Mock exam paper A P1 Section B Higher Level




(160 marks)


  • All questions carry equal marks.
  • Attempt any FOUR questions.
  • Marks will be awarded for layout and presentation including, where appropriate, folios and dates.
  • Dates should show the day, month and year.
  • Calculators may be used.

1. This is a Household Budget Question.

Answer all parts of this question

(A) On page 10 of Section A is an Original Budget and a Revised Budget form for the Keane household from January to March 2010. After preparing the Original Budget Mr and Mrs Keane’s salary decreased. The Keane household decided to revise their budget due to the reduction in their salaries.

You are required to complete the revised budget taking the following into account:

  • Mr Keane’s annual salary will be €27,600 net payable monthly
  • Mrs Keane’s will be reduced by €200 each month
  • The Keane family did not receive the expected dividend in March
  • Mrs Keane won a prize of €1,500 in the local lotto in March
  • Household insurance will reduce by 15% from March 1st
  • Due to a claim last year the car insurance increased by €40 a month on renewal on the 1st February
  • Medical expenses will be reduced by 50%.
  • Due to a change in their telephone and mobile phone supplier the costs decreased by €30 in March.
  • The cost of presents were reduced by 10% each month
  • The family decided to take a holiday in Ireland in March instead of going abroad so the holiday costs will be reduced by 50%
  • All other income and expenditure will remain the same (30)

(B) (i) Comment on the Keane’s finances for January, February and March on page 11 of Section A.

(ii) The Keane’s lost their no–claims bonus when they had a claim on their car insurance. Explain the term ‘no–claims bonus’ on page 11 of Section A. (10)

(40 marks)

2. This is a Club Account Question

Answer all parts of this question:

Carnsore Head Golf Club had an opening stock of €6,0...

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