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James inherited 75% of his grandfather's money.
Solving Problems - Money (Medium)
In this 11-plus Maths quiz you will get some practice with foreign currency and percentages.
At one time, travelling to foreign countries was a long and arduous journey, sometimes taking weeks or even months! Nowadays we can be on the other side of the world in a matter of hours. Familiarising yourself with other currencies is a good skill to have. Even more important is knowing how much your pounds will be worth in another country.
Most people can very easily work out 50% of an amount (you just half it). Are you a dab-hand at quickly working out other percentages? How about 80% of £20? Try this quiz and see if you can get ten out of ten.
Good luck!
1 .
Peter is going on holiday to Germany next week, so he decides to change £500 into Euros (€). If £1 = €1.2, how many Euros will he get?
€417
€60
€6,000
€600
If £1 = €1.2, then £500 = 500 × 1.2 = €600
2 .
Super Stores is giving a 50% discount on certain electrical items. If a 'Frosty' fridge sells for £548, what will it sell for if there is a 50% discount on it?
£274
£498
£247
£137
A 50% discount means that the price or cost of something is reduced by 50%. Since 50% is the same as one half, the 'Frosty' fridge will sell for £548 ÷ 2 = £274. Per cent means per hundred, so 50% = 50?100 = 1?2 after reducing the fraction to its simplest form by dividing the numerator and denominator by 50
3 .
Mark has put £3,500 into a savings account. If he doesn't remove his money for 1 year, he will earn an interest of 2%. How much in pounds is 2% interest?
£7
£70
£700
£7,000
Per cent means per hundred, so 2% = 2?100 = 1?50 after reducing the fraction to its simplest form by dividing the numerator and denominator by 2 ? Interest = 1?50 × £3,500 = £70. Note: '2% of' means that you multiply the 2% with something else: in this case the £3,500. The same applies for other percentages
4 .
Janet got £12.19 in change from a £50 note after she had bought three items that each cost the same price. How much did each item cost?
£16.20
£12.60
£11.19
£37.81
£50 - £12.19 = £37.81 = what she paid for the three items ? 1 item cost £37.81 ÷ 3 = £12.60 (to the nearest penny)
5 .
Sofia has just arrived in the UK from Italy, and she wants to change her Euros into pounds sterling: the exchange rate is £1 = €1.2. If she changes €1,200, how many pounds sterling will she get?
£1,440
£144
£1,000
£100
If £1 = €1.2, then €1,200 = 1,200 ÷ 1.2 = £1,000. You have to divide 1,200 by 1.2 because you want to find out how many 'lots' of 1.2 there are in 1,200: each 'lot' equals £1: this is the same as adding 'lots' of 1.2 to itself until you get to 1,200
6 .
Paul has just arrived in the USA from the UK, and he wants to change his pounds sterling into US dollars: the exchange rate is £1 = $1.6. If he changes £2,500, how many US dollars will he get?
$1,562.50
$4,000
$400
$156.25
If £1 = $1.6, then £2,500 = 2,500 × 1.6 = $4,000
7 .
A fine for late payment is charged at 1% per day on the money owed. If someone owes £250, how much will the fine be after one day?
£25.0
£2.50
£250
£0.25
Per cent means per hundred, so 1% = 1?100 and 1% of £250 means that you have to multiply 1% with 250: 1?100 × £250 = £2.50
8 .
James inherited 75% of his grandfather's money. If his grandfather left £125,000, how much did James inherit?
£93,750
£93,650
£93,550
£93,250
Per cent means per hundred, so 75% = 75?100 = 3?4 and 75% of £125,000 means that you have to multiply 75% with £125,000: 3?4 × £125,000 = £93,750
9 .
It costs a shop £1 to buy an article which it then sells at a profit. If the shop wants to make a 400% profit on the sale of the article, how much must it sell it for?
£5
£4
£8
£6
Profit = Selling Price - Cost Price = £5 - £1 = £4. The shop has made a profit of £4. Now £4 as a percentage of £1 = 4?1 × 100% = 400%. Yes! Don't fall into the trap of thinking that if you sell it at four times its cost that you will make a 400% profit: you have to subtract the original cost from your selling price before you can call it profit
10 .
Sally gets a salary of £14,560 per annum (per year). She has now been told that she has to take a 10% reduction in her salary. How much will she earn per annum after the 10% reduction?
£13,410
£13,401
£13,140
£13,104
Per cent means per hundred, so 10% = 10?100 = 1?10 and 10% of £14,560 means that you have to multiply 10% with £14,560: 1?10 × £14,560 = £1,456. So she will lose £1,456 from her salary: £:14,560 - £1,456 = £13,104
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