Personal
Finance: Income and Budgeting
Finance: Income and Budgeting
Jasmine is paid at a rate of $1098 for a 40-hour week.
a) How much does Jasmine earn per hour?
b) What wages will Jasmine receive for a week in which she works 38 hours?
a) $27.45
b) $1043.10
Fill in the missing word
a) Convert Australian dollars to other currencies by _________ the amount by the exchange rate.
b) Convert other currencies to Australian dollars by __________ the amount by the exchange rate.
a) Multiplying
b) Dividing
a) How much is saved if a 10% discount is offered on an item marked $50.00?
b) What is the new discounted price of this item?
a) $5.00
b) $45.00
State the formula for Simple Interest and Compound Interest
SI = p x i x n
CI = p (1+i)^n
State the formula for pythagoras' Theorem for calculating
a) the longest side
b) one of the shorter sides
c^2 = a^2 + b^2
a^2 = c^2 - b^2
Anna works in a factory and is paid $18.54 per hour. If she operates the oven she is paid a temperature allowance of $4.22 per hour in addition to her normal rate. Find her weekly pay if she works a total of 42 hours including 10 hours working the oven.
Anna’s normal hourly rate = $18.54
Temperature allowance
= $4.22 per hour
She works a total of 42 hours including
10 hours working the oven.
Her 42 hour’s earnings = 18.54 × 42
= $778.68
10 hour’s temperature allowance
= 10 × 4.22
= $42.20
Her weekly pay = 778.68 + 42.20
= $820.88
Use the table of currency exchange for the Australian dollar (on page 27) to convert these currencies.
a) 300 AUD into British pounds
b) 2500 ZAR into Australian dollars
a) (multiply) 156.85 GBP
b) (divide) 218.96 AUG
State the rule for calculating the original price of items when a discount or increase has been applied
original price (Decrease) = new price x (100/(100-r))
original price (Increase) = new price x (100/(100+r))
State the rearranged Simple Interest Formulas for calculating p, i and n
p = SI/(i x n)
i = SI/(p x n)
n = SI/(i x p)
Draw the measurement conversion chart for length AND area
Ill draw this on the board :)
Jade is a real estate agent and is paid an annual salary of $18 000 plus a commission of 2.5% on all sales. She is also paid a car allowance of $50 per week. What was Jade’s total yearly income if she sold $1 200 000 worth of property?
Jade’s early car allowance = 50 × 52
= $2600
Total yearly income
= 18 000 + 2600
+1 200 000 × 2.5/100
= $50 600
Hannah has budgeted $210 per week for groceries, $70 per week for leisure, $23 per fortnight for medical expenses and $90 per week to run a car. Calculate the monthly expenses.
Hannah’s monthly expenses
= 210 × 4 + 70 × 4 + 23 × 2 + 90 × 4
= 840 + 280 + 46 + 360
= $1526
Suppose that Cate has a $50 gift voucher from her favourite shop.
a) If the store has a ‘10% off’ sale, what is the original value of the goods she can now purchase? Give the answer correct to the nearest cent.
b) If the store raises its prices by 10%, what is the original value of the goods she can now purchase? Give the answer correct to the nearest cent
a) 55.56
b) 45.45
If Geoff invests $30 000 at 10% per annum simple interest until he has $42 000, for how many years will he need to invest the money?
4 years
State the formula for;
a) Area of a circle
b) Circumference of a Circle
c) Arc of a circle
a) pi x r^2
b) pi x D or 2 x pi x r
c) s = r((x/180) x pi)
(s = length of arc, r=radius)
Harry is a salesperson. He earns a basic wage of $300 per week and receives commission on all sales. Last week he sold $20 000 worth of goods and earned $700. What is Harry’s rate of commission?
Harry’s last week earnings = $700
His commission amount
= $700 − $300
= $400
Rate of commission
= (400x100)/(20 000) = 2%
The maximum Youth Allowance is reduced by $1 for every $4 that the youth’s parents’ income exceeds $31 400. By how much is Hannah’s youth allowance reduced if her parents earn a combined income of $35 624?
The amount which Hannah’s youth
allowance reduced
= [(35624-31499)/4]= $1056
The telephone bill is $318.97 after GST is added.
a) What was the price before GST was added?
b) How much GST must be paid?
a) (price with GST)/1.1 = $289.97
b) price with GST)/11 = $29.00
Calculate the difference between the simple interest and the compound interest on an investment of $3000 at 7.9% per annum over 5 years.
$4387.61- $4185
= $202.61
a) What is the volume, correct to two decimal places, of a cylindrical paint tin with height 33 cm and diameter 28 cm?
b) How many litres of paint would fill this paint tin? Give your answer to the nearest litre.
V = πr²h
= π(14)²(33)
= 20 319.82 cm³
b) 20 319.82 ÷ 1000 = 20.319 = approx 21 litres of paint.
Connor works a 35-hour week and is paid $18.25 per hour. Any overtime is paid at time-and-a-half. Connor wants to work enough overtime to earn at least $800 each week. What is the minimum number of hours of overtime that Connor will need to work?
The minimum number of hours of
overtime that Connor will need to
work = [800-(35x18.25)]/(18.25x1.5) = 5.89 hours
There are 50 000 shares available in the Get Rich Quick investment company, and Joe owns 4% of them.
a) How many shares does Joe own?
b) If the company declares annual earnings of $1.25 million dollars, how much will Joe get?
c) How many more shares would Joe have to buy to get an annual earnings share of $80 000?
a) Joe own = 4/100 x 50000 = 2000
b) Annual earnings = $1.25 million
dollars
(1 250 000 × 0.04) - Joe will get $50 000
c) Annual earnings = $80 000 (given)
4/100 x 80000 = 3200
3200 − 2000 = 1200
Compare the area of a triangle when using Herons, and A=1/2 x b x h for a triangle which has 2 known lengths of 15cm and 9cm
missing length = 15^2 - 9^2 = sq rt of (225-81) = 12
Area Using 1/2 x b x h = (9 x 12)/2 = 108 units^2
Area Using Herons =