FM L2.13 Calculate amounts of money, compound interest, percentage increases, decreases & discounts inc. tax & budgeting

L2.13 Calculate amounts of money, compound interest, percentage increases, decreases and discounts including tax and simple budgeting

Subject content [reformed] functional skills: Mathematics (DfE, Feb 2018): 

https://www.gov.uk/government/publications/functional-skills-subject-content-mathematics

This exercise can be used in several different ways.  The cost of living crisis has hit everyone and this one pot pasta dish can save on gas/electric by making everything in one pan.  The main idea is to cost the ingredients as it is, but then think of alternatives to the original recipe. Then if you double the recipe up, how much are you saving by buying 500g of mince?  How much are you saving by buying a 4 pack tin of tomatoes?  Look at the different prices of dried pasta.  Look at how much frozen mince is.  This is about converting g - kg too.

Level
Entry Level 3
Level 1
Level 2
Maths
FM Simple one step problem(s)
FM Straightforward problem(s) with more than 1 step
FM E3.10 Calculate with money using decimal notation & express money correctly in writing in pounds and pence
FM E3.16 Compare measures of weight including grams & kilograms
FM L1.4 Use multiplication facts and make connections with division facts
FM L1.11 Add, subtract, multiply & divide decimals up to 2 decimal places
FM L1.12 Approximate by rounding to a whole number or to one or two decimal places
FM L1.17 Work with simple ratio & direct proportions
FM L1.20 Convert between units of length, weight, capacity, money and time, in the same system
FM L2.13 Calculate amounts of money, compound interest, percentage increases, decreases & discounts inc. tax & budgeting
Context
Independent living
Catering Food Nutrition
Business & Money management

This is a Level 2 based Currency Conversion set of 4 questions with resource sheets and answers.  All exchange rates resources were obtained from web sites such as The Post Office and the Bank of England. 

Editor's note

Also provides useful practice in multiply, dividing with decimals (up to 4 decimal places); sensible rounding of answers; and extracting data from tables.

Level
Level 1
Level 2
GCSE L1-5
Maths
FM Straightforward problem(s) with more than 1 step
FM Complex multi-step problem(s)
FM L2.13 Calculate amounts of money, compound interest, percentage increases, decreases & discounts inc. tax & budgeting
FM L2.14 Convert between metric & imperial units of length, weight & capacity using a) a conversion factor & b) a conversion graph
FM L2.10 Add, subtract, multiply & divide decimals up to 3 decimal places
Context
Business & Money management
Leisure, Hobbies, Travel & Tourism

Challenging set of  questions based on an infographic from a recent TV Licensing annual review.  Aimed at L1-2 but a few questions are Entry 2/3 - there are also  a couple of  "stretch questions" making a bridge to GCSE. Two main topics are covered: working with very large numbers and percentages. Extracting data, equivalents and ordering decimals are also touched upon.

Level
Level 1
Level 2
GCSE L1-5
Maths
FM Straightforward problem(s) with more than 1 step
FM Complex multi-step problem(s)
FM E3.21 Extract information from lists, tables, diagrams, charts; create frequency tables
FM L2.1 Read, write, order & compare positive & negative numbers of any size
FM L2.4 Identify & know the equivalence between fractions, decimals & percentages
FM L2.6 Calculate percentage change (any size increase & decrease), & original value after % change
FM L2.13 Calculate amounts of money, compound interest, percentage increases, decreases & discounts inc. tax & budgeting
GCSE N2 (Apply the four operations)
Context
Art Film Media Music Radio TV