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Currency Conversion

Test your ability to convert from one currency to another with this self marking quiz.

Level 1 Level 2 Exam-Style Description Help More Finance

This is level 2; Multi-step currency conversion problems. You can earn a trophy if you get at least 7 questions correct.

Money Exchange

The table to the right is the conversion rates at an airport in London. It lists the value of one British pound whether it is being converted into a different currency (buy) or whether a foreign currency is being converted to pounds (sell).

Give your answers to two decimal places.

Exchange Rates For £1

 BuySell
FlagUSD1.321.36
FlagAUD1.831.88
FlagNZD2.012.07
FlagCAD1.741.79
FlagTHB41.3342.57
FlagEUR1.121.15

Have you ever wondered how the owners of currency exchange offices make a living? Try converting £100 to US dollars using the 'Buy' rate. Now convert that amount of dollars back to pounds using the 'Sell' rate. How many pounds did you lose in this transaction?
Correct Wrong

Colin is going on holiday to Perth in Australia. He has calculated that he will need AU$1270 for the holiday. How many pounds will he need to convert to Australian dollars? Give your answer in pounds rounded to the nearest penny.
Correct Wrong

Cody remembers a time when you could get 72 Thai baht for a pound. How many fewer baht does he get by exchanging £127 for baht at the exchange rate shown above than he would have done when the exchange rate was 72?
Correct Wrong

Dame Edna is sending money to the UK for a new designer handbag. She converts AU$990 to pounds but finds that she is £89.55 short of the cost of the bag. How many more Australian dollars will she have to send?
Correct Wrong

John and Edward return from a tour of North America. John has US$77 in his wallet and Edward has $55 in his. When they convert their money to pounds how many more pounds does John get?
Correct Wrong

A bottle of wine costs £4.95 in the UK and 6.15 Swiss Francs in Lausanne, Switzerland. How much cheaper is the wine in Switzerland? Give your answer in pounds to the nearest penny and use an exchange rate of £1 = CHF1.51.
Correct Wrong

A smartphone costs £840 in the UK and 84078 Indian Rupees in Chennai. How much more expensive is the phone in India? Give your answer in pounds to the nearest penny and use an exchange rate of £1 = 95 rupees.
Correct Wrong

In British pounds, what is the (positive) difference between one hundred Australian dollars and one hundred American dollars? Use the respective 'Sell' rates in your calculation.
Correct Wrong

In British pounds, what is the (positive) difference between two hundred Canadian dollars and two hundred New Zealand dollars? Use the respective 'Sell' rates in your calculation.
Correct Wrong

Madison wants to change US$110 into Thai baht by first converting the amount into pounds and then converting the pounds into baht. How many baht can she expect to receive?
Correct Wrong
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This is Currency Conversion level 2. You can also try:
Level 1

Instructions

Try your best to answer the questions above. Type your answers into the boxes provided leaving no spaces. As you work through the exercise regularly click the "check" button. If you have any wrong answers, do your best to do corrections but if there is anything you don't understand, please ask your teacher for help.

When you have got all of the questions correct you may want to print out this page and paste it into your exercise book. If you keep your work in an ePortfolio you could take a screen shot of your answers and paste that into your Maths file.

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When planning to use technology in your lesson always have a plan B!

Nick Morgan, International

Sunday, March 22, 2020

"On the Currency Exchange tasks, I think the rate are wrong.
When converting funds to a foreign currency you should the "Sell" rate which should be lower than the "Buy" rate, which is used when converting back to pounds.
Your instruction contradict the methods outlined everywhere else.
Is this a mistake?

[Transum: Thanks so much for your feedback Nick. I just did a Google images search to look at photographs people had taken of exchange rates boards around the world. There is indeed a difference in how the words Buy and Sell are interpreted as you can see by the examples below. I guess it is important to point out this inconsistency to pupils!]

Currency exchange rate boards"

Do you have any comments? It is always useful to receive feedback and helps make this free resource even more useful for those learning Mathematics anywhere in the world. Click here to enter your comments.

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Description of Levels

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Level 1 - Simple one-step conversion questions

Level 2 - Multi-step currency conversion problems

Exam Style Questions - A collection of problems in the style of GCSE or IB exam paper questions (worked solutions are available for Transum subscribers).

More on Finance including lesson Starters, visual aids, investigations and self-marking exercises.

Answers to this exercise are available lower down this page when you are logged in to your Transum account. If you don’t yet have a Transum subscription one can be very quickly set up if you are a teacher, tutor or parent.

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Examples

Phil is setting off from London for a business trip to Germany. He converts £230 to euros. How many euros will he receive?

If the 'Buy' rate for euros is 1.41 then he will receive 230 × 1.41 = 324.30 euros. Notice that the answer has two digits after the decimal point even though the second one is zero.

After working on a theme park in Australia, Jane is returning to the UK. She converts AU$1010 to pounds. How many pounds will she receive?

If the 'Sell' rate for Australian dollars is 2.22 then she will receive 1010 ÷ 2.22 = £454.96. Notice that the answer has been rounded to two decimal places

Don't wait until you have finished the exercise before you click on the 'Check' button. Click it often as you work through the questions to see if you are answering them correctly. You can double-click the 'Check' button to make it float at the bottom of your screen.

Answers to this exercise are available lower down this page when you are logged in to your Transum account. If you don’t yet have a Transum subscription one can be very quickly set up if you are a teacher, tutor or parent.

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