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Financial Maths, STD2 EQ-Bank 17 MC

A company uses a spreadsheet to calculate employees' monthly salaries from their weekly salaries. The spreadsheet is shown below.
 

Which formula has been used in cell B7 to calculate the monthly salary?
 
  1. \(=\text{B4}^*4\)
  2. \(=\text{B4}^*52/12\)
  3. \(=\text{B4}^*12\)
  4. \(=\text{B4}/52^*12\)
Show Answers Only

\(B\)

Show Worked Solution

\(\text{Monthly salary} = \dfrac{\text{weekly salary} \times 52}{12}\)

\(\therefore\ \text{Formula:}\ =\text{B4}^*52/12\)

\(\Rightarrow B\)

Financial Maths, STD2 EQ-Bank 31

Chen earns an annual salary of $72 800. He is entitled to four weeks annual leave with 17.5% leave loading. A spreadsheet is used to calculate his total holiday pay.

Total holiday pay = 4 × weekly wage + 4 × weekly wage × 17.5%

A spreadsheet showing Chen's holiday pay calculation is shown.

  1. What value from the question should be entered in cell B5?   (1 mark)

  2. Write down the formula used in cell B9 to calculate the weekly wage, using appropriate grid references.   (2 marks)
  3. Verify the amount of Chen's total holiday pay using calculations.   (2 marks)
Show Answers Only

a.   \(4\)

b.   \(=\text{B4}/52\)

c.    \(\text{Total holiday pay}=\text{weekly wage}\times 4 +\ \text{weekly wage}\times 4\ \times 17.5\%\)

\(\text{Total holiday pay}=1400\times 4+1400\times 4\times\dfrac{17.5}{100}=5600+980=$6580\)

Show Worked Solution

a.    \(\text{Chen gets 4 weeks leave }\rightarrow\ 4\)
 

b.    \(\text{Weekly wage }=\dfrac{\text{Annual salary}}{52}\)

\(\text{Formula: }=\text{B4}/52\)
 

c.    \(\text{Total holiday pay}=\text{weekly wage}\times 4 +\ \text{weekly wage}\times 4\ \times 17.5\%\)

\(\text{Total holiday pay}=1400\times 4+1400\times 4\times\dfrac{17.5}{100}=5600+980=$6580\)

Financial Maths, STD2 EQ-Bank 19 MC

A company calculates holiday pay for employees entitled to four weeks annual leave with 17.5% leave loading on four weeks pay.

A spreadsheet is used to calculate the total holiday pay.
 

Which formula has been used in cell B9?

  1. \(=\text{B4}^*\text{B5}+\text{B4}^*\text{B5}^*\text{B6}\)
  2. \(=\text{B4}^*\text{B5}+\text{B4}^*\text{B5}^*\text{B6}/100\)
  3. \(=\text{B4}^*\text{B5}^*\text{B6}/100\)
  4. \(=\text{B4}+\text{B5}+\text{B6}\)
Show Answers Only

\(B\)

Show Worked Solution

\(\text{Total holiday pay}=\text{weekly wage}\times 4 +\text{weekly wage}\times 4\ \times 17.5\%\)

\(\text{Formula: }\text{weekly wage}\times 4 +\text{weekly wage}\times 4\ \times \dfrac{17.5}{100}\)

\(\text{Using cell references: }=\text{B4}^*\text{B5}+\text{B4}^*\text{B5}^*\text{B6}/100\)

\(\text{Check: }1450\times 4+1450\times 4\times\dfrac{17.5}{100}=5800+1015=6815\)

\(\Rightarrow B\)

Financial Maths, STD2 EQ-Bank 36

Nigel's weekly wages are calculated using the partially completed spreadsheet below.
 

  1. Calculate the total wages Nigel earned on Wednesday.   (2 marks)

  2. Determine the time Nigel finished work on Saturday, given he earned $196.35 on the day.   (2 marks)

Show Answers Only

a.    \(\text{Total wages}=119.00+35.70=\$ 154.70\)

b.    \(14:30\)

Show Worked Solution

a.    \(\text{Wednesday wages:}\)

\(\text{Regular hours:} \ 5 \times 23.80=\$ 119.00\)

\(\text{Time-and-a-half:} \ 1 \times 1.5 \times 23.80=\$35.70\)

\(\text{Total wages}=119.00+35.70=\$ 154.70\)
 

b.    \(\text{Let \(h=\) total hours worked:}\)

\(\text{Since Saturday wages are time-and-a-half rate:}\)

\(h \times 1.5 \times 23.80\) \(=196.35\)
\(h\) \(=\dfrac{196.35}{1.5 \times 23.80}=5.5\ \text{hours}\)

 

\(\text{Nigel’s shift started at 09:00 and lasted 5.5 hours.}\)

\(\therefore\ \text{Nigel finished work at 14:30.}\)

Financial Maths, STD2 EQ-Bank 28

The spreadsheet shows a casual employee's partially completed timesheet.
 

Calculate Jane's total earnings for the week.   (2 marks)

Show Answers Only

\(\text{Earnings:}\)

\(\text{Sunday:}\ 4 \times 20.70 \times 2 = $165.60\)

\(\text{Thursday:}\ 3 \times 20.70 = $62.10\)

\(\text{Friday:}\ (2 \times 20.70) + (2 \times 20.70 \times 1.5) = $103.50\)

\(\text{Saturday:}\ 4 \times 20.70 \times 1.5 = $124.20\)
 

\(\text{Total earnings}\ =165.60+62.10+103.50+124.20=$455.40\)

Show Worked Solution

\(\text{Earnings:}\)

\(\text{Sunday:}\ 4 \times 20.70 \times 2 = $165.60\)

\(\text{Thursday:}\ 3 \times 20.70 = $62.10\)

\(\text{Friday:}\ (2 \times 20.70) + (2 \times 20.70 \times 1.5) = $103.50\)

\(\text{Saturday:}\ 4 \times 20.70 \times 1.5 = $124.20\)
 

\(\text{Total earnings}\ =165.60+62.10+103.50+124.20=$455.40\)

Financial Maths, STD2 F1 2025 HSC 4 MC

Frankie takes four weeks of annual leave. His weekly pay is $350 and his annual leave loading is \( 17 \dfrac{1}{2} \)% of four weeks pay.

What is Frankie's total pay for this period of annual leave?

  1. $245.00
  2. $411.25
  3. $1461.25
  4. $1645.00
Show Answers Only

\(D\)

Show Worked Solution

\(\text{4 weeks pay}\ = 4 \times 350 = $1400\)

\(\text{Annual leave loading}\ =17.5\% \times 1400 = $245\)

\(\text{Total pay}\ = 1400+245=$1645\)

\(\Rightarrow D\)

♦ Mean mark 46%.

Financial Maths, STD2 F1 2024 HSC 23

Zazu works a 38-hour week and is paid at an hourly rate of $45. Any overtime hours worked are paid at time-and-a-half.

In a particular week, Zazu worked the regular 38 hours and some overtime hours. In that week Zazu earned $2790.

How many hours of overtime did Zazu work in that week?   (3 marks)

Show Answers Only

\(\text{16 hours of overtime}\)

Show Worked Solution

\(\text {Let X = overtime hours}\)

  \(\text{Total pay}\) \(=(38 \times 45)+\Big(X \times \dfrac{3}{2}\times 45\Big) \)
  \(2790\) \(=1710+\dfrac{135}{2}X\)
  \(\dfrac{135}{2}X\) \(=1080\)
  \(X\) \(=\dfrac{1080 \times 2}{135}\)
    \(=16 \text{ hours of overtime}\)

Financial Maths, STD2 F1 2022 HSC 7 MC

Tian is paid $20.45 per hour, as well as a meal allowance of $16.20 per day.

What are Tian's total earnings if she works 9 hours per day for 5 days?

  1. $329.85
  2. $936.45
  3. $1001.25
  4. $1649.25
Show Answers Only

`C`

Show Worked Solution
`text{Earnings (5 days)}` `=5 xx [(9 xx 20.45) + 16.20]`  
  `=5 xx 200.25=$1001.25`  

 
`=>C`

Financial Maths, STD2 F1 2019 HSC 7 MC

Julia earns $28 per hour. Her hourly pay rate increases by 2%.

How much will she earn for a 4-hour shift with this increase?

  1. $2.24
  2. $28.56
  3. $112
  4. $114.24
Show Answers Only

`D`

Show Worked Solution

`text(Hourly rate)= 28 xx 1.02= $28.56`

`:.\ text(Shift earnings)= 4 xx 28.56= $114.24`

`=> D`

Financial Maths, STD2 F1 2018 HSC 8 MC

A nanny charges $15 per hour, or part thereof, for looking after a child.

What does the nanny charge for looking after a child from 8 am until 3.20 pm on a particular day?

  1. $105
  2. $108
  3. $110
  4. $120
Show Answers Only

`D`

Show Worked Solution

`text(8 am – 3:20 pm)= 7\ text(hrs 20 mins)`

`text(Part of an hour is charged as a full hour,)`

`:.\ text(Charge)= 8 xx 15= $120`

`=>D`

Financial Maths, STD2 F1 2017 HSC 6 MC

Tom earns a weekly wage of $1025. He also receives an additional allowance of $87.50 per day when handling toxic substances.

What is Tom’s income in a fortnight in which he handles toxic substances on 5 separate days?

  1. $1112.50
  2. $1462.50
  3. $2225.00
  4. $2487.50
Show Answers Only

`D`

Show Worked Solution

`text(Fortnightly wage)= 2 xx 1025= $2050`

`text(Allowances)= 5 xx 87.50= $437.50`

`:.\ text(Income)= 2050 + 437.50= $2487.50`

   
`=>D`

Financial Maths, STD2 F1 2016 HSC 26e

Jenny earns a yearly salary of  $63 752. Her annual leave loading is 17.5% of four weeks pay.

Calculate her total pay for her four weeks of annual leave.   (3 marks)

Show Answers Only

`$5762.20`

Show Worked Solution

`text(4 weeks’ normal pay)= 4/52 xx 63\ 752= $4904`

`:.\ text(Annual leave pay)= 4904(1 + 17.5/100)= $5762.20`

Financial Maths, STD2 F1 2016 HSC 20 MC

Isabella works a 35-hour week and is paid at an hourly rate of $18. Any overtime hours worked are paid at time-and-a-half. In a particular week, she earned $1008.

How many hours in total did Isabella work in this week to earn this amount?

  1. 37.3
  2. 42
  3. 49
  4. 56
Show Answers Only

`C`

Show Worked Solution

`text(Let)\ \ X=\ text(number of extra hours worked.)`

`text(Total wage)` `= 35 xx 18 + X xx 27`
 `1008` `= 630 + 27X`
`27X` `=378`
`X` `=14`

  
`:.\ text(Total hours worked)\ =35+14=49`

`=> C`

Financial Maths, STD2 F1 2004 HSC 27b

David is paid at these rates:
  

 

His time sheet for last week is:
  

  1. Calculate David’s gross pay for last week.   (3 marks)

  2. David decides not to work on Saturdays. He wants to keep his weekly gross pay the same. How many extra hours at the weekday rate must he work?   (1 mark)

Show Answers Only

a.    `$414.00`

b.    `text(9 extra hours)`

Show Worked Solution

a.    `text{Pay (Fri)}= text(4 hours) xx 18.00= $72.00`

`text{Pay (Sat)}= 6\ text(hours) xx 1.5 xx 18.00=$162.00`

`text{Pay (Sun)}= 5\ text(hours) xx 2 xx 18.00=$180.00`

`:.\ text(Gross pay)= 72 + 162 + 180= $414.00`

b.    `text(Pay on Sat) = $162.00`

`text(Weekly equivalent hours)= 162/18= 9\ text(hours)`

`:.\ text(He will have to work 9 extra hours on)`

`text(a weekday for the same gross pay)`

 

Financial Maths, STD2 F1 2004 HSC 20 MC

Stan worked for 24 hours as shown on his pay slip.

What was his hourly rate of pay?

  1.   $11.20
  2.   $12.13
  3.   $14.56
  4.   $18.20
Show Answers Only

`A`

Show Worked Solution

`text(Let)\ X = text(normal time rate)`

`20X + (4 xx 1.5X)` `= $291.20`
 `26X` `= $291.20`
 `X` `= $11.20`

 
`:.\ text(Hourly rate of pay = $11.20)`

`=>  A`

Financial Maths, STD2 F1 2007 HSC 3 MC

Joe is about to go on holidays for four weeks. His weekly salary is $280 and his holiday loading is 17.5% of four weeks pay.

What is Joe’s total pay for the four weeks holiday?

  1. $196
  2. $329
  3. $1169 
  4. $1316 
Show Answers Only

`D`

Show Worked Solution

`text(Salary)\ text{(4 weeks)}= 4 xx 280= $1120`

`text(Holiday loading)= 1120 xx 17.5%= $196`

`:.\ text(Total pay)= 1120 + 196= $1316`

`=>  D`

Financial Maths, STD2 F1 2008 HSC 7 MC

Luke’s normal rate of pay is $15 per hour. Last week he was paid for 12 hours, at time-and-a-half.

How many hours would Luke need to work this week, at double time, to earn the same amount?

  1. 4
  2. 6
  3. 8
  4. 9
Show Answers Only

`D`

Show Worked Solution

`text(Amount earned last week)= 270/30= 9\ text(hrs)`

`text(Double time rate)= 2 xx 15= $30 text(/hr)`

`:.\ text(# Hours at double time)= 270/30= 9\ text(hrs)`

`=>  D`

Financial Maths, STD2 F1 2011 HSC 19 MC

Simon is a mechanic who receives a normal rate of pay of $22.35 per hour for a 40-hour
week.

When he is needed for emergency call-outs he is paid a special allowance of $150 for that
week. Additionally, every time he is called out to an emergency he is paid for a minimum
of 4 hours at double time.

In the week beginning 2 February, 2011 Simon worked 40 hours normal time and was
needed for emergency call-outs. His emergency call-out log book for the week is shown.

2011 19 mc

What was Simon’s total pay for that week?

  1.   $1189.28
  2.   $1296.30
  3.   $1334.55
  4.  $1446.30
Show Answers Only

`D`

Show Worked Solution
♦ Mean mark 41%
COMMENT: To reduce errors, calculate each element of pay separately in your working and then add up the total, as per the Worked Solution.

`text(Normal pay)=40xx22.35=$894.00`

`text(Special Allowance)= $150.00`

`text(Emergency Calls)= (5xx2xx22.35)+(4xx2xx22.35)=223.50+178.80=$402.30`

`text(Total Weekly Pay)=894.00+150.00+402.30=$1446.30`

`=> D`

Financial Maths, STD2 F1 2010 HSC 23a

This advertisement appeared in a newspaper

2010 23a 

 What is the maximum possible salary per annum for this civil engineer, correct to the nearest dollar?   (2 marks)

Show Answers Only

`$86\ 396`

Show Worked Solution

`text(Base wage)=1586.70\ text(pw)`

`text(Max weekly base)` `=$1586.70+(text{3.5%}\ xx 1586.70)`
  `=1586.70+55.53=1642.23\ text((nearest cent))`

`:.\ text(Max annual base)=1642.23xx52=85\ 395.96=$85\ 396\ text{(nearest dollar)}`

Financial Maths, STD2 F1 2009 HSC 10 MC

Billy worked for 35 hours at the normal hourly rate of pay and for five hours at double time. He earned $561.60 in total for this work.

What was the normal hourly rate of pay?

  1. $7.02
  2. $12.48
  3. $14.04
  4. $16.05
Show Answers Only

`B`

Show Worked Solution

`text(Method 1.)`

`text(Let hourly rate) = $X\ text(per hour)`

`35X + 5(2X)` `= 561.60`
`45X` `=561.60`
`X` `= 561.60/45= $12.48`

  
`text(Method 2.)`

`text(Total hours worked) = 35+2xx5 =45\ text(hours)`

`text(Hourly rate= 561.60/45=$12.48`

`=>  B`

Financial Maths, STD2 F1 2013 HSC 11 MC

An enterprise agreement has the following annual salary arrangements:
 

George's employer pays 6% more than the enterprise agreement. He is on Step 3 and receives an allowance for Leader 2.

What is George's gross monthly pay?

  1. $4375.00
  2. $4412.50
  3. $4600.00
  4. $4637.50
Show Answers Only

`D`

Show Worked Solution
♦ Mean mark 46%
`text(Gross annual pay)` `=(45\ 000+7500)xx1.06`
  `=$55\ 650`

 

`:.\ text(Gross monthly pay)` `=(55\ 650)/12`
  `=$4637.50`

 
`=>\ D`

Financial Maths, STD2 F1 2013 HSC 3 MC

Luke's normal rate of pay is  $24.80  per hour. In one week he worked 14 hours at the normal rate, 4 hours at time-and-a-half, and 3 .5 hours at double time. He was also paid a wet weather allowance of  $50  for the week.

What was his pay for the week?

  1. $583.20
  2. $620.40
  3. $669.60
  4. $719.60
Show Answers Only

`D`

Show Worked Solution
 `text(Pay)` `=(14xx24.80)+(4xx1.5xx24.80)+(3.5xx2xx24.80)+50` 
   `=347.20+148.80+173.60+50=$719.60`

 
`=>D`