Consumer arithmetic 𐙚

Which of the following best describes a salary?

• Payment for a specific task or project

• Payment for a year's work, generally paid as equal weekly, fortnightly, or monthly payments, with entitlements to benefits such as sick leave and holiday pay

• C) Payment based on the number of hours worked each week

• D) Payment for overtime hours worked

Which of the following best describes wages?

A) Payment for a specific task or project B) Payment for work calculated on an hourly basis, with the amount earned dependent on the number of hours actually worked, and no additional payments such as sick leave or holiday pay C) Payment for a year's work, generally paid as equal weekly, fortnightly, or monthly payments, with entitlements to benefits such as sick leave and holiday pay D) Payment for overtime hours worked

• Payment for a specific task or project

• Payment for work calculated on an hourly basis, with the amount earned dependent on the number of hours actually worked, and no additional payments such as sick leave or holiday pay

• Payment for a year's work, generally paid as equal weekly, fortnightly, or monthly payments, with entitlements to benefits such as sick leave and holiday pay

• Payment for overtime hours worked

Calculating Salary Amounts:

1. Emily earns a salary of $92,648. Write, to the nearest dollar, her salary as amounts per: a. week b. fortnight c. month.

Hourly Wage Calculations:

1. Lily earns $29.75 an hour. If she works 6 hours each day during the week and 4 hours a day during the weekend, find her weekly wage.

Salary Calculation Errors:

1. Isabelle earns $85,324 per annum. Isabelle calculated her weekly salary by dividing her annual salary by 12 to determine her monthly payment and then divided this result by 4 to determine her weekly payment. What answer did Isabelle get, what is the correct answer, and what is wrong with Isabelle’s calculation?

Which of the following best describes overtime rates?

A) Overtime rates are the same as the normal pay rate. B) Overtime rates are paid at 150% of the normal pay rate (time-and-a-half). C) Overtime rates are paid at 200% of the normal pay rate (double time). D) Overtime rates are paid at a variable rate depending on the employer.

• Overtime rates are the same as the normal pay rate.

• Overtime rates are paid at 150% of the normal pay rate (time-and-a-half).

  
  

• C) Overtime rates are paid at 200% of the normal pay rate (double time).

  
  

• D) Overtime rates are paid at a variable rate depending on the employer.

  
  

John works for a building construction company. Find John’s wage during one week in which he works 40 hours at the normal rate of $16 an hour, 3 hours at time-and-a-half rates and 1 hour at double time rates.

Which of the following best describes penalty rates?

• A) Penalty rates are the same as the normal pay rate.

  
  

• Penalty rates are paid at 150% of the normal pay rate.

  
  

• 
  Penalty rates are paid at a higher rate for working weekends, public holidays, late night shifts, or early morning shifts

  
  

• Penalty rates are paid at a variable rate depending on the employer.

  
  

Milan is employed on a casual basis for a fast-food company. His pay rate is $15 per hour with penalty rates as shown in the table above. Last week Milan worked from 6 p.m. until 10 p.m. on Thursday, from 8 p.m. until midnight on Friday and from 12 noon until 4 p.m. on Sunday. How much did Milan earn last week?

Which of the following best describes allowances?

• Allowances are additional payments made to employees who work overtime.

• Allowances are additional payments made to employees who work on weekends or public holidays.

• Allowances are extra payments made to employees with specific skills, who use their own tools or equipment, or who work in unpleasant or dangerous conditions.

• Allowances are payments made to employees for using public transportation to commute to work.