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Foundation Skills Chapter 1 Review - Test Pret

C. $2,650.00 D. $2,800.00 - Calculating commissions involves multiplying total sales by a commission rate to determine commission earnings. - Salespeople may be guaranteed a minimum weekly salary. Their gross pay is whichever amount is greater, their commission or minimum salary. - For example, a salesperson with a $320 minimum weekly salary who earned a 6.5% commission on $5,000 in sales would receive $325 in gross pay since their commission exceeded the minimum salary.

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Student Date 1-1 Period Calculating Straight-Time Pay Straight-time pay is the total amount of money you earn in a given pay period. It is calculated based upon your hourly rate of pay. To determine your straight-time pay, multiply the number of hours you worked by your hourly rate. Straight-Time Pay ‫ ؍‬Hourly Rate ؋ Hours Worked Examples Find the straight-time pay. Example 1 35 hours worked at $7.75 per hour. Hourly Rate ؋ Hours Worked ‫؍‬ Straight-Time Pay $7.75 ϫ 35 ϭ $271.25 Example 2 3 36 _ hours worked at $8.775 per hour. 4 Hourly Rate Hours Worked ‫؍‬ $8.775 Calculator: ؋ ϫ 36.75 ϭ $322.481 $8.775 ϫ 36.75 ϭ $322.48125 Straight-Time Pay Practice Find the straight-time pay. Round answers to the thousandth of a dollar. 1. $11.625 per hour ϫ 30 hours 2. $7.825 per hour ϫ 32.125 hours Find the straight-time pay. Round answers to the nearest cent. 3. $9.40 per hour ϫ 22 hours 9. Ronald Sutter, an assembly line worker, earns $16.655 per hour. He typically works 4. $10.25 per hour ϫ 25 hours 1 36.225 hours per week. What is his usual 5. $8.50 per hour ϫ 30 _ hours 2 straight-time pay? 3 6. $12.75 per hour ϫ 24 _ hours 4 10. Standardized Test Practice Keys Per Minute 7. The local bowling alley pays you recently hired Anne Bradford as a data entry $7.25 per hour to manage the desk. clerk. Her starting rate of pay is $7.50 per Last week you worked 16 hours. hour and will increase to $8.00 per hour What is your straight-time pay? after 90 days. If her standard work week is 8. Your neighbor has agreed to pay you 32 hours, what will her straight-time pay be $8.00 per hour if you will tutor her 4 months from now? 1 son in reading. If you spend 9 _ hours 2 A. $240 B. $250 C. $256 D. $248 each week helping him, how much straight-time pay will you earn each week? Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Section 1-1 Study Guide 1
Student Date Period Calculating Overtime Pay 1-2 Overtime pay is the amount of money you earn when you work more than your regularly 1 scheduled hours. If you are paid 1 _ times your regular rate, it is called time and a half. If you 2 are paid twice your regular rate, you earn double time. Your total pay (or gross pay) is calculated by adding your overtime pay to your straight-time pay. Overtime Pay ‫ ؍‬Overtime Rate ؋ Overtime Hours Worked Total Pay (Gross Pay) ‫ ؍‬Straight-Time Pay ؉ Overtime Pay Example Find the total pay. 1 Anita Juarez earns $9.50 for a regular 40-hour work week. Her overtime rate is 1 _ times her 2 regular rate. Last week she worked 8 hours of overtime in addition to her regular 40 hours. What was her total pay? 1. Find her straight-time pay. 3. Find her total pay. Hourly Rate ؋ Regular Hours Worked Straight-Time Pay ؉ Overtime Pay $9.50 ϫ 40 hours ϭ $380.00 straight-time pay $380.00 ϩ $114.00 ϭ $494.00 total pay 2. Find her overtime pay. Overtime Rate ؋ Overtime Hours Worked (1.5 ϫ $9.50) ϫ 8 hours $14.25 ϫ 8 hours ϭ $114.00 overtime pay Practice Find the total pay. Hourly Pay (40 hrs) 1. 2. 3. StraightTime Pay Overtime Rate Overtime Hours $7.25 2 12 $9.80 1 12 8 $12.465 2 Overtime Pay Total Pay 5.5 4. Michael Sears’ standard work week is 35 hours at a rate of $8.675 per hour. He earns time and a half for weekend hours. This week he worked 3 extra hours on Saturday and 4 on Sunday. What is his total pay for the week? 5. Standardized Test Practice Piping Hot Pizza’s busiest days fall on the weekend. It offers its employees time-and-a-half pay on Saturdays and double-time pay on Sundays. Lisa Edwards normally earns $10.50 per hour. If, in addition to her regular 25 hours, she works 4 hours on Saturday and 6 hours on Sunday, what is her total pay for the week? A. $367.50 2 Section 1-2 B. $451.50 Study Guide C. $420.00 D. $472.50 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
Student Date 1-3 Period Calculating a Weekly Time Card A weekly time card gives a day-by-day record of your work hours. It shows the exact time you reported to work and the exact time you left each day. To calculate your weekly hours, you must first compute the hours you work each day; then add them together for the entire week. Round the hours worked each day to the nearest quarter hour. Total Hours ‫ ؍‬Sum of Daily Hours Example Find the total hours worked. Day of Week Time In Time Out Time In Time Out Monday Tuesday Wednesday Thursday Friday 8:45 8:05 8:12 7:59 1:12 A.M. 11:45 A.M. 12:05 P.M. 12:12 A.M. 11:59 A.M. — 12:45 P.M. 4:15 P.M. 1:05 P.M. 1:12 P.M. 12:59 P.M. — 5:14 4:48 5:02 5:25 A.M. A.M. A.M. P.M. 1. Find the hours worked on Monday. Time between 8:45 A.M. and 11:45 A.M. 11:45 Ϫ 8:45 ϭ 3h:00min Time between 12:45 P.M. and 4:15 P.M. (4:15 ϩ 12:00) Ϫ 12:45 16:15 Ϫ 12:45 ϭ 3h:30min 3h:00min ϩ 3h:30min ϭ 6h:30min 1 Rounded to nearest quarter hour ϭ 6 _ hours 2 P.M. P.M. P.M. P.M. 2. Find the hours worked on each day, Tuesday to Friday. 1 Daily hours: Tuesday 8_ hours, 4 1 Wednesday 7 _ hours, Thursday 8 hours, 2 1 Friday 4 _ hours 4 3. Find the total hours. Total Hours ‫ ؍‬Sum of Daily Hours 1 1 1 1 1 6 _ ϩ 8 _ ϩ 7 _ ϩ 8 ϩ 4 _ ϭ 34_ total hours 2 4 2 4 2 Practice Find the hours worked each day and the total hours for the week. Day of Week 1. 2. 3. 4. 5. 6. Time In Monday 9:15 Tuesday 9:02 Wednesday 8:58 Thursday 8:27 Friday 2:04 Total Hours for Week A.M. A.M. A.M. A.M. P.M. Time Out Time In 12:15 A.M. 12:00 P.M. 12:00 P.M. 12:30 P.M. — 1:15 P.M. 1:00 P.M. 1:00 P.M. 1:30 P.M. — Time Out 5:58 5:36 5:05 6:02 5:45 Hours P.M. P.M. P.M. P.M. P.M. 7. Standardized Test Practice Amanda Roberts works a Monday through Friday work week at a rate of $8.75 per hour. She takes a 1-hour lunch break. If she clocks in each day at 8:45 A.M. and leaves at 5:15 P.M., what is her total pay for the week? A. $328.13 B. $65.63 C. $229.69 D. $350.00 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Section 1-3 Study Guide 3
Student Date 1-4 Period Calculating Pay on a Piecework Basis Sometimes a person’s take-home pay is calculated on a piecework basis. This means that instead of being paid an hourly rate, you are paid a fixed amount of money for each item of work you complete. Total Pay ‫ ؍‬Rate per Item ؋ Number of Items Produced Example Find the total pay. Juan Santiago works for Sports Cards Plus. For each autographed card he hand numbers, he is paid $0.02. He is paid an additional $0.03 for each corresponding certificate of authenticity he completes. If he completes 1,200 cards with certificates of authenticity and an additional 1,500 cards without certificates of authenticity, what is his total pay for the day? 1. Rate for cards with certificates: $0.02 ϩ $0.03 ϭ $0.05 Rate for cards without certificates: $0.02 Rate per Item Card w/ COAs Cards w/o COAs ؋ Number of Items Produced ‫؍‬ Total Pay $0.05 0.02 ϫ ϫ 1,200 1,500 ϭ ϭ $60.00 30.00 Total Pay 2. $60.00 ϩ $30.00 ϭ $90.00 total pay Practice Find the total pay. Employee 1. 2. 3. 4. 5. 6. Rate per Item ؋ Number of Items Produced ‫؍‬ Bates, L. Connors, D. Gress, T. Jones, M. Lopez, F. Wu, K. $ 0.75 2.30 8.45 0.44 5.00 10.95 ϫ ϫ ϫ ϫ ϫ ϫ 1,100 115 55 660 99 42 ϭ ϭ ϭ ϭ ϭ ϭ 7. Standardized Test Practice Kathy Crawford works as a freelance writer and editor. She charges $12 per page for editing services and $0.15 per word for writing. Kathy’s regular client has asked her to write a 500-word press release and edit a 12-page newsletter. What is the total pay for the job? A. $144 B. $219 C. $75 D. $200 4 Section 1-4 Study Guide Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
Student Date 1-5 Period Calculating Salary When you are paid a fixed amount of money on a regular basis, you earn what is known as a salary. The total amount of money you earn in a year is your annual salary. Your salary can be paid in the following ways: Weekly (52 pay periods per year) Biweekly (26 pay periods per year) Semimonthly (24 pay periods per year) Monthly (12 pay periods per year) Salary per Pay Period = Annual Salary Number of Pay Periods per Year Example Find the weekly salary and monthly salary. County Medical Center advertised an RN position at a starting yearly salary of $42,000.00. 1. Weekly Salary ϭ Annual Salary Ϭ 52 Weekly Salary ϭ $42,000.00 Ϭ 52 ϭ $807.69 2. Monthly Salary ϭ Annual Salary Ϭ 12 Monthly Salary ϭ $42,000.00 Ϭ 12 ϭ $3,500.00 Practice Determine the number of pay periods per year, then find the salary per pay period. Employee 1. 2. 3. 4. 5. 6. Pay Period Annual Salary Warner, C. Allen, V. Bénés, N. Vincent, F. Potter, D. Clark, B. Biweekly Weekly Semimonthly Monthly Weekly Semimonthly $26,000 14,750 32,500 56,000 41,875 89,675 Pay Periods per Year ‫؍‬ Salary per Pay Period ϭ ϭ ϭ ϭ ϭ ϭ 7. Sam Stevens, a mechanical engineer, earns an annual salary of $74,500. What is his biweekly salary? 8. Wanda Summers teaches 10th grade English. If she is paid a weekly salary of $750.00, what is her annual salary? 9. Fred Walters used to make a semimonthly salary of $2,500. The company he works for is under new management, which pays its employees biweekly. What is his annual salary and what will his new biweekly salary be? 10. Standardized Test Practice Linda Stevens was recently promoted from Accounts Payable Clerk to Accounting Specialist. Previously, she earned $10.50 per hour for a standard 40-hour week. She will now be paid a biweekly salary of $1,100. How much more will Linda earn annually in her new position? A. $6,760 B. $4,560 C. $3,380 D. $13,520 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Section 1-5 Study Guide 5
Student Date 1-6 Period Calculating Commissions If you work in the retail business, you might earn a commission. With a commission, you are paid according to how much you actually sell. You might be paid a commission only, or you might be guaranteed a minimum salary. In that case, your commission for the pay period is compared to your minimum salary. Your gross pay is the greater of the two. Commission ‫ ؍‬Total Sales ؋ Commission Rate Gross Pay ‫ ؍‬Salary or Commission (whichever is greater) Example Find the gross pay. Sandra Powers works in a clothing boutique. She is guaranteed a minimum weekly salary of $320, or 6.5 percent of her sales, whichever is greater. If she sold $5,000 worth of clothing and accessories last week, what is her gross pay? 1. Find her commission. $5,000.00 ϫ 0.065 ϭ $325 commission 2. Find her gross pay. Salary ϭ $320 $325 Ͼ $320. Gross pay is $325. Practice Find the commission. Sales Position 1. 2. 3. Total Sales ؋ Commission Rate ‫؍‬ Cosmetics Hardware Shoes $2,500 5,800 9,750 ϫ ϫ ϫ 12% 1 5 2% 33% 4 ‫؍‬ ‫؍‬ ‫؍‬ Commission Find the commission and gross pay. Salesperson 4. 5. 6. Minimum Total Weekly Weekly Salary Sales B. Adams K. Brown C. Sumner $ 500 775 1,150 $ 5,200 12,000 9,500 ؋ Commission Rate ‫؍‬ ϫ ϫ ϫ 8.45% 6.825% 13.5% Weekly Gross Commission Pay ‫؍‬ ‫؍‬ ‫؍‬ 7. Standardized Test Practice Richard Klein works as an auto mechanic and earns the following commission rates: 3.00 percent for oil changes, 5.00 percent for tune-ups, and 6.25 percent on auto parts sales. He is guaranteed a minimum salary of $2,450.00 per month. Last month he brought in $2,500.00 in oil changes, $4,500.00 in tune-ups, and sold $28,200.00 in parts. What is his gross pay for the month? A. $2,112.50 B. $2,450.00 C. $2,200.00 D. $5,016.00 6 Section 1-6 Study Guide Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
Student Date 1-7 Period Calculating Graduated Commissions You might be offered varying rates of commission based on several different levels of sales. If you receive a different rate of commission when you reach a specified quota, you are paid what is known as a graduated commission. Total Graduated Commission ‫ ؍‬Sum of Commissions for All Sales Levels Example Find the total graduated commission. David Michaels is a used car salesman. As an incentive to bolster sales, Michaels’ manager offers the following graduated commission: Commission Percentage 2.5% 5.0% 8.0% Level of Sales First $10,000 Next $15,000 Over $25,000 Michaels’ sales for the month of June were $32,000. Find his total commission for the month. 1. ($10,000 ϫ 2.5%) ϭ ($10,000.00 ϫ 0.025) ϭ $250.00 Commission Level 1 2. ($15,000 ϫ 5%) ϭ ($15,000.00 ϫ 0.05) ϭ $750.00 Commission Level 2 3. ($32,000 Ϫ $25,000) ϫ 8% ϭ $7,000.00 ϫ 0.08 ϭ $560.00 Commission Level 3 4. $250.00 ϩ $750.00 ϩ $560.00 ϭ $1,560.00 total commission Practice Find the total graduated commission. 1. Commission: 6 percent on first $10,000; 8 percent over $10,000. Find the total graduated commission on $12,500. 2. Commission: 3 percent on first $2,500; 5 percent on second $2,500; 7.5 percent over $5,000. Find the total graduated commission on $5,800. 3. Commission: $5 for the first 20 demonstrations; $7 for all demonstrations over 20. What is the total graduated commission for 28 demonstrations? 4. Sandra Brown works as a beautician. She earns a $1 commission for the first 50 haircuts and a $1.50 commission for all haircuts over 50. In addition, she receives a base salary of $250 per week. If she performs 72 haircuts, what is her total pay for the week? 5. Standardized Test Practice Mitchell Gomez is an auto mechanic. He earns a base salary of $2,000 per month. In addition, he receives the following graduated commissions: 2 percent for the first $5,000 in repairs and 3 percent over $5,000. If he exceeds $10,000 in repairs, he is given a $500 bonus. What is Gomez’s total pay for the month if he does $10,125 in repairs? A. $2,000 B. $2,750 C. $2,753.75 D. $2,253.75 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Section 1-7 Study Guide 7
CHAPTER REVIEW Student Date 1 Period Chapter Review Who Makes the Money? Chris, Michelle, and Alex meet on Fridays at Corner Coffee House. On three Fridays they compare how much they’ve earned on their summer jobs. Given the following salary specifications, which of the three makes the most money each week? Week 1 1. Who makes the most money in week 1: Chris, Michelle, or Alex? a. Chris works at the local hardware store where she earns a weekly salary of $150 and a 3 percent commission on all sales. This week she sold $1,500 worth of products. b. Michelle baby-sits the neighbors’ children. She watches the Rogers’ child for $5 per hour and the Pringles’ two children for $6.50 per hour. The Rogers needed her to work 15 hours this week, while the Pringles needed her services for 25 hours. c. Alex works for his father assembling clock motors. He is paid a piecework rate of $8.50 per motor. This week he assembled 21 motors. Week 2 2. Who makes the most money in week 2: Chris, Michelle, or Alex? a. Chris still makes a base salary of $150 per week, but her commission this week is a graduated rate of 2.5 percent on the first $1,000 and 3.5 percent for all sales over $1,000. Her sales this week were again $1,500. b. Michelle cut back her time at the Rogers’ to 10 hours so she could increase her hours at the Pringles’ to 28 hours. c. This week Alex is paid an hourly rate of $7.00 instead of the piecework rate. Each day, Monday through Friday, he clocked in at 9:15 A.M. and clocked out at 2:25 P.M. Week 3 3. Who makes the most money in week 3: Chris, Michelle, or Alex? 1 a. Chris’s base salary is raised to $250 this week, but her commission is 1 _ percent on all 2 sales. Once again, her sales were $1,500. b. The Pringles asked Michelle to baby-sit for 12 hours on the 4th of July. They paid her double time for working on the holiday. The rest of the week they were on vacation and didn’t need her services. She baby-sat her usual 10 hours at the Rogers’. c. Alex worked the following schedule at the rate of $7 per hour with time and a half for the weekend: Sat. Mon. Tues. Wed. Thurs. Fri. 5 6 5.75 4.5 6.75 5.5 8 Chapter 1 Review Study Guide Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.

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Foundation Skills Chapter 1 Review - Test Pret

  • 1.
    Student Date 1-1 Period Calculating Straight-Time Pay Straight-timepay is the total amount of money you earn in a given pay period. It is calculated based upon your hourly rate of pay. To determine your straight-time pay, multiply the number of hours you worked by your hourly rate. Straight-Time Pay ‫ ؍‬Hourly Rate ؋ Hours Worked Examples Find the straight-time pay. Example 1 35 hours worked at $7.75 per hour. Hourly Rate ؋ Hours Worked ‫؍‬ Straight-Time Pay $7.75 ϫ 35 ϭ $271.25 Example 2 3 36 _ hours worked at $8.775 per hour. 4 Hourly Rate Hours Worked ‫؍‬ $8.775 Calculator: ؋ ϫ 36.75 ϭ $322.481 $8.775 ϫ 36.75 ϭ $322.48125 Straight-Time Pay Practice Find the straight-time pay. Round answers to the thousandth of a dollar. 1. $11.625 per hour ϫ 30 hours 2. $7.825 per hour ϫ 32.125 hours Find the straight-time pay. Round answers to the nearest cent. 3. $9.40 per hour ϫ 22 hours 9. Ronald Sutter, an assembly line worker, earns $16.655 per hour. He typically works 4. $10.25 per hour ϫ 25 hours 1 36.225 hours per week. What is his usual 5. $8.50 per hour ϫ 30 _ hours 2 straight-time pay? 3 6. $12.75 per hour ϫ 24 _ hours 4 10. Standardized Test Practice Keys Per Minute 7. The local bowling alley pays you recently hired Anne Bradford as a data entry $7.25 per hour to manage the desk. clerk. Her starting rate of pay is $7.50 per Last week you worked 16 hours. hour and will increase to $8.00 per hour What is your straight-time pay? after 90 days. If her standard work week is 8. Your neighbor has agreed to pay you 32 hours, what will her straight-time pay be $8.00 per hour if you will tutor her 4 months from now? 1 son in reading. If you spend 9 _ hours 2 A. $240 B. $250 C. $256 D. $248 each week helping him, how much straight-time pay will you earn each week? Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Section 1-1 Study Guide 1
  • 2.
    Student Date Period Calculating Overtime Pay 1-2 Overtimepay is the amount of money you earn when you work more than your regularly 1 scheduled hours. If you are paid 1 _ times your regular rate, it is called time and a half. If you 2 are paid twice your regular rate, you earn double time. Your total pay (or gross pay) is calculated by adding your overtime pay to your straight-time pay. Overtime Pay ‫ ؍‬Overtime Rate ؋ Overtime Hours Worked Total Pay (Gross Pay) ‫ ؍‬Straight-Time Pay ؉ Overtime Pay Example Find the total pay. 1 Anita Juarez earns $9.50 for a regular 40-hour work week. Her overtime rate is 1 _ times her 2 regular rate. Last week she worked 8 hours of overtime in addition to her regular 40 hours. What was her total pay? 1. Find her straight-time pay. 3. Find her total pay. Hourly Rate ؋ Regular Hours Worked Straight-Time Pay ؉ Overtime Pay $9.50 ϫ 40 hours ϭ $380.00 straight-time pay $380.00 ϩ $114.00 ϭ $494.00 total pay 2. Find her overtime pay. Overtime Rate ؋ Overtime Hours Worked (1.5 ϫ $9.50) ϫ 8 hours $14.25 ϫ 8 hours ϭ $114.00 overtime pay Practice Find the total pay. Hourly Pay (40 hrs) 1. 2. 3. StraightTime Pay Overtime Rate Overtime Hours $7.25 2 12 $9.80 1 12 8 $12.465 2 Overtime Pay Total Pay 5.5 4. Michael Sears’ standard work week is 35 hours at a rate of $8.675 per hour. He earns time and a half for weekend hours. This week he worked 3 extra hours on Saturday and 4 on Sunday. What is his total pay for the week? 5. Standardized Test Practice Piping Hot Pizza’s busiest days fall on the weekend. It offers its employees time-and-a-half pay on Saturdays and double-time pay on Sundays. Lisa Edwards normally earns $10.50 per hour. If, in addition to her regular 25 hours, she works 4 hours on Saturday and 6 hours on Sunday, what is her total pay for the week? A. $367.50 2 Section 1-2 B. $451.50 Study Guide C. $420.00 D. $472.50 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
  • 3.
    Student Date 1-3 Period Calculating a WeeklyTime Card A weekly time card gives a day-by-day record of your work hours. It shows the exact time you reported to work and the exact time you left each day. To calculate your weekly hours, you must first compute the hours you work each day; then add them together for the entire week. Round the hours worked each day to the nearest quarter hour. Total Hours ‫ ؍‬Sum of Daily Hours Example Find the total hours worked. Day of Week Time In Time Out Time In Time Out Monday Tuesday Wednesday Thursday Friday 8:45 8:05 8:12 7:59 1:12 A.M. 11:45 A.M. 12:05 P.M. 12:12 A.M. 11:59 A.M. — 12:45 P.M. 4:15 P.M. 1:05 P.M. 1:12 P.M. 12:59 P.M. — 5:14 4:48 5:02 5:25 A.M. A.M. A.M. P.M. 1. Find the hours worked on Monday. Time between 8:45 A.M. and 11:45 A.M. 11:45 Ϫ 8:45 ϭ 3h:00min Time between 12:45 P.M. and 4:15 P.M. (4:15 ϩ 12:00) Ϫ 12:45 16:15 Ϫ 12:45 ϭ 3h:30min 3h:00min ϩ 3h:30min ϭ 6h:30min 1 Rounded to nearest quarter hour ϭ 6 _ hours 2 P.M. P.M. P.M. P.M. 2. Find the hours worked on each day, Tuesday to Friday. 1 Daily hours: Tuesday 8_ hours, 4 1 Wednesday 7 _ hours, Thursday 8 hours, 2 1 Friday 4 _ hours 4 3. Find the total hours. Total Hours ‫ ؍‬Sum of Daily Hours 1 1 1 1 1 6 _ ϩ 8 _ ϩ 7 _ ϩ 8 ϩ 4 _ ϭ 34_ total hours 2 4 2 4 2 Practice Find the hours worked each day and the total hours for the week. Day of Week 1. 2. 3. 4. 5. 6. Time In Monday 9:15 Tuesday 9:02 Wednesday 8:58 Thursday 8:27 Friday 2:04 Total Hours for Week A.M. A.M. A.M. A.M. P.M. Time Out Time In 12:15 A.M. 12:00 P.M. 12:00 P.M. 12:30 P.M. — 1:15 P.M. 1:00 P.M. 1:00 P.M. 1:30 P.M. — Time Out 5:58 5:36 5:05 6:02 5:45 Hours P.M. P.M. P.M. P.M. P.M. 7. Standardized Test Practice Amanda Roberts works a Monday through Friday work week at a rate of $8.75 per hour. She takes a 1-hour lunch break. If she clocks in each day at 8:45 A.M. and leaves at 5:15 P.M., what is her total pay for the week? A. $328.13 B. $65.63 C. $229.69 D. $350.00 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Section 1-3 Study Guide 3
  • 4.
    Student Date 1-4 Period Calculating Pay ona Piecework Basis Sometimes a person’s take-home pay is calculated on a piecework basis. This means that instead of being paid an hourly rate, you are paid a fixed amount of money for each item of work you complete. Total Pay ‫ ؍‬Rate per Item ؋ Number of Items Produced Example Find the total pay. Juan Santiago works for Sports Cards Plus. For each autographed card he hand numbers, he is paid $0.02. He is paid an additional $0.03 for each corresponding certificate of authenticity he completes. If he completes 1,200 cards with certificates of authenticity and an additional 1,500 cards without certificates of authenticity, what is his total pay for the day? 1. Rate for cards with certificates: $0.02 ϩ $0.03 ϭ $0.05 Rate for cards without certificates: $0.02 Rate per Item Card w/ COAs Cards w/o COAs ؋ Number of Items Produced ‫؍‬ Total Pay $0.05 0.02 ϫ ϫ 1,200 1,500 ϭ ϭ $60.00 30.00 Total Pay 2. $60.00 ϩ $30.00 ϭ $90.00 total pay Practice Find the total pay. Employee 1. 2. 3. 4. 5. 6. Rate per Item ؋ Number of Items Produced ‫؍‬ Bates, L. Connors, D. Gress, T. Jones, M. Lopez, F. Wu, K. $ 0.75 2.30 8.45 0.44 5.00 10.95 ϫ ϫ ϫ ϫ ϫ ϫ 1,100 115 55 660 99 42 ϭ ϭ ϭ ϭ ϭ ϭ 7. Standardized Test Practice Kathy Crawford works as a freelance writer and editor. She charges $12 per page for editing services and $0.15 per word for writing. Kathy’s regular client has asked her to write a 500-word press release and edit a 12-page newsletter. What is the total pay for the job? A. $144 B. $219 C. $75 D. $200 4 Section 1-4 Study Guide Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
  • 5.
    Student Date 1-5 Period Calculating Salary When youare paid a fixed amount of money on a regular basis, you earn what is known as a salary. The total amount of money you earn in a year is your annual salary. Your salary can be paid in the following ways: Weekly (52 pay periods per year) Biweekly (26 pay periods per year) Semimonthly (24 pay periods per year) Monthly (12 pay periods per year) Salary per Pay Period = Annual Salary Number of Pay Periods per Year Example Find the weekly salary and monthly salary. County Medical Center advertised an RN position at a starting yearly salary of $42,000.00. 1. Weekly Salary ϭ Annual Salary Ϭ 52 Weekly Salary ϭ $42,000.00 Ϭ 52 ϭ $807.69 2. Monthly Salary ϭ Annual Salary Ϭ 12 Monthly Salary ϭ $42,000.00 Ϭ 12 ϭ $3,500.00 Practice Determine the number of pay periods per year, then find the salary per pay period. Employee 1. 2. 3. 4. 5. 6. Pay Period Annual Salary Warner, C. Allen, V. Bénés, N. Vincent, F. Potter, D. Clark, B. Biweekly Weekly Semimonthly Monthly Weekly Semimonthly $26,000 14,750 32,500 56,000 41,875 89,675 Pay Periods per Year ‫؍‬ Salary per Pay Period ϭ ϭ ϭ ϭ ϭ ϭ 7. Sam Stevens, a mechanical engineer, earns an annual salary of $74,500. What is his biweekly salary? 8. Wanda Summers teaches 10th grade English. If she is paid a weekly salary of $750.00, what is her annual salary? 9. Fred Walters used to make a semimonthly salary of $2,500. The company he works for is under new management, which pays its employees biweekly. What is his annual salary and what will his new biweekly salary be? 10. Standardized Test Practice Linda Stevens was recently promoted from Accounts Payable Clerk to Accounting Specialist. Previously, she earned $10.50 per hour for a standard 40-hour week. She will now be paid a biweekly salary of $1,100. How much more will Linda earn annually in her new position? A. $6,760 B. $4,560 C. $3,380 D. $13,520 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Section 1-5 Study Guide 5
  • 6.
    Student Date 1-6 Period Calculating Commissions If youwork in the retail business, you might earn a commission. With a commission, you are paid according to how much you actually sell. You might be paid a commission only, or you might be guaranteed a minimum salary. In that case, your commission for the pay period is compared to your minimum salary. Your gross pay is the greater of the two. Commission ‫ ؍‬Total Sales ؋ Commission Rate Gross Pay ‫ ؍‬Salary or Commission (whichever is greater) Example Find the gross pay. Sandra Powers works in a clothing boutique. She is guaranteed a minimum weekly salary of $320, or 6.5 percent of her sales, whichever is greater. If she sold $5,000 worth of clothing and accessories last week, what is her gross pay? 1. Find her commission. $5,000.00 ϫ 0.065 ϭ $325 commission 2. Find her gross pay. Salary ϭ $320 $325 Ͼ $320. Gross pay is $325. Practice Find the commission. Sales Position 1. 2. 3. Total Sales ؋ Commission Rate ‫؍‬ Cosmetics Hardware Shoes $2,500 5,800 9,750 ϫ ϫ ϫ 12% 1 5 2% 33% 4 ‫؍‬ ‫؍‬ ‫؍‬ Commission Find the commission and gross pay. Salesperson 4. 5. 6. Minimum Total Weekly Weekly Salary Sales B. Adams K. Brown C. Sumner $ 500 775 1,150 $ 5,200 12,000 9,500 ؋ Commission Rate ‫؍‬ ϫ ϫ ϫ 8.45% 6.825% 13.5% Weekly Gross Commission Pay ‫؍‬ ‫؍‬ ‫؍‬ 7. Standardized Test Practice Richard Klein works as an auto mechanic and earns the following commission rates: 3.00 percent for oil changes, 5.00 percent for tune-ups, and 6.25 percent on auto parts sales. He is guaranteed a minimum salary of $2,450.00 per month. Last month he brought in $2,500.00 in oil changes, $4,500.00 in tune-ups, and sold $28,200.00 in parts. What is his gross pay for the month? A. $2,112.50 B. $2,450.00 C. $2,200.00 D. $5,016.00 6 Section 1-6 Study Guide Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.
  • 7.
    Student Date 1-7 Period Calculating Graduated Commissions Youmight be offered varying rates of commission based on several different levels of sales. If you receive a different rate of commission when you reach a specified quota, you are paid what is known as a graduated commission. Total Graduated Commission ‫ ؍‬Sum of Commissions for All Sales Levels Example Find the total graduated commission. David Michaels is a used car salesman. As an incentive to bolster sales, Michaels’ manager offers the following graduated commission: Commission Percentage 2.5% 5.0% 8.0% Level of Sales First $10,000 Next $15,000 Over $25,000 Michaels’ sales for the month of June were $32,000. Find his total commission for the month. 1. ($10,000 ϫ 2.5%) ϭ ($10,000.00 ϫ 0.025) ϭ $250.00 Commission Level 1 2. ($15,000 ϫ 5%) ϭ ($15,000.00 ϫ 0.05) ϭ $750.00 Commission Level 2 3. ($32,000 Ϫ $25,000) ϫ 8% ϭ $7,000.00 ϫ 0.08 ϭ $560.00 Commission Level 3 4. $250.00 ϩ $750.00 ϩ $560.00 ϭ $1,560.00 total commission Practice Find the total graduated commission. 1. Commission: 6 percent on first $10,000; 8 percent over $10,000. Find the total graduated commission on $12,500. 2. Commission: 3 percent on first $2,500; 5 percent on second $2,500; 7.5 percent over $5,000. Find the total graduated commission on $5,800. 3. Commission: $5 for the first 20 demonstrations; $7 for all demonstrations over 20. What is the total graduated commission for 28 demonstrations? 4. Sandra Brown works as a beautician. She earns a $1 commission for the first 50 haircuts and a $1.50 commission for all haircuts over 50. In addition, she receives a base salary of $250 per week. If she performs 72 haircuts, what is her total pay for the week? 5. Standardized Test Practice Mitchell Gomez is an auto mechanic. He earns a base salary of $2,000 per month. In addition, he receives the following graduated commissions: 2 percent for the first $5,000 in repairs and 3 percent over $5,000. If he exceeds $10,000 in repairs, he is given a $500 bonus. What is Gomez’s total pay for the month if he does $10,125 in repairs? A. $2,000 B. $2,750 C. $2,753.75 D. $2,253.75 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Section 1-7 Study Guide 7
  • 8.
    CHAPTER REVIEW Student Date 1 Period Chapter Review WhoMakes the Money? Chris, Michelle, and Alex meet on Fridays at Corner Coffee House. On three Fridays they compare how much they’ve earned on their summer jobs. Given the following salary specifications, which of the three makes the most money each week? Week 1 1. Who makes the most money in week 1: Chris, Michelle, or Alex? a. Chris works at the local hardware store where she earns a weekly salary of $150 and a 3 percent commission on all sales. This week she sold $1,500 worth of products. b. Michelle baby-sits the neighbors’ children. She watches the Rogers’ child for $5 per hour and the Pringles’ two children for $6.50 per hour. The Rogers needed her to work 15 hours this week, while the Pringles needed her services for 25 hours. c. Alex works for his father assembling clock motors. He is paid a piecework rate of $8.50 per motor. This week he assembled 21 motors. Week 2 2. Who makes the most money in week 2: Chris, Michelle, or Alex? a. Chris still makes a base salary of $150 per week, but her commission this week is a graduated rate of 2.5 percent on the first $1,000 and 3.5 percent for all sales over $1,000. Her sales this week were again $1,500. b. Michelle cut back her time at the Rogers’ to 10 hours so she could increase her hours at the Pringles’ to 28 hours. c. This week Alex is paid an hourly rate of $7.00 instead of the piecework rate. Each day, Monday through Friday, he clocked in at 9:15 A.M. and clocked out at 2:25 P.M. Week 3 3. Who makes the most money in week 3: Chris, Michelle, or Alex? 1 a. Chris’s base salary is raised to $250 this week, but her commission is 1 _ percent on all 2 sales. Once again, her sales were $1,500. b. The Pringles asked Michelle to baby-sit for 12 hours on the 4th of July. They paid her double time for working on the holiday. The rest of the week they were on vacation and didn’t need her services. She baby-sat her usual 10 hours at the Rogers’. c. Alex worked the following schedule at the rate of $7 per hour with time and a half for the weekend: Sat. Mon. Tues. Wed. Thurs. Fri. 5 6 5.75 4.5 6.75 5.5 8 Chapter 1 Review Study Guide Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.