1. Finance
Warmup August 31, 2015
1. Find your total pay if you earn $16 an hour, you worked 40 hours this week and 7 hours of overtime. You receive time & a half for overtime. 3. If you made $194 last week and you make $9/hr, how many hours & minutes did you work?
2. What is your straight time pay if you earn $11.75 an hour and you worked 37¼ hours last week? 4. How much time has elapsed?

2. Finance
Warmup September 1, 2015
1. . Find your total pay if you earn $10.50 an hour, you worked 40 hours this week and 5 hours of overtime. You receive double time for overtime. 3. If you made $230 last week and you make $12/hr, how many hours & minutes did you work?
2. What is your straight time pay if you earn $13.50 an hour and you worked 16¼ hours last week? 4. How much time has elapsed?

3. Finance
Warmup September 2, 2015
1. Find your total pay if you earn $9.17 an hour, you worked 40 hours this week and 7 hours of overtime. You receive time and a half for overtime. 3. If you made $140 last week and you make $7.50/hr, how many hours & minutes did you work?
2. What is your straight time pay if you earn $7.75 an hour and you worked 22 hours last week? 4. How much time has elapsed?

4. Finance
Warmup September 3, 2015
1. Find your total pay if you earn $8.45 an hour, you worked 40 hours this week and 6 hours of overtime. You receive time and a half for overtime. 3. If you made $210 last week and you make $11/hr, how many hours & minutes did you work?
2. What is your straight time pay if you earn $11.60 an hour and you worked 25¼ hours last week? 4. How much time has elapsed?

5. 1.4 Piecework Some jobs may pay you on a piecework basis.
This is when you receive a specified amount of money for each item of work that you complete.
Total Pay = rate per item x # of items produced
Is it better to be paid on an hourly rate or by piecework?

6. Examples of Piecework
Washing a car, delivering newspapers, sewing clothing, painting a house, or cutting a lawn.

7. Example 4
Ray works for National Cabinet Company. He is paid $8.00 for each cabinet he assembles. Last week he assembled 45 cabinets. This week he assembled 42.
What is his pay for each week?
Step: Find the total pay.
Last week: $8.00 × 45 = $360.00
This week: $8.00 × 42 = $336.00

8. Your Turn Gabe is a little league umpire.
He earns $20 per game on weekdays and $25 per game weekends. He umpires 14 weekday games and 3 weekend games.
What is his total pay?
$355.00

9. More Your Turn! Jay: 124 items produced Rate per item $.89
What is the total pay?
$110.36

10. Assignment 1.4
#6-20 even

11. 1.5 Salary
Salary = a fixed amount of money that you earn on a regular basis. Salaries might be weekly, biweekly, semimonthly, or monthly. Annual salary- total salary you earn during a year. Does your boss expect less from you when you become a salaried employee?

12. Pay Periods
There are 52 weekly, 26 biweekly, 24 semimonthly, and 12 monthly pay periods per year. Salary per Pay Period=

13. Example 5
Beth Huggins is a computer programmer. Her annual salary is $42,648.
What is her monthly salary?
What is her weekly salary?
Step: Find the salary per pay period.
Monthly: $42, ÷ 12 = $3,554.00
Weekly: $42, ÷ 52 = $820.15

14. Your Turn
A. Michelle Giuseffi is a police officer. Her annual salary is $40,560.
What is her biweekly salary?
B. The city of Carson advertised for a development project manager at a monthly salary of $5,480. What is the annual salary? What is the weekly salary?
$1,560
Annual Salary: $65,760
Weekly Salary: $1,264.62

15. More Your Turn!
C. Colin Evans is a hotel desk clerk who earns an annual salary of $21,216.
What is his weekly salary?
$408

16. Assignment 1.5
#4-10

17. 1.6 Commission
Often times, retail positions pay you in commission. This is the amount of money that you are paid for selling a product or a service. What are the risks involved in working on commission?

18. Why are people who work in sales often paid on commission?
Managers believe that salespeople will sell more if they are paid a percentage of sales instead of being paid a salary or by the hour.

19. Commission rate = specified amount of money for each sale or it might be a percent of total value of your sales
Straight Commission = the commission is the only pay you receive.
Commission = Total Sales x Commission Rate

20. Example 6
Milton Arps sells real estate at a 7½ percent straight commission. Last week his sales totaled $290,000.
What was his commission?
Step: Find the commission.
Total Sales × Commission Rate
$290,000 × 7½%
$290,000 × = $21,750

21. Gross pay = Salary or Commission
Your gross pay is the greater of the two amounts.
Example 7: Owen is guaranteed a minimum salary of $250 a week, or 7 percent of his total sales, depending on whichever is greater. What is his gross pay for a week in which his total sales were $3,614
$252.98

22. Your Turn
Jermaine Dixon sells electronic equipment. He receives a straight commission of 6½ percent of his total sales.
What commission will he receive in a week where his sales total $12,416?
$807.04

23. More Your Turn!
Ryan O’Malley is paid either a commission or by the hour, whichever is greater. His hourly pay is $8.00 per hour with time and a half for all hours that exceed 40 hours per week. His commission is 7 percent of his sales. Find his gross pay in a week in which he worked 48 hours. His total sales for the week were $6,120.
$428.40

24. Assignment 1.6
#6-20 even

25. 1.7 Graduated Commission
Your commission rate may increase as your sales increase.
Graduated commission is pay in which the commission rate is different for different levels of sales.
It provides an extra incentive to sell more.
Describe the kind of personality a salesperson has. How does this influence his or her sales?

26. Example 8
Irene Gomaz sells appliances at Twin City Sales. She receives a graduated commission as shown:
4% First $1,000
6% Next $2,000
8% Over $3,000
Gomaz’s sales for the past month totaled $9,840.
What is her commission for the month?

27. Example 8 Answer
Step: Find the sum of commission for all levels of sales.
Sales × Commission Rate
First $1,000 $1,000 × 4% = $
Next $2,000 $2, × 6% =
Over $3,000 ($9,840 – $3,000) × 8%
$6,840 × 8% =
Total Graduated Commission $707.20

28. Your Turn
Pamela Miller sells musical instruments. She earns 6½ percent commission on the first $2,000, 8 percent on the next $3,000, and 10 percent on sales over $5,000.
Find the graduated commission on $7,368.
$606.80

29. More Your Turn!
Bob Elliott sells lumber. He earns 9 percent commission on the first $25,000, 11 percent commission on the next $30,000, and 15 percent on sales over $55,000.
Find the graduated commission on monthly sales of $56,575.
$5,786.25

30. Assignment 1.7
#6-16 even

31. Journal Entry #2 Explain the difference in each type of pay:
Straight time
Piecewise
Salary
Commission
Explain in what type of situation it would be best to be paid in each.

32. Summary Review Key Vocabulary Hourly Rate Salary Commission
Straight-time Pay
Commission Rate
Overtime Pay
Time and a half
Straight Commission
Graduated Commission
Double Time
Weekly Time Card
Piecework

33. Review for Test
Review pages