Financial Mathematics Earning Money $ $ Mathletics Instant Workbooks. Copyright

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1 Finnil Mthemtis Erning Money Student Book - Series L-1 $ $ $ Mthletis Instnt Workooks Copyright

2 Student Book - Series L Contents Topis Topi 1 - Slries Topi 2 - Wges Topi 3 - Overtime Topi 4 - Penlty rtes nd speil llownes Topi 5 - Annul leve loding Topi 6 - Commission Topi 7 - Pieework nd roylties Topi 8 - Pensions nd government llownes Topi 9 - Dedutions Topi 10 - Aounts with finnil institutions Topi 11 - Creting udget Topi 12 - Operting udget Topi 13 - Household ills Dte ompleted Prtie Tests Topi 1 - Topi test A Topi 2 - Topi test B Author of The Topis nd Topi Tests: AS Klr Mthletis Instnt Workooks Series L Copyright 3P Lerning ii

3 Topi 1 - Slries John s nnul slry is $ How muh is he pid eh week? Amie reeives slry of $ p.. Wht is her gross fortnightly py? QUESTION 3 Jenny erns $659 per week. Wht is her nnul slry? Mlddin is on slry of $ p.. pid monthly. How muh does he reeive eh month? QUESTION 4 Mlddin works 200 hours eh month. How muh does he reeive per hour? QUESTION 5 Lst yer the hief exeutive of nk reeived totl remunertion pkge of $ How muh is this per week? A newspper hedline red: Bnk oss pid $ dy. Is this orret? Justify your nswer. QUESTION 6 Dniel reeives $3240 per month. Find his: nnul slry weekly py Mthletis Instnt Workooks Series L Copyright 3P Lerning 1

4 Topi 2 - Wges Angel works si week of 40 hours nd her hourly rte of py is $ Clulte her weekly wge. Mihel works 35 hours per week nd his weekly wge is $756. Find his hourly rte of py. QUESTION 3 A pinter works 38-hour week for n hourly rte of $ Find his totl weekly wge. QUESTION 4 Susn works in shop nd is pid $12.40 per hour. Clulte Susn s wge in week when she works 40 hours. QUESTION 5 Cleve works 8 hours dy nd nine-dy fortnight. If his py rte is $23.15 per hour, wht is his fortnightly py? QUESTION 6 Petr is pid $ per fortnight. If she works 35 hours per week, wht is her hourly rte of py? QUESTION 7 Yousef is pid $ for working sme rte of py? hours. Wht will he e pid for working 5 hours t the QUESTION 8 Reno works 6 hours on Mondy, 8 hours on Tuesdy, 7 hours on Wednesdy, 9 hours on Thursdy nd 6 hours on Fridy. If he is pid $18.20 per hour, wht is his weekly py? Mthletis Instnt Workooks Series L Copyright 3P Lerning 2

5 Topi 3 - Overtime A mn is pid si rte of $14.70 per hour. Clulte his hourly overtime rte of py when this is pid t: time-nd--hlf doule-time Kelli s norml py rte is $16.80 per hour. Wht will she ern for working: 5 hours t time-nd--hlf 3 hours t doule-time-nd--hlf QUESTION 3 John reeives gross py of $850 for 40-hour week. Clulte John s hourly rte of py. In one usy week, in ddition to his norml 40 hours, John works the following overtime; 6 hours on Sturdy t time-nd--hlf nd 5 hours on Sundy t doule-time. Find John s gross py for tht week. QUESTION 4 Peter is pid n hourly rte of $ His norml working dy is 8 hours. He gets pid time-nd-hlf for hours worked over 8 hours ut less thn or equl to 11 hours nd doule-time for hours worked over 11 per dy. How muh does he ern for norml 5 dy working week? Wht does he ern in week where he works two 8 hour dys, one 10 hour dy, one 11 hour dy nd one 12 hour dy? QUESTION 5 Ronnie is n eletriin nd gets pid $1200 for 40-hour week. In one week she works 12 hours overtime, of whih 8 hours is t time-nd--hlf nd 4 hours is t doule-time. Wht re her ernings tht week? Mthletis Instnt Workooks Series L Copyright 3P Lerning 3

6 Topi 4 - Penlty rtes nd speil llownes Thoms works on onstrution site nd is pid speil llowne of $6.20 per hour. Find his totl weekly wge, given tht his si wge is $28.70 per hour for 40-hour week. Joe nd Troy re uilder s lourers. Their wrd rte of py is $13.84 per hour. How muh does Troy reeive for norml 40 hour week? Troy is pid speil llowne of 46 ents per hour for working in wet onditions. How muh will Troy reeive in week where 7 hours re under wet onditions? The wrd llows n extr $1.54 per hour for working with toxi sustnes. If Joe spends the whole 40 hour week working with toxi sustnes, find his weekly wge. QUESTION 3 Adrin gets $ per week. As result of n indextion deision, his wrd rte of py is inresed y 4.5%. Find his new weekly wge. QUESTION 4 Mihelle gets pid $12.50 per hour. She is pid 40% extr per hour on the weekends. Find her hourly rte of py on the weekends. QUESTION 5 Mrk s norml wge is $ for 40-hour week. He worked overtime nd erned $ in one week. Find his norml hourly rte. How muh extr did he get for overtime? How mny hours of overtime did he work if he ws pid doule-time for the overtime worked? Mthletis Instnt Workooks Series L Copyright 3P Lerning 4

7 Topi 5 - Annul leve loding Z s weekly wge is $ Wht does he ern for 4 weeks? Z reeives n nnul leve loding of 17 1 % on 4 weeks holidy py. Find the mount of the nnul leve 2 loding. Wht is Z s totl holidy py? Mihelle gets n nnul slry of $ If she reeives 17 1 % holidy loding on the 4-week 2 holidy period, lulte: her norml py for 4 weeks her holidy loding her holidy py for 4 weeks. QUESTION 3 Willim erns $19.40 per hour nd works 35 hour week. Wht will Willim reeive for 4 weeks? Find Willim s totl holidy py if he reeives holidy loding of 17 1 % on 4 week s py. 2 QUESTION 4 Mddy works for the Deprtment of Soil Seurity on n nnul slry of $ If she reeives 17 1 % holidy loding on the four weeks holidy py period, lulte her totl holidy py for 2 the 4 weeks. Mthletis Instnt Workooks Series L Copyright 3P Lerning 5

8 Topi 6 - Commission Ysmin reeives ommission of 5% on sles. How muh ommission will she reeive in week in whih her sles totl $11 000? Dvid is r sles representtive nd is pid retiner (si wge) of $350 per week nd ommission of 3% on sles mde. Find his weekly inome in week in whih he sells r to the vlue of: $ $ QUESTION 3 Meen is sles person nd erns $250 week plus 3.5% ommission on sles. Her weekly sles totl $ Find: her ommission her totl ernings for the week QUESTION 4 Joshu is rel estte gent nd reeives 2% ommission on the first $ , 1 1 % on the next 2 $ , 1 1 % on the next $ nd 1% on the vlue therefter. Find his ommission for 4 selling property worth $ QUESTION 5 In works s sles representtive for medil firm nd reeives si slry of $300 per week plus 7 1 % ommission on tht prt of sles whih exeed $3000 per week. Find his ernings for 2 week in whih he sells medil supplies worth $8500. Mthletis Instnt Workooks Series L Copyright 3P Lerning 6

9 Topi 7 - Pieework nd roylties An priot piker is pid 19 ents for every full uket she piks. How muh will she ern in dy when she piks 78 ukets of priots. Jnny works in lothing ftory nd is pid $8.50 for eh grment ompleted. Wht is her weekly wge if she ompletes 154 grments in one week? QUESTION 3 Mtthew is pid roylty of 14% on the sles of his ook. Sles for the first six months totl $ How muh roylty does he reeive? QUESTION 4 Tim works in ftory on si wge of $300 week. In ddition to this he is pid onus of 10 ents per rtile, for every rtile in exess of the weekly quot of How muh will he ern in week in whih 6500 rtiles re mde? QUESTION 5 Brent works s pker on nn plnttion nd is pid $2.00 per ox with onus of 75 ents for eh ox pked in exess of 100 oxes per dy. Find his inome for dy in whih he pks 165 oxes. QUESTION 6 Celeste reeives roylties on the sles of her ook. She reeives 10% of the reommended retil prie of the first 5000 opies sold nd 12% on ny further opies. In the first yer sles totl opies nd the retil prie ws $ How muh does Celeste reeive? Mthletis Instnt Workooks Series L Copyright 3P Lerning 7

10 Topi 8 - Pensions nd government llownes Ntsh erns $ per nnum. Her pension fund ontriutions mount to 9% of her nnul slry. How muh re the pension fund pyments per nnum? When Emm retires t the ge of 60, her pension will e 70% of the slry reeived during her lst working yer. Find her weekly supernnution pyment if, during her lst yer of work, her slry ws $ QUESTION 3 Employees of the NSW Stte Puli Servie ontriute to supernnution sheme whih gurntees pension on retirement. The pyment is lulted on the numer of units ontriuted to. The numer of units inrese with inresed slry. Eh unit of supernnution results in pyment of $11.60 per fortnight on retirement. Mihel retires on slry of $ nd is entitled to 150 units. Wht is his fortnightly pension? How muh will he reeive per yer? Wht perentge of his retirement slry does he reeive on n nnul sis? QUESTION 4 A single person over the ge of 65 is entitled to n ge pension of $ per fortnight. If the person owns his or her home, he or she is llowed other ssets of $ For every $1000 of ssets over $ the pension redues y $5 per fortnight. The person is lso llowed n inome of up to $120 per fortnight. For every dollr erned over $120, the pension redues y 40 ents. Frnk, single pensioner, owns his home nd hs ssets of $ He hs no other inome. How muh is Frnk s fortnightly pension? Mri hs ssets of $ prt from her home. She erns $825 per fortnight from prt-time jo. Wht is Mri s pension? George hs ssets of $ prt form his home. He reeives n inome of $160 per fortnight from his investments. How muh is his fortnightly pension? Mthletis Instnt Workooks Series L Copyright 3P Lerning 8

11 Topi 9 - Dedutions Alex works s dentist in dentl hospitl nd his yerly slry is $ His fortnightly dedutions inlude inome tx $980, Medire levy $45 nd union fees $6.50. Clulte his fortnightly tke-home py (net py). Amnd reeives gross wge of $ per week. The pyments deduted from her weekly wge re tx, 35% of gross weekly wge; helth insurne, $29.50 per week; supernnution, 22 units t $2.50 per unit. Clulte her net py for the week. QUESTION 3 Jne erns $2450 gross per fortnight. Her py dedutions re $ for tx, $150 for supernnution, $5.20 for union fees nd $30.60 for helth insurne. Find Jne s net py per fortnight. QUESTION 4 Andrew s gross nnul slry is $ (Use 1 yer = 52 weeks) Wht is his fortnightly inome? If his dedutions re $ in inome tx, $20.15 in union fees nd $ in supernnution ontriutions, find his net py per fortnight. Wht perentge of Andrew s gross py is deduted? QUESTION 5 Aln s gross nnul inome is $ He pid totl of $9268 in dedutions, inluding inome tx. Clulte his net weekly py. (Use 1 yer = 52 weeks) Mthletis Instnt Workooks Series L Copyright 3P Lerning 9

12 Topi 10 - Aounts with finnil institutions Jed s nk ount hs $5 per month ount servie fee. How muh does Jed py in nk fees in yer? Luy s nk ount hs no monthly fee nd llows her 6 free eletroni trnstions per month. (These inlude using the nk s ATM, EFTPOS, phone nking nd internet nking.) Any exess trnstions re hrged t 50 ents eh. How muh will Luy py in fees in month where she mkes 15 eletroni trnsfers? Luy ould insted hoose to py monthly fee of $6 per month. How mny eletroni trnstions would she need to mke in month in order to e etter off pying monthly fee? Wht dvie ould you give Luy in operting her ount? QUESTION 3 Ktrin hs n ount with finnil institution with the following terms. Servie fee of $7 per month, minimum monthly lne of $500 to void monthly servie fee, 10 free withdrwls per month, exess withdrwl fee of 80 ents per trnstion. The tle shows Ktrin s ount for the first six months of the yer. Month Minimum Blne Numer of withdrwls Jnury $250 8 Ferury $ Mrh $ April $ My $550 6 June $ In whih month(s) will Ktrin py no fees? Find the totl fees pid over the six months. Mthletis Instnt Workooks Series L Copyright 3P Lerning 10

13 Topi 11 - Creting udget Eh month Georgie erns $600 from prt-time jo, reeives $100 s n llowne from her prents nd erns $150 ysitting. Her monthly expenses re $180 for musi lessons, $120 for repying lon nd $130 for shool needs. She wnts to sve $150 per month. Whtever is left she divides eqully etween lothes, entertinment nd r expenses. Mke monthly udget for Georgie. Wht re her r expenses? Inome ($) Expenses ($) Wht perentge of her totl inome does she sve? Mihel is yer 11 student nd reeives $25 per week s poket money from his prents. He lso erns $35.50 per week y working prt-time. His trvel expenses re $10 nd misellneous expenses re $15. The rest of his inome is sved. Mke up weekly udget for Mihel. How muh does he sve? Inome ($) Expenses ($) Wht perentge of his totl inome does he sve? Mthletis Instnt Workooks Series L Copyright 3P Lerning 11

14 Topi 12 - Operting udget Sue works in nk nd her tke-home py is $ per fortnight. Her expenses re shown in the tle. Wht is Sue s nnul inome? Wht re her svings per fortnight? How muh n she sve towrds her holidys eh yer? Item $ Rent Food Telephone Clothing Cr Entertinment Other expenses Svings Totl Ntlie erns $300 per month from prt-time jo, reeives $60 for helping her prents nd $50 for helping n orgnistion. Every month her expenses re $90 for food, $30 repyments on lon nd $70 on shool needs. She wnts to sve $85 per month. Whtever is left she divides eqully etween lothes, entertinment nd r expenses. Mke up monthly udget for Ntlie. Wht perentge of her totl inome does she sve? Inome ($) Fixed Vrile expenses ($) expenses ($) Mthletis Instnt Workooks Series L Copyright 3P Lerning 12

15 Topi 13 - Household ills For the given Telstr ill, nswer the following questions. Wht is the dte of issue? Telstr Bill Telstr Corportion Limited ACN Aount numer Bill numer Dte of issue T De 2000 Telstr Bill enquires d Wht is the ill numer? Wht is the totl mount pyle? Wht is the differene etween the totl of this ill nd the totl of the lst ill? Opening Blne We reeived Blne Totl of this ill Totl mount pyle $ $ r $0.00 $ $ MR A. GARLAND Pyment to e mde y 289 PACIFIC PDE 30 De 2000 DEE WHY NSW 2099 Item Aount Summry Your Referene $ 84 Cll hrges to 09 De Servie nd equipment to 09 Mr Totl of this ill $ e f g When is the pyment due? Wht re the ll hrges? Wht re the hrges for servie nd equipment? Clling Ptterns Compred with Lst Bill Lol Clls down y $11.80 STD Clls down y $1.16 lls to Moiles down y $2.76 Informtion lls down y $7.19 $200 $160 $120 $80 $40 $0 De Jn Fe Mr S D d Answer the following questions in reltion to the gs ill shown. Wht is the pyment referene numer? When is the pyment due? Wht is the totl mount pyle for this ill? Wht is the differene etween the totl of this ill nd the totl of the lst ill? Customer Numer D Pyment Referene Numer 0109 J Invoie Numer A MR B. DAWSON 1438 EPPING ROAD, LANE COVE NSW 2066 AGL AGL N Energy Limited ACN Hours Enquires Crd Pyment/Self Servie Fi Numer (03) 99 AGL We Assistne Online NSW Pyment Due Lst Aount Pyments Blne C/f New Chrges Crtitis /12/2000 Totl Due $ e f g Wht is the meter numer? How mny units were onsumed? If 1 unit = megjoules (MJ), onvert the gs units onsumed in prt f to the numer of megjoules (MJ). (Answer to the nerest MJ.) $ Nturl Gs Costs See over for detils Totl Due $ HOT WATER. AGL offers 24 hour report nd replement, plus 45 months interest tree on py hot wter. Conditions pply, ll Supply Address 1435 Epping Rod. Lne Cove NSW 2066 Averge MJ Per Dy This Aount Sme Period lst Yer Averge Cost of Consumption Per Dy AGL $1.16 $1.01 h If 1 MJ is hrged t the rte of ents, wht is the totl ost of the megjoules onsumed during this period? Meter Current Previous Units Type Numer Dte Reding Dte Reding Consumed 11 JX /11/ /08/ i How muh is the supply fee? Mthletis Instnt Workooks Series L Copyright 3P Lerning 13

16 Topi Test PART A Instrutions This prt onsists of 10 multiple-hoie questions Eh question is worth 1 mrk Clultors my e used Fill in only ONE CIRCLE for eh question Time llowed: 30 minutes Totl mrks = 10 1 Kte s hourly rte of py is $9.50 for the first 36 hours nd time-nd--hlf for every extr hour. How muh is she pid for 41 hours? A $ B $ C $ D $ Dle hs slry of $ p.. His fortnightly py is: A $1884 B $ C $2041 D $ Brry reeives $ for 40 hour week. Wht is he pid for eh hour worked t time-nd--hlf? A $8.63 B $17.26 C $25.89 D $ Hnnh reeives ommission of 6.5% on ll her sles. How muh ommission does Hnnh ern in week in whih her sles totl $2800? A $182 B $ C $ D $ Cle reeives roylty of 15% on the mrket prie on sles of ook he hs written. If the ook sells for $12.95, find Cle s totl roylties for period when 2180 ooks hve een sold. A $ B $ C $ D $ Julin reeives n wrd rte of py of $18.52 per hour. He reeives n dditionl 32 ents per hour for working in hot onditions. Wht will Julin ern for working 14 hours in hot onditions? A $ B $82.97 C $ D $ Courtney is pid $21.20 per hour nd works 35 hours per week. Find her holidy py for 4 weeks, inluding 17 1 % holidy loding. 2 A $ B $ C $ D $ Jo s nk ount hs $6 monthly fee plus n exess withdrwl fee of 40 ents for every withdrwl ove the free limit of 15 per month. In month is whih Jo mkes 22 withdrwls, how muh does he py in fees? A $8.40 B $8.80 C $12.00 D $ Morgn s lol ounil sent ill for wter rtes. It showed the following informtion: 10 Meter Numer Previous Present Reding Consumption Wter Usge Reding (kl) (kl) (kl) Chrge $ per kl The mount Morgn will need to py is: A $24.65 B $ C $ D $ Mthletis Instnt Workooks Series L Copyright 3P Lerning 14

17 Topi Test PART A 10 Hmish hs prepred the following monthly udget. In the pst he hs een sving $280 eh month. He hopes to e le to sve the sme mount eh month plus ny money left over. If he stiks to his udget, how muh should Hmish sve eh month? INCOME EXPENSES Inome $3416 Rent $820 Food $600 Other living expenses $550 Lon repyment $460 Cr expenses $350 Svings $280 Blne TOTAL $3416 TOTAL $3416 How muh does he hope to sve eh month? A $280 B $356 C $608 D $636 Totl mrks hieved for PART A 10 Mthletis Instnt Workooks Series L Copyright 3P Lerning 15

18 Topi Test PART B Instrutions Show ll neessry working Totl mrks = Lis is pid $16.55 per hour nd works 38 hours t norml time nd 8 hours overtime t time-nd--hlf. Clulte Lis s gross py. 2 mrks Lis hs her privte helth over deduted from her gross py. The yerly ontriution is $ Clulte the mount deduted weekly from her py. 1 mrk Lis pys 4.5% of her gross py into supernnution. Clulte the mount of her super ontriution. 1 mrk 12 Ree reeives slry of $ per nnum. Clulte the mount she will reeive eh fortnight. 1 mrk She pys 5% of her gross slry in supernnution. Clulte her fortnightly supernnution ontriution. 1 mrk 13 Chris is pid wge of $21.65 per hour. If Chris works norml 38-hour week, lulte his weekly wge. 1 mrk Wht will Chris s wge e in week when, in ddition to his norml hours, he works 5 hours t timend--hlf nd 3 hours doule-time. 2 mrks Mthletis Instnt Workooks Series L Copyright 3P Lerning 16

19 Topi Test PART B Instrutions Show ll neessry working Totl mrks = 20 Chris is pid n extr $1.53 per hour for working in onfined spes. One week Chris spends 25 of his norml 38 hours working in onfined spes. Wht is his wge tht week? 1 mrk d Clulte the totl mount Chris will reeive for his 4 weeks nnul leve, if he is pid n nnul leve loding of 17 1 / 2 % on 4 weeks of norml wges. 2 mrks 14 Stephnie is rel estte gent nd is pid n nnul slry of $ plus ommission of 2% on ll sles. She is lso pid r llowne of $50 per week. If she sells property worth $ in one week, wht will e: her ommission? 1 mrk her inome during tht week? 2 mrks If she sells property worth $ during tht yer, find: her ommission for the whole yer 1 mrk d her totl inome during tht yer, inluding the r llowne. 2 mrks Mthletis Instnt Workooks Series L Copyright 3P Lerning 17

20 Topi Test PART B Instrutions Show ll neessry working Totl mrks = Osr reeives n nnul llowne of $ He hs prepred udget nd ims to sve 15% of this llowne. How muh does Osr hope to sve eh week? 2 mrks Totl mrks hieved for PART B 20 Mthletis Instnt Workooks Series L Copyright 3P Lerning 18