L2-13 Calculate amounts of money, compound interest, percentage increases, decreases and discounts including tax and simple budgeting Quiz: Pearson Edexcel Functional Skills Maths, Unit 2

The 20 questions

1. £1 000 is invested at 10% compound interest for 1 year. What is the total?

   • £1 200
   • £1 010
   • £1 100
   • £1 110

2. £500 is invested at 2% compound interest for 2 years. What is the total?

   • £520.00
   • £520.20
   • £510.20
   • £540.00

3. A £60 item has 15% off. What is the sale price?

   • £9
   • £51
   • £69
   • £45

4. A net price is £150 and VAT at 20% is added. What is the gross price?

   • £170
   • £30
   • £180
   • £150

5. A gross price is £96 including 20% VAT. What is the net price?

   • £116
   • £84
   • £76.80
   • £80

6. Income is £1 200. Rent is £650 and bills are £180. How much is left?

   • £1 030
   • £370
   • £830
   • £470

7. What does the multiplier for compound interest for one year look like?

   • rate × 100 only
   • (1 + rate)
   • (1 − rate)
   • rate only

8. What is the net percentage change after a 10% rise followed by a 10% fall?

   • 1% increase
   • 2% decrease
   • 1% decrease
   • no change

9. £2 000 is invested at 3% compound interest for 2 years. What is the total?

   • £2 121.80
   • £2 120.00
   • £2 060.00
   • £2 180.00

10. A £84 coat is reduced by 25%. What is the sale price?

    • £21
    • £59
    • £73.50
    • £63

11. Food costs £45 a week and transport costs £18 a week. What is the total for 4 weeks?

    • £252
    • £63
    • £225
    • £279

12. A product costs £36 before 20% VAT. What is the total including VAT?

    • £43.20
    • £39.20
    • £7.20
    • £72

13. A price of £2.40 rises by 5%. What is the new price?

    • £2.88
    • £2.45
    • £2.52
    • £2.20

14. A £80 item is discounted by 35%. What is the sale price?

    • £28
    • £52
    • £80
    • £45

15. £5 000 grows by 4% compound interest each year for 3 years. What is the final value?

    • £5 600.00
    • £5 800.00
    • £5 624.32
    • £5 120.00

16. A worker earns £28 000 and pays 20% tax on the amount above £12 000. What is the amount left after tax?

    • £24 000
    • £24 800
    • £22 400
    • £25 600

17. A store raises all prices by 8% and then offers 8% off. What is the final price of an item that started at £100?

    • £108.00
    • £100.00
    • £92.00
    • £99.36

18. A budget of £500 uses 40% for rent and 25% for food. How much is saved?

    • £150
    • £175
    • £250
    • £200

19. £250 is invested at 6% compound interest for 2 years. What is the total to the nearest penny?

    • £280.00
    • £280.90
    • £265.00
    • £281.00

20. After a 15% increase, a price is £138. What was the original price?

    • £123
    • £153
    • £20.70
    • £120

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