Gross Income Test

Front

What is Gross Income?

Back

Gross Income is the total income earned by an individual or business before any deductions or taxes are applied.

Front

How is commission calculated?

Back

Commission is calculated by multiplying the total sales amount by the commission rate (e.g., Commission = Total Sales x Commission Rate).

Front

If a salesperson earns a 6.5% commission on $9,732.00 in sales, what is their commission?

Back

$632.58

Front

How many times are you paid in a year if you receive monthly payments?

Back

12

Front

What is the formula to calculate time-and-a-half pay?

Back

Time-and-a-half pay is calculated as: Regular Hourly Rate x 1.5.

Front

If Robert earns 3% commission on a $512,800 home sale, what is his commission?

Back

$15,384

Front

What is the total pay for 52 hours of work at $9.35 per hour for the first 40 hours and time-and-a-half for the remaining hours?

Back

$542.30

Front

How do you calculate the pay for items produced that pass inspection?

Back

Pay = Number of items produced that pass inspection x Pay per item.

Front

If Steven produces 75 fly fishing lures and 3 do not pass inspection, how many lures are paid for?

Back

72 lures are paid for.

Front

What is the total pay for producing 75 lures at $5.33 each, if 3 lures did not pass inspection?

Back

$384.00 (72 lures x $5.33).