Calculating Your Pay
What is the total number of weeks used to calculate your annual pay in this assessment?
52 weeks
The type of property and the weekly rent are key pieces of information identified from what source in Part B?
Rental Property Advertisement?
Name one of the three required monthly data points to create the climate graph.
Lowest Daily Minimum Temperature, Highest Daily Maximum Temperature, or Average (Mean) Monthly Rainfall?
The Medicare Levy is calculated as this fixed percentage of your taxable income.
2%
To calculate the annual pay, the weekly pay is multiplied by this conversion factor.
52
If a job advertisement gives the annual salary, what calculation do you perform to find the weekly pay?
Divide the annual salary by 52
What is the standard number of weeks' rent used to calculate the rental bond in this task?
Four weeks
Which specific value from Part A's calculations is used as your Fortnightly Income in the budget?
Net Fortnightly Pay
What is the term for the annual tax you will pay based on your income, not including the Medicare Levy?
Income Tax
To convert a monthly expense to a fortnightly expense, you would typically multiply the monthly expense by 12 and then divide by this number.
26
What is the term for the amount of tax that is taken out of your pay each pay cycle?
PAYG (Pay As You Go) Tax
Besides the rental property and your new workplace, name one of the three other required features to be marked on the local area map.
Nearest Supermarket, Nearest Medical Centre, or Two Other Places of Interest?
If your car registration is an annual cost of $\$600$, what calculation do you perform to find the fortnightly cost?
Divide $600 by 26
If the total tax deducted is less than the total tax due, what financial action would you receive?
Tax Bill
If a fortnightly expense is $\$50$, this is the total amount that would be spent on that item over the course of a 52-week year.
$1,300 ( $50 x 26)
What is the term for your pay after PAYG tax has been deducted?
Net Pay (or Net Fortnightly Pay)
The directions for a visitor must include both directional language and this other type of language related to placement, like between or next to.
Positional Language
Expenses such as car registration, insurance, and fuel are combined into this single category in the fortnightly budget summary.
Car Running Costs
These are work-related costs that you can list to reduce your taxable income.
Tax Deductions
If your car insurance is an annual cost of $\$800$, this is the nearest whole dollar amount you would enter for the fortnightly expense.
$31
$800 divided by 26 = $30.77
If you earn a gross fortnightly pay of $\$2,500$ and your PAYG tax is $\$450$, what is your net fortnightly pay?
$2,050
To find the Total Journey Time from your current home to the new town, you must add the Travel Time to these two other factors.
Rest and Refuelling Times
In the budget section, what must you provide for any fortnightly expenses that you calculate using a guess or assumption?
Explanation (or Justification/Estimation)
In Part F, the ultimate decision to relocate must be based on the comparison between your fortnightly income and this other factor from the budget.
Expenses (or Total Expenses)
If the weekly rent is $\$350$, what is the total dollar amount needed for the initial payment (one fortnight's rent plus the 4-week bond)?
What is $2,100$?
$350 x 2 weeks
$350 x 4 weeks
$700 + $1,400