Pay Structures
What is the difference between hourly and salary pay?
Hourly pay is based on hours worked; salary is a fixed annual amount.
What is a unit rate?
A comparison to one unit, like cost per item.
What is 25% of 80?
20
What is the formula for simple interest?
I = P × R × T
What does “depreciation” mean?
Decrease in value over time.
If you earn $18/hour and work 40 hours, what is your gross pay?
$720
If 12 cans cost $9.60, what is the unit price per can?
$0.80
Solve: 12 × 8 ÷ 4
24
Calculate interest on $500 at 4% for 2 years.
$40.
Give an example of an asset that appreciates.
What does “overtime” mean?
Extra pay for hours worked beyond regular schedule, usually 1.5× hourly rate.
Convert $100 CAD to USD at 0.75 exchange rate.
$75
A rectangle is 5 cm wide and 8 cm long. What is its area?
40 cm².
You invest $1,200 at 5% simple interest for 3 years. How much interest will you earn?
$180
A car bought for $20,000 depreciates 15% in the first year. What is its value after 1 year?
$17,000.
Name one advantage of being paid a salary.
Predictable income, benefits, stability.
If 3 kg of apples cost $6, what is the cost per kg?
$2/kg
A train travels 120 km in 2 hours. What is its speed?
60 km/h
True or False: Simple interest grows faster than compound interest.
False
If a house worth $250,000 appreciates by 4% per year, what is its new value after 1 year?
$260,000.
Which pay structure is most common for retail jobs?
Hourly pay.
You buy an item for $50 USD. Exchange rate is 1.35. How much in CAD?
$67.50 CAD
Name one fixed expense and one variable expense.
Fixed: rent; Variable: groceries.
A loan of $2,000 at 5% for 3 years—what is the total amount owed?
$2,300.
True or False: Electronics usually appreciate in value.
False