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Financial Maths, STD2 EQ-Bank 34

Yuki works as a musician and receives royalties from streaming services. A spreadsheet is used to calculate her quarterly royalty earnings.

Total royalty earnings = Number of streams \(\times\) Royalty rate per stream

A spreadsheet showing Yuki's quarterly royalty earnings is shown.

  

 

In the following quarter, Yuki's total royalty earnings were $4200. The royalty rate per stream remained at $0.004. Calculate the number of streams Yuki received that quarter.   (2 marks)

Show Answers Only

\(1\,050\,000\)

Show Worked Solution

\(\text{Total royalty earnings (B8)} = $4200\)

\(\text{Royalty rate per stream (B5)}=$0.004\)

\(\text{Let the number of streams (B4)}=N\)

\(\text{Total royalty earnings} = \text{Number of streams} \times\text{Royalty rate per stream}\)

\(\text{B8}\) \(=\text{B4}^*\text{B5}\)
\(4200\) \(=N\times 0.004\)
\(N\) \(=\dfrac{4200}{0.004}\)
  \(=1\,050\,000\)

\(\text{Yuki had 1 050 000 streams in the next quarter}\)

Financial Maths, STD2 EQ-Bank 29

Priya works as a sales representative and earns a base wage plus commission. A spreadsheet is used to calculate her weekly earnings.

Total weekly earnings = Base wage + Total sales \(\times\) Commission rate

A spreadsheet showing Priya's weekly earnings is shown.
  

 

  1. Write down the formula used in cell B9, using appropriate grid references.   (1 mark)

  2. In the following week, Priya earned total weekly earnings of $1437.50. Her base wage and commission rate remained unchanged. Calculate Priya's total sales for that week.   (2 marks)

  3. Priya's employer increases her commission rate to 4.2% but keeps her base wage the same. If Priya makes $22 000 in sales, calculate her new total weekly earnings.   (2 marks)

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a.   \(=\text{B4}+\text{B5}^*\text{B6}/100\)

b.    \($22\, 500\)

c.    \($1574\)

Show Worked Solution

a.   \(\text{Total weekly earnings} = \text{Base wage}+\text{Total sales} \times \text{Commission rate}\)

\(\therefore\ \text{Formula:}\ =\text{B4}+\text{B5}^*\text{B6}/100\)
 

b.   \(\text{Total weekly earnings} = \text{Base wage}+\text{Total sales} \times \text{Commission rate}\)

\(\text{Let the Total sales}=S\)

\(1437.50\) \(=650+S\times \dfrac{3.5}{100}\)
\(787.50\) \(=S\times \dfrac{3.5}{100}\)
\(S\) \(=\dfrac{787.50\times 100}{3.5}=$22\,500\)

 
\(\text{The amount of Priya’s total sales was \$22 500.}\)
 

c.    \(\text{Base wage}=650\)

\(\text{Total sales}=$22\,000\)

\(\text{New commission rate}=4.2\%\)

\(\text{Total weekly earnings}\) \(=650+22\,000\times \dfrac{4.2}{100}\)
  \(=650+924=$1574\)

Financial Maths, STD2 EQ-Bank 20 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 21

Liam works in a factory assembling electronic components and is paid on a piecework basis. A spreadsheet is used to calculate his weekly earnings.

Weekly earnings = Number of units completed \(\times\) Rate per unit

A spreadsheet showing Liam's earnings for one week is shown.
  

  1. Write down the formula used in cell B8, using appropriate grid references.   (1 mark)

  2. In the following week, Liam earned $2036.25. The rate per unit remained at $3.75. Calculate the number of units Liam completed that week.   (2 marks)

Show Answers Only

a.   \(=\text{B4}^*\text{B5}\)

b.    \(\text{Number of units completed}=543\)

Show Worked Solution

a.   \(\text{Weekly earnings} = \text{Number of units completed} \times \text{Rate per unit}\)

\(\text{Formula:}\ =\text{B4}^*\text{B5}\)
 

b.   \(\text{Weekly earnings} = \text{Number of units completed} \times \text{Rate per unit}\)

\(\text{Let the Weekly earnings}=E\)

\(2036.25\) \(=E\times 3.75 \)
\(E\) \(=\dfrac{2036.25}{3.75}=543\)

Financial Maths, STD2 EQ-Bank 26

Maria works as a freelance writer and earns income through royalties. A spreadsheet is used to calculate her monthly royalty earnings.

Royalties = Number of books sold \( \times \) Royalty rate per book

A spreadsheet showing Maria's royalty earnings is shown.
  

  1. Write down the formula used in cell B8, using appropriate grid references.   (1 mark)

  2. In April, Maria's total royalty earnings were $8960. Her royalty rate remained at $2.85 per book. How many books did Maria sell in April?   (2 marks)

Show Answers Only

a.   \(=\text{B4}^*\text{B5}\)

b.    \(\text{Number of books}=3144\)

Show Worked Solution

a.   \(\text{Total royalty earnings} = \text{Number of books sold} \times \text{Royalty rate per book}\)

\(\text{Formula:}\ =\text{B4}^*\text{B5}\)
 

b.   \(\text{Total royalty earnings} = \text{Number of books sold} \times \text{Royalty rate per book}\)

\(\text{Let the Number of books sold}=N\)

\(8960.40\) \(=N\times 2.85 \)
\(N\) \(=\dfrac{8960.40}{2.85}=3144\)

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)
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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 9 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 32

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 33

Trust Us Realty has three salespeople, Ralph, Ritchie, and Fonzi.

Their June monthly wages include a base wage and commission earned, which is modelled in the spreadsheet below.

  1. Write down the formula that was used in cell C9, using appropriate grid references.   (1 mark)

  2. Calculate Fonzi's total pay for the month of June.   (2 marks)

  3. Ralph's total pay for June is $5850. Determine Ralph's total sales for the month.   (2 marks)

Show Answers Only

a.    \(=0.01^* \text{B9}\)

b.    \(\$ 20\,200\)

c.    \(\$ 385\,000\)

Show Worked Solution

a.    \(=0.01^* \text{B9}\)
 

b.    \(\text{Fonzi’s Commission:}\)

\(\text{Sales}\ \$0-\$500\,000=0.01 \times 500\,000=\$ 5000\)

\(\text{Sales over} \ \$500\, 000=(2\,150\,000-500\,000) \times 0.008=\$13\,200\)

\(\text{Total June wages}=5000+13\,200+2000=\$ 20\,200\)
 

c.    \(\text{Ralph’s sales commission}\ =5850-2000=\$3850\)

\(\text {Since Ralph earned} \ \$3850 \ \text{in commission:}\)

\(\text{Sales} \times 0.01\) \(=3850\)
\(\text{Sales}\) \(=\dfrac{3850}{0.01}=\$ 385\,000\)

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

\(\text{Earnings:}\)

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

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

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

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

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