Stage 5 Mathematics
Financial mathematics
This is the teacher notes page identifying the outcomes addressed in these lessons. Copy each lesson link and send it to your students. For printable versions of these materials log into the teacher information section of the Department of Education.
Introduction
Students will:
use and interpret the terminology of wages, salary, commission, and piecework
compare the benefits and disadvantages of each pay type
convert between different income time periods
calculate weekly incomes from a variety of pay types
use, interpret and calculate earnings that incorporate penalty rates, allowances, and holiday leave loading
use and interpret the terminology of taxation, gross income, net income, and payslips
read and interpret payslips
read and interpret income tax rates
calculate tax payable from a graph
use and interpret the terminology of budget, surplus and deficit
research and categorise living expenses
set up and prepare a budget to achieve a financial goal.
Extension options
Students will:
use and interpret the terminology of taxable income, deductions and Medicare levy
calculate total tax payable using income tax rate table
create a sector graph to visually represent living expenses.
Outcomes:
MA5.1-1WM uses appropriate terminology, diagrams and symbols in mathematical contexts
MA5.1-2WM selects and uses appropriate strategies to solve problems
MA5.1-3WM provides reasoning to support conclusions that are appropriate to the context
MA5.1-4NA solves financial problems involving earning, spending and investing money
MA5.2-1WM selects appropriate notations and conventions to communicate mathematical ideas and solutions
MA5.2-2WM interprets mathematical or real-life situations, systematically applying appropriate strategies to solve problems
MA5.2-3WM constructs arguments to prove and justify results
MA5.2-4NA solves financial problems involving compound interest
Students will:
use and interpret the terminology of wages, salary, commission, and piecework
compare the benefits and disadvantages of each pay type
convert between different income time periods
Outcomes:
MA5.1-1WM uses appropriate terminology, diagrams and symbols in mathematical contexts
MA5.1-2WM selects and uses appropriate strategies to solve problems
MA5.1-3WM provides reasoning to support conclusions that are appropriate to the context
MA5.1-4NA solves financial problems involving earning, spending and investing money
MA5.2-1WM selects appropriate notations and conventions to communicate mathematical ideas and solutions
MA5.2-2WM interprets mathematical or real-life situations, systematically applying appropriate strategies to solve problems
MA5.2-3WM constructs arguments to prove and justify results
Students will:
calculate weekly incomes from a variety of pay types
use, interpret and calculate earnings that incorporate penalty rates, allowances, and holiday leave loading.
Outcomes:
MA5.1-1WM uses appropriate terminology, diagrams and symbols in mathematical contexts
MA5.1-2WM selects and uses appropriate strategies to solve problems
MA5.1-3WM provides reasoning to support conclusions that are appropriate to the context
MA5.1-4NA solves financial problems involving earning, spending and investing money
MA5.2-1WM selects appropriate notations and conventions to communicate mathematical ideas and solutions
MA5.2-2WM interprets mathematical or real-life situations, systematically applying appropriate strategies to solve problems
MA5.2-3WM constructs arguments to prove and justify results
Students will:
use and interpret the terminology of taxation, gross income, net income, and payslips
read and interpret payslips
read and interpret income tax rates
calculate tax payable from a graph.
Extension options
use and interpret the terminology of taxable income, deductions and Medicare levy
calculate total tax payable using income tax rate table.
Outcomes:
MA5.1-1WM uses appropriate terminology, diagrams and symbols in mathematical contexts
MA5.1-2WM selects and uses appropriate strategies to solve problems
MA5.1-3WM provides reasoning to support conclusions that are appropriate to the context
MA5.1-4NA solves financial problems involving earning, spending and investing money
MA5.2-1WM selects appropriate notations and conventions to communicate mathematical ideas and solutions
MA5.2-2WM interprets mathematical or real-life situations, systematically applying appropriate strategies to solve problems
MA5.2-3WM constructs arguments to prove and justify results
Students will:
research and categorise living expenses
set up and prepare a budget to achieve a financial goal.
Extension options
create a sector graph to visually represent living expenses.
Outcomes:
MA5.1-1WM uses appropriate terminology, diagrams and symbols in mathematical contexts
MA5.1-2WM selects and uses appropriate strategies to solve problems
MA5.1-3WM provides reasoning to support conclusions that are appropriate to the context
MA5.1-4NA solves financial problems involving earning, spending and investing money
MA5.2-1WM selects appropriate notations and conventions to communicate mathematical ideas and solutions
MA5.2-2WM interprets mathematical or real-life situations, systematically applying appropriate strategies to solve problems
MA5.2-3WM constructs arguments to prove and justify results
Students will:
learn to calculate simple interest
learn to calculate time periods in simple interest problems
practise calculating flat rate loan repayments.
Outcomes:
MA5.1-1WM uses appropriate terminology, diagrams and symbols in mathematical contexts
MA5.1-2WM selects and uses appropriate strategies to solve problems
MA5.1-3WM provides reasoning to support conclusions that are appropriate to the context
MA5.1-4NA solves financial problems involving earning, spending and investing money
MA5.2-1WM selects appropriate notations and conventions to communicate mathematical ideas and solutions
MA5.2-2WM interprets mathematical or real-life situations, systematically applying appropriate strategies to solve problems
MA5.2-3WM constructs arguments to prove and justify results
Students will:
compare simple and compound interest
learn to calculate compound interest
practice calculating compound interest with different time periods.
Outcomes:
MA5.1-1WM uses appropriate terminology, diagrams and symbols in mathematical contexts
MA5.1-2WM selects and uses appropriate strategies to solve problems
MA5.1-3WM provides reasoning to support conclusions that are appropriate to the context
MA5.1-4NA solves financial problems involving earning, spending and investing money
MA5.2-1WM selects appropriate notations and conventions to communicate mathematical ideas and solutions
MA5.2-2WM interprets mathematical or real-life situations, systematically applying appropriate strategies to solve problems
MA5.2-3WM constructs arguments to prove and justify results
MA5.2-4NA solves financial problems involving compound interest
Optional activities
Extension activity
Teachers can go to the Financial basics website to access the ESSI Money game. This game supports students to explore the concepts of earning, saving, spending, and investing money. The teacher will need to register and setup the challenge for the class.
Suggestions for modification of content
If you would like to access Stage 4 Financial Mathematics content and outcomes to modify and adjust work for your students, you can go to the Stage 4 Financial Mathematics resources and access the lesson on Goods and Services Tax as an alternative to lesson two Income Tax and access the lesson on Best Buys as an alternative to lesson three Budgeting.