Key Terms
What is the term used for getting paid by the hour?
Wage.
GST is a Goods & Services Tax that gets charged at what percentage in Australia?
10%
What is the Simple Interest Formula?
I = prt/100
What is one way we can reduce the cost of our bills?
Decrease usage; pay early; explore alternative plans. Other answers may be accepted.
What is it called when someone gets paid 1.5 times their normal pay?
Time and a half.
If Lenny's annual pay is $98,400 and his employer contributes 12% to his superannuation, calculate the quarterly contribution his employer will make.
$2,952
Calculate the total amount of the following investment:
$3,500 invested for 24 months at 5% p.a.
$3,850
Fixed expenses will always cost the same amount for a given time period, whereas variable expenses may differ over the same time period. A fixed expense could be rent and a variable expense could be groceries. (Examples may vary).
What is gross pay?
The amount someone gets paid before tax and other deductions.
Calculate the income tax for the following scenario:
Gross pay = $966 per week
Tax calculation = $5,092 plus 32.5 cents for each $1 over $45,000
$6,792.40
Find the interest rate of the following scenario:
$12,000 invested for 6 years at x% p.a yielded $6,480 in interest.
9%
Gab is going overseas with a budget of $20,000. She sets aside $45 per day for food and $245 per night for accommodation. Other travel costs (passport, VISAs, flights, insurance) cost her a total of $7,158. If she plans on being away for 6 weeks, how much more money does she have to spend on the trip?
$662.