1. Name: Joshua Singh
Grade: 9T
Subject:Maths
Teacher:Miss Lisha
Topic:Consumer
Arithmetic
Tutorial Academy Secondary School
2. The amount a person earns before additional payments such as
overtime.
Formula:The basic rate x the basic week or fortnight
For Example:A refinery operator works a basic week of 35 hours
and his basic rate is $14.75.What is his basic wage for that week?
The operator’s basic wage=the basic rate×the basic week
=$14.75×35=$516.25
3. The basic rate is the amount of money normally paid to a worker for
each hour worked. Normally a 40-hour week is worked and this is called
the basic week. The amount of. money the worker receives at the end of
the basic week is called the basic wage.
Formula:The basic week=thebasicwage
the basic rate
For example:A seamstress works for a basic wage of $236.25 and her basic
rate is $6.75 per hour.calculate her basic week.
The seamstress’ basic week=The basic wage
=the basic rate
=$236.25
4. The standard or lowest level on a scale of money payable.
Formula:
5. Overtime is the amount of time someone works beyond normal
working hours. The term is also used for the pay received for this
time.
Formula:
6. Commission, also known as sales commission, is a payment given to
employees based on the sales they make.
Formula:
7. The term income tax refers to a type of tax that governments impose
on income generated by businesses and individuals within their
jurisdiction.Income taxes are a source of revenue for governments.
They are used to fund public services, pay government obligations, and
provide goods for citizens.
8. Profit percentage (%) is the amount of profit expressed in terms of
percentage. This profit is based on the cost price
Formula:
9. Loss is defined as the difference between the cost price and the selling
price. And the percentage loss is the per cent of loss in terms of actual
cost price. In businesses, profit and loss are the common terms which
are used.
Formula:
10. The discount is list price minus the sale price then divided by the list
price and multiplied by 100 to get a percentage. Where: L = List Price.
S = Sale Price.
Formula:
