Terms for payment frequency
Weekly
Paid per hour of work _ _ _ _
wage
Being paid biweekly means you will get paid twice every month, 100% of the time
FALSE - twice a year you will have 3 pay periods in a month
Total weekly hours if I worked M, W, F working 4 hour shifts
12 hours
What is a budget?
A budget is a simple plan that allots the money you make with the money you spend
Paid every other Friday
Bi-weekly
Flat amount given per year no matter the hours worked _ _ _ _ _ _
salary
Vacation pay is 15% of your annual earnings
FALSE - it is 4%
Total hours if I worked Mon-Fri 8 hours each day
40 hours
What type of budgeting does Gail model?
Accepted: Cash only budget // Hard cash budget // Jar system // Zero balance budget
Paid at the end of every calendar page
Monthly
paid a percentage of the item sold _ _ _ _ _ _ _ _ _ _
commission
Working statutory holidays results in something called premium pay, which is 1.5x the regular rate of pay
TRUE - there are 9 ones in Ontario
Pay if I earn $16.90/hr for x 10 hours
$169.00
Discretional spending is the amount you spend on yourself - clothing, date nights, gifts etc. How much did Gail suggest you spend?
25% of your income
Paid every year
Annually
given per unit of work complete, for example paid per delivery _ _ _ _ _-_ _ _ _
Employers can sometimes offer paid vacation hours (1.5hrs for every hour worked) instead of overtime pay (1.5 x pay rate)
TRUE - this is not mandatory to offer, but some do
DAILY DOUBLE: To find weekly income from a yearly salary you divide the yearly $ amount by ____.
52 - there are 52 weeks in a year
How much of your budget does Gail Vox-Oxlade say people should you spend on housing
35%
Paid twice a year
Bi-annually
DAILY DOUBLE: Student minimum wage as of October 1st is going up to
$16.90/hr
Susan worked 44 hours this week, including a 15 hour shift, but is told she is not entitled to overtime pay.
TRUE - overtime is over 44 hours in a week, not the day
If you work exactly 40 hours a week for 52 weeks, you will log this total number of hours in a year
2080 hours per year
We did a class survey on spending - what did most students spend their money on?
Food! (Discretional)