Vocabulary
Banking
Straight Time
Overtime
Double-Time
100
Define the word: "WANT"
Give me an example of a "want".
WANT = a desire, a wish for something or a wish to do something
Examples:
I want to be happy 😄
I want a million dollars 💰💰💰
I want to travel the world ✈🌎
100
A card given by a bank allowing the holder to transfer money electronically from a bank account to make a purchase.
What is this card called?
Debit Card
100
How do you figure out the Straight Time Rate?
Straight Time Rate = Hourly Wage
100
How do you figure out the Overtime Rate?
Overtime Rate = Hourly Wage x 1.5
100
How do you figure out the Double-Time Rate?
Double-Time Rate = Hourly Wage x 2
200
Define the word: "NEED"
Give me an example of a "need".
NEED = something required for survival
Examples:
I need water. 💧
I need food. 🍔🍟🍕🌭🍗
I need air. 💨
200
A bank account that allows withdrawals and deposits. This account holds the money we want to spend.
What kind of account is this?
Checking Account
200
Katherine works part-time at the Nike store for 3 hours a day at $15 an hour. What is her Straight Time Pay for the day?
Katherine's straight time pay for the day is $45.
Hourly Wage x Hours Worked = Straight Time Pay
$15 x 3 = $45
200
How many hours do you have to work in a day before you get paid overtime?
8 hours
200
Louis' boss pays him double-time to work on holidays. If his hourly wage is $17.00, what is his double-time rate?
Louis' double-time rate is $34.
Hourly Wage x 2 = Double-Time Rate
$17 x 2 = $34
300
Define: "MINIMUM WAGE"
Minimum Wage = the lowest wage permitted by law to give a worker per hour
300
A bank account that allows you to deposit money, keep it safe, and withdraw funds, all while earning interest. This account holds the money we want to save.
What kind of account is this?
Savings Account
300
Jahlil works part-time at McDonald's for 5 hours a day at $15.50 an hour. What is his Straight Time Pay for the day?
Jahlil's straight time pay for the day is $77.50
Hourly Wage x Hours Worked = Straight Time Pay
$15.50 x 5 = $77.50
300
How many hours do you have to work in a week before you get paid overtime?
40 hours
300
Xavier's boss pays him double-time to work on holidays. If his hourly wage is $18.75, what is his double-time rate?
Xavier's double-time rate is $37.50
Hourly Wage x 2 = Double-Time Rate
$18.75 x 2 = $37.50
400
Define the word: "PAYCHECK"
Paycheck = a paper document that serves as a payment for a worker’s time and service
400
What is it called when money paid to a worker goes directly into their bank account?
Direct Deposit
400
Brandon works part-time at Burger King for 25 hours a week at $12 an hour. What is his Straight Time Pay for the week?
Brandon's straight time pay for the week is $300.
Hourly Wage x Hours Worked = Straight Time Pay
$12 x 25 = $300
400
Phaelahr works at Starbucks for 42 hours a week at $15 an hour. What is his overtime rate?
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Phaelahr's overtime rate is $22.50
Hourly Wage x 1.5 = Overtime Rate
$15 x 1.5 = $22.50
400
Chance's boss pays him double-time to work on holidays. If his hourly wage is $10 and he works 8 hours on Memorial Day, what is his double-time pay?
Chance's double-time pay is $160
Hourly Wage x 2 = Double-Time Rate
Double-Time Rate x Hours Worked = Double-Time Pay
$10 x 2 = $20
$20 x 8 = $160
500
Define the word: "SALARY"
Salary = a regular fixed payment that a person earns for performing work during a specific period of time
500
What is the difference between bi-weekly and semi-monthly?
Bi-Weekly = Every other week or every 2 weeks
Semi-Monthly = Twice a month
500
Kevin works at the Adidas store for 36 hours a week at $13.25 an hour. What is his Straight Time Pay for the week?
Kevin's straight time pay for the week is $477.
Hourly Wage x Hours Worked = Straight Time Pay
$13.25 x 36 = $477
500
Steven works at Foot Locker for 50 hours a week at $16.50 an hour. What is his overtime pay?
Steven's overtime pay is $247.50
Hourly Wage x 1.5 = Overtime Rate
Hours Worked - 40 Hours = Overtime Hours
Overtime Rate x Overtime Hours = Overtime Pay
$16.50 x 1.5 = $24.75
50 Hours - 40 Hours = 10 Overtime Hours
$24.75 x 10 = $247.50
500
Mahamadou's boss pays him double-time to work on holidays. If his hourly wage is $17.25 and he works 8 hours on Thanksgiving Day, what is his double-time pay?
Mahamadou's double-time pay is $276
Hourly Wage x 2 = Double-Time Rate
Double-Time Rate x Hours Worked = Double-Time Pay
$17.25 x 2 = $34.50
$34.50 x 8 = $276