textbf{Your situation} \rule[-1ex]{0pt}{0pt} & \textbf{Maximum fortnightly payment} \\
\hline
\rule{0pt}{2.5ex} \text{Single, no children, younger than 18, at parents' home} \rule[-1ex]{0pt}{0pt} & $410.30 \\
\hline
\rule{0pt}{2.5ex} \text{Single, no children, younger than 18, living away} \rule[-1ex]{0pt}{0pt} & $663.30 \\
\hline
\rule{0pt}{2.5ex} \text{Single, no children, 18 or older, at parents' home} \rule[-1ex]{0pt}{0pt} & $472.50 \\
\hline
\rule{0pt}{2.5ex} \text{Single, no children, 18 or older, living away} \rule[-1ex]{0pt}{0pt} & $663.30 \\
\hline
\rule{0pt}{2.5ex} \text{Single, with children} \rule[-1ex]{0pt}{0pt} & $836.60 \\
\hline
\end{array}

  1. Lisa is 17 years old, single with no children, and lives away from her parents' home to study. What is the maximum Youth Allowance payment she can receive per fortnight?   (1 mark)

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  2. Lisa earns $320 per fortnight from part-time work. Her Youth Allowance is reduced by 50 cents for each dollar earned over $236 per fortnight. Calculate Lisa's reduced Youth Allowance payment.   (1 mark)

    --- 3 WORK AREA LINES (style=lined) ---

Show Answers Only

a.    \($663.30\)

b.    \($621.30\ \text{per fortnight}\)

Show Worked Solution

a.    \(\text{From table: Single, no children, younger than 18, living away} = $663.30\)

b.    \(\text{Income over free area} = 320-236=$84\)

\(\text{Reduction in payment} = 0.50\times 84=$42\)

\(\text{Reduced Youth Allowance} = 663.30-42=$621.30\)

\(\therefore\ \text{Lisa receives }$621.30\ \text{per fortnight}\)

Filed Under: Ways of Earning Tagged With: Band 3, Band 4, smc-6515-40-Govt Payments

Financial Maths, STD1 EQ-Bank 11

The table shows JobSeeker Payment rates per fortnight.

\begin{array} {|l|c|}
\hline
\rule{0pt}{2.5ex} \textbf{Your situation} \rule[-1ex]{0pt}{0pt} & \textbf{Maximum fortnightly payment} \\
\hline
\rule{0pt}{2.5ex} \text{Single, no children} \rule[-1ex]{0pt}{0pt} & $793.60 \\
\hline
\rule{0pt}{2.5ex} \text{Single, with a dependent child or children} \rule[-1ex]{0pt}{0pt} & $849.90 \\
\hline
\rule{0pt}{2.5ex} \text{Partnered} \rule[-1ex]{0pt}{0pt} & $726.50 \\
\hline
\end{array}

  1. James is single with a dependent child and receives the maximum JobSeeker Payment. How much does he receive per fortnight?   (1 mark)

    --- 1 WORK AREA LINES (style=lined) ---

  2. James earns $280 per fortnight from casual work. His JobSeeker Payment is reduced by 50 cents for each dollar earned over $150 per fortnight. Calculate James's reduced JobSeeker Payment.   (1 mark)

    --- 3 WORK AREA LINES (style=lined) ---

Show Answers Only

a.    \($849.90\)

b.    \($784.90\ \text{per fortnight}\)

Show Worked Solution

a.    \(\text{From table: Single, with a dependent child} = $849.90\)
 

b.    \(\text{Income over free area} = 280-150=$130\)

\(\text{Reduction in payment} = 0.50\times 130=$65\)

\(\text{Reduced JobSeeker Payment} = 849.90-65=$784.90\)

\(\therefore\ \text{James receives }$784.90\ \text{per fortnight}\)

Filed Under: Ways of Earning Tagged With: Band 3, Band 4, smc-6515-40-Govt Payments

Financial Maths, STD1 EQ-Bank 2 MC

The table shows Youth Allowance payment rates from 1 January 2025.

Marcus is 19 years old, single with no children, and lives at home with his parents.

What is the maximum Youth Allowance payment Marcus can receive per fortnight?

  1. $410.30
  2. $472.50
  3. $663.30
  4. $836.60
Show Answers Only

\(B\)

Show Worked Solution

\(\text{Marcus is 19 years old (18 or older)}\)

\(\text{Marcus is single with no children}\)

\(\text{Marcus lives at his parents’ home}\)

\(\text{From table: Single, no children, 18 or older, at parents’ home} = $472.50\)

\(\Rightarrow B\)

Filed Under: Ways of Earning Tagged With: Band 3, smc-6515-40-Govt Payments

Financial Maths, STD1 EQ-Bank 6 MC

The table shows Age Pension payment rates per fortnight.

Robert is single and receives the maximum Age Pension payment. He is entitled to the Pension Supplement and Energy Supplement.

How much does Robert receive per fortnight?

  1. $888.50
  2. $1079.70
  3. $1178.70
  4. $1777.00
Show Answers Only

\(C\)

Show Worked Solution
\(\therefore\ \text{Total Payment (Single)}\) \(=\text{Basic rate} + \text{Pension Supplement} + \text{Energy Supplement}\)
  \(=1079.70+84.90+14.10\)
  \(=$1,178.70\)

  
\(\Rightarrow C\)

Filed Under: Ways of Earning Tagged With: Band 3, smc-6515-40-Govt Payments

Financial Maths, STD1 EQ-Bank 14 MC

Sarah is single with no children and receives the maximum JobSeeker Payment of $793.60 per fortnight.

She earns $350 per fortnight from casual work. The JobSeeker Payment is reduced by 50 cents for each dollar earned over $150 per fortnight.

What is Sarah's reduced JobSeeker Payment this fortnight?

  1. $593.60
  2. $643.60
  3. $693.60
  4. $743.60
Show Answers Only

\(C\)

Show Worked Solution

\(\text{Maximum JobSeeker Payment (single, no children)} = $793.60\)

\(\text{Income over free area} = 350-150 = $200\)

\(\text{Reduction in payment} = 0.50\times 200 = $100\)

\(\therefore\ \text{Reduced JobSeeker Payment} = 793.60-100 = $693.60\)

\(\Rightarrow C\)

Filed Under: Ways of Earning Tagged With: Band 5, smc-6515-40-Govt Payments

Financial Maths, STD2 F1 2012 HSC 18 MC

Jo qualifies for both Rent Assistance and Youth Allowance and receives a fortnightly payment from the government. 

Rent Assistance is  $119.40  per fortnight. 

The maximum Youth Allowance is $402.70 per fortnight. It is reduced by 50 cents in the dollar for any income earned over $236 per fortnight.

Jo earns $300 per fortnight from a part-time job.

What is the total payment Jo receives each fortnight from the government?

  1. $370.70
  2. $372.10
  3. $458.60
  4. $490.10
Show Answers Only

`D`

Show Worked Solution

`text(Rent assistance)\ = $119.40`

`text(Youth allowance)` `= 402.70\ text(less 50c per dollar)\ \ (text(income) > $236)`
  `= 402.70-0.5(300-236)= 402.70-32= $370.70`

  
`:.\ text{Total Payment}=119.40 + 370.70=$490.10`

`=>  D`

Filed Under: Earning and Spending Money, Earning Money and Budgeting (Std 1), Earning Money and Budgeting (Std 2), FM1 - Earning money, Ways of Earning, Ways of Earning Tagged With: Band 4, num-title-ct-corea, num-title-qs-hsc, smc-1126-10-Wages, smc-4331-10-Wages, smc-6276-40-Govt Payments, smc-6515-40-Govt Payments, smc-810-10-Wages

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