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?

$61.50

$893.00

$846.00

$976.00

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

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

$1 300

$2 600

$5 633.33

$1 408.33

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?

Compare the hourly rate to the annual salary directly.

Convert both options to the same time period first.

Use four weeks for every month in all cases.

Choose the option with the larger number written in the question.

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?

$15 per hour

$30 per hour

$45 per hour

$60 per hour

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?

$1 140

$1 260

$1 320

$1 890

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?

Subtract it from ordinary earnings.

Multiply all hours by $35.

Add it as a fixed extra amount.

Use it only if overtime is also worked.

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?

$34

$212.50

$340

$850

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?

$39.38

$129.20

$320.00

$403.20

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?

$166.25

$332.50

$950.00

$2 232.50

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?

$925.40

$1 434.60

$254.60

$1 180.00

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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