Getting Paid Primer

How many weeks are there in a year?

• 24

• 52

• 12

• 48

Answer explanation

There are 52 weeks in a year.

How many months are there in a year?

• 24

• 10

• 30

• 12

Answer explanation

There are 12 months in a year

January, February, March, April, May, June, July, August, September, October, November, and December

What is a salary?

• deductions

• interest earned on owed money

• a way of paying for an item through instalments

• a form of periodic payment from an employer to an employee

Answer explanation

A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract.

It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.

Many people are paid by their employers biweekly.
How many times per year can they expect to be paid?

• 26

• 52

• 12

• 48

Jesse earns an annual salary of $52,000.

How could Jesse determine what they earn in a month?

• Divide the annual salary by 52

• Divide the annual salary by 12

• Multiply the annual salary by 52

• Multiply the annual salary by 12

Answer explanation

Since there are 12 months in a year, Jesse should divide the annual salary by 12.

Naomi gets paid $1,782 biweekly.

How much does Naomi earn in a year?

• $92,664

• $21,384

• $46,332

• $68.54

Answer explanation

Naomi gets paid 26 times over the course of the year.

26 x $1,782 = $46,332

Common first jobs for young people include work at McDonald's, Tim Hortons or retail stores at the mall.

How do these employers usually pay their employees?

• by the hour

• salary

• commission

• according to performance

Answer explanation

A lot of first jobs like in fast food or retail pay their employees by the hour.

Employees are paid an
hourly rate x the number of hours they work.

How long is a typical work week?

• 24 hours

• 72 hours

• 12 hours

• 40 hours

When it comes to earning money, what does the term "time and a half" mean?

• completing tasks 1.5x faster than average

• completing 1.5 hours of work in 1 hour

• hourly rate x 1.5

• 30 minute break for every hour of work

Answer explanation

During overtime hours, it is common for employees to earn an hourly wage 1.5x their usual rate.

For example, if Dave earns $15/hour during regular hours,

$15 x 1.5 = $22.50 per hour

Dave earns $22.50 per hour during overtime hours.