Chapter 1 Grade 11 Math PDF

Chapter #1 Grade 11 Math Page 7 To solve the problem presented in the Jobs and Earnings scenario, here are the steps to analyze the different pay structures: 1. Calculate the total weekly earnings for each scenario: a. Scenario 1: $12 per hour - Multiply $12 by the number of hours worked in a wee...

Chapter #1 Grade 11 Math Page 7 To solve the problem presented in the Jobs and Earnings scenario, here are the steps to analyze the different pay structures: 1. Calculate the total weekly earnings for each scenario: a. Scenario 1: $12 per hour - Multiply $12 by the number of hours worked in a week (let's assume 40 hours for this calculation) - Total weekly earnings: $12/hour * 40 hours = $480 b. Scenario 2: $10 per hour + tips - Let's assume an average of $50 in tips per week - Total weekly earnings: $10/hour * 40 hours + $50 tips = $450 c. Scenario 3: $300 per week - Total weekly earnings: $300 d. Scenario 4: Hourly wage + commission - Commission percentage is not provided, so let's assume a 10% commission on sales - If the hourly wage is $10/hour and the total sales for the week are $1000 - Total commission earned: $1000 * 10% = $100 - Total weekly earnings: $400 (hourly wage) + $100 (commission) = $500 2. Analyze the pay structures: - Scenario 1 offers the highest total weekly earnings at $480. - Scenario 4 comes in second at $500 with the assumption of a 10% commission on sales. - Scenario 2 offers $450 including tips. - Scenario 3 has the lowest total weekly earnings at $300. 3. Employers use different pay methods for various reasons such as: - Some jobs may have a set salary or hourly wage due to the nature of the work. - Jobs that involve sales or customer service may offer commissions or tips to incentivize performance. - Employers may tailor pay structures to attract and retain talent based on industry standards and job requirements. By comparing the different pay structures, individuals can make informed decisions about which job may offer better compensation based on their skills and preferences. ____________________________________ Page 8 1. Determine without using a calculator: a) 10 × 30 = 300 b) 10 × 35 = 350 c) 10 × 40 = 400 d) 10 × 45 = 450 2. Calculate the length of time in hours between: a) 8 a.m. and 4 p.m. - 4 p.m. - 8 a.m. = 8 hours b) 9 a.m. and 5:30 p.m. - 5:30 p.m. - 9 a.m. = 8.5 hours c) 7:30 a.m. and 5 p.m. - 5 p.m. - 7:30 a.m. = 9.5 hours d) 7 a.m. and 5:30 p.m. - 5:30 p.m. - 7 a.m. = 10.5 hours e) 11 p.m. and 7:30 a.m. - 7:30 a.m. - 11 p.m. = 8.5 hours 3. Calculate the total hours Nicki worked last week. - Total hours worked = 8 + 9 + 9 + 8 + 8 + 5 = 47 hours b) Calculate her total earnings if she earns $11/hour. - Total earnings = 47 hours * $11/hour = $517 5. How many regular hours will someone need to work to earn $300 at $12/hour? - Number of hours = $300 / $12/hour = 25 hours 4. a) Research and state the minimum wage in Ontario for workers aged 18 or over. - As of 2021, the minimum wage in Ontario for workers aged 18 or over is $14.25 per hour. b) Is there more than one minimum wage in Ontario? Explain. - Yes, there are different minimum wage rates in Ontario based on factors such as age, student status, and the type of work being performed. For example, there are separate rates for general workers, liquor servers, students under 18, and homeworkers. 6. Calculate: a) 1% of 100 = 1 b) 5% of 100 = 5 c) 5% of 300 = 15 d) 5% of 3000 = 150 ____________________________________ Page 9 1. Solve the following: a) 5% of 100 = 5 b) 7% of 100 = 7 c) 20% of 100 = 20 - 6% of 200 = 6 2. Solve the following: a) 6% of 300 = 18 b) 6% of 400 = 24 c) 6% of 500 = 30 - 6% of 493 is slightly less than 30, as it falls between 29 and 30. The pattern in solving #2 is that to find 6% of a number, you multiply the number by 6 and divide by 100. To find 6% of 800: - 6% of 800 = (6/100) * 800 = 48 Therefore, 6% of 800 is 48. ____________________________________ Page 10 3. Using a calculator to solve the following: a) 12% of 250 = 30 b) 9% of 475 = 42.75 c) 6% of 980 = 58.8 d) 12.5% of 600 = 75 e) 70% of 430 = 301 f) 90% of 550 = 495 Calculating Gross Pay: - Job 1: Landscape laborer wanted. M-F, 8-4, some OT. $10.75 to start. Call Dan at 289-XXX-0628. - Job 2: General laborer wanted. Mostly landscaping with some lifting. $11/hr. 30-40 hrs/wk. Some weekends. 905-XXX-1432. In Job 1, the starting pay is $10.75 per hour with potential for overtime, while in Job 2, the pay is $11 per hour with a range of 30-40 hours per week and occasional weekend work. For someone looking at these job ads, they would need to consider factors such as the hourly rate, the total number of hours worked per week, the potential for overtime, and the nature of the work (e.g., landscaping and lifting). This information would help them calculate their potential gross pay based on the hours worked and the hourly rate offered. ____________________________________ Page 11 1. Given that each day includes a 30-minute unpaid lunch period: a) Job 1: If you work from 8 am to 4 pm with a 30-minute lunch break, you will work for 7.5 hours per day. b) Job 1: Considering a 5-day workweek, you will work for 7.5 hours per day, resulting in 37.5 hours per week at Job 1. 2. Gross pay is an employee's total earnings before deductions. To calculate the gross pay for 1 week's work at Job 1: - Job 1 offers $10.75 per hour. - Gross pay for 1 week = 37.5 hours/week * $10.75/hour = $403.13 3. Calculate the range of gross pay per week possible at Job 2: a) 30 hrs/wk at $11/hr = $330 b) 40 hrs/wk at $11/hr = $440 4. If both jobs are offered to you: a) Based on the information provided, Job 1 offers a consistent 37.5 hours per week with a starting wage of $10.75 per hour, resulting in a gross pay of $403.13. Job 2 offers a range of hours (30-40 hours) at $11 per hour, with a potential gross pay range of $330 to $440 per week. b) Reasons for choosing Job 1 could include: - Job 1 offers a guaranteed number of hours per week, providing stability. - The starting wage at Job 1 is slightly lower than Job 2 but offers consistent hours. - The gross pay for Job 1 has been calculated and is known, providing clarity on earnings. - Job 1 may have potential for overtime, increasing earnings. Ultimately, the decision would depend on personal preferences regarding work hours, stability, potential for overtime, and the overall compensation package offered by each job. ____________________________________ Page 12 For each employer, here are three different questions you might ask when applying for the job and considering important information about the job: a) Job 1: Question 1: What are the specific responsibilities and duties of the full-time cook position? Question 2: Are there opportunities for advancement or professional development within the organization? Question 3: Do you offer any additional benefits or perks along with the hourly wage? b) Job 2: Question 1: How are tips distributed among kitchen prep and line cooks, and how frequently are they paid out? Question 2: What level of experience is preferred for this role, and are there any training opportunities provided? Question 3: Are there any specific shifts or scheduling requirements for this position? c) Job 3: Question 1: What are the competitive pay and benefits offered for the cook position at the Residential Boarding School? Question 2: What specific qualifications or papers are required to apply for this position? Question 3: Can you provide more information about the work environment and the team dynamics at the Residential Boarding School? These questions can help you gather essential information about the job, the organization, the compensation package, and the expectations associated with the position to make an informed decision about which opportunity aligns best with your skills and career goals. ____________________________________ Page 13 6. a) To determine where a cook can earn the most money: - Job 1: 45 hours x $12/hour = $540 - Job 2: 40 hours x $11/hour + $75 tips = $440 + $75 = $515 Therefore, a cook can earn the most money at Job 1, averaging 45 hours per week. b) Regarding whether receiving benefits makes Job 3 more attractive: - Yes, receiving benefits such as prescription drug and dental benefits can make Job 3 more attractive as it adds to the overall compensation package. These benefits contribute to the pay package, providing added value beyond the hourly wage. Having access to benefits can enhance job satisfaction, overall well-being, and financial security. 7. When collecting information about available jobs in your area: - Ensure to gather data from various sources such as local newspapers, employment centers, online job portals, and community bulletin boards. - Compare the job ads or descriptions to identify similarities and differences in terms of job responsibilities, required qualifications, benefits offered, work hours, and compensation packages. - Analyze factors beyond the hourly wage that may influence your decision to apply for or accept a certain job, such as opportunities for career growth, work-life balance, company culture, and additional perks or benefits. Check Your Understanding: Three factors, other than $/hour, that could influence your decision to apply for or accept a particular job: a) Opportunities for advancement within the organization b) Work schedule flexibility or potential for remote work c) Company culture and values aligning with your own career goals and values. ____________________________________ Page 14 1. Warm Up: a) There are 14 days in 2 weeks. b) 14 days after March 26 is April 9. c) June has 30 days. 3. If you earn $13 per hour: a) Earnings in 10 hours = $13/hour * 10 hours = $130 b) Earnings in 20 hours = $13/hour * 20 hours = $260 c) Earnings in 30 hours = $13/hour * 30 hours = $390 4. Line Graph: - Hours Worked (x-axis) vs. Earnings ($) (y-axis) 5. Extending the pattern in the graph to estimate earnings for 45 hours worked: - Based on the pattern in the graph, the earnings for 45 hours worked would be around $585. 6. Calculate: a) 5% of $100 = $5 b) 5% of $1000 = $50 c) 5% of $2000 = $100 d) 5% of $4000 = $200 These calculations represent the percentage of the total amount for each scenario. ____________________________________ Page 15 Matching the words in Column A with the examples in Column B: AB 1. salary d) $35,000 per year 2. wage a) $14/hour 3. piecework c) $12 per crate 4. commission b) 5% of sales Occupations that match each pay type: a) Salary: Teacher b) Wage: Retail Sales Associate c) Piecework: Fruit Picker d) Commission: Real Estate Agent Definitions: - Salary: A fixed amount of money earned annually for work performed. - Wage: An amount of money earned per hour worked. - Piecework: Payment based on the number of units of work completed or produced. - Commission: Earning a percentage of the dollar amount from sales made. In the scenario provided: - Mohsen is being offered a wage of $12/hour with no commission at Big Box Electronics. - Electronics Depot offers a commission of 4% on all sales, with their top salespeople averaging $80,000 in sales per month. These examples illustrate the different ways individuals can be compensated for their work based on salary, wage, piecework, or commission structures in various job roles. ____________________________________ Page 16 6. Calculating the range of gross pay per week at Big Box Electronics: a) 35 hrs/wk * $12/hr = $420 b) 45 hrs/wk * $12/hr = $540 Therefore, the range of gross pay per week at Big Box Electronics is: a) For 35 hours per week: $420 b) For 45 hours per week: $540 7. Completing the table of commissions earned for different levels of weekly sales at Electronics Depot: - Commission rate: 4% of sales - $0 in sales: $0 commission - $5000 in sales: 4% of $5000 = $200 - $10,000 in sales: 4% of $10,000 = $400 - $15,000 in sales: 4% of $15,000 = $600 - $20,000 in sales: 4% of $20,000 = $800 - $25,000 in sales: 4% of $25,000 = $1000 Table of Values: | Weekly Sales | Earnings | |--------------|----------| | $0 | $0 | | $5000 | $200 | | $10,000 | $400 | | $15,000 | $600 | | $20,000 | $800 | | $25,000 | $1000 | 8. Criteria Mohsen should consider before accepting one of the jobs: a) Work hours and schedule b) Compensation structure (wage vs. commission) c) Growth opportunities d) Job responsibilities and alignment with skills and interests Explanation: - Mohsen should consider factors such as the stability of hours and the potential for earnings through commissions before accepting a job. - Understanding the work environment, sales targets, and potential for growth can help in making an informed decision. 9. Questions Mohsen might ask the store manager at Electronics Depot: - How is the commission calculated on sales? - Are there sales targets or goals to meet for earning commission? - Can you provide more information about the training or support provided to sales staff? - What is the average commission earned by salespeople at Electronics Depot? Definitions: - Pay schedule: The schedule outlining when employees receive their pay. - Sales period: The specific period during which sales are tracked and commissions are calculated for employee compensation. ____________________________________ Page 17 10. Ali's sales and commissions for December and January at Electronics Depot: a) Calculating commissions: - December 1-15: $61,950 * 4% = $2,478 - December 16-31: $47,570 * 4% = $1,902 - December Total: $2,478 (Row A) + $1,902 (Row B) = $4,380 - January 1-15: $18,040 * 4% = $722 - January 16-31: $13,820 * 4% = $553 - January Total: $722 (Row A) + $553 (Row B) = $1,275 b) Reasons for the difference in Ali's December and January income: - Seasonal trends: December may be a peak sales month due to holidays and year-end promotions, leading to higher sales and commissions. - January might see a post-holiday slowdown in sales, resulting in lower earnings for the month. - Variability in customer demand and purchasing behavior during different months can impact sales performance and consequently, commissions earned. The difference in Ali's income between December and January could be influenced by the timing of peak sales periods, customer behavior, and industry trends during those months. ____________________________________ Page 18 11. a) Ali's paydays for each sales period in 10a): - December 1-15: Paid on December 22 (Friday) - December 16-31: Paid on January 5 (Friday) - January 1-15: Paid on January 19 (Friday) - January 16-31: Paid on February 2 (Friday) b) The pay schedule at Electronics Depot can affect Ali's spending habits by: - Providing a predictable income schedule that allows for better budgeting and planning. - Aligning with specific sales periods, the pay schedule can influence how and when Ali manages his finances. - Knowing the exact payday can impact Ali's spending decisions, saving habits, and overall financial planning. 12. Calculating Bryan's total weekly income for various sales amounts: a) $1000 in sales: - Commission: 5% of $1000 = $50 - Total Weekly Earnings: Base Salary ($350) + Commission ($50) = $400 b) $2000 in sales: - Commission: 5% of $2000 = $100 - Total Weekly Earnings: Base Salary ($350) + Commission ($100) = $450 c) $3000 in sales: - Commission: 5% of $3000 = $150 - Total Weekly Earnings: Base Salary ($350) + Commission ($150) = $500 d) $4000 in sales: - Commission: 5% of $4000 = $200 - Total Weekly Earnings: Base Salary ($350) + Commission ($200) = $550 Bryan's total weekly income varies based on his base salary of $350 and the commission earned from sales. The total weekly earnings increase with higher sales amounts due to the additional commission earned on those sales. ____________________________________ Page 19 13. a) George and Marty's work hours each day: - They start at 7:00 a.m. and finish at 5:30 p.m. - Total hours worked = 5:30 p.m. - 7:00 a.m. = 10.5 hours b) Marty's earnings for picking 42 baskets in one day: - Marty earns $2.00 per 2-litre basket. - Total earnings = 42 baskets * $2.00 = $84 c) George's total earnings for picking 29 baskets: - George earns $2.00 per 2-litre basket. - Total earnings = 29 baskets * $2.00 = $58 d) Marty worked for the equivalent of $ per hour: - Marty earned $84 for 10.5 hours of work. - Equivalent hourly rate = $84 / 10.5 hours = $8 per hour e) George worked for the equivalent of $ per hour: - George earned $58 for 10.5 hours of work. - Equivalent hourly rate = $58 / 10.5 hours = $5.52 per hour Advantages: - Piecework: - Employee: Can earn more based on productivity and effort. - Employer: Encourages efficiency and motivates employees to work faster. - Commission: - Employee: Incentivized to increase sales and can earn more based on performance. - Employer: Aligns employee goals with company sales targets and boosts productivity. ____________________________________ ***Page 20 (Good Page) 1. Months of the year and the number of days in each month: - January (31 days) - February (28 or 29 days in leap years) - March (31 days) - April (30 days) - May (31 days) - June (30 days) - July (31 days) - August (31 days) - September (30 days) - October (31 days) - November (30 days) - December (31 days) 2. Completing the graphic organizer: - 60 seconds in 1 minute - 60 minutes in 1 hour - 24 hours in 1 day - 7 days in 1 week - 4 weeks in 1 month 3. Number of weeks in 1 year: - There are 52 weeks in a non-leap year. 4. Writing $3 million as a number: - $3,000,000 These answers cover the months of the year, the days in each month, time conversions, the number of weeks in a year, and representing $3 million as a numerical value. ____________________________________ Page 21 2. Survey results on how students are paid: Name: Employer: How Paid: Estimated Hours Per Week: Pay Schedule: 2. a) Workers paid weekly will be paid 52 times in 1 year (52 weeks in a year). b) People paid weekly will usually be paid 4 times per month, as there are typically 4 weeks in a month. c) Studying a current calendar, there are typically 4 months that have 4 weeks: - February (in non-leap years) - May - August - November d) People who are paid weekly get paid 5 times in some months because some months have 5 weeks. This can occur due to the way the days fall within the calendar month. For example, if the month starts on a Friday, there will be 5 Fridays in that month. e) This occurrence happens at least once in a year, and sometimes twice, depending on the specific calendar layout. 2. Survey results on how students are paid: Name: Employer: How Paid: Estimated Hours Per Week: Pay Schedule: 2. a) Workers paid weekly will be paid 52 times in 1 year (52 weeks in a year). b) People paid weekly will usually be paid 4 times per month, as there are typically 4 weeks in a month. c) Studying a current calendar, there are typically 4 months that have 4 weeks: - February (in non-leap years) - May - August - November d) People who are paid weekly get paid 5 times in some months because some months have 5 weeks. This can occur due to the way the days fall within the calendar month. For example, if the month starts on a Friday, there will be 5 Fridays in that month. e) This occurrence happens at least once in a year, and sometimes twice, depending on the specific calendar layout. ____________________________________ Page 22 3. Jenn's earnings as a receptionist: a) Weekly earnings: - Hourly rate: $14.25 - Weekly hours: 36 - Weekly earnings = $14.25/hour * 36 hours = $513 b) Total earnings for a month with 4 paychecks: - Monthly earnings = $513 * 4 = $2,052 c) Total earnings for a month with 5 paychecks: - Monthly earnings = $513 * 5 = $2,565 d) Total earnings for a year with 3 weeks of unpaid holidays: - Total weeks worked in a year = 52 weeks - 3 weeks (unpaid holidays) = 49 weeks - Yearly earnings = $513 * 49 weeks = $25,137 4. Calculating expected vacation pay: - Vacation pay rate: 4% of yearly earnings - Yearly earnings = $25,137 - Vacation pay = 4% of $25,137 = 0.04 * $25,137 = $1,005.48 5. a) Workers paid bi-weekly are paid 26 times in a year (52 weeks divided by 2). b) People paid bi-weekly are usually paid twice per month. Occasionally, they may receive 3 paychecks in a month due to the bi-weekly pay schedule aligning with the calendar months. ____________________________________ Page 23 6. Mark's earnings operating a backhoe: a) Hours worked in a 2-week period: - Weekly hours: 40 - Hours in a 2-week period = 40 hours/week * 2 weeks = 80 hours b) Total earnings for 1 pay period: - Hourly rate: $27.55 - Total earnings for a 2-week pay period = $27.55/hour * 80 hours = $2,204 c) Total earnings for a 2-pay month: - Monthly earnings = $2,204 * 2 = $4,408 d) Total earnings for a 3-pay month: - Monthly earnings = $2,204 * 3 = $6,612 e) Total earnings for a year working 48 weeks: - Total weeks worked in a year = 48 weeks - Yearly earnings = $27.55 * 40 hours/week * 48 weeks = $63,168 7. Calculating Mark's expected vacation pay: - Annual earnings = $63,168 - Vacation pay rate: 9% of annual earnings - Vacation pay = 9% of $63,168 = 0.09 * $63,168 = $5,685.12 Mark's expected vacation pay for last year, taking into account his annual earnings and the 4 weeks' vacation, would be $5,685.12. ____________________________________ Page 24 8. a) Calculating Jenn and Mark's combined annual family income: - Jenn's annual income: $25,137 - Mark's annual income: $63,168 - Combined annual family income = $25,137 + $63,168 = $88,305 b) Their combined income averages $7,359.58 per month or approximately $1,695.32 per week. Definition of semi-monthly: Semi-monthly means being paid twice a month, often on the 15th and the last day of the month. Employees paid semi-monthly receive their pay exactly 24 times in a year. 9. People paid semi-monthly are always paid 24 times per year. 10. a) Helga's earnings per pay: - Annual salary: $68,000 - Semi-monthly pay periods: 24 times in a year - Earnings per pay = $68,000 / 24 = $2,833.33 b) Helga's total earnings per month: - Total earnings per month = $2,833.33 * 2 = $5,666.67 Helga earns $2,833.33 per semi-monthly pay period and her total earnings per month amount to $5,666.67. ____________________________________ Page 25 c) Helga's total earnings for a year with 6 weeks of paid holidays: - Total weeks worked in a year = 52 weeks - 6 weeks (paid holidays) = 46 weeks - Yearly earnings = $68,000 * 46 weeks = $3,128,000 d) Explanation for Helga's car payments deduction on the 16th of every month: - By having her monthly car payment and car insurance payment deducted on the 16th of every month, Helga ensures that the deductions align with her semi-monthly pay schedule. This timing may be convenient for budgeting purposes, as she receives her pay around the 15th and the last day of each month, allowing her to manage expenses accordingly. Completing the table: a) Calculations for different pay frequencies: - Bi-Weekly: Annual salary divided by 26 (number of bi-weekly pay periods) - Semi-Monthly: Annual salary divided by 24 (number of semi-monthly pay periods) - Monthly: Annual salary divided by 12 (number of monthly pay periods) b) Completing the table with the given annual salaries: - For an annual salary of $32,000: - Bi-Weekly: $32,000 / 26 = $1,230.77 - Semi-Monthly: $32,000 / 24 = $1,333.33 - Monthly: $32,000 / 12 = $2,666.67 - For an annual salary of $44,500: - Bi-Weekly: $44,500 / 26 = $1,711.54 - Semi-Monthly: $44,500 / 24 = $1,854.17 - Monthly: $44,500 / 12 = $3,708.33 - For an annual salary of $3 million: - Bi-Weekly: $3,000,000 / 26 = $115,384.62 - Semi-Monthly: $3,000,000 / 24 = $125,000 - Monthly: $3,000,000 / 12 = $250,000 These calculations show the amounts Helga would receive per pay period based on different pay frequencies for various annual salary amounts. ____________________________________ Page 26 Warm Up: 1. Determining without using a calculator: a) Half of 12 = 6 b) Half of 9 = 4.5 c) Half of $16.50 = $8.25 3. Shading in one and a half circles: [Visualization - One full circle shaded completely, and half of another circle shaded.] 5. Dates of the other Mondays in September if September 3rd falls on a Monday: - September 3rd, 10th, 17th, 24th 7. Months that have 31 days: - January, March, May, July, August, October, December 2. Recipe calls for 2 cups of brown sugar: a) Doubling the recipe would require 4 cups of brown sugar. b) Tripling the recipe would require 6 cups of brown sugar. 4. Filling in the missing value on the time sheet: - Total: 46 hours 6. Completing the conversions: a) 1 hour = 60 minutes b) 2 hours = 120 minutes c) 3 hours = 180 minutes 8. Months that have exactly 30 days: - April, June, September, November How often employees are paid can impact various financial decisions, including saving habits, setting up regular payments, and bill payments. ____________________________________ Page 27 1. a) Determining Juha's earnings for the month of June: Week Beginning | Number of In-Car Lessons | Earnings Monday, June 5 | 44 lessons | 44 * $18 = $792 Monday, June 12 | 56 lessons | 56 * $18 = $1,008 Monday, June 19 | 52 lessons | 52 * $18 = $936 Monday, June 26 | 43 lessons | 43 * $18 = $774 Monthly Total: $792 + $1,008 + $936 + $774 = $3,510 b) Circling Juha's pay dates on the calendars: - The pay dates for Juha are Friday, June 9th, June 16th, June 23rd, and June 30th. c) The first pay that Juha received in June was on Friday, June 9th. ____________________________________ Page 28 1. Juha needs to watch the calendar and plan ahead for his insurance payment due on the 3rd of each month because it is a fixed expense that he needs to budget for in advance. By knowing the due date, he can ensure that he has the necessary funds available to make the payment on time. 2. Being paid bi-weekly would make Juha's planning easier as he would receive a paycheck every two weeks, which can help with budgeting for his monthly expenses. With a consistent schedule of income, he can allocate funds for his insurance payment and other bills accordingly. 3. Being paid on the last day of each month would not necessarily make Juha's planning easier. While he would receive his entire paycheck at once, it may be challenging to budget for his insurance payment due on the 3rd if he spends all his income before that date. Having a bi-weekly or semi-monthly pay schedule would provide more frequent income to help with better budgeting. 4. Karen's approximate pay per month can be calculated by multiplying her semi-monthly pay by 2. $1600 x 2 = $3200 Therefore, Karen's approximate pay per month is $3200. ____________________________________ Page 29 6. a) Total of Karen's monthly fixed expenses: $725 (Mortgage) + $298 (Car payment) + $237 (Home and car insurance) + $114 (Student loan) + $105 (Life insurance) = $1479 b) Date Chosen for Payment: - Mortgage: 1st of the month - This is typically a common date for mortgage payments to be due. - Car payment: 15th of the month - Since Karen is paid on the 15th and last day of each month, it would make sense to schedule her car payment around her paydays. - Home and car insurance: 5th of the month - This gives Karen a few days after receiving her paycheck to budget for this expense. - Student loan: 20th of the month - This date allows for some time after Karen's second payday of the month to make this payment. - Life insurance: 25th of the month - This date allows for Karen to have made most of her other payments before allocating funds for life insurance. 7. Financial planning is easier for someone who is paid semi-monthly than someone who is paid weekly because with a semi-monthly pay schedule, the individual receives a consistent income twice a month, making it easier to budget for monthly expenses. With weekly pay, the income may vary each week, making it harder to plan for fixed expenses. 8. Other expenses that Karen might have could include groceries, utilities (electricity, water, gas), phone and internet bills, medical expenses, entertainment, savings, and retirement contributions. ____________________________________ Page 30 9. a) Being paid time-and-a-half means that an employee receives their regular hourly wage plus an additional 50% of that wage for each hour of overtime worked. For example, if an employee's regular hourly rate is $10, they would be paid $15 per hour for time-and-a-half overtime ($10 regular rate + $5 extra pay). b) To calculate the hourly rate of pay for overtime hours when being paid time-and-a-half: - Start with the regular hourly rate: $12.90 - Calculate time-and-a-half: $12.90 x 1.5 = $19.35 Therefore, the hourly rate for overtime would be $19.35. c) Being paid double time means that an employee receives their regular hourly wage multiplied by 2 for each hour of overtime worked. For example, if an employee's regular hourly rate is $15, they would be paid $30 per hour for double time overtime. Double time is typically offered for working on holidays or for excessive overtime hours. ____________________________________ Page 31 10. a) $14.60 regular hourly rate Time-and-a-half pay rate: $14.60 x 1.5 = $21.90 b) $11.40 regular hourly rate Time-and-a-half pay rate: $11.40 x 1.5 = $17.10 c) $10.75 regular hourly rate Time-and-a-half pay rate: $10.75 x 1.5 = $16.13 11. a) Alejandra's usual weekly salary: $13.87 per hour x 40 hours per week = $554.80 b) Extra earnings from working double time: Extra 8-hour shift x 2 (double time) = 16 hours $13.87 per hour x 2 = $27.74 (double time pay rate) 16 hours x $27.74 = $443.84 Difference in earnings: $443.84 - $554.80 = $110.96 Alejandra made $110.96 more than usual last week. Explanation: Someone's pay schedule affects the way they budget their money and manage their expenses because it determines the frequency and amount of income they receive. Different pay schedules, such as weekly, bi-weekly, or monthly, can impact how and when bills are paid, how savings are allocated, and how expenses are managed throughout the month. Understanding one's pay schedule is important for creating a budget that aligns with their income schedule and financial goals. ____________________________________ Page 32 1. Questions to ask during the interview for the Greenhouse Help position: a) What specific tasks and responsibilities are involved in the role of Greenhouse Help during the spring shipping season? b) Can you provide more information about the bonus structure at the end of the shipping season? How is it determined and what criteria need to be met to receive the bonus? c) Are there opportunities for advancement or potential for continued employment beyond the spring shipping season? 2. Monthly earnings calculations for the salespeople at the women's clothing store: a) Feng: $9,230 x 8% = $738.40 b) Sabrina: $14,144 x 8% = $1,131.52 c) Marianna: $8,856 x 8% = $708.48 d) Hélène: $6,381 x 8% = $510.48 3. Morgan's earnings calculations for each week in August: a) August 3 to 9: $425 (base salary) + $1,960 x 8% = $425 + $156.80 = $581.80 b) August 10 to 16: $425 + $1,302 x 8% = $425 + $104.16 = $529.16 c) August 17 to 23: $425 + $1,677 x 8% = $425 + $134.16 = $559.16 d) August 24 to 30: $425 + $1,250 x 8% = $425 + $100 = $525 ____________________________________ Page 33 4. a) To calculate the total hours Luc will work in a 2-week period: 44 hours/week x 2 weeks = 88 hours b) Total earnings for 1 pay period: $23.20/hour x 44 hours = $1,020.80 c) Monthly earnings for a 2-pay month: $1,020.80 x 2 = $2,041.60 d) Monthly earnings for a 3-pay month: $1,020.80 x 3 = $3,062.40 5. a) Gross income for a regular 40-hour week: $13.94/hour x 40 hours = $557.60 b) Overtime pay rate per hour: Time-and-a-half pay rate: $13.94 x 1.5 = $20.91 c) Earnings for the extra shift on Saturday: 8 hours x $20.91 = $167.28 d) Total earnings for that week: Regular earnings + Overtime earnings = $557.60 + $167.28 = $724.88 e) Gross income for the 2-week period including the Saturday shift: Regular earnings for 80 hours: $13.94 x 80 hours = $1,115.20 Overtime earnings for 8 hours: $20.91 x 8 hours = $167.28 Total earnings for the 2-week period: $1,115.20 + $167.28 = $1,282.48 ____________________________________ Page 34 1. Questions to ask during the interviews for the sales positions at the sports stores: a) Can you provide more information about the specific responsibilities and expectations of the sales position at your store? b) What is the hourly wage offered at your store, or if there is a commission structure, how is it calculated and what percentage is offered? c) Could you provide details about the uniform requirements and any potential benefits or opportunities for advancement within the store? 2. Calculations to make before deciding which job is more attractive: - Calculate the potential earnings at the commission-based store based on average sales projections and commission rates. - Compare the total earnings potential at the hourly wage store versus the commission-based store over a specific period of time. - Consider any additional benefits or perks offered by each store that may impact the overall attractiveness of the job. 3. Other factors besides the amount of pay that are important when choosing a job: - Work environment and company culture - Opportunities for career growth and advancement - Benefits such as health insurance, retirement plans, or paid time off - Work schedule and flexibility - Location and commute - Job security and stability - Training and development opportunities - Employee discounts or perks offered by the company