Try each question on paper first. The people and amounts are invented. The questions follow consumer mathematics and financial planning.
For a timed run, use the timed original practice session builder.
Questions
Q1. Label each item as income, expense, asset or liability: (a) a scholarship payment received this month, (b) an unpaid balance on a study loan, (c) savings of RM900, (d) a rent payment this month.
Answer
(a) Income. (b) Liability, since it is owed now. (c) Asset. (d) Expense, since it was paid in the period.
Q2. A student owns a phone valued at RM1 200 and savings of RM800, and owes RM500. Find the net worth.
Answer
Assets = 1 200 + 800 = RM2 000. Net worth = 2 000 − 500 = RM1 500.
Q3. Monthly income is RM2 400. Fixed outflows are RM900 and variable outflows are RM1 050. Find the surplus or deficit.
Answer
2 400 − 900 − 1 050 = RM450 surplus.
Q4. In the next month, the same income and fixed outflows apply, but variable outflows are RM1 050 plus a one-off repair of RM600. Find the result and the total over both months.
Answer
Second month: 2 400 − 900 − 1 650 = −RM150 deficit.
Over both months: 450 − 150 = RM300 surplus.
Q5. RM4 000 is saved for 2 years at 3% simple interest. Find the total.
Answer
Interest = 4 000 × 0.03 × 2 = RM240. Total = RM4 240.
Q6. The same RM4 000 is saved for 2 years at 3% compounded yearly. Find the total and compare with Q5.
Answer
Total = 4 000 × 1.03² = 4 000 × 1.0609 = RM4 243.60.
It is RM3.60 more than the simple plan, because the second year’s interest includes interest on the first year’s interest.
Q7. The goal is RM2 400 in 10 months, and the monthly saving is RM220. Does it meet the goal?
Answer
Total = 220 × 10 = RM2 200. The shortfall is RM200, so the goal is not met.
Q8. For the goal in Q7, find the monthly saving needed, and the number of months needed at RM220.
Answer
Needed each month = 2 400 ÷ 10 = RM240.
At RM220 each month: 2 400 ÷ 220 = 10.9, so 11 months, rounded up. Check: 220 × 11 = RM2 420.
If you got these wrong
Labelling slips (Q1, Q2) go to income, expenses, assets and liabilities. Statement slips (Q3, Q4) go to building a cash-flow statement from supplied data.
Plan slips (Q5, Q6) go to comparing saving plans using stated assumptions. Goal slips (Q7, Q8) go to checking whether a financial plan meets a numerical goal.
If you want a teacher to go through your working, see online one-to-one Mathematics tuition.