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Finance Warmup September 1, 2015 1. . Find your total pay if you earn $10.50 an hour, you worked 40 hours this week and 5 hours of overtime. You receive double time for overtime. 3. If you made $230 last week and you make $12/hr, how many hours & minutes did you work? 2. What is your straight time pay if you earn $13.50 an hour and you worked 16¼ hours last week? 4. How much time has elapsed?
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Finance Warmup August 31, 2015 1. Find your total pay if you
earn $16 an hour, you worked 40 hours this week and 7 hours of
overtime. You receive time & a half for overtime. 3. If you
made $194 last week and you make $9/hr, how many hours &
minutes did you work? 2. What is your straight time pay if you earn
$11.75 an hour and you worked 37 hours last week? 4. How much time
has elapsed? Finance Warmup September 1, 2015 1. . Find your total
pay if you earn $10.50 an hour, you worked 40 hours this week and 5
hours of overtime. You receive double time for overtime. 3. If you
made $230 last week and you make $12/hr, how many hours &
minutes did you work? 2. What is your straight time pay if you earn
$13.50 an hour and you worked 16 hours last week? 4. How much time
has elapsed? Finance Warmup September 2, 2015 1. Find your total
pay if you earn $9.17 an hour, you worked 40 hours this week and 7
hours of overtime. You receive time and a half for overtime. 3. If
you made $140 last week and you make $7.50/hr, how many hours &
minutes did you work? 2. What is your straight time pay if you earn
$7.75 an hour and you worked 22 hours last week? 4. How much time
has elapsed? Finance Warmup September 3, 2015 1. Find your total
pay if you earn $8.45 an hour, you worked 40 hours this week and 6
hours of overtime. You receive time and a half for overtime. 3. If
you made $210 last week and you make $11/hr, how many hours &
minutes did you work? 2. What is your straight time pay if you earn
$11.60 an hour and you worked 25 hours last week? 4. How much time
has elapsed? 1.4 Piecework Some jobs may pay you on a piecework
basis.
This is when you receive a specified amount of money for each item
of work that you complete. Total Pay = rate per item x # of items
produced Is it better to be paid on an hourly rate or by piecework?
Examples of Piecework Washing a car, delivering newspapers, sewing
clothing, painting a house, or cutting a lawn. Example 4 Ray works
for National Cabinet Company. He is paid $8.00 for each cabinet he
assembles. Last week he assembled 45 cabinets. This week he
assembled 42. What is his pay for each week? Step: Find the total
pay. Last week: $8.00 45 = $360.00 This week: $8.00 42 = $336.00
Your Turn Gabe is a little league umpire.
He earns $20 per game on weekdays and $25 per game weekends. He
umpires 14 weekday games and 3 weekend games. What is his total
pay? $355.00 More Your Turn! Jay: 124 items produced Rate per item
$.89
What is the total pay? $110.36 Assignment 1.4 #6-20 even 1.5 Salary
Salary = a fixed amount of money that you earn on a regular basis.
Salaries might be weekly, biweekly, semimonthly, or monthly. Annual
salary- total salary you earn during a year. Does your boss expect
less from you when you become a salaried employee? Pay Periods
There are 52 weekly, 26 biweekly, 24 semimonthly, and 12 monthly
pay periods per year. Salary per Pay Period= Example 5 Beth Huggins
is a computer programmer. Her annual salary is $42,648. What is her
monthly salary? What is her weekly salary? Step: Find the salary
per pay period. Monthly: $42, 12 = $3,554.00 Weekly:$42, 52 =
$820.15 Your Turn A. Michelle Giuseffi is a police officer. Her
annual salary is $40,560. What is her biweekly salary? B. The city
of Carson advertised for a development project managerat a monthly
salary of $5,480.What is the annual salary?What is the weekly
salary? $1,560 Annual Salary: $65,760 Weekly Salary: $1,264.62 More
Your Turn! C. Colin Evans is a hotel desk clerk who earns an annual
salary of $21,216. What is his weekly salary? $408 Assignment 1.5
#4-10 1.6 Commission Often times, retail positions pay you in
commission. This is the amount of money that you are paid for
selling a product or a service. What are the risks involved in
working on commission? Why are people who work in sales often paid
on commission?
Managers believe that salespeople will sell more if they are paid a
percentage of sales instead of being paid a salary or by the hour.
Commission rate = specified amount of money for each sale or it
might be a percent of total value of your sales Straight Commission
= the commission is the only pay you receive. Commission = Total
Sales x Commission Rate Example 6 Milton Arps sells real estate at
a 7 percent straight commission. Last week his sales totaled
$290,000. What was his commission? Step: Find the commission. Total
Sales Commission Rate $290,000 7% $290,000 = $21,750 Gross pay =
Salary or Commission
Your gross pay is the greater of the two amounts. Example 7:Owen is
guaranteed a minimum salary of $250 a week, or 7 percent of his
total sales, depending on whichever is greater.What is his gross
pay for a week in which his total sales were $3,614 $252.98 Your
Turn Jermaine Dixon sells electronic equipment. He receives a
straight commission of 6 percent of his total sales. What
commission will he receive in a week where his sales total $12,416?
$807.04 More Your Turn! Ryan OMalley is paid either a commission or
by the hour, whichever is greater. His hourly pay is $8.00 per hour
with time and a half for all hours that exceed 40 hours per week.
His commission is 7 percent of his sales. Find his gross pay in a
week in which he worked 48 hours. His total sales for the week were
$6,120. $428.40 Assignment 1.6 #6-20 even 1.7 Graduated Commission
Your commission rate may increase as your sales increase. Graduated
commission is pay in which the commission rate is different for
different levels of sales. It provides an extra incentive to sell
more. Describe the kind of personality a salesperson has. How does
this influence his or her sales? Example 8 Irene Gomaz sells
appliances at Twin City Sales. She receives a graduated commission
as shown: 4%First $1,000 6%Next $2,000 8%Over $3,000 Gomazs sales
for the past month totaled $9,840. What is her commission for the
month? Example 8 Answer Step: Find the sum of commission for all
levels of sales. Sales Commission Rate First $1,000$1,000 4%= $
Next $2,000$2, 6%= Over $3,000 ($9,840 $3,000) 8% $6,840 8%= Total
Graduated Commission $707.20 Your Turn Pamela Miller sells musical
instruments. She earns 6 percent commission on the first $2,000, 8
percent on the next $3,000, and 10 percent on sales over $5,000.
Find the graduated commission on $7,368. $606.80 More Your Turn!
Bob Elliott sells lumber. He earns 9 percent commission on the
first $25,000, 11 percent commission on the next $30,000, and 15
percent on sales over $55,000. Find the graduated commission on
monthly sales of $56,575. $5,786.25 Assignment 1.7 #6-16 even
Journal Entry #2 Explain the difference in each type of pay:
Straight time Piecewise Salary Commission Explain in what type of
situation it would be best to be paid in each. Summary Review Key
Vocabulary Hourly Rate Salary Commission
Straight-time Pay Commission Rate Overtime Pay Time and a half
Straight Commission Graduated Commission Double Time Weekly Time
Card Piecework Review for Test Review pages