← Applications of Mathematics syllabus

ScotlandApplications of Mathematics

Finance

4 dot points across 4 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

How do you determine the best deal from several options and convert between currencies in both directions?

Determining the best deal given several pieces of information by comparing unit costs or total costs, and converting between currencies using an exchange rate in both directions.
A focused answer to the SQA National 5 Applications of Mathematics finance content on best deal and currency, covering comparing several offers by unit cost or total cost to find the best value, and converting between currencies in both directions using a given exchange rate.
11 min answer →

How do you analyse a financial position using budget information, working out a balance, a surplus or a deficit, and applying profit, loss and VAT?

Analysing a financial position using budget information, calculating total income and total expenditure to find a surplus or deficit, and working with profit, loss and VAT in financial contexts.
A focused answer to the SQA National 5 Applications of Mathematics finance content on budgeting, covering analysing a financial position from budget information, finding a surplus or deficit by comparing income and expenditure, and applying profit, loss and VAT in financial contexts.
11 min answer →

How do you analyse and interpret the factors affecting income, working out gross and net pay from overtime, income tax, National Insurance and other deductions?

Analysing and interpreting factors affecting income, including calculating gross pay from a wage and overtime, and working out net pay after deductions such as income tax, National Insurance and pension contributions.
A focused answer to the SQA National 5 Applications of Mathematics finance content on income, covering calculating gross pay from an hourly rate and overtime, the deductions on a payslip including income tax, National Insurance and pension contributions, and working out net pay.
11 min answer →

How do interest rates affect savings and borrowing, and how do you compare simple interest, compound interest, hire purchase and loans?

Investigating the impact of interest rates on savings and borrowing, calculating simple and compound interest, finding appreciation and depreciation, and comparing the total cost of borrowing through loans and hire purchase.
A focused answer to the SQA National 5 Applications of Mathematics finance content on savings and borrowing, covering the impact of interest rates, calculating simple and compound interest, appreciation and depreciation using a multiplier, and comparing the total cost of borrowing through loans and hire purchase.
12 min answer →