Vocab: Exchange rate: the price of one country s currency in terms of another nation s currency. Selling rate: the rate at which a bank or travel agency will sell foreign currency Buying rate: the rate at which a bank or travel agency will buy back extra money Think Pair Share: For each of the terms above, think of a situation when you would need to use them. Write it down, then share with a partner. 1
Example 1) Jill is looking on line to buy a new set of golf clubs. The price is $650 US. She wants to know how much she will have to pay in Canadian Dollars. a) Will we use the exchange rate, buying rate or selling rate? Why? b) How much will they cost in Canadian Dollars? 2
Example 2) Jeff is going travelling to China and is going to convert $800 Canadian Dollars to the Chinese Renminbi. a) Will we use the exchange rate, buying rate or selling rate? Why? b) How many Chinese Renminbis will this be? c) When Jeff came back he had 625 Chinese Renminbis left. So he went to the bank and converted it back to Canadian Dollars. How much did the bank give him? 3
Example 3) Jolene is going to the United States for a vacation and was told to have $950 in American dollars. a) Will we use the exchange rate, buying rate or selling rate? Why? b) How many Canadian Dollars will this be? c) When Jolene came back she had $85 American Dollars. She he went to the bank and converted it back to Canadian Dollars. How much did the bank give her? 4
5
Twitter: Choose 1 question from the practice currency questions: Write out the steps you used to solve it in complete sentences. Ex. First, I set up a fraction showing what I was exchanging as a rate, with the unit I wanted to end up with on top. Then I set up another fraction on the other side of an equal sign with the exchange rate, putting the same unit on top. Finally, I crossed multiplied to find the value of the currency I wanted. 6
Math 10 3: April 15th Plan for the day: 1. Review proportional reasoning and currency exchange 2. Currency conversion assignment 3. Lesson on types of income 7
Do these questions on a scrap piece of paper: 1.) Solve for x: 2) If the exchange rate of Canadian $ to New Zealand $ is $1.00 CDN to $1.15 NZD, how much is a pair of shoes in Canadian dollars if a New Zealand website lists them for $39.99? 8
Math 10 3: April 16th Plan for the day: 1. Discussion about making money 2. Lesson on types of income 3. Calculating hourly wages 9
Let's talk about making money! Share with a partner or a group of three: 1. What jobs have you had? If you haven't had one, what is one way you have made money in the past? 2. How much money did you make? 3. What did your pay depend upon? 4. How often were you paid? 10
Salary Ways to Earn Income: Hourly Wage Wages + Tips Commission Piecework Contract 11
Wage: This money earned hourly, daily, or by piecework. Overtime and gratuities may also be included in a person s wage. Ex. Salary: This is a fixed amount of money earned over a specified time period, such as a month or a year. Ex. Commission: This earnings based on a percent of an employee s sales during the pay period and may be paid in combination with a salary or wage. Ex. Piecework: This is earnings based on the number of items produced. Ex. Contract: A legal agreement outlining terms, conditions, and payments for work to be done. Ex. 12
0 Notes on Calculating Hourly Wages from Time Sheets 1. Jesse works at a gas station and the following time sheet shows his hours for one week. a) How many hours did he work this week? b) If he makes $15.30 an hour and no overtime, how much was his gross pay for this week? 2. Gregor works at a deli. His time sheet for this week is shown below. If he makes $22.50 per hour with no overtime, what will his gross pay be for this week? 3. Ramona works at a bookstore. Her hours for the week are entered below. a) How many hours total did she work? b) If she makes $11.50 per hour with no overtime or tips, what will her gross pay be for this week? 13
10 12 12 11 1 11 1 2 10 2 9 8 7 6 5 4 3 : 9 8 7 6 5 4 3 : 10 11 12 1 2 10 11 12 1 2 9 3 9 3 8 7 6 5 4 8 4 7 5 : 6 : 14
15
Math 10 3: April 17th Plan for the day: 1. Review types of income: pop "quiz" 2. Lesson on calculating overtime, tips, and commission 3. Start "Calculating Hourly Pay" Assignment 16
Hourly wage is $11.00 per hour: Sun Mon Tues Weds Thurs Fri Sat 8am 7:45a m 4pm 3:45p m 8am 4pm 4pm 4pm 9:15p m 9:15p m Total hours worked: Regular hourly pay: Total pay: 17
Hourly pay with overtime: Example 1) Using the example of Gregor from question 2, how much would he make for the week if he is paid double time for any hours over 40 per week? Example 2) Crystal works full time at a gas station. She is paid $7.50/h/ plus time and half for overtime, which is any time over 40h a week. One week she worked 46h. a) How much is her regular earnings? b) How much is her overtime earnings? c) How much is her total earnings? 18
Hourly pay with tips and commission: Example 1) Serena works at Boston Pizza as a server. On a typical 8h shift, her customer's bills total $800.00. a) If every customer tips her 15%, what will she in earn in tips for the day? b) If she earns $10.75/hr, what will her total gross pay be for the day? 2) If you make $12.00/hr as a Starbucks barista and the average customer tips $0.15 per drink, how much money will you make in one 7hr day if you make 150 drinks? 3) Cody works at a shoe store where he earns 10% commission on his total sales. If he sells 5 pairs of $49.99 shoes and 2 pairs of $69.99 shoes one day, what will he make in commission for the day? 4) You are a realtor. You make 2% commission on every house you sell. In one month, you sell a house for 499,000 and another for 239,000. How much is your gross pay for the month? 19
Practice: Working at an electronics store, you make $8/hr for up to 40hr/week, then time and a half for anything over 40hr/ week. You also make 15% commission on everything you sell on top of your hourly wage. If you work 45hrs and sell $15,000 worth of products in a week,how much should your gross pay be? 20
Calculating Gross Hourly Pay: Assignment is Due TOMORROW! 1. Use the time chart to determine what to pay your employee 2. Answer the remaining questions 21
Hourly wage is $11.00 per hour for regular, time and a half for overtime (after 40 hours per week) Total hours worked: 44 Regular hourly pay: $440 Overtime pay: $66 Total gross pay: $506 22
Math 10 3: April 20th Plan for the day: 1. Review calculating hourly income 2. Calculating Hourly Pay Assignment 23
Review activity: 1. Answer the question given to you. 2. Find someone with the same question as you. Compare your answers. 3. Be prepared to share with the class if called upon! 24
1. Martha works part time selling cosmetics. She is paid 30% of her sales. Calculate her commission if she made $1575.00 in sales for the week. 2. A real estate agent earns 2.4% on the sale of a house priced at $89,950.00 that she sold in the month of March. What is her gross pay for that month? 3. Fatima works in a shoe store. She earns a salary of $240 a week plus 6% commission. One week she sold $3000 worth of shoes. Find her total earnings for the week. 4. Carol Jones is a receptionist in a doctor s office. She worked 35 hours this week. If her regular pay is $9.68 per hour, what is Carol s gross pay? 5. Sylvia O Keefe is a teacher s aide. She earns $9.15 per hour. Last week she worked 34 hours. What was her regular time pay for last week? 6. Lori works in construction and is paid $16.00/hour for a 40 hour work week and is paid time and one half for any hours over the 40 hours. Last week Lori worked 46 hours. What is her gross pay for the week? 7. Tony is a baker at the Superstore bakery. He is paid $14.25/hour for a 40 hour work week and is paid double time for any hours over 40. During the week of February 14 20 he worked 38 hours and during the week of February 21 27 he worked 45 hours. Calculate Tony s gross pay for this two week period. 8. Dave earns $150.00 per week plus 38% commission. He sold $4175.68 in the month of February. What is his gross monthly earnings for February? 9. Julie is a sales clerk at a bicycle shop. She is paid $9.75 per hour plus she is given a commission of 8% on sales. In one week she worked 30 hours and her sales were $2319.75. What is her gross weekly earnings for that week? 10. Lillian works as a waitress and makes $9.50/hour plus tips. Last week she worked 36 hours and made $520 in tips. What was her gross pay for the week? 25
Math 10 3: April 21st Topics: 1. Salary pay 2. How to decide which type of pay is best Plan for the day: 1. 15 minutes: work on calculating hourly pay assignment 2. Lesson and practice on salary pay 3. Deciding type of pay activity 4. Journals 26
27
28
Notes on Salaries Some employers base their employee s pay on a salary. A salary is a set amount of pay an employee will earn per year regardless of the number of hours they work. The salary is then divided by the total number of pay periods in the year to determine how much money the employee will receive with each paycheck. Pay is often either bi weekly (once every 2 weeks), semi monthly (twice per month), or monthly. Why would people on salaries prefer not to get paid only once a year? Formula for Calculating Earnings Annual Salary Total Number of Pay Periods in the Year = Amount of Salary for each Pay Period. Ex 1) Ed Callahan is an executive at the local bank. His annual salary is $75,530. Calculate his gross pay if he is paid: a) Bi weekly b) Semi monthly c) Monthly Ex 2) Carla Ridley is a high school algebra teacher. Her annual salary is $38,625.00. If she receives a paycheck every month of the year, what is her monthly salary? Ex 3) Julia was a participant in the Department of National Defense s RAVEN program for Aboriginal youth. Now, she is a naval weapons technician in the Canadian Armed Forces. Julia is posted to a war zone and will earn $1900.00/month in danger pay on top of her annual salary of $51 250.00. a) What will her annual salary be, including danger pay? b) What will her monthly pay be? 29
Get into groups of 4 Decide who will be: 1) Leader 2) Speaker 3) Recorder 4) Time keeper (watch time) Discussing Types of Income: Each person will be given a scenario. Each person read scenario, then as a group, solve the problem. Recorder writes down solution. Speaker must be ready to share solutions with the class. 30
31
Math 10 3: April 22nd Plan for the day: 1. Salary Practice Questions 2. Starting a New Job: beginning project 32
33
34
Math 10 3: April 23rd Plan for the day: 1. Review percents 2. Lesson on calculating net pay and deductions 3. Practice questions 35
On a scrap piece of paper: 1) Calculate: 10% of $2500 4.16% of $30,000 15% of 30,000 2) Calculate the percent: 72 out of 200 15 out of 12 25 out of 250 36
On a scrap piece of paper: 1) Calculate: 10% of $2500= $250 4.16% of $30,000= $1248 15% of 30,000= $4500 2) Calculate the percent: 72 out of 200= 36% 15 out of 12= 125% 25 out of 250= 10% 37
Notes on Net Pay and Deductions Net Pay is the amount an employee actually receives after all deductions are subtracted from the gross income. Common Paycheque Deductions: 1) CPP Canada Pension Plan 4.95% of gross income 2) EI Employment Insurance 1.73% of gross income 3) Provincial Income Tax 10% of taxable income 4) Federal income tax The percent varies depending on the amount of money you make. Each question will give the percent. Example 1) Complete the following pay statement. Amanda s federal tax is 13% Some benefit deductions are not taxable. For example, union dues and pension contributions are not taxable income. Complete the following pay statement if the federal tax is 14% 38