Checkpoint 1

Maths Standard Year 11 - Module 3 Financial Mathematics - Lessons 1 to 5

Wages and salaries Pay-period conversions Overtime and allowances Commission, piecework and leave loading Payslip interpretation

10 MC 3 short answer 25 min

0/10

Multiple Choice Score

Answer questions to see your score.

Part A - Multiple Choice

1Jordan is paid $23.50 per hour for 38 hours. What is Jordan's weekly wage?

B. Weekly wage $= 23.50 \times 38 = 893.00$.

2A salary is $67 600 per year. What is the fortnightly pay before deductions?

B. There are 26 fortnights in a year, so $67600 \div 26 = 2600$.

3Which comparison is fairest when choosing between an hourly wage and an annual salary?

B. Financial comparisons need a common time basis, such as weekly, fortnightly or annual.

4An employee earns $30 per hour. Overtime is paid at time-and-a-half. What is the overtime rate?

C. Time-and-a-half means multiply the ordinary rate by $1.5$: $30 \times 1.5 = 45$.

5Taylor works 38 normal hours at $30 per hour and 4 overtime hours at time-and-a-half. What is the gross pay?

C. Normal pay $=38 \times 30 = 1140$. Overtime pay $=4 \times 45 = 180$. Gross pay $=1320$.

6A worker receives a $35 meal allowance. How should this usually be included in gross pay for the shift?

C. A fixed allowance is added to the relevant earnings. It is not an hourly rate unless the question says so.

7A salesperson earns 4% commission on $8500 of sales. What is the commission?

C. Commission $=0.04 \times 8500 = 340$.

8A piecework employee is paid $3.20 for each item completed. They complete 126 items. What is the pay?

D. Piecework pay $=126 \times 3.20 = 403.20$.

9A worker takes two weeks of leave. Ordinary pay is $950 per week and leave loading is 17.5% of the leave pay. What is the leave loading?

B. Leave pay for two weeks is $2 \times 950 = 1900$. Loading $=0.175 \times 1900 = 332.50$.

10A payslip shows gross pay of $\$1180$ and total deductions of $\$254.60$. What is the net pay?

A. Net pay = gross pay - deductions $= 1180 - 254.60 = 925.40$.

Part B - Short Answer

1A casual employee is paid $27.50 per hour for 32 hours per week.

a. Calculate the weekly wage. 2 marks

b. Estimate the annual pay if the employee works 48 weeks in the year. 2 marks

Weekly wage $=27.50 \times 32 = 880$. Annual pay for 48 weeks $=880 \times 48 = 42240$. The estimated annual pay is $42 240 before deductions.

2Morgan works 40 ordinary hours at $\$31$ per hour, then 3 overtime hours at double time. Morgan also receives a $\$28$ travel allowance.

a. Calculate ordinary pay. 1 mark

b. Calculate overtime pay. 2 marks

c. Calculate total gross pay including the allowance. 2 marks

Ordinary pay $=40 \times 31 = 1240$. Double-time overtime rate $=2 \times 31 = 62$, so overtime pay $=3 \times 62 = 186$. Gross pay $=1240 + 186 + 28 = 1454$.

3A payslip lists ordinary earnings of $\$960$, overtime of $\$144$, an allowance of $\$22$, PAYG tax of $\$186.50$ and another deduction of $18.75.

a. Calculate gross pay. 2 marks

b. Calculate total deductions. 1 mark

c. Calculate net pay and state what it represents. 2 marks

Gross pay $=960 + 144 + 22 = 1126$. Total deductions $=186.50 + 18.75 = 205.25$. Net pay $=1126 - 205.25 = 920.75$. This is the amount paid to the worker after deductions.

Use this checkpoint to decide whether Lessons 1-5 are secure before moving into managing money.

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