CSEC MATHEMATICS · MODULE 1 · LESSON A7

Currency, Wages, Bills, Taxes and Insurance

Currency conversion, salaries and wages with overtime and commission, utility and shopping bills, rates and taxes, insurance and investments.

Fundamentals of Secondary Level MathematicsM1 2.9M1 2.10≈ 35 min🎮 3 games
Before you start

By the end of this lesson you can…

Step 1 · Watch

Explainer video

5 narrated scenes. Press play, listen and read along — the points appear as they are explained. Use ‹ Prev / Next › or the scene bar to jump to any scene.

LESSON A7 · EXPLAINER

Currency, Wages, Bills, Taxes and Insurance

Your first pay slip, your first light bill, your first trip abroad — this is the maths you will actually use every month for the rest of your life.

Narration uses your device’s built-in voice. No sound? Switch to “Captions only” — the captions advance on their own.

Step 2 · Read

Key notes

Copy these into your notebook in your own words — that is how they stick.

Exchange rates

US$ → EC$: multiply by the rate. EC$ → US$: divide. Check the answer is bigger or smaller as expected.

Wages

Hourly rate = pay ÷ hours. Overtime: time-and-a-half = 1.5 × hourly; double time = 2 × hourly.

Salary

Monthly = annual ÷ 12; weekly = annual ÷ 52.

Commission

% of sales; may be added to a basic salary.

Gross and net

Net = gross − deductions (tax, national insurance, pensions).

Utility bills

Total = fixed charge + units × rate (+ tax or fuel charge).

Invoices

Quantity × unit price → subtotal → discount → tax → total.

Insurance & investments

Premium = rate × value; dividend = amount per share × shares; return % = gain ÷ invested × 100.

EXAM TIPS & COMMON MISTAKES

  • Always label the currency (EC$ or US$) on every line of a currency question.
  • Overtime is paid ONLY on the overtime hours — do not apply 1.5 to the whole week.
  • Read the order in bills: discount is taken BEFORE tax unless the question says otherwise.
  • Round money to the nearest cent only at the end.
Play & practise

Games

3 quick games on this lesson. Earn XP and badges as you play — your best score for each game is saved. Games are for practice and do not change your exam readiness. More games in the Mathematics Arcade.

Step 3 · Practise

Paper 1 practice — multiple choice

8 items modelled on real CSEC Paper 1 questions. Choose one answer for each, then check. Aim for 80% or better. Work each item on paper first.

CSEC Paper 01 style · SO 2.9 (adapted from the currency item in P1 May/June 2024)

1. If EC$2.70 is equivalent to US$1.00, then EC$270 in US dollars is

Answer: A. 270 ÷ 2.70 = 100.
Adapted from CSEC P1 May/June 2024 (commission item)

2. For every sale amounting to $1, a salesman is paid $0.10 commission. His sales for a particular month were $1 020.00. How much commission was he paid?

Answer: B. 0.10 × 1 020 = $102.00.
CSEC Paper 01 style · SO 2.10 (adapted from the wage item in P1 May/June 2024)

3. A worker earns $320 for a basic 40-hour week. Overtime is paid at time-and-a-half. For 6 hours of overtime her total pay for the week is

Answer: C. Hourly rate $8; overtime $12/h; 6 × 12 = $72; total $392.
CSEC Paper 01 style · SO 2.10

4. An electricity bill has a fixed charge of $15 plus $0.45 per unit. For 80 units used, the bill is

Answer: D. 15 + 80 × 0.45 = 15 + 36 = $51.
CSEC Paper 01 style · SO 2.10

5. A house with an assessed value of $240 000 is charged annual property tax at 0.5% of its value. The tax is

Answer: A. 0.5% × 240 000 = $1 200.
CSEC Paper 01 style · SO 2.10

6. Gross pay is $936 and 22% is deducted for tax and insurance. The net pay is

Answer: B. 936 × 0.78 = $730.08.
CSEC Paper 01 style · SO 2.10

7. A salary of $54 000 per year is paid in equal monthly amounts. Each monthly payment is

Answer: C. 54 000 ÷ 12 = $4 500.
CSEC Paper 01 style · SO 2.10

8. An invoice lists 12 items at $15.50 each. A tax of 12.5% is added to the total. The amount due is

Answer: D. 12 × 15.50 = 186; tax = 23.25; total = $209.25.
Step 4 · Apply

Paper 2 practice — structured questions

Write full answers, then reveal the mark scheme and tick the points you earned (17 marks in total). Show all your working — method marks count. Your answers are saved on this device.

CSEC Paper 02 style · Module 1 (Wages)

Question 1 [8 marks]

Karen works a basic 40-hour week at $18.00 per hour. Overtime is paid at time-and-a-half. In one week she worked 8 hours overtime.

(a) Calculate her basic weekly wage. [1]

MARK SCHEME — (a) (max 1)

(b) Calculate her overtime pay for the week. [2]

MARK SCHEME — (b) (max 2)

(c) Calculate her gross pay. [1]

MARK SCHEME — (c) (max 1)

(d) Deductions of 22% are made from her gross pay. Calculate her net pay for the week. [2]

MARK SCHEME — (d) (max 2)

(e) Calculate her net pay as a percentage of her basic wage, to 1 decimal place. [2]

MARK SCHEME — (e) (max 2)

CSEC Paper 02 style · Module 1 (Currency and shopping)

Question 2 [9 marks]

A tourist changes US$250 into EC dollars at a rate of US$1 = EC$2.70.

(a) How many EC dollars does the tourist receive? [1]

MARK SCHEME — (a) (max 1)

(b) She buys 3 souvenirs at EC$45.50 each and 2 hats at EC$28.00 each. Calculate the total cost before tax. [3]

MARK SCHEME — (b) (max 3)

(c) A tax of 15% is added. Calculate the amount she pays. [2]

MARK SCHEME — (c) (max 2)

(d) She pays with EC$300. How much change should she get, and what is this in US dollars, to the nearest cent? [3]

MARK SCHEME — (d) (max 3)

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Sources

Where this topic appears in CSEC papers

Find these in your own past-paper booklets for extra timed practice. Items above are written in the style of these papers; any adapted from a specific question say so.