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    Thomas McDonald - Money#7

    Uploaded by

    thomasmcdonald

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    © All Rights Reserved
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    Thomas McDonald - Money#7

    Uploaded by

    thomasmcdonald
    1 views4 pages

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    1 views4 pages

    Thomas McDonald - Money#7

    Uploaded by

    thomasmcdonald

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Personal Finances

    Personal Finances

    Calculating Gross Weekly Wages #7


    Multiplication, division, addition and subtraction, rounding off

    Some people earn a salary, while others may earn a small salary plus commission on
    sales. People earn money in many different ways.

    Example 1: A traditional beader and sewer gets paid $250 per pair of
    moccasins. It takes her 20 hours to complete a pair and it
    costs her $30 in materials.
    Problem 1: How much would she get paid if she made 5 pairs of
    moccasins per month.
    Solution: $250 x 5 = $1250
    $30 x 5 = $150
    $1250 - $150 = $1100
    She would make $1100 after expenses.

    Problem 2: How much per hour does she make?


    Solution: 20 hours x 5 = 100 hours
    $1100 ÷ 100 = $11 per hour
    She makes $11 per hour.

    Problem 3: How much would she make in one year if she consistently made and sold
    5 pairs of moccasins per month?
    Solution: $1100 x 12 = $13,200
    She would make $13,200 per year.

    21
    Money math Money Math Workbook
    21
    Personal Finances
    Personal Finances

    Example 2: John earns $31,200 a year plus commission. One week he


    grossed $725. He had sold $2500 worth of merchandise.
    Problem 1: How much does he make per week not including
    commission.
    Solution: $31,200 ÷ 52 weeks = $600
    He makes $600 per week.

    Problem 2: How much did he make in commission?


    Solution: $725 - $600 = $125
    He made $125 in commission.
    Problem 3: What is his rate of commission?
    Solution: $125 ÷$2500 x 100 = 5%
    His rate of commission is 5%.

    Directions: Calculate how much each person makes. Round your answers to the
    nearest cent.

    A. Salary

    1. Sally's job pays her $3,500 per month. What is her gross average weekly
    wage? ______________________

    2. Jim grosses $27,000 a year. What is his gross weekly wage?


    ___________________________

    B. Hourly (A regular work week is 40 hours. Overtime pay is time and one-half).

    1. Sue drives a truck for $15 an hour. If she worked 40 hours, what would be
    her gross earnings for one week? ______________

    22
    Money Math Workbook Money math
    22
    Personal Finances
    Personal Finances

    2. Mark is a water truck driver. He makes $18 an hour. Determine his


    earnings for a week if he worked 52 hours. _____________

    C. Piece Work

    1. Gillian gets paid 17 cents a tree for tree planting in northern British
    Columbia. In one week she planted 2437 trees. What is her wage?
    _________________

    2. A seamstress is paid $10 for every pair of pants made. How many pants
    would have to be made to receive $520 a week? _______________

    D. Straight Commission

    1. A real estate agent earns 2.4% on the sale of a house priced at $289,950.00.
    How much does she earn on that house? _________________

    2. A salesperson sells $5780 worth of merchandise in one day. From working


    on commission his gross pay for that day was $179.18. What is his rate of
    commission? ____________________

    E. Salary Plus Commission

    1. Dave earns $150 per week plus 3.8% commission. He sold $4175.68 in the
    month of February. What is his gross monthly earning for February?
    _______________________

    2. Mary earns $41,600 a year not including commission. One week she
    grossed $950. She had sold $5000 worth of merchandise. What is her rate of
    commission? _______________________

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    Money math Money Math Workbook
    23
    Personal Finances
    Personal Finances

    F. Hourly Wage Plus Commission

    1. Julie is a sales clerk at a bicycle shop. She is paid $12.25 per hour plus she
    is given a commission of 8% of sales. In one week she worked 30 hours
    and her sales were $2319.75. What is her gross weekly earnings for that
    week? ____________________

    2. Sam is paid $14 per hour plus 6% of sales. If he worked 37.5 hours in one
    week, what would his sales need to be for him to make $733.50 per week
    before taxes? _____________________

    24
    Money Math Workbook Money math
    24

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