SlideShare a Scribd company logo
1 of 48
Download to read offline
Chapter 1
ACOS Objective Algebra 1: Use algebraic techniques
to make financial and economic decisions.
What We Will AccomplishWhat We Will Accomplish
Section 1-1Section 1-1
Section 1-2Section 1-2
Calculate straight-time pay.
Figure out straight-time, overtime, and
total pay.
Calculate the total hours on a weekly time
card.
Compute the total pay on a piecework
basis.
Section 1-Section 1-33
Section 1-Section 1- 44
Section 1-5Section 1-5
Section 1-6Section 1-6
Determine the salary per pay period.
Calculate the straight commission and
determine the gross pay.
Compute the total graduated commission.Section 1-Section 1-77
People rarely work for free.
When you do work and get paid, it’s important
to know how to calculate your gross income.
Did you know…
According to the U.S. Bureau of labor Statistics, the
average national wage for a full-time worker over 25
years old, with a high school diploma, was $26,000,
while the average wage for a full-time worker over 25
years old, with a four-year degree, was $40,100
(which is 54% more).
 Some jobs pay you a fixed amount of money
for each hour you work, which is called the
hourly rate.
 Ex: You work at the local movie theater, you
are paid $7.50 an hour to sweep up popcorn
and tear ticket stubs.
 $7.50 is the hourly rate
* If the manager schedules you to work 15 hours a
week, these hours are important in finding out
your straight time pay.
*Straight time pay: The total amount of money
you earn for a pay period at the hourly rate.
Straight Time Pay = Hourly Rate x Hours Worked
Shawna Jackson is a mail clerk. She earns $8.40
per hour. Last week she worked 40 hours, and this
week she worked 39½ hours.
What is her straight-time pay for each week?
Step: Find the straight-time pay.
Last week: $8.40 × 40 = $336.00
This week: $8.40 × 39½ = $331.80
AnswerAnswer
1. A local car wash pays you $8.00 per hour. Last
summer you worked 35.25 hours a week. What was
your total straight time pay for the entire week?
2. Dominic is a machine operator at the Donovan
Manufacturing Corporation. He works 37.875 hours
per week and earns $9.755 per hour. What is his
straight-time pay each week?
3. Steve is a plumber. He earns $28.75 per hour. He works
39¾ hours. What is his straight-time pay?
When you work more than your regular hours,
you might receive overtime pay.
The overtime rate might be 1 ½ times your hourly
rate. This is called time and a half.
You may receive double time, or two times your
regular hourly rate.
Overtime Pay = Overtime Rate x Overtime Hours
Total Pay = Straight Time Pay + Overtime Pay
The total pay is often called gross pay.
Alonso Perez is paid $8.20 an hour for a
regular 40-hour week. His overtime rate is
1½ times his regular hourly rate. This
week Perez worked his regular 40 hours
plus 10 hours of overtime.
What is his total pay?
Step 1 :Step 1 : Find the straight-time pay.
Hourly Rate × Regular Hours Worked
$8.20 × 40 = $328.00
Step 2:Step 2: Find the overtime pay.
Overtime Rate × Overtime Hours Worked
(1.5 × $8.20) × 10 = $123.00
Step 3:Step 3: Find the total pay.
Straight-Time Pay + Overtime Pay
$328.00 + $123.00 = $451.00
Example 2 AnswerExample 2 Answer
Josie Spelling earns $9.00 per hour and works 40
hours per week. Because she had to work on
Thanksgiving, her employer paid her time and
a half for the additional 6 hours she put in.
Find her total pay.
Dorothy, a computer programmer, earns a regular hourly
rate of $15.25 and earns double that when she works
overtime. She usually works 40 regular hours and 12
hours overtime this month as she tries to update the
company’s systems. What is her straight time pay?
What is her overtime pay? And gross pay?
Nadia earns a regular hourly rate of $23.60.
She earns double time for work on Sundays.
Last week she worked her regular 36-hour
week plus 7½ hours on Sunday.
What is her total pay for the week?
More PracticeMore Practice
Weekly time cards show when you reported to
work and when you left each day.
They are an easy way to keep up with how much
you worked. Why is this important?
Total Hours = Sum of daily hours
Gail is required to keep a weekly time
card.
What are her daily hours for September
18?
What are her total hours for the week?
Step 1:Step 1: Find the hours worked on September
18.
Before Lunch: Time between 8:15 A.M. and 1:45 P.M.
(1:45 + 12:00) – 8:15
13:45 – 8:15 = 5h 30min
After Lunch: Time between 2:15 P.M. and 4:59 P.M.
4:59 – 2:15 = 2h 44 min
Total on September 18:
5h 30min + 2h 44min = 7h 74min
Round to the nearest quarter hour = 8¼
Example 3 Answer:Example 3 Answer:
Step 2:Step 2: Find the total hours for the week.
Sum of daily hours
8 + 8¼ + 7½ + 8¼ + 8
8 + 8¼ + 7½ + 8¼ + 8 = 39 +
4
/4 = 40 total hours
Example 3 Answer:Example 3 Answer:
Jamal Parker works at a company that uses
military time. Thus, 1:00 P.M. is shown as 13:00,
2:00 P.M. as 14:00, etc. On Monday, October 1,
Jamal worked from 8:02 to 11:47 and from 13:08 to
17:06.
How many hours did he work on Monday?
How many hours did he work rounded to the
nearest quarter hour?
o Page 92-93
o #1-17
o Page 95
o #1-10
o Page 97-98
o #1-11
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?
Washing a car, delivering newspapers, sewing
clothing, painting a house, or cutting a lawn.
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
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
Jay:
124 items produced
Rate per item $.89
What is the total pay?
$110.36
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?
There are 52 weekly, 26 biweekly, 24
semimonthly, and 12 monthly pay periods per
year.
Salary per Pay Period=
YearperPeriodsPayofNumber
SalaryAnnual
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: $42,648.00 ÷ 12 = $3,554.00
Weekly: $42,648.00 ÷ 52 =52 = $820.15$820.15
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 manager at 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
C. Colin Evans is a hotel desk clerk who earns
an annual salary of $21,216.
What is his weekly salary?
$408
o Page 99
o#1-9
o Page 102
o#1-11
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?
 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
Step: Find the commission.
Total Sales × Commission Rate
$290,000 × 7½%
$290,000 × 0.075 = $21,750
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
Jermaine Dixon sells electronic equipment. He
receives a straight commission of 6½ percent
of his total sales.
What commission will he receive in a week
where his sales total $12,416?
$807.04
Ryan O’Malley 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
 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?
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
Gomaz’s sales for the past month totaled
$9,840.
What is her commission for the month?
Step: Find the sum of commission for all levels of sales.
Sales × Commission Rate
First $1,000 $1,000 × 4% = $ 40.00
Next $2,000 $2,000 × 6% = 120.00
Over $3,000 ($9,840 – $3,000) × 8%
$6,840 × 8% = 547.20
Total Graduated Commission $707.20
Example 8 AnswerExample 8 Answer
Pamela Miller sells musical instruments. She
earns 6½ 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
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
o Page 104
o#1-12 and 14-18EVEN
o Page 107
o#1-5
 What is the difference in the way hourly and
salaried employees are paid?
Hourly employees are paid a certain amount for
each hour they work. They usually record their
hours on a time card. Salaried employees are
paid a fixed amount per year. They do not record
the number of hours they work. They are
generally paid the same amount regardless of
the number of hours they work.
 Why do you think some companies pay their
employees piecework instead of by the hour?
Answers may vary. A reason companies may
decide to pay their employees piecework would
be to motivate them to produce as many items as
possible during their workday. For example, if an
employee is paid a certain amount for each table
he assembles, he may assemble more tables
during an eight-hour workday than an employee
who is paid by the hour.
 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.
Chapter 1

More Related Content

What's hot

Mark Up And Discount
Mark Up And DiscountMark Up And Discount
Mark Up And DiscountJessca Lundin
 
Lesson 1 derivative of trigonometric functions
Lesson 1 derivative of trigonometric functionsLesson 1 derivative of trigonometric functions
Lesson 1 derivative of trigonometric functionsLawrence De Vera
 
Operaciones con acciones de sociedades de inversión
Operaciones con acciones de sociedades de inversiónOperaciones con acciones de sociedades de inversión
Operaciones con acciones de sociedades de inversión600582
 
TRABAJO DE MATEMATICA FINANCIERA.docx
TRABAJO DE MATEMATICA FINANCIERA.docxTRABAJO DE MATEMATICA FINANCIERA.docx
TRABAJO DE MATEMATICA FINANCIERA.docxFlorGuerreroVlez
 
Commission
CommissionCommission
CommissionNora
 
4.4 the logarithm functions t
4.4 the logarithm functions t4.4 the logarithm functions t
4.4 the logarithm functions tmath260
 
Proportional relationships
Proportional relationshipsProportional relationships
Proportional relationshipsjulienorman80065
 
Tutorials: Solving Two-Step Equations
Tutorials: Solving Two-Step EquationsTutorials: Solving Two-Step Equations
Tutorials: Solving Two-Step EquationsMedia4math
 
(7) Lesson 1.6 - Solve Proportional Relationships
(7) Lesson 1.6 - Solve Proportional Relationships(7) Lesson 1.6 - Solve Proportional Relationships
(7) Lesson 1.6 - Solve Proportional Relationshipswzuri
 
sine and cosine rule
 sine and cosine rule sine and cosine rule
sine and cosine rulemozzytazz02
 
Solving equations one & two step
Solving equations   one & two stepSolving equations   one & two step
Solving equations one & two stepchrystal_brinson
 
3.3 graphs of exponential functions
3.3 graphs of  exponential functions3.3 graphs of  exponential functions
3.3 graphs of exponential functionshisema01
 
4 Capitulo 4 Valor Presente Neto
4 Capitulo 4   Valor Presente Neto4 Capitulo 4   Valor Presente Neto
4 Capitulo 4 Valor Presente Netocarloscatacora
 
Trigonometric Limits
Trigonometric LimitsTrigonometric Limits
Trigonometric LimitsPablo Antuna
 
Indices and laws of logarithms
Indices and laws of logarithmsIndices and laws of logarithms
Indices and laws of logarithmsJJkedst
 

What's hot (20)

Exponential functions
Exponential functionsExponential functions
Exponential functions
 
Mark Up And Discount
Mark Up And DiscountMark Up And Discount
Mark Up And Discount
 
Calculating sales tax
Calculating sales taxCalculating sales tax
Calculating sales tax
 
Lesson 1 derivative of trigonometric functions
Lesson 1 derivative of trigonometric functionsLesson 1 derivative of trigonometric functions
Lesson 1 derivative of trigonometric functions
 
Operaciones con acciones de sociedades de inversión
Operaciones con acciones de sociedades de inversiónOperaciones con acciones de sociedades de inversión
Operaciones con acciones de sociedades de inversión
 
Square of a binomial
Square of a binomialSquare of a binomial
Square of a binomial
 
TRABAJO DE MATEMATICA FINANCIERA.docx
TRABAJO DE MATEMATICA FINANCIERA.docxTRABAJO DE MATEMATICA FINANCIERA.docx
TRABAJO DE MATEMATICA FINANCIERA.docx
 
Commission
CommissionCommission
Commission
 
4.4 the logarithm functions t
4.4 the logarithm functions t4.4 the logarithm functions t
4.4 the logarithm functions t
 
Proportional relationships
Proportional relationshipsProportional relationships
Proportional relationships
 
Tutorials: Solving Two-Step Equations
Tutorials: Solving Two-Step EquationsTutorials: Solving Two-Step Equations
Tutorials: Solving Two-Step Equations
 
(7) Lesson 1.6 - Solve Proportional Relationships
(7) Lesson 1.6 - Solve Proportional Relationships(7) Lesson 1.6 - Solve Proportional Relationships
(7) Lesson 1.6 - Solve Proportional Relationships
 
sine and cosine rule
 sine and cosine rule sine and cosine rule
sine and cosine rule
 
Exponents
ExponentsExponents
Exponents
 
Solving equations one & two step
Solving equations   one & two stepSolving equations   one & two step
Solving equations one & two step
 
Exponents
ExponentsExponents
Exponents
 
3.3 graphs of exponential functions
3.3 graphs of  exponential functions3.3 graphs of  exponential functions
3.3 graphs of exponential functions
 
4 Capitulo 4 Valor Presente Neto
4 Capitulo 4   Valor Presente Neto4 Capitulo 4   Valor Presente Neto
4 Capitulo 4 Valor Presente Neto
 
Trigonometric Limits
Trigonometric LimitsTrigonometric Limits
Trigonometric Limits
 
Indices and laws of logarithms
Indices and laws of logarithmsIndices and laws of logarithms
Indices and laws of logarithms
 

Viewers also liked

Viewers also liked (20)

Types Of Commission
Types Of CommissionTypes Of Commission
Types Of Commission
 
Discount and commission
Discount and commissionDiscount and commission
Discount and commission
 
Commission / Gross Proceeds and Net Proceeds
Commission / Gross Proceeds and Net ProceedsCommission / Gross Proceeds and Net Proceeds
Commission / Gross Proceeds and Net Proceeds
 
Sales Commissions And Strategies
Sales Commissions And StrategiesSales Commissions And Strategies
Sales Commissions And Strategies
 
Sales and commission
Sales and commissionSales and commission
Sales and commission
 
19. commission
19. commission19. commission
19. commission
 
Commissions, piecework pay
Commissions, piecework payCommissions, piecework pay
Commissions, piecework pay
 
Markup and markdown
Markup and markdownMarkup and markdown
Markup and markdown
 
5.7 Cash Discounts
5.7 Cash Discounts5.7 Cash Discounts
5.7 Cash Discounts
 
How to calculate the cost of not taking a discount
How to calculate the cost of not taking a discountHow to calculate the cost of not taking a discount
How to calculate the cost of not taking a discount
 
Business Math Chapter 5
Business Math Chapter 5 Business Math Chapter 5
Business Math Chapter 5
 
Sales tax and tip powerpoint
Sales tax and tip  powerpointSales tax and tip  powerpoint
Sales tax and tip powerpoint
 
Business Math Chapter 4
Business Math Chapter 4Business Math Chapter 4
Business Math Chapter 4
 
Planning commission...
Planning commission...Planning commission...
Planning commission...
 
SPA Marketing Plan by Vision Raval
SPA Marketing Plan by Vision RavalSPA Marketing Plan by Vision Raval
SPA Marketing Plan by Vision Raval
 
Practice questions and tips in business mathematics
Practice questions and tips in business mathematicsPractice questions and tips in business mathematics
Practice questions and tips in business mathematics
 
Business Math Chapter 6
Business Math Chapter 6Business Math Chapter 6
Business Math Chapter 6
 
Business Math Chapter 1
Business Math Chapter 1Business Math Chapter 1
Business Math Chapter 1
 
Cash Discount and Trade Discount
Cash Discount and Trade DiscountCash Discount and Trade Discount
Cash Discount and Trade Discount
 
Sales force management
Sales force managementSales force management
Sales force management
 

Similar to Chapter 1

Foundation Skills Chapter 1 Review - Test Pret
Foundation Skills Chapter 1 Review - Test PretFoundation Skills Chapter 1 Review - Test Pret
Foundation Skills Chapter 1 Review - Test Pretmnmehrhardt
 
Time and money
Time and moneyTime and money
Time and moneymanny2512
 
Maths A - Chapter 01
Maths A - Chapter 01Maths A - Chapter 01
Maths A - Chapter 01westy67968
 
Income and debt feb 17
Income and debt feb 17Income and debt feb 17
Income and debt feb 17mskarras
 
Gross Earnings
Gross EarningsGross Earnings
Gross Earningsrsmith1987
 
Chapter6.6
Chapter6.6Chapter6.6
Chapter6.6nglaze10
 
Test review
Test reviewTest review
Test reviewbweldon
 
Cte math test_version_c_answer_key
Cte math test_version_c_answer_keyCte math test_version_c_answer_key
Cte math test_version_c_answer_keynavajomath
 
Difference between Salary and wages.pptx
Difference between Salary and wages.pptxDifference between Salary and wages.pptx
Difference between Salary and wages.pptxEnitSirk2
 
Estimating revenues, costs_and_profits[1]
Estimating revenues, costs_and_profits[1]Estimating revenues, costs_and_profits[1]
Estimating revenues, costs_and_profits[1]Patrick Rubix
 
Net income(ch2)
Net income(ch2)Net income(ch2)
Net income(ch2)jordanti
 
Mfww chapter 1 wages
Mfww chapter 1 wagesMfww chapter 1 wages
Mfww chapter 1 wagescoachtomes
 
Lesson Plan 1 Budgets Business Math
Lesson Plan 1 Budgets Business MathLesson Plan 1 Budgets Business Math
Lesson Plan 1 Budgets Business Mathdjsees
 
My Warranty Rewards Business Presentation
My Warranty Rewards Business PresentationMy Warranty Rewards Business Presentation
My Warranty Rewards Business PresentationTasha Taylor
 
Atomypppok 160526103501 (1)
Atomypppok 160526103501 (1)Atomypppok 160526103501 (1)
Atomypppok 160526103501 (1)Manny Pacheco
 

Similar to Chapter 1 (20)

Foundation Skills Chapter 1 Review - Test Pret
Foundation Skills Chapter 1 Review - Test PretFoundation Skills Chapter 1 Review - Test Pret
Foundation Skills Chapter 1 Review - Test Pret
 
Time and money
Time and moneyTime and money
Time and money
 
Maths A - Chapter 01
Maths A - Chapter 01Maths A - Chapter 01
Maths A - Chapter 01
 
Income and debt feb 17
Income and debt feb 17Income and debt feb 17
Income and debt feb 17
 
Gross Earnings
Gross EarningsGross Earnings
Gross Earnings
 
Social arithmetic
Social arithmeticSocial arithmetic
Social arithmetic
 
Chapter6.6
Chapter6.6Chapter6.6
Chapter6.6
 
Test review
Test reviewTest review
Test review
 
Lesson 37
Lesson 37Lesson 37
Lesson 37
 
Cte math test_version_c_answer_key
Cte math test_version_c_answer_keyCte math test_version_c_answer_key
Cte math test_version_c_answer_key
 
Paying Employees
Paying EmployeesPaying Employees
Paying Employees
 
Difference between Salary and wages.pptx
Difference between Salary and wages.pptxDifference between Salary and wages.pptx
Difference between Salary and wages.pptx
 
Math Skills
Math SkillsMath Skills
Math Skills
 
Estimating revenues, costs_and_profits[1]
Estimating revenues, costs_and_profits[1]Estimating revenues, costs_and_profits[1]
Estimating revenues, costs_and_profits[1]
 
Wk2monday
Wk2mondayWk2monday
Wk2monday
 
Net income(ch2)
Net income(ch2)Net income(ch2)
Net income(ch2)
 
Mfww chapter 1 wages
Mfww chapter 1 wagesMfww chapter 1 wages
Mfww chapter 1 wages
 
Lesson Plan 1 Budgets Business Math
Lesson Plan 1 Budgets Business MathLesson Plan 1 Budgets Business Math
Lesson Plan 1 Budgets Business Math
 
My Warranty Rewards Business Presentation
My Warranty Rewards Business PresentationMy Warranty Rewards Business Presentation
My Warranty Rewards Business Presentation
 
Atomypppok 160526103501 (1)
Atomypppok 160526103501 (1)Atomypppok 160526103501 (1)
Atomypppok 160526103501 (1)
 

Recently uploaded

Olympus 38DL Plus Ultrasonic Thickness Gauge
Olympus 38DL Plus Ultrasonic Thickness GaugeOlympus 38DL Plus Ultrasonic Thickness Gauge
Olympus 38DL Plus Ultrasonic Thickness GaugeStephenKim86
 
Business Models and Business Model Innovation
Business Models and Business Model InnovationBusiness Models and Business Model Innovation
Business Models and Business Model InnovationMichal Hron
 
Optimize Your CRM Customization and Beyond
Optimize Your CRM Customization and BeyondOptimize Your CRM Customization and Beyond
Optimize Your CRM Customization and BeyondBoundify
 
0311 National Accounts Online Giving Trends.pdf
0311 National Accounts Online Giving Trends.pdf0311 National Accounts Online Giving Trends.pdf
0311 National Accounts Online Giving Trends.pdfBloomerang
 
Strategic Resources Corporate Presentation - March 2024 Update
Strategic Resources Corporate Presentation - March 2024 UpdateStrategic Resources Corporate Presentation - March 2024 Update
Strategic Resources Corporate Presentation - March 2024 UpdateAdnet Communications
 
AirOxi - Pioneering Aquaculture Advancements Through NFDB Empanelment.pptx
AirOxi -  Pioneering Aquaculture Advancements Through NFDB Empanelment.pptxAirOxi -  Pioneering Aquaculture Advancements Through NFDB Empanelment.pptx
AirOxi - Pioneering Aquaculture Advancements Through NFDB Empanelment.pptxAirOxi Tube
 
Digital Marketing Training Program skills s
Digital Marketing Training Program skills sDigital Marketing Training Program skills s
Digital Marketing Training Program skills sgodxzyrox
 
How The Hustle Milestone Referral Program Got 300K Subscribers
How The Hustle Milestone Referral Program Got 300K SubscribersHow The Hustle Milestone Referral Program Got 300K Subscribers
How The Hustle Milestone Referral Program Got 300K SubscribersFlyyx Tech
 
"InShorts: A Game-Changer in the Digital News Age"
"InShorts: A Game-Changer in the Digital News Age""InShorts: A Game-Changer in the Digital News Age"
"InShorts: A Game-Changer in the Digital News Age"Adharsh45
 
NewBase 14 March 2024 Energy News issue - 1707 by Khaled Al Awadi_compress...
NewBase  14 March  2024  Energy News issue - 1707 by Khaled Al Awadi_compress...NewBase  14 March  2024  Energy News issue - 1707 by Khaled Al Awadi_compress...
NewBase 14 March 2024 Energy News issue - 1707 by Khaled Al Awadi_compress...Khaled Al Awadi
 
CORPORATE SOCIAL RESPONSIBILITY - FINAL REQUIREMENT.pdf
CORPORATE SOCIAL RESPONSIBILITY - FINAL REQUIREMENT.pdfCORPORATE SOCIAL RESPONSIBILITY - FINAL REQUIREMENT.pdf
CORPORATE SOCIAL RESPONSIBILITY - FINAL REQUIREMENT.pdfLouis Malaybalay
 
Mist Cooling & Fogging System Company in Saudi Arabia
Mist Cooling & Fogging System Company in Saudi ArabiaMist Cooling & Fogging System Company in Saudi Arabia
Mist Cooling & Fogging System Company in Saudi Arabiaopstechsanjanasingh
 
Young Woman Entrepreneur - Kaviya Cherian
Young Woman Entrepreneur - Kaviya CherianYoung Woman Entrepreneur - Kaviya Cherian
Young Woman Entrepreneur - Kaviya CherianCDEEPANVITA
 
HOW TO START EARNING WITH AFFILIATE MARKETING
HOW TO START EARNING WITH AFFILIATE MARKETINGHOW TO START EARNING WITH AFFILIATE MARKETING
HOW TO START EARNING WITH AFFILIATE MARKETINGNATHAN SPEAKS
 
Shravan Kumaran and sanjay kumaran.pdf..
Shravan Kumaran and sanjay kumaran.pdf..Shravan Kumaran and sanjay kumaran.pdf..
Shravan Kumaran and sanjay kumaran.pdf..ranjithapriya2
 
pitchdeck ORPC 2019 data info turine.pdf
pitchdeck ORPC 2019 data info turine.pdfpitchdeck ORPC 2019 data info turine.pdf
pitchdeck ORPC 2019 data info turine.pdflebob12
 
14 march 2024-capital-markets-update eni.pdf
14 march 2024-capital-markets-update eni.pdf14 march 2024-capital-markets-update eni.pdf
14 march 2024-capital-markets-update eni.pdfEni
 
Pitch Deck Teardown: SuperScale's $5.4M Series A deck
Pitch Deck Teardown: SuperScale's $5.4M Series A deckPitch Deck Teardown: SuperScale's $5.4M Series A deck
Pitch Deck Teardown: SuperScale's $5.4M Series A deckHajeJanKamps
 
We are inviting you on board, to move forward together in the Right Direction
We are inviting you on board, to move forward together in the Right DirectionWe are inviting you on board, to move forward together in the Right Direction
We are inviting you on board, to move forward together in the Right DirectionRight Direction Aero
 
Meet Raj Shamani: A Trailblazing Entrepreneur
Meet Raj Shamani: A Trailblazing EntrepreneurMeet Raj Shamani: A Trailblazing Entrepreneur
Meet Raj Shamani: A Trailblazing Entrepreneurramya202104
 

Recently uploaded (20)

Olympus 38DL Plus Ultrasonic Thickness Gauge
Olympus 38DL Plus Ultrasonic Thickness GaugeOlympus 38DL Plus Ultrasonic Thickness Gauge
Olympus 38DL Plus Ultrasonic Thickness Gauge
 
Business Models and Business Model Innovation
Business Models and Business Model InnovationBusiness Models and Business Model Innovation
Business Models and Business Model Innovation
 
Optimize Your CRM Customization and Beyond
Optimize Your CRM Customization and BeyondOptimize Your CRM Customization and Beyond
Optimize Your CRM Customization and Beyond
 
0311 National Accounts Online Giving Trends.pdf
0311 National Accounts Online Giving Trends.pdf0311 National Accounts Online Giving Trends.pdf
0311 National Accounts Online Giving Trends.pdf
 
Strategic Resources Corporate Presentation - March 2024 Update
Strategic Resources Corporate Presentation - March 2024 UpdateStrategic Resources Corporate Presentation - March 2024 Update
Strategic Resources Corporate Presentation - March 2024 Update
 
AirOxi - Pioneering Aquaculture Advancements Through NFDB Empanelment.pptx
AirOxi -  Pioneering Aquaculture Advancements Through NFDB Empanelment.pptxAirOxi -  Pioneering Aquaculture Advancements Through NFDB Empanelment.pptx
AirOxi - Pioneering Aquaculture Advancements Through NFDB Empanelment.pptx
 
Digital Marketing Training Program skills s
Digital Marketing Training Program skills sDigital Marketing Training Program skills s
Digital Marketing Training Program skills s
 
How The Hustle Milestone Referral Program Got 300K Subscribers
How The Hustle Milestone Referral Program Got 300K SubscribersHow The Hustle Milestone Referral Program Got 300K Subscribers
How The Hustle Milestone Referral Program Got 300K Subscribers
 
"InShorts: A Game-Changer in the Digital News Age"
"InShorts: A Game-Changer in the Digital News Age""InShorts: A Game-Changer in the Digital News Age"
"InShorts: A Game-Changer in the Digital News Age"
 
NewBase 14 March 2024 Energy News issue - 1707 by Khaled Al Awadi_compress...
NewBase  14 March  2024  Energy News issue - 1707 by Khaled Al Awadi_compress...NewBase  14 March  2024  Energy News issue - 1707 by Khaled Al Awadi_compress...
NewBase 14 March 2024 Energy News issue - 1707 by Khaled Al Awadi_compress...
 
CORPORATE SOCIAL RESPONSIBILITY - FINAL REQUIREMENT.pdf
CORPORATE SOCIAL RESPONSIBILITY - FINAL REQUIREMENT.pdfCORPORATE SOCIAL RESPONSIBILITY - FINAL REQUIREMENT.pdf
CORPORATE SOCIAL RESPONSIBILITY - FINAL REQUIREMENT.pdf
 
Mist Cooling & Fogging System Company in Saudi Arabia
Mist Cooling & Fogging System Company in Saudi ArabiaMist Cooling & Fogging System Company in Saudi Arabia
Mist Cooling & Fogging System Company in Saudi Arabia
 
Young Woman Entrepreneur - Kaviya Cherian
Young Woman Entrepreneur - Kaviya CherianYoung Woman Entrepreneur - Kaviya Cherian
Young Woman Entrepreneur - Kaviya Cherian
 
HOW TO START EARNING WITH AFFILIATE MARKETING
HOW TO START EARNING WITH AFFILIATE MARKETINGHOW TO START EARNING WITH AFFILIATE MARKETING
HOW TO START EARNING WITH AFFILIATE MARKETING
 
Shravan Kumaran and sanjay kumaran.pdf..
Shravan Kumaran and sanjay kumaran.pdf..Shravan Kumaran and sanjay kumaran.pdf..
Shravan Kumaran and sanjay kumaran.pdf..
 
pitchdeck ORPC 2019 data info turine.pdf
pitchdeck ORPC 2019 data info turine.pdfpitchdeck ORPC 2019 data info turine.pdf
pitchdeck ORPC 2019 data info turine.pdf
 
14 march 2024-capital-markets-update eni.pdf
14 march 2024-capital-markets-update eni.pdf14 march 2024-capital-markets-update eni.pdf
14 march 2024-capital-markets-update eni.pdf
 
Pitch Deck Teardown: SuperScale's $5.4M Series A deck
Pitch Deck Teardown: SuperScale's $5.4M Series A deckPitch Deck Teardown: SuperScale's $5.4M Series A deck
Pitch Deck Teardown: SuperScale's $5.4M Series A deck
 
We are inviting you on board, to move forward together in the Right Direction
We are inviting you on board, to move forward together in the Right DirectionWe are inviting you on board, to move forward together in the Right Direction
We are inviting you on board, to move forward together in the Right Direction
 
Meet Raj Shamani: A Trailblazing Entrepreneur
Meet Raj Shamani: A Trailblazing EntrepreneurMeet Raj Shamani: A Trailblazing Entrepreneur
Meet Raj Shamani: A Trailblazing Entrepreneur
 

Chapter 1

  • 2. ACOS Objective Algebra 1: Use algebraic techniques to make financial and economic decisions.
  • 3. What We Will AccomplishWhat We Will Accomplish Section 1-1Section 1-1 Section 1-2Section 1-2 Calculate straight-time pay. Figure out straight-time, overtime, and total pay. Calculate the total hours on a weekly time card. Compute the total pay on a piecework basis. Section 1-Section 1-33 Section 1-Section 1- 44 Section 1-5Section 1-5 Section 1-6Section 1-6 Determine the salary per pay period. Calculate the straight commission and determine the gross pay. Compute the total graduated commission.Section 1-Section 1-77
  • 4. People rarely work for free. When you do work and get paid, it’s important to know how to calculate your gross income. Did you know… According to the U.S. Bureau of labor Statistics, the average national wage for a full-time worker over 25 years old, with a high school diploma, was $26,000, while the average wage for a full-time worker over 25 years old, with a four-year degree, was $40,100 (which is 54% more).
  • 5.  Some jobs pay you a fixed amount of money for each hour you work, which is called the hourly rate.  Ex: You work at the local movie theater, you are paid $7.50 an hour to sweep up popcorn and tear ticket stubs.  $7.50 is the hourly rate
  • 6. * If the manager schedules you to work 15 hours a week, these hours are important in finding out your straight time pay. *Straight time pay: The total amount of money you earn for a pay period at the hourly rate. Straight Time Pay = Hourly Rate x Hours Worked
  • 7. Shawna Jackson is a mail clerk. She earns $8.40 per hour. Last week she worked 40 hours, and this week she worked 39½ hours. What is her straight-time pay for each week? Step: Find the straight-time pay. Last week: $8.40 × 40 = $336.00 This week: $8.40 × 39½ = $331.80 AnswerAnswer
  • 8. 1. A local car wash pays you $8.00 per hour. Last summer you worked 35.25 hours a week. What was your total straight time pay for the entire week? 2. Dominic is a machine operator at the Donovan Manufacturing Corporation. He works 37.875 hours per week and earns $9.755 per hour. What is his straight-time pay each week? 3. Steve is a plumber. He earns $28.75 per hour. He works 39¾ hours. What is his straight-time pay?
  • 9. When you work more than your regular hours, you might receive overtime pay. The overtime rate might be 1 ½ times your hourly rate. This is called time and a half. You may receive double time, or two times your regular hourly rate.
  • 10. Overtime Pay = Overtime Rate x Overtime Hours Total Pay = Straight Time Pay + Overtime Pay The total pay is often called gross pay.
  • 11. Alonso Perez is paid $8.20 an hour for a regular 40-hour week. His overtime rate is 1½ times his regular hourly rate. This week Perez worked his regular 40 hours plus 10 hours of overtime. What is his total pay?
  • 12. Step 1 :Step 1 : Find the straight-time pay. Hourly Rate × Regular Hours Worked $8.20 × 40 = $328.00 Step 2:Step 2: Find the overtime pay. Overtime Rate × Overtime Hours Worked (1.5 × $8.20) × 10 = $123.00 Step 3:Step 3: Find the total pay. Straight-Time Pay + Overtime Pay $328.00 + $123.00 = $451.00 Example 2 AnswerExample 2 Answer
  • 13. Josie Spelling earns $9.00 per hour and works 40 hours per week. Because she had to work on Thanksgiving, her employer paid her time and a half for the additional 6 hours she put in. Find her total pay.
  • 14. Dorothy, a computer programmer, earns a regular hourly rate of $15.25 and earns double that when she works overtime. She usually works 40 regular hours and 12 hours overtime this month as she tries to update the company’s systems. What is her straight time pay? What is her overtime pay? And gross pay?
  • 15. Nadia earns a regular hourly rate of $23.60. She earns double time for work on Sundays. Last week she worked her regular 36-hour week plus 7½ hours on Sunday. What is her total pay for the week? More PracticeMore Practice
  • 16. Weekly time cards show when you reported to work and when you left each day. They are an easy way to keep up with how much you worked. Why is this important? Total Hours = Sum of daily hours
  • 17. Gail is required to keep a weekly time card. What are her daily hours for September 18? What are her total hours for the week?
  • 18. Step 1:Step 1: Find the hours worked on September 18. Before Lunch: Time between 8:15 A.M. and 1:45 P.M. (1:45 + 12:00) – 8:15 13:45 – 8:15 = 5h 30min After Lunch: Time between 2:15 P.M. and 4:59 P.M. 4:59 – 2:15 = 2h 44 min Total on September 18: 5h 30min + 2h 44min = 7h 74min Round to the nearest quarter hour = 8¼ Example 3 Answer:Example 3 Answer:
  • 19. Step 2:Step 2: Find the total hours for the week. Sum of daily hours 8 + 8¼ + 7½ + 8¼ + 8 8 + 8¼ + 7½ + 8¼ + 8 = 39 + 4 /4 = 40 total hours Example 3 Answer:Example 3 Answer:
  • 20. Jamal Parker works at a company that uses military time. Thus, 1:00 P.M. is shown as 13:00, 2:00 P.M. as 14:00, etc. On Monday, October 1, Jamal worked from 8:02 to 11:47 and from 13:08 to 17:06. How many hours did he work on Monday? How many hours did he work rounded to the nearest quarter hour?
  • 21. o Page 92-93 o #1-17 o Page 95 o #1-10 o Page 97-98 o #1-11
  • 22. 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?
  • 23. Washing a car, delivering newspapers, sewing clothing, painting a house, or cutting a lawn.
  • 24. 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
  • 25. 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
  • 26. Jay: 124 items produced Rate per item $.89 What is the total pay? $110.36
  • 27. 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?
  • 28. There are 52 weekly, 26 biweekly, 24 semimonthly, and 12 monthly pay periods per year. Salary per Pay Period= YearperPeriodsPayofNumber SalaryAnnual
  • 29. 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: $42,648.00 ÷ 12 = $3,554.00 Weekly: $42,648.00 ÷ 52 =52 = $820.15$820.15
  • 30. 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 manager at 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
  • 31. C. Colin Evans is a hotel desk clerk who earns an annual salary of $21,216. What is his weekly salary? $408
  • 32. o Page 99 o#1-9 o Page 102 o#1-11
  • 33. 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?
  • 34.  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
  • 35. Step: Find the commission. Total Sales × Commission Rate $290,000 × 7½% $290,000 × 0.075 = $21,750
  • 36. 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
  • 37. Jermaine Dixon sells electronic equipment. He receives a straight commission of 6½ percent of his total sales. What commission will he receive in a week where his sales total $12,416? $807.04
  • 38. Ryan O’Malley 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
  • 39.  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?
  • 40. 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 Gomaz’s sales for the past month totaled $9,840. What is her commission for the month?
  • 41. Step: Find the sum of commission for all levels of sales. Sales × Commission Rate First $1,000 $1,000 × 4% = $ 40.00 Next $2,000 $2,000 × 6% = 120.00 Over $3,000 ($9,840 – $3,000) × 8% $6,840 × 8% = 547.20 Total Graduated Commission $707.20 Example 8 AnswerExample 8 Answer
  • 42. Pamela Miller sells musical instruments. She earns 6½ 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
  • 43. 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
  • 44. o Page 104 o#1-12 and 14-18EVEN o Page 107 o#1-5
  • 45.  What is the difference in the way hourly and salaried employees are paid? Hourly employees are paid a certain amount for each hour they work. They usually record their hours on a time card. Salaried employees are paid a fixed amount per year. They do not record the number of hours they work. They are generally paid the same amount regardless of the number of hours they work.
  • 46.  Why do you think some companies pay their employees piecework instead of by the hour? Answers may vary. A reason companies may decide to pay their employees piecework would be to motivate them to produce as many items as possible during their workday. For example, if an employee is paid a certain amount for each table he assembles, he may assemble more tables during an eight-hour workday than an employee who is paid by the hour.
  • 47.  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.