Earning Money EARNING MONEY.

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1 EARNING MONEY

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3 Erning EARNING Money MONEY Different jos py different mounts of moneys in different wys. A slry isn t pid once in yer. It is pid in equl prts ech month or week or fortnight or even per hour. It's importnt to know how this works. Answer these questions, efore working through the chpter. I used to think: Wht does it men if someody is pid n hourly rte? Jonthn is pid doule time on Sundy. Wht does this men? Wht is profit? How is it clculted? Answer these questions, fter working through the chpter. But now I think: Wht does it men if someody is pid n hourly rte? Jonthn is pid doule time on Sundy. Wht does this men? Wht is profit? How is it clculted? Wht do I know now tht I didn t know efore? 1

4 Bsics Slries People who work ern money s slries or wges. A slry is fixed mount pid over yer in prts every week, fortnight or month. We write "p" which stnds for "per nnum" or per yer. Ivn erns slry of $ p (per nnum). If his slry is pid monthly, wht is Ivn's monthly py? Slry Monthlypy = 12 = $ = $ 4000 We ssume tht there re dys in yer. So there re ' 7 = weeks in yer. 4 4 Your friend would like to know wht her weekly py would e, if she erns $ p t her new jo? Weekly py = = Slry Weeksinyer $ = $ This cn e rounded to the nerest cent: $ A fortnight is two weeks. Wht will your friends fortnightly slry e if she erns $ p? Fortnightly slry = 2 # Weekly py = 2# $ = $ Wges A wge is n hourly rte which chnges depending on certin conditions, like working overtime or working on holidys. If you worked t shop erning $8.80 n hour, how much would you ern fter working hour shift? Totlerned = 4 1 # $ = $

5 Bsics Common Terms Some common terms when deling with slries nd wges re: Piecework people re pid ccording to how mny tsks they complete. A clothing compny is pid $4.29 per t-shirt they print. How much will the compny ern for 250 t-shirts? Income = 250# $ 429. = $ Doule Time the vlue of wge doules under certin conditions. A shop pys wge of $7.75 per hour during the week, nd doule time fter 4pm. How much would you ern if you worked from 2 pm to 8 pm? Ernings from 14:00 to 16:00 = 2hrs # $ 775. = $ Ernings from 16:00 to 20:00 = 4hrs # ^Doule $ 775. h = 4# ^2# $ 775. h = $ TotlErnings = $ $62.00 = $ c Time nd hlf the vlue of the rte is multiplied y under certin conditions. A resturnt pys its witers $6.80 per hour nd time nd hlf on weekends. How much would witer ern working on Sturdy for 6 hours? Erning = Hours # 1 1 ` # Rte 2 j = 6# 1 1 ` # $ j = $

6 Questions Bsics Round your nswers the nerest cent where pproprite. Assume yer is dys or weeks. 1. A musicin erns $ p. Find their weekly py. 2. A physiotherpist erns $ ech week. Find their nnul slry. Find their monthly py. 4

7 Questions Bsics 3. You re offered two jos. The first pys $18.73 per hour for 44 hour week, the second pys $20.43 per hour for 41 hour week. Wht is the difference in weekly ernings? Which jo is the etter jo? c How much more would you ern in yer working in the etter jo? 4. A fishermn chrges $13 per kg of fish. How much will he chrge for: 12.2 kg 16.8 kg 5

8 Questions Bsics 5. If you work for norml rte of $19.70 per hour, how much would you ern for working 8 hours t time nd hlf? 6. If you work for $12.80 per hour for 4 hours dy for week, how much will you ern if you ern time nd hlf on Sturdys nd doule time on Sundys? 6

9 Questions Bsics 7. Which of the following erns the highest py in yer? $ p. $ per month. c $1880 per fortnight. d $24.69 per hour for 38 hour week. 7

10 Knowing More Commission Commission is percentge of sles. For exmple, cr slesmn my ern 15% commission on ny cr they sell. How much will cr slesmn ern if she sells cr for $ nd erns 15% commission? Py = 15% of $ = 15 # $ = $ Sometimes, commission is pid on top of se slry (lso clled "retiner"). A rel estte gent erns se slry of $950 per week nd 5% commission of wht they sell. How much will the gent ern in week where they sell property for $ ? Py = Bse slry + Commision = $ 950+ ( 5% of $ ) = $ ( 5 # $ ) = $ Loding A percentge of the slry is dded on top of slry. This is usully done during holidys nd clled holidy loding. The loding is comined with the originl slry to form new py mount. Leroy erns slry of $808 per week. Over 4 week holidy period, Leroy erns 12% holidy loding. Find: The mount which is loded per week. Loding = 12% of Weekly slry = 12 # $808 = $ Leroy's totl slry per week. Totlslryper week Bse slry Loding $808 $96.96 $ = + = + = Allownces These re onus mounts used to compenste for difficult working conditions. A uilder erns $15.20 per hour nd n llownce of $1.80 per hour if it is rining. He lso erns clothing llownce of $19.00 per week. How much does the uilder ern in 28 hour week, if it rins for 10 hours? Norml py 28 $15.20 $ # = = Rin llownce 10 $1.80 $18.00 # = = (Since he works for 28 Hours) (Since he receives rin llownce for 10 hours) Clothing llownce $19.00 = Totlweeklypy $ $18.00 $19.00 $ = + + = (Totl of ll income) 8

11 Questions Knowing More Round to the nerest cent or nerest percentge where pproprite. 1. Let's sy you work on csul sis erning $12.80 per hour on weekends nd $8.50 per hour during the week. How much money would you ern if you worked 8 hours on the weekend nd 10 hours during the week? If you were iming to sve $208.70, nd you could only work for 11 hours during the week, how mny hours would you hve to work on the weekend? 2. A pinter works for $11.40 per hour, when he is lone he erns onus of $2.20 per hour. He hs clothing llownce of $14.50 per week. How much does he ern in week where he works with prtner for 20 hours nd lone for 12 hours? 9

12 Questions Knowing More 3. A stellite dish slesmn erns retiner of $400 per week nd 17% commission of his sles. Clculte: His weekly slry if he sells stellite dishes to the vlue of $ To wht vlue does he need to sell in single week (nerest cent) in order to ern totl py of $ A frmer is pid $7.80 for ech ox of ornges he produces. If this frmer is pid totl of $ for one dy, how mny oxes of ornges were produced on this dy? If the frmer lso erns 6% commission on ll the ornges, how much will he ern, in totl, if he sells n verge of 55 oxes dy for week? 10

13 Questions Knowing More 5. To go trvelling you need to sve $5000. You currently ern $1000 per week. Will you e le to go trvelling in four weeks under these conditions? During 4 week period, you lso ern weekly loding of 15%, re you le to go trvelling fter these four weeks? c Wht percent of loding do you need should you require $6000 to trvel fter 4 weeks? 6. Mc works in sles nd erns retiner of $800 s well commission on his sles ech week. If his sles totled $5300, nd his totl py for the week ws $1542, then wht is his rte of commission? 11

14 Using Our Knowledge Budgeting Benji erns net py of $ p, in weekly pyments. He shres n prtment with friend nd they shre the following expenses evenly: $400 ech week for rent $120 ech week for food $100 ech month for utilities Benji lso hs his own personl expenses which he is completely responsile for, they re: $50 ech month for internet $70 ech week for entertinment $40 ech month for his moile phone Convert ll Benji's monthly expenses into weekly expenses (nerest cent). To convert monthly expense to weekly, multiply the mount y 12 (months), then divide y (weeks) Utilities = $100 # 12 ' = $ $23.00 ech week Internet= $50# 12' = $ $11.50 echweek Moile Phone= $40# 12' = $ c $9.20 echweek Wht re Benji's totl expenses ech week? Hlf the rent Hlf the utilities Entertinment ($400' 2) + ($120 ' 2) + ($23 ' 2) + $ $70 + $9.20 = $ Hlf the food Internet Phone How much money does Benji hve left over ech week (to nerest cent)? Money left over echweek = Totlweekly py- Totlweekly expenses = ^$ ' h-$ = $ $ If Benji sves this left over money ech week, how mny weeks will it tke him to e le to uy TV for $950? Amount of weeks = Cost of TV = $ 950 = Money sved ech week $ It will tke Benji 4 weeks to sve the money for the TV. 12

15 Using Our Knowledge Let's sy you ern net slry of $ The totl of your expenses ech month is $2000. These expenses re mde up of $500 for food; $80 for your moile phone; $210 for entertinment; $60 for internet nd $250 for utilities. Ech month you lso py for rent, nd repyments on lon for cr. If the rent ech month is doule wht you py ech month on the cr lon, then how much do you spend on ech? Let the mount spent on the cr lon equl x. Then the mount spent on rent is 2x. TotlMonthly Expenses = $2000 = $500 + $80 + $210 + $60 + $250+ x+ 2x 3x = $ 2000-$ x = $ 900 x = $ 300 Ech month $300 is spent on the cr lon nd $600 is spent on rent. Wht percentge of the totl expenses is the cr lon repyment? $ 300 # 100% = 15% $ 2000 Profit nd Loss Profit = Totl Income Totl Expenses. If the profit is negtive, then it is clled loss. Wht is the profit mde on computer if I ought it for $650 nd sell it for $780? Profit = Totlincome-Totl expense = $780 -$650 = $130 The following formul is used to clculte percentge profit mrk up: Mrk up = Profit Cost Price # 100% If there is loss, then we clculte the percentge loss with the formul: Percentge Loss = Loss Cost Price # 100% Find the profit mrk up of the computer in the previous question. Mrk up = Profit Cost Price # 100% = $ 130 # 100% = 20% $650 13

16 Questions Using Our Knowledge 1. Let's sy your friend Onur erns net slry of $39 135p. The tle elow shows his monthly expenses. Expense Cost Rent $1600 Trnsport $117 Food $360 Internet $50 Moile Phone $59 Utilities $209 Wht re Onur's totl expenses ech month? Wht percentge of Onur's expenses is his rent? c How much does Onur sve ech month? d If Onur wnts to invest t lest $500 ech month in svings ccount, wht is the mximum mount Onur cn spend on entertinment in ny month? 14

17 Questions Using Our Knowledge 2. A shop sells computer for $810. However it must mrk the price up y 10%. How much money will the mrk up dd to the price of the computer? Wht is the computer's new price? 3. A shop uys n item for $180 nd sells it for $ Wht profit does the shop mke? Find the profit mrk up on this item. c Find the selling price if it the item is mrked up 77%. 15

18 Questions Using Our Knowledge 4. If Jenn uys her cr for $8400 nd sells it to her friend Jesse for $6132 then: Clculte the mount of money she lost through the sle. Find the percentge loss. 5. A toy shop uys ox of 24 wter guns for $384. It then sells ech wter gun with profit mrgin of 77%. Wht is the selling price of single gun? How mny wter guns does the shop need to sell in order to mke profit on the entire ox? c At wht price does ech gun hve to e sold t to mke profit of 100%? 16

19 Thinking More Sy you get jo where you re pid n hourly wge. In norml week you would work 22 hours nd ern $330. One week you decide to work little overtime nd ern $510. Wht is the usul hourly wge? Usulhourly wge = $330 ' 22 = $15 perhour How much overtime did you work if you ern doule time for hours worked in overtime? Totlovertimepid $510 $330 $180 = - = Wge indoule time 2 $15 $30 # = = Amount of hours worked = Amount erneddoule time' Doule time wge = $ 180' $ 30 = 6hours c How much overtime did you work if you ern time nd hlf for hours worked in overtime? Wge in time ndhlf 1.5 $15 $22.50 # = = Amount of hours worked = Amount erneddoule time' Timend hlf wge = $ 180' $ = 8hours Sy you were just hired s wedding cke ker. Which of the following wys to e pid is etter? 1 $7.40 per cke verging 2 ckes ech hour. 2 Working 30 hours week for $459. Find the weekly rte of py in method 1. After 30 hours the ernings would e ( 2# $ 740. )# 30 = $ 444. Compring the two options shows tht method 2 is etter. OR, USING AN ALTERNATIVE METHOD Find the hourly rtes in ech method. Method 1 : Hourly rte = $ 740. # 2 = $ Method 2 : Hourly rte = $ 459' 30 = $

20 Thinking More Victor works t ski resort where he erns $720 ech week. He is offered 2 options of how he could e pid over ech week in holidy seson. Which option is etter? 1 He is pid his norml slry nd dditionl $330 ech week. 2 He receives 16.5% loding in ech week. In option 1 his totl ernings ech week would e: $720 + $330 = $850 In option 2 his totl ernings would e: = $ ^16.5% of $720h = $ # $ = $ 846 Compring these 2 options shows tht option 1 is the etter pyment. A tennis rcquet costs, $ This is only 84% of the selling price. How much more is the cost price thn the selling price? $ = 84% of Selling price = 0.84 # Selling price ` SellingPrice = $ = $ Find the profit mrk up of the tennis rcquet. Profit $467 $ $74.72 = - = Use the formul: Mrk up = Profit Cost Price # 100 = $ # 100 = %. 19% $ c Wht is the profit mrk up, if the rcquet is sold t doule the cost price? Find thenew sellingprice = 2# cost price = 2 # $ = $ Find thenew profit $ $ $ = - = Use the formul: Mrk up = Profit Cost Price # 100 = $ # 100 = 100% $

21 Thinking More Nikki's monthly expenses re pid in the following proportions: 1 of her expenses is utilities 6 5 of her expenses is rent 9 1 of her expenses is trnsport 18 2 of her expenses is food 9 If her utilities cost her $108 ech month, then wht is the totl of her expenses ech month? From the question we know: 1 # Totlexpenses = Utilities 6 Multiply oth sides y 6 to otin: Totlexpenses= 6# Utilities = 6 # $108 = $648 How much do her other 3 expenses cost her ech month? Rent = 5 # Totlexpenses = 5 # $ = $ 360 Trnsport = 1 # Totl expenses = 1 # $ = $ 36 Food = 2 # Totlexpenses = 2 # $ = $ 144 c If she sves $152 fter she hs pid ll her expenses, wht percentge re her svings of her totl slry? Totlslry = Expenses + Svings = $648 + $152 = $800 Svings percentge of slry = Svings Slry # 100 = $ 152 # 100 = 19% $

22 Questions Thinking More 1. In udgeting, n exmple of fixed expense is rent, nd n exmple of vrile expense is food nd clothing. Wht do you think the difference is etween fixed nd vrile expense? 2. In profit, wht percentge mrk up would e required to sell n item t doule the cost price? 3. A freelnce lifegurd erns $10.10 per hour. She erns n llownce of ech hour she works lone. In 40 hour week she erned $ If she ws lone for 17 hours during tht week, wht is her llownce per hour for working lone? 20

23 Questions Thinking More 4. An electronics store uys stereo system. The system is then ssigned the selling price of n 80% mrk up on the cost price. The store owner notices tht fter few weeks, no one hs ought the stereo nd discounts the selling price y 20%. If the cost price ws $270, then wht ws the originl selling price efore the discount? Wht is the new selling price fter the discount? c Wht is the profit mrk up of the selling price fter the discount to the originl cost price? d The sme electronics store hs profit mrk up of 62% on its televisions (which it uys for $195 ech) to crete the selling price. The store mnger notices tht no one hs ought television nd discounts the selling price y 30%, wht is the new profit mrk up? 21

24 Questions Thinking More 5. You re offered jo in sles nd they give you 3 options for fortnightly pyment. 1 A retiner of $420 nd 21% commission on your sles. 2 A retiner of $500 nd 18% commission on your sles. 3 An hourly rte of $19.50 for 57 hours over the fortnight. If you work 30 hours ech week, nd your verge sles re $3 550 ech fortnight, then which is the est py option? 22

25 Questions Thinking More 6. The following tle shows the monthly rekdown of how Juli uses her slry. Description Amount Percentge Rent 38% Trnsport $ % Food $ % Electricity $ c Wter e d Svings $ % Slry (Totl) Find the missing vlues,, c, d nd e in the ove tle. 23

26 Notes Bsics: Knowing More: 1. $ ( nerestcent) 5. c Require loding of 50% to go trvelling fter 4 weeks. 2. $ ( nerestcent) $ ( nerestcent) 6. Rte of commission is 14%. 3. c The difference in erning is $13.51 The second jo pys more. The nnul difference is $ Using Our Knowledge: c $ % ( 2 deciml plces) $ $ $ d $ $ $81 6. $ $ Option c pys the most in yer. 3. $ % Knowing More: c $ $ hours 4. The loss is $ $ % 3. $ $ $ oxes $ Need to sell 14 wter guns to mke profit on the entire ox. 5. Totl fter 4 weeks = $4000, therefore not enough to go trvel. c $32 Totl fter 4 weeks = $4600, therefore not enough to go trvel. 24

27 Notes Thinking More: 1. A vrile expense is ny expense whose vlue vries from pyment to pyment. Exmples re wter or electricity. A fixed expense is ny expense whose vlue is the fixed constnt from pyment to pyment. Any kind of repyment is fixed expense. 2. An item is sold for doule its cost price if the percentge mrk up is 100%. 3. $ c d $486 $ % 13. 4% 5. Option 1 is the est. 6. c d $3810 $ % 7% e $

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