3.5 Money

• Currencies of other countries
• Currency conversions
• Export, import and excise duties
• Value Added Tax

• identify currencies that are used in different countries
• convert currency from one form to another in real-life situations
• determine export duties charged on goods in real-life situations
• determine import duties charged on goods
• work out excise duty charged on goods and services in real-life situations
• calculate value added tax charged on goods and services
• appreciate the use of money in day-to-day activities

“Why do we change currencies from one form to another?”

“How do we determine taxes charged on different goods?”

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1. Currencies of different countries
   40 min · 1 practice tasks · quiz
   Every country decides its own money, and each currency has a name and a three-letter code.
2. Exchange rates and the bank board
   40 min · 1 practice tasks · quiz
   A rate board shows two rates for every currency, and which one applies depends on which way the money moves.
3. Converting one currency to another
   40 min · 1 practice tasks · quiz
   Divide by the rate to leave shillings, multiply by the rate to come back.
4. Import duty
   40 min · 1 practice tasks · quiz
   Import duty is a percentage of the customs value, paid before goods entering the country are released.
5. Export duty
   40 min · 1 practice tasks · quiz
   Some raw materials leaving the country carry a duty, taken as a percentage of the export value.
6. Excise duty
   40 min · 1 practice tasks · quiz
   Excise duty falls on particular goods and services, sometimes as a percentage and sometimes as an amount per unit.
7. Value Added Tax
   40 min · 1 practice tasks · quiz
   VAT is added to most goods and services at 16 per cent, and a receipt lets you take it back out.