Income
What are the 2 main ways to earn an income?
Salary and wage
What is interest?
Money paid for the privileged of someone lending you money
What is the compound interest formula?
A = P(1+r)n
How is 3:5 written as a fraction?
3/5
What is tax? What is it for?
Tax is money paid to the government it is for public services such as hospitals, schools, roads, medicare etc.
What is an advantage of a salary earned income?
You know how much you're getting each year
or
Don't spend the money straight away have to wait
What is simple interest?
The same interest year after year
What is depreciation including an example?
Depreciation is when an item loses their value over time for example cars
Simplify the ratio 10:25 by finding the HCF
HCF = 5
2:5
What is the idea behind tax?
The more money you earn the more you pay
What is it called when your gross income has deductions taken out?
Net income
What is the simple interest formula? And what do each pronumeral represent?
SI=Prn
SI = simple interest
P = principal
r = interest rate
n = number of periods
What is $15,000 at 9% p.a. compounded monthly?
$19,629.68
What is a ratio?
A comparison of two or more alike quantities
What can a teacher get deductions on?
laptop, pens, pencils, paper, arts and craft etc
How much would a electrician earn in 20 months if they earn $50,000 yearly?
$90,000
What is something you invest into and receiving interest for?
Bank account
Describe how to find the final balance using compounded interest?
Increase the balance of each term by multiplying by (rate + 100%)
Change the rate of 24% p.a into a monthly rate (as a decimal)
0.02
Using the table below how much tax does a doctor pay that has $300,000 in taxable income?
| $180,001 and over* | $54,547 plus 45c for every $1 over $180,000 |
$108,096.55
If a 3 week holiday was taken by a plumber that earn $600 a week. How much holiday pay would be earned?
$2115
Jenny invests $15,000 at a rate of 6% for 3 years. What is the simple interest and the amount available at the end of the 3 years?
$2,700 and $17,700
Find the cost of a car after 4 years if it loses value at a rate of 15% from the original price $30,000?
$15,660.19
Simplify 18:6:57
6:2:19
A farmer brought fencing equipment that was worth $100,000 and then got 10% in deductions. The farmer's taxable income is $82,000 including deductions. Using the table below find the amount of tax the farmer has to pay.
| $37,001 - $80,000 | $3,572 plus 32.5c for each $1 over $37,000 |
tax = $14,947