Question 1: Match the following FORMS of INCOME with their appropriate definitions:-

(i) Salary ______

(ii) Wage ______

(iii) Commission ______

(iv) Piecework ______

(v) Net income ______

(vi) Casual work ______

(vii) Overtime ______

(viii) Bonuses ______

(ix) Holiday loading ______

(a) Money or goods given to a worker in addition to (f) Paid weekly to a permanent employee
normal pay for service to a company. and based on an hourly rate for a
number of hours per week .

(b) Worker is paid a fixed amount for each item (g) A worker is not permanent but
of work completed. employed only when needed.

(c) A fixed amount is paid for the year’s work even (h) The amount of wage or salary actually
though it may be paid weekly, fortnightly or received after deductions have been
monthly have been taken out.

(i) An extra payment calculated as a fixed

(d) Time worked extra to a standard day. Often the percentage for a holiday period
worker is paid 1.5 or 2 times the normal rate of
pay.

(e) Payment for a percentage of the value of goods sold.

Question 2

a) Scott earns $41,000 a year. How much does he earn each:

(i) week? ____________

(ii) month? ____________

b) Carrie earns $16,250 a year and Michelle earns $320 a week. Find the difference
between their yearly salaries.

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c) If you had a choice, which pay would you prefer? Circle the appropriate answer.

(i) a weekly wage of $642.55 or (ii) an annual salary of $32,890

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d) Carla earns $11.60 an hour for a 35-hour week and Peta earns $10.90 an hour for a
38-hour week. Who earns more? By how much?

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Question 3

a) A real estate agent earns a basic wage of $400 per week and receives 1½%
commission on her sales. In a particular week he sold a house for $62 5000.

i). Calculate his commission.

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ii) Total amount of pay for that week.

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(b) Paul works 40 hours at $24.70 per hour. 40 hours included 5 hours overtime
at time- and-a-half, and 3 hours overtime at double time. Calculate his weekly
wage.

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(c) Linda normally earns $690 per week. She is receiving 17½% of 4 weeks
normal pay as holiday loading.

Find:

i). the amount of her holiday loading

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ii). the total amount of her holiday pay

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