Earning An Income
What does Commission mean?
Commission is usually based on a percentage of total sales, so the more sales made, the more money the employee takes home.
I.e.) Real Estate Agents work for a Commission-based salary
What is Gross Pay?
The amount you earn before your employer deducts any income taxes, payroll taxes.
What does Probability mean?
The chance (or likelihood) that an event will occur.
What does the term Depreciation mean when discussing cars?
A car depreciates over time - Meaning the car loses value as it gets older.
True or False:
Getting pre-approved for a mortgage is not an important first step in the home-buying process.
False
Given the annual salary, $ 40 000
Calculate the weekly income.
$40 000 = $ 769.23
52
Your Gross Pay is $ 450 per week.
Your Deductions per week are $135.
Calculate your NET PAY.
$450 - $135 = $ 315
What is the probability of rolling a six-sided die and getting a 2 or a 4?
2 = 1
6 3
A company pays mileage for using your personal vehicle for work. If you travel 300 km and the company pays $0.55/ km , How much will you be reimbursed?
$ 165
True or False:
A down payment of 20% is how much you have to have to put down if you want to avoid paying additional insurance fees.
True
Calculate your annual salary if you are paid $1840 monthly.
$1840 x 12 = $22 080
Your Net Pay is $ 2150 per month.
Your Deductions per month are $450.
Calculate your GROSS PAY.
$2150 X $450 = $ 2 600
What is the probability of picking a Queen out of a deck of cards?
(There are 52 cards in a deck)
There are 4 Queens in a deck.
4 = 1
52 13
Joe needs a new exhaust system installed on his vehicle. He purchases a new one for $500 including HST.
How much is the exhaust system per month if it lasts for 9 years?
True or False:
The bigger the down payment, the smaller your loan (and overall interest charges) will be!
True
Julio works at a soccer field selling popcorn. He is paid $15 per night and $0.40 per bag of popcorn sold. He sells 95 bags of popcorn. How much does he earn working at the soccer field?
(0.40 x 95) + 15 = $ 53
Net Pay = $ 388.20
Gross Pay = $530.16
What is the cost of Deductions?
$530.16 - 388.20 = $ 141.86
What is the probability of picking a Joker out of a deck of cards?
(There are 52 cards in a deck)
There are 2 Jokers in a deck.
2 = 1
52 26
Max drove 38 360 km in one year.
His Yearly expenses for the car are $7000 in one year.
How much did it cost him per kilometre to run the car?
Cost = $ Expenses
# of Km
= $7000
38 360 km
= $ 1.82 / km
True or False:
You must have a real estate agent in order to buy a home.
False
Adidas soccer shoes originally cost $320.
They are currently 40% off!!!
What is the Sale Price?
$320 x 0.40 = 128
$ 320 - 128 = $ 192
Cindy works 27 hours per week.
Her Net Income is $838 per week and her deductions are $271.42 per week.
What is her hourly rate of pay?
Weekly Gross Pay = $ 838 + 271.42 = $1 109.42
1,109.42 = $41.09 per hour
27
What is the number of possible combinations?
Eye Colour Hair Colour
Blue Brown
Brown Blonde
Green Black
Red
3 x 4 = 12 combinations
The price of a 2018 Dodge Challenger costs $56 000. It depreciates 45% in four years. What is the value of the car after the 4 years?
$ 56 000 x 0.45 = $ 25 200
$ 56 000 - $25 200 = $ 30,800
Is this Good Advice?
Keep that in mind during your House Hunt.....Just because a bank approves you for a certain amount of money, doesn't mean you have to spend it all.