SARAH REDFERN HIGH SCHOOL
ASSESSMENT TASK NOTIFICATION
STAGE 5 COURSE
Subject:
Stage 5 Mathematics
TEACHER/S: Mr Diep, Mr Krishna, Ms Trihn,
Mrs Sayanan and Miss Truong
MODULE/UNIT: Living on a Budget
TASK NUMBER: 1
TASK: Project: Developing a Working Budget
Student Name: ____________________________
NOTIFICATION DATE: Term 1, Week 6 and 7;
6/3/17 [S5MAT5, S5MAT7, S5MAT3, S5MAT6,
S5MAT8]
3/3/17 [S5MAT1, S5MAT2, S5MAT4]
TASK DUE: Term 1, Week 10;
28/3/17 [S5MAT5, S5MAT7]
29/3/17 [S5MAT1, S5MAT2, S5MAT4, S5MAT3,
S5MAT6, S5MAT8]
SUBMISSION: During normal class time
SIGNATURES REQUIRED FOR TASK VERIFICATION
Head Teacher: _____________________
Curriculum Manager: _______________________
TASK DESCRIPTION:
This research assignment aims at developing students’ understanding of the Financial Mathematics
topic and demonstrate how these skills can be incorporated into their daily lives. The assignment is
made up of 3 parts:
Part 1: Earning money
In this section, students will be assessed based on Stage 5.1 outcomes. Students will be asked
demonstrate their ability to:
• calculate earnings from wages for various time periods, given an hourly rate of pay
• calculate earnings from non-wage sources, including commission
• calculate weekly, fortnightly, monthly and yearly earnings
• calculate leave loading as 17.5% of normal pay for up to four weeks
• determine annual taxable income by subtracting allowable deductions and use current tax rates
to calculate the amount of tax payable for the financial year
• determine a worker's tax refund or liability by comparing the tax payable for a financial year with
the tax already paid under the Australian PAYG system
Part 2: Investing Money
In this section, students will be assessed based on Stage 5.1 and 5.2 outcomes. Students will be asked
demonstrate their ability to:
• calculate simple interest
• calculate the time needed to earn a particular amount of interest, given the simple interest rate
and principal
• calculate compound interest
• calculate the principal needed to obtain a particular total amount for a compound interest
investment
Part 3: Financial Mathematics in the Real World
In this section, students will be given an opportunity to apply their financial mathematics knowledge and
skills to a real-world scenario. Students will be asked demonstrate their ability to:
• calculate earnings from wages for various time periods, given an hourly rate of pay, including
penalty rates for overtime and special rates for Sundays and public holidays
• calculate depreciation
• develop and analyse a budget
• use a budget to make observations on their current financial status and suggest strategies they
can use to improve their status.
• use the budget to analyse situations before committing to long-term investment of money
*Students are required to show ALL necessary working out in the space provided. Penalties may apply
if students fail to do so.
*LATE SUBMISSION will result in a N-WARNING and a mark of ZERO.
OUTCOMES TO BE ASSESSED:
MA5.1-4NA solves financial problems involving earning, spending and investing money
MA5.2-4NA solves financial problems involving compound interest
MARKING GUIDELINES/ CRITERIA:
PLAGIARISM will result in zero marks being awarded and the student will be required to redo the task.
I acknowledge that this assessment is all my own work. Any references have been cited.
Student signature: _________________________________________
Marks
Part 1: Earning Money
/16
Part 2: Investing Money
/19
Part 3: Financial Mathematics in the Real World
/40
Total
/80
Marking Guidelines/Criteria
Marks
• Receives a mark of 68-80
• Demonstrates an extensive knowledge and understanding of the concept of
earning, spending and investing money.
• Demonstrates an extensive knowledge and understanding of the concept of
A
compound interest.
• Correct calculations provided with working out are shown.
• Makes practical comments about their financial status with detailed reference to
their budget.
• Receives a mark of 52-67
• Demonstrates thorough knowledge and understanding of the concept of earning,
spending and investing money.
• Demonstrates a thorough knowledge and understanding of the concept of
B
compound interest.
• Mostly correct calculations provided with working out are shown.
• Makes practical comments about their financial status with some reference to
their budget.
• Receives a mark of 28-51
• Demonstrates a sound knowledge and understanding of the concept of earning,
C
spending and investing money.
• Some correct calculations provided with working out are shown.
• Makes comments about their financial status with reference to their budget.
• Receives a mark of 12-27
• Demonstrates a basic knowledge and understanding of the concept of earning,
spending and investing money.
D
• Calculations provided with working out are shown.
• Makes comments about their financial status.
• Receives a mark of 0-11
• Demonstrates an elementary knowledge and understanding of the concept of
earning, spending and investing money.
E
• Minimal calculations provided.
• Makes no comments about their financial status.