#FinancialMathematics #Year11 #Standard >[!info]- [Managing money | NSW Curriculum Website](https://curriculum.nsw.edu.au/learning-areas/mathematics/mathematics-standard-11-12-2024/content/n11/fa8d2fb431) >- MST-11-04 solves financial problems involving budgeting and purchasing ## 📖 Prior Knowledge | Content | Prior knowledge | Used for | | ---------------------------------- | ----------------------------------------------- | ------------------------------------ | | [[Fractions Decimals Percentages]] | - percentage increase and decrease, GST | - *repeated content*<br>- stamp duty | | [[Financial Mathematics A]] | - buying on terms and buy now pay later schemes | - *repeated content* | ## Purchasing goods - Apply percentage increase and decrease to determine the cost of goods, and profit and loss - Calculate the goods and service tax (GST) or value-added tax (VAT) when purchasing goods and services in Australia and internationally - Solve problems involving GST or VAT - Examine payment options involving _buy now, pay later_ and analyse the costs associated with these schemes for purchasing goods - Calculate the cost of buying on terms that involve paying an initial deposit and making regular repayments - Compare the total cost of using different methods of purchasing goods and justify which method of purchasing is best suited to a given context - Calculate the cost of purchasing a vehicle by considering the purchase price or loan repayments, registration, compulsory and non-compulsory third-party insurance, comprehensive insurance and stamp duty at current rates ## Budgeting - Examine the ongoing costs of a vehicle - Use a spreadsheet to model the costs of purchasing, running and maintaining a vehicle - Calculate household costs including electricity, water and gas usage from household bills - Prepare a personal budget for a given income, considering fixed and discretionary spending - Use a spreadsheet to model personal and household budgets - Examine budgeting, saving, establishing an emergency fund with 3 to 6 months of living expenses, and monitoring spending as strategies designed to minimise financial problems