Royalties
How are royalties calculated?
Percentage of the goods sold or profit received
What are the two common overtime rates?
Time and a half, double time
What is the definition
Payment calculated as a fixed percentage of the normal pay over a fixed number of weeks.
What is the definition?
Percentage of the value of the goods sold
Definition of piecework?
Fixed payment for work completed.
Mrs Wedds most hated colour?
Orange
Is super given with royalties?
No
I work for 40 hours at a rate of $16 an hour, 3 hours at time and a half rates and 1 hour at double time rates. What is my wage during the week.
$744
What is the usual percent of annual loading?
17.5%
What is an advantage?
Higher sales increase income or may receive small retainer on top of commission.
What is a disadvantage of this form of payment?
No permanent employment, no sick leave or holiday pay.
Mrs Wedds favourite food
Pizza
What is an advantage of royalties?
incentive to work hard or flexible hours
What is the payment for working 4 hours overtime at time and a half given the following normal pay rates at $43.83 an hour.
$262.98
Thomas works a 40 hour week at a rate of $18.50 per hour. He receives 17.5% of 4 weeks normal pay as holiday loading. What is Thomas‘s pay for the holiday?
$3 478
What is a disadvantage?
Income may vary each week or competition for customers is usually high
Noah is a tiler and charges $47 per square metre to lay tiles. How much will he earn for laying tiles in a room whose area is 14 square metres?
$658
Mrs Wedds sons name
Oliver
If I receive 12% in royalties on 2480 items sold at $67.50 each. How much do I earn?
$20 088
A mechanics industrial award allows for normal rates for the first 7 hours on any day. It provides for overtime payment at the rate of time and a half for the first 2 hours and double time after. Find the mechanics wage for a 12 hour day if the normal pay rate is $42.50 an hour.
$680.00
What is the holiday loading for a person earning $6 240 normal pay for 4 weeks at 17.5%?
$1 092.00
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 allowances of $50 per week. What was jades total yearly income if she is sold $1 200 000 worth of property?
$50 600.00
A doctor charges each patient $33.50 for a consultation. She works for 6 hours a day and usually sees 5 patients per hour. How much money does the doctor receive each day?
$1005.00
Does Mrs Wedd have any pets?
Yes - a pug and a cat
I write a book and receive the half yearly statement of sales of my last book. 20 000 copies were printed and there are 8 760 left in stock. I receive 15% of the retail price as royalties. How many copies of my book was sold.
11 240 copies
Connor works a35 hour week and is paid $18.50 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?
5.89 hours
Jim receives holiday loading of 17.5% of 4 weeks pay. His loading was $996.80. What is his normal weekly pay?
$1 424.00
Caitlin and her assistant, Holly, sell perfume. Caitlin earns 20% commission on her own sales, as well as 5% commission on Hollys sales. What was Caitlins commission last Month when she made sales of $1800 and Holly made sales of $2000?
$460.00
What is the formula for Piecework?
Number of units x amount paid over unit
Does Mrs Wedd like spicy food?
Yes!