Money and Financial Maths
30 free practice questions with explanations
PassNova has 30 free Functional Skills Maths L2 practice questions on Money and Financial Maths, each with a clear explanation. Practise them in the browser with instant feedback — 100% free, no sign-up, on any device. Updated for 2026.
Money and Financial Maths: example questions & answers
12 worked examples with answers and explanations below. Practise all 30 Money and Financial Maths questions free in the browser, with instant feedback on every answer.
A bank account earns 2% interest per year on £500. How much interest is earned in 1 year?
- A£2
- B£5
- C£10✓
- D£20
Answer: Interest = 2% of £500 = 0.02 × £500 = £10.
A worker earns £1,500 gross. Tax and deductions total £300. What is the net pay?
- A£800
- B£1,200✓
- C£1,400
- D£1,800
Answer: Net pay = £1,500 - £300 = £1,200.
A budget allows £400 for food. If spent so far is £280, how much remains?
- A£120✓
- B£220
- C£280
- D£400
Answer: Remaining = £400 - £280 = £120.
An item costs £75. A 20% discount is applied. What is the final price?
- A£45
- B£55
- C£60✓
- D£70
Answer: Discount = 20% of £75 = £15. Final price = £75 - £15 = £60.
A loan of £2,000 has 5% interest. How much interest is owed?
- A£50
- B£100✓
- C£200
- D£500
Answer: Interest = 5% of £2,000 = 0.05 × £2,000 = £100.
A mobile phone contract costs £35 per month. What is the annual cost?
- A£35
- B£105
- C£350
- D£420✓
Answer: Annual cost = £35 × 12 = £420.
A savings account pays 3% interest per year. How much interest is earned on £1,000?
- A£3
- B£30✓
- C£300
- D£3,000
Answer: Interest = 3% of £1,000 = 0.03 × £1,000 = £30.
A utility bill is £250 per quarter. What is the annual cost?
- A£250
- B£500
- C£750
- D£1,000✓
Answer: Annual cost = £250 × 4 = £1,000.
A retailer buys an item for £20. They mark it up by 50%. What is the selling price?
- A£20
- B£25
- C£30✓
- D£40
Answer: Mark up = 50% of £20 = £10. Selling price = £20 + £10 = £30.
A salary is £24,000 per year. How much is earned per month?
- A£1,000
- B£1,500
- C£2,000✓
- D£3,000
Answer: Monthly salary = £24,000 ÷ 12 = £2,000.
A deposit of £100 earns 4% interest over 2 years. How much interest is earned?
- A£4
- B£8✓
- C£80
- D£104
Answer: Interest = 4% of £100 = £4 per year. Over 2 years = £4 × 2 = £8 (assuming simple interest).
A car costs £15,000. A buyer pays a 10% deposit. How much is the deposit?
- A£1,000
- B£1,500✓
- C£5,000
- D£13,500
Answer: Deposit = 10% of £15,000 = £1,500.