how many work hours are in a week? how many work weeks are in a year? how many months are in a...

How many work hours are in a week? How many work weeks are in a year? How many months are in a year? What does grossgross mean in the business

world?

4052

12

Total

Hourly Pay & Salary – find gross pay for hourly and salary

Average Pay Regular & Overtime Pay Commission Other Wage Plans – piece rate,

per diem

Employees – people who work for others. Ex. Mr. Hale is an employee of UCAHS

Employer – Company or owner Hourly Rate – worker paid by the hour Gross pay (gross wages) – Total amount

of money paid for working Salary – paid per day, week, month or

year. (Not by the hour)

Txtbk pg. 5 Example 1 – hourly rate Do A & B

Txtbk pg. 5 Example 2 – gross pay Do C & D

Txtbk pg. 6 Example 3 – gross pay Do E & F

Pg. 6-7 #11-24 (14 pts)

Workbook page 1 questions 1-5

If Brian Bloss earns $7 an hour at his job. He worked 16 hours. What’s his gross pay?

If Jesse earns $562/wk, how much gross pay does he earn for a year?

$112

$29,224

Average – a single number that represents a group of numbers (aka mean)

Extension – unit price times the quantity of each item

Subtotal – sum of the extensions Total sale – sum of subtotal & sales tax

Round all answers to the nearest penny

Textbook page 9 A & B

A.) 18 + 58 + 32 = 108 / 3 = A.) 18 + 58 + 32 = 108 / 3 = $36$36

B.) 2400 + 3200 + 1500 + 1700 = 8800 / 4 = B.) 2400 + 3200 + 1500 + 1700 = 8800 / 4 = $2,200$2,200

Round all answers to the nearest penny

Textbook page 9 C & D

C.) 264 / 38 = 6.947368421 = C.) 264 / 38 = 6.947368421 = $6.95$6.95

D.) 35800 + 47000 = 82800 / 2 = D.) 35800 + 47000 = 82800 / 2 = $41,400$41,400

Textbook page 10 E & F

E.) 5 * 12 = 60 E.) 5 * 12 = 60

2 * 9 = 182 * 9 = 18

1 * 11 = 111 * 11 = 11F.) wk 1 - 280F.) wk 1 - 280

wk 2 - 315wk 2 - 315

wk 3 - 424wk 3 - 424

wk 4 - 265wk 4 - 265

60 + 18 + 11 = 8960 + 18 + 11 = 8989 / 8 = 11.125 = 89 / 8 = 11.125 = $11.13$11.13

280 + 315 + 424 + 265 = 1284280 + 315 + 424 + 265 = 1284

1284 / 4 = 1284 / 4 = $321$321

Textbook page 11 G & H

G.)G.)

H.)H.)

68 + 80 + 75 + 79 = 30268 + 80 + 75 + 79 = 302302 + 302 + EE = 77 = 77

55

420 = (86 * 4) + 420 = (86 * 4) + NN

$76 = N$76 = N

302 +302 + EE = 385= 385E = 83E = 83

420 = 344 + 420 = 344 + NN

TEXTBOOK PG 12-13 #’S 8-23#’S 8-23 ( 20 PTS)

QUIZ WORKBOOK PAGE 2 ( 12 PTS)QUIZ WORKBOOK PAGE 2 ( 12 PTS)

How many minutes makes up .1 of an hour? How many minutes makes up .1 of an hour?

How many minutes makes up .3 of an hour?How many minutes makes up .3 of an hour?6 minutes

18 minutes

Overtime – time worked beyond Overtime – time worked beyond regular regular working day or week.working day or week. Normally based on 8 hour work dayNormally based on 8 hour work day

Time & a half – Normally overtime Time & a half – Normally overtime is paid is paid time & a halftime & a half 1.5 x regular pay rate1.5 x regular pay rate

Double time – Sometimes used for Double time – Sometimes used for weekends and holidaysweekends and holidays

2 x regular pay rate2 x regular pay rate

Textbook page 16 Ex A & BTextbook page 16 Ex A & B

A.) A.) 1.) $7.511.) $7.51 1 ½ -> $7.51 x 1.5 = 1 ½ -> $7.51 x 1.5 = $11.265$11.265

2 -> $7.51 x 2 = 2 -> $7.51 x 2 = $15.02$15.02A.) A.) 2.) $8.762.) $8.76 1 ½ -> $8.76 x 1.5 = 1 ½ -> $8.76 x 1.5 =

$13.14$13.14 2 -> $8.76 x 2 = 2 -> $8.76 x 2 = $17.52$17.52A.) A.) 3.) $13.673.) $13.67 1 ½ -> $13.67 x 1.5 = 1 ½ -> $13.67 x 1.5 =

$20.505$20.505 2 -> $13.67 x 2 = 2 -> $13.67 x 2 = $27.34$27.34

Textbook page 16 Ex A & BTextbook page 16 Ex A & B

B.) B.) $11.25$11.25 1 ½ -> $11.25 x 1.5 = 1 ½ -> $11.25 x 1.5 = $16.875$16.875

2 -> $11.25 x 2 = 2 -> $11.25 x 2 = $22.50$22.50

Steps for calculating pay for regular and Steps for calculating pay for regular and overtimeovertime

1.) 1.) Determine the number of regular and Determine the number of regular and overtime hoursovertime hours

2.) 2.) Find the overtime payrateFind the overtime payrate3.) 3.) Calculate the pay for regular time Calculate the pay for regular time 4.) 4.) Calculate the pay for overtimeCalculate the pay for overtime

5.) 5.) Add the regular pay and the Add the regular pay and the overtime overtime pay togetherpay together

Textbook page 17 Ex C & DTextbook page 17 Ex C & D

C.) Page 17C.) Page 171.) Determine the number of 1.) Determine the number of

regular and overtime hoursregular and overtime hoursDay Day RegularRegular OvertimeOvertimeMonMon 88 1 ¾ (1.75)1 ¾ (1.75)TuesTues 88 ----WedWed 66 ----ThursThurs 88 ½ (0.50)½ (0.50)FriFri 88 -- .-- .GrossGross 38 38 2.252.25

C.) Page 17C.) Page 172.) Find the overtime pay rate2.) Find the overtime pay rate $13.69 x 1.5 = $20.535$13.69 x 1.5 = $20.5353.) Calculate pay for regular time3.) Calculate pay for regular time $13.69 x 38 hours = $13.69 x 38 hours =

$520.22$520.224.) Calculate pay for overtime4.) Calculate pay for overtime $20.535 x 2.25 hours = $46.20375 $20.535 x 2.25 hours = $46.20375

= = $46.20$46.205.) 5.) Add the regular pay and the overtime pay togetherAdd the regular pay and the overtime pay together $520.22 + $46.20 = $520.22 + $46.20 = $566.42$566.42

D.) Page 17D.) Page 171.) Determine the number of 1.) Determine the number of

regular and overtime hoursregular and overtime hoursDay Day RegularRegular OvertimeOvertimeMon-ThursMon-Thurs 4040 5.35.3FriFri ---- 8.1 8.1

. .GrossGross 40 40 13.413.4

D.) Page 17D.) Page 172.) Find the overtime pay rate2.) Find the overtime pay rate $17.50 x 1.5 = $26.25$17.50 x 1.5 = $26.253.) Calculate pay for regular time3.) Calculate pay for regular time $17.50 x 40 hours = $17.50 x 40 hours = $700$7004.) Calculate pay for overtime4.) Calculate pay for overtime $26.25 x 13.4 hours = $26.25 x 13.4 hours = $351.75$351.75

5.) 5.) Add the regular pay and the overtime pay Add the regular pay and the overtime pay togethertogether

$700 + $351.75 = $700 + $351.75 = $1,051.75$1,051.75

Textbook page 19 Problem #’s 12-23Textbook page 19 Problem #’s 12-23

Quiz Workbook pages 4-5 All Quiz Workbook pages 4-5 All the problemsthe problems

Employees earn time and a half pay for Employees earn time and a half pay for all hours worked beyond 40 hours. Last all hours worked beyond 40 hours. Last week an employee worked a total of week an employee worked a total of 44.5 hours. How much overtime pay did 44.5 hours. How much overtime pay did the employee earn if his regular pay the employee earn if his regular pay rate is $12.28 per hour?rate is $12.28 per hour?

$82.89 = 4.5 hours x 1.5 x 12.28$82.89 = 4.5 hours x 1.5 x 12.28

CommissionCommission – can be an amount for each – can be an amount for each item sold, or it may be a % of the dollar item sold, or it may be a % of the dollar value of salesvalue of sales

Straight CommissionStraight Commission – gets earnings only – gets earnings only from commission and nothing but from commission and nothing but commissioncommission

Textbook page 21 Exercise A & BTextbook page 21 Exercise A & B

A.) $1.30 x 74 = $96.20

B.) $0.075 x 1,200 = $90

Sometimes Sometimes straight commissionstraight commission is is calculated based on percentscalculated based on percents

Textbook page 21 Exercise C & DTextbook page 21 Exercise C & D

C.) 15% x $9,500 = $1,425D.) 15% x (2870 + 3150 + 3940) = $1,494

CommissionCommission based on quotabased on quota– a – a commission that is a percent of their commission that is a percent of their sales above a certain (fixed) amount.sales above a certain (fixed) amount.

QuotaQuota – the fixed amount – the fixed amount Textbook page 22 Exercise E & FTextbook page 22 Exercise E & F

E.) $125 + 3%($2,890 - $2,000) =$151.70

F.) $2,300 + 7%( $29,700 - $15,000) = $3,329QUOTA

QUOTA

Graduated CommissionGraduated Commission– their rate of – their rate of commission (%) gets higher as their commission (%) gets higher as their sales increasessales increases

Textbook page 23 Exercise G & HTextbook page 23 Exercise G & H

G.) 3% X $100,000 = $3,000

$120,000 - $100,000 = $20,000 @ 5%

5% X $20,000 = $1,000

$3,000 + $1,000 = $4,000

Graduated CommissionGraduated Commission– their rate of – their rate of commission (%) gets higher as their commission (%) gets higher as their sales increasessales increases

Textbook page 23 Exercise G & HTextbook page 23 Exercise G & H

H.) 15% X $85,000 = $12,750

$112,000 - $85,000 = $27,000 @ 18%

18% X $27,000 = $4,860

$12,750 + $4,860 = $17,610

Rate of Commission on Sales Rate of Commission on Sales = = Amount of Commission / Sales Amount of Commission / Sales

Textbook page 23 Exercise I & JTextbook page 23 Exercise I & J

I.) $448 / $6,400 = .07 = 7%

J.) $3,240 / $54,000 = .06 = 6%

PRACTICE - WORKBOOK PG. 6-7 PRACTICE - WORKBOOK PG. 6-7 ALL PROBLEMS 1-11ALL PROBLEMS 1-11

QUIZ PAGE 24, #’S 13 - 21QUIZ PAGE 24, #’S 13 - 21

Moses supposes his toeses are rosesBut Moses supposes erroneouslyAnd Moses, he knowses his toeses aren't rosesAs Moses supposes his toeses to be

Moses supposes his toeses are rosesBut Moses supposes erroneouslyA Rose is a roseA Nose is a noseA Toes is a toes

Hu-pi-du-bi-du! (ehehehehe)

Piece-Rate Employees – Piece-Rate Employees – get paid for each get paid for each item (item (piecepiece) they produce) they produce

# of Pieces Produced x Piece Rate = # of Pieces Produced x Piece Rate = Gross Gross PayPay

Textbook pg 27 EX. A & BTextbook pg 27 EX. A & BA.) $18 x ( 7 + 6 + 9 + 8 + 5) = $630B.) $1.20 x ( 56 + 44 – 6 ) = $112.80

Per Diem Per Diem (by the day)(by the day) Employees – Employees – get get paid a fixed daily amount by their paid a fixed daily amount by their employer. Most are temporary employer. Most are temporary employees. employees.

# of Days x Per Diem Rate = # of Days x Per Diem Rate = Gross PayGross Pay

Textbook pg 28 EX. C & DTextbook pg 28 EX. C & DC.) $425 x 180 = $76,500D.) $20 x 57 = $1,140

Tip Employees – Tip Employees – money given for services money given for services provided. provided. Aka – GratuityAka – Gratuity

Tip % Tip % xx Total Bill = Total Bill = Tip AmountTip Amount

Tip Per Unit Tip Per Unit xx # of Units = # of Units = Tip AmountTip AmountTextbook pg 29 EX. E & FTextbook pg 29 EX. E & F

E.) $10.20 x 15% = $1.53 <- TIP AMOUNT

$1.53 + 10.20 = $11.73 <- TOTAL COST OF MEAL

F.) $7.60 x 15% = $1.14 <- TIP AMOUNT

$7.60 + 1.14 = $8.74 <- TOTAL COST OF MEAL

Textbook page 30Textbook page 30Problems 9-13, 20-23Problems 9-13, 20-23

Quiz - Workbook page 8 Quiz - Workbook page 8 Problems 1-5Problems 1-5

Workbook pages 10-12

Chapter Review Txtbk pg. 32-33#1-27

Textbook Page 37 #12-20 (100 pts.)