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Scheme of work for AQA GCSE in Methods in Mathematics & Applications of Mathematics

Mr Pethick

on 2 March 2016

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Financial and
Applications Learning Outcomes ..carry out calculations relating to enterprise, saving and borrowing, appreciation and depreciation. ...interpret and use the terms VAT, income tax and interest rates. All students will be able to... Most students will be able to... Some students will be able to... ... claculate AER. To understand how to carry out calculations relating to enterprise and personal finance; Lesson Objectives and to interpret and use relevant vocabulary. Starter Exercise Lesson 1 Working Alone -
You have five minutes to do the percentages revision worksheet. Write down everything you know about the following terms:
Income Tax
AER Working in Pairs - You have 3 minutes. Now share you ideas with another pair and write down anything they have that you do not already. For Your Notes - Profit is the difference between the selling price and the cost price. A negative profit is a loss. Complete questions 4, 8 & 9 on page 41. You only have five minutes. VAT (Value added tax) is a tax that is charged on most business transactions in the UK. Businesses add VAT to the price they charge when they provide goods and services. The standard rate of VAT is currently 20% although food and newspapers are exempt and some things face a lower rate (like utility bills - 5%)
Example at 20% - working out how much standard rate VAT to charge
Price excluding VAT = £100
VAT rate 20%
VAT (20% x £100) = £20
Price including VAT = £120
For a rate of 20 per cent, you can also work out the VAT-inclusive figure by multiplying by 1.2. VAT Worked Examples
Example at 20% - working out VAT is included in the price
Price including VAT = £120
VAT rate 20%
Price excluding VAT = £120 ÷ 1.2 = £100 For a rate of 20 per cent - the "VAT fraction" is 1/6 so you can also work out the amount of VAT in the VAT-inclusive price by multiplying the price by 1/6: £120 x 1/6 = £20
Price excluding VAT = £120 - £20 = £100 Complete questions 3-5 on page 44. You only have five minutes. Appreciation - the increase in value of an asset
over time.
Depreciation - the decrease in the value of an asset over time.

Annual appreciation =
Current Value - Previous Value
Number of Years

Annual depreciation =
Original Price - Initial Price
Number of Years
Full transcript