Estimation Basics
What is an estimate?
A close guess or quick calculation by rounding numbers
What does the term “hourly pay rate” mean?
The amount of money earned for each hour worked
Round $17.54 to the nearest whole dollar.
$18
Why is it important to check your pay slip each week?
To make sure you’re being paid correctly and taxed properly
What does it mean to “live within your means”?
Spending less or equal to what you earn
Why do we use estimation?
To make quick, reasonable calculations without needing exact numbers
What is the standard definition of a full-time work week in Australia?
Usually around 38 hours per week
What is the purpose of rounding numbers before doing a calculation?
To simplify the maths and make mental calculations faster and easier
What does “net income” mean?
Take-home pay after tax and deductions
Why is it important to track your spending?
To see where your money goes and avoid overspending
True or False: Estimation always gives the exact answer.
False
What is the difference between part-time and casual work?
Part-time has regular hours; casual hours can change each week
Explain how estimation can help check if a calculator result is reasonable.
It helps you quickly see if the answer makes sense compared to your rough mental estimate
What is the tax-free threshold in Australia?
$18,200
Give one example of a fixed expense and one example of a variable expense.
Fixed: rent; variable: food or entertainment
When estimating, should you round $76.22 up or down to the nearest $10?
Up to $80
How can overtime affect your total weekly pay?
Overtime hours are paid at a higher rate, increasing total earnings
Estimate Yousif’s weekly pay if he earns $18/hour for 17 hours.
What does “gross income” mean?
Income before tax or deductions
If you earn $300 a week and save 10%, how much will you save each week?
$30
Give an example of when you would use an estimate at work.
Example: Estimating total sales or hours worked before payday
Why is it important to verify your hourly rate against the Fair Work pay guide?
To ensure you are receiving the correct legal minimum pay and entitlements for your role
Estimate Yousif’s annual pay if he earns about $300/week.
$15,000–$16,000 per year or close to
What is a “tax deduction”?
An expense you can claim to reduce your taxable income (e.g., work-related costs).
A student wants to save $1,000 for a laptop in 6 months. How much should they save each month?
About $167 per month