NS 5.1.2: Consumer Arithmetic

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# NS 5.1.2: Consumer Arithmetic - PowerPoint PPT Presentation

NS 5.1.2: Consumer Arithmetic. Students learn about calculating earnings for various time periods from different sources, including: Wage  Salary  Commission  Piecework Overtime  Bonuses  holiday loadings  interest on investments

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## NS 5.1.2: Consumer Arithmetic

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NS 5.1.2: Consumer Arithmetic
• Students learn about
• calculating earnings for various time periods from different sources, including:
• Wage Salary Commission Piecework
• Overtime Bonuses holiday loadings interest on investments
• calculating income earned in casual and part-time jobs, considering agreed rates and special rates for Sundays and public holidays
• calculating weekly, fortnightly, monthly and yearly incomes
• calculating net earnings considering deductions such as taxation and superannuation
• calculating simple interest using I = PRT where I is the interest, P the principal, R the annual interest rate as a decimal and T the number of time periods
• applying the simple interest formula to problems related to investing money at simple interest rates
• calculating compound interest for 2 or 3 years by repeated multiplication using a calculator eg a rate of 5% per annum leads to repeated multiplication by 1.05
• calculating compound interest on investments using a table
• calculating and comparing the cost of purchasing goods using:
• Cash  credit card  lay-by
• deferred payment  buying on terms  loans
• calculating a ‘best buy’
Wages and salaries

Wages and salaries

People who work usually earn a wage or a salary. People who engage in manual or mechanical work (shop assistants, tradespeople, factory workers, etc.) usually earn a wage. People engaged in office or professional work (engineers, teachers, the police, bank employees, etc.) usually earn a salary.

A wage is income determined by the number of hours an employee works for a fixed hourly rate and is usually paid weekly. Wage earners have the capacity to earn more income by working extra hours (overtime).

A salary is income determined by a fixed annual amount which is then paid to the employee in weekly, fortnightly or monthly amounts. Salary earners do not have the capacity to earn extra income through overtime, but can attract other benefits, such as a company car, bonus payments or an expense account.

Ways of earning money

A fixed amount of pay each month or fortnight

Sick pay etc

No overtime

Teacher

Permanent employment.

Pay based on the number of hours worked.

Paid overtime

Sick pay etc

Groundsman

Non-permanent employment.

Pay based on the number of hours worked.

Flexible

No sick pay etc

Take away

Shop assistant

Person is paid a fixed amount for each “piece” of work.

Work harder means you get paid more

No sick pay etc

Cloths maker

Fruit picker

Paid a percentage of the price of the goods sold.

Work harder means you get paid more

No sick pay etc

Sales rep.

Time

1 Year

= 12 months

= 52 weeks

= 26 fortnights

= 365 days

= 366 days in a leap year

Months

January

February

March

April

May

June

Example 1

Laura earns \$38,135 per annum. Stephanie earns \$3170 per month. Tracey earns \$1467 per fortnight. Alison earns \$733 per week. Who earns the most and by how much?

Laura

Stephanie

Tracey

Alison

 Tracey earns the most, by \$7.

3170 × 12 =

1467 × 26 =

733 × 52 =

\$38,135 per annum.

\$38,040 per annum.

\$38,142 per annum

\$38,116 per annum.

Example 2

Bianca earns \$835 an hour. How much will she earn if she worked 9am to 4:30pm on Monday and 10:15am to 6:20 on Friday?

Be very careful with time calculations where you don’t have whole hours!

Monday

Friday

7½ hours

8:05 hours

7½ × 835 =

85/60 × 835 =

Total =

6263

6750

\$13013

Total

Pay

15:35 hours

1535/60

835 × 1535/60

= \$13012

Today’s work

Exercise 5-01

Page 186 → 187

Q1 → 4

Q5 a, c, e & g

Q7 & 8

Yesterday’s work