Podcast
Questions and Answers
What is Mr. Smith's overtime hourly rate, considering he earns 'time and a half'?
What is Mr. Smith's overtime hourly rate, considering he earns 'time and a half'?
- £20.00
- £15.00 (correct)
- £12.50
- £25.00
If Mrs. Smith's annual salary is £30,000, what is her gross monthly salary?
If Mrs. Smith's annual salary is £30,000, what is her gross monthly salary?
- £2,750
- £2,500 (correct)
- £2,000
- £2,250
Mr. Smith works 160 hours at a rate of £10 per hour, how much is his basic total pay?
Mr. Smith works 160 hours at a rate of £10 per hour, how much is his basic total pay?
- £1,700
- £1,500
- £1,600 (correct)
- £1,400
In calculating the total cost of the holiday for the Smith family (2 adults and 1 child), you notice that Company B offers a 15% discount for the child. If the regular price for a child is £425, what is the discounted price for the child's ticket?
In calculating the total cost of the holiday for the Smith family (2 adults and 1 child), you notice that Company B offers a 15% discount for the child. If the regular price for a child is £425, what is the discounted price for the child's ticket?
The Smith family intend to exchange £800 into Euros for their holiday. Given the exchange rate of 1.25 euros per £1, how many euros will they receive?
The Smith family intend to exchange £800 into Euros for their holiday. Given the exchange rate of 1.25 euros per £1, how many euros will they receive?
Considering the data on the daily high temperatures in Italy, what calculation is required to find the range?
Considering the data on the daily high temperatures in Italy, what calculation is required to find the range?
To estimate the driving time from Glasgow to London, the Smith family researches driving times and distances. Imagine they fit a line of best fit to their scatter graph, and the equation of the line is $y = 0.01x + 0.5$, where $x$ is the distance in km and $y$ is the driving time in hours. Given that London is 650km away, how many hours is the estimated drive time?
To estimate the driving time from Glasgow to London, the Smith family researches driving times and distances. Imagine they fit a line of best fit to their scatter graph, and the equation of the line is $y = 0.01x + 0.5$, where $x$ is the distance in km and $y$ is the driving time in hours. Given that London is 650km away, how many hours is the estimated drive time?
The Smith family is comparing two loan options for a car purchase of £2000. Option 1 has an APR of 8.5% over 12 months, while Option 2 has an APR of 7.5% over 6 months. Without calculating the exact payments, what is the key trade-off they should consider?
The Smith family is comparing two loan options for a car purchase of £2000. Option 1 has an APR of 8.5% over 12 months, while Option 2 has an APR of 7.5% over 6 months. Without calculating the exact payments, what is the key trade-off they should consider?
In the survey about why tourists chose Italy, 'weather' was selected multiple times. What statistical measure would best represent how frequently 'weather' was chosen compared to other reasons?
In the survey about why tourists chose Italy, 'weather' was selected multiple times. What statistical measure would best represent how frequently 'weather' was chosen compared to other reasons?
The family's total monthly expenditure is the sum of several expenses. If the total is £2392, and their monthly income is £2750, how much money is left over each month?
The family's total monthly expenditure is the sum of several expenses. If the total is £2392, and their monthly income is £2750, how much money is left over each month?
Flashcards
Gross Monthly Salary
Gross Monthly Salary
The total earnings before any deductions are made.
Net Pay
Net Pay
The amount remaining after all deductions have been subtracted from the gross salary.
Overtime Pay
Overtime Pay
An additional payment given to employees for hours worked beyond their regular hours.
APR
APR
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Loan Term
Loan Term
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Study Notes
- The Smith Family Case Study 1 involves calculating income, expenditures, and holiday costs.
Smith Family Income
- Mrs. Smith's annual salary is £30,000.
- Mr. Smith's hourly rate is £10.00.
- Mr. Smith works 160 normal hours per month
- Mr. Smith's overtime rate is time and a half.
Payslip Calculations
-
Mrs. Smith's Payslip
- Employee No: 349786
- NI No: NY98 34 32 W
- Annual Salary: £30,000
-
- Tax deducted: £521.87
- NI deducted: £298.62
-
Mr. Smith's Payslip
- Employee No: 386903
- NI No: NH76 96 35 P
- Basic Salary: £10.00 per hour
- Hours worked: 160
- Overtime hours: 20
Monthly Expenditure
- Mortgage: £850
- Gas/Electricity: £135
- Council tax: £128
- TV, Phone and broadband: £82
- Credit card: £150
- Insurance: £87
- Food: £420
- Petrol: £180
- Clothes: £120
- Pension: £240
Holiday Packages
- Company A - 7 Nights
- Price per Adult: £398
- Price per Child: £299
- Each piece of luggage: £20
- Company B - 7 Nights
- Price per person: £425
- 15% off per child
- Each piece of Luggage: £5.00
- Company C - 7 Nights
- Price per Adult: £450
- Price per Child: £400
- Special offer: 15% discount
- All baggage included
Exchange Rates
- Australia: 1.53 dollars per £1
- Italy: 1.25 euros per £1
- Canada: 1.55 dollars per £1
- India: 87.09 rupee per £1
Loan Options for £2000
- Option 1
- APR: 8.5%
- Loan Term: 12 months
- Option 2
- APR: 7.5%
- Loan Term: 6 months
Driving to London
- Various distances and driving durations are provided to estimate driving time to London:
- 60 km: 1 hour
- 420 km: 7 hours
- 700 km: 9 hours
- 110 km: 1.5 hours
- 120 km: 2 hours
- 300 km: 5 hours
Holiday Survey Results
- A survey was conducted at the airport regarding reasons for choosing Italy as a holiday destination.
- The responses include weather, beach, sight-seeing, and football.
Daily High Temperatures
- Daily high temperatures were recorded in Italy and Glasgow.
- Temperatures are provided for Monday through Sunday
- Italy's temperatures range from 27°C to 32°C.
- Glasgow's temperatures range from 18°C to 25°C.
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