Good morning PLEASE HAVE YOUR MATH NOTEBOOK OUT
Good morning!!! PLEASE HAVE YOUR MATH NOTEBOOK OUT AND SOMETHING TO WRITE WITH.
Reminders 1. 1 Assignment was due Wednesday (8/19) 1. 2 Assignment is due TODAY (8/24) Tutoring: log in with the same zoom link TUESDAY 7: 40 – 9: 15 Open WEDNESDAY 12: 29 – 1: 40 FRIDAY 7: 40 – 9: 15 House Th 8/27 via Zoom 5: 30 – 7: 00 Website: chollacruzmathfinance. weebly. com
Commissions, 1. 3 Royalties, and Piecework Pay
Objectives: I will be able to… Compute pay based on percent commission Compute pay piecework
Introduction In complete sentences, answer the following in your notebook: If you are paid on commission, what does that mean? List some jobs that get paid on commission.
VOCABULAR Y Some employees are not paid by the number of hours they work. Their pay is based on the amount of sales they make. Stockbrokers, travel agents, authors, musicians, and salespersons may all be paid based upon money from sales. These people are paid a commission, or a royalty. The commission or royalty rate is usually expressed as a percent. People who get paid commissions or royalties earn more money as more sales are made. Even if they work many hours, they can earn very little money if they make very few sales. Some employees get a commission in addition to a regular salary.
Example 1: Straight Commission Aaron is a real estate agent. He earns 3% commission on each sale he makes. Last month he sold one house for $130, 000 and another for $195, 000. What did Aaron earn in commissions for the month?
Example 1: SOLUTION Aaron is a real estate agent. He earns 3% commission on each sale he makes. Last month he sold one house for $130, 000 and another for $195, 000. What did Aaron earn in commissions for the month? What is it asking for? What do you know? How much was his total sales? $130, 000 and $195, 000 130, 000 + 195, 000 = 325, 000 How much does he receive in commission? 3% Convert percent into decimal 0. 03 WORK 325, 000 x 0. 03 = 9, 750 ANSWER Aaron earned $9, 750 in commissions last month.
Example 2: Royalty Adrianna wrote a textbook for high school students. She receives a 10% royalty for the electronic version and a 25% royalty for the hard copy. She sold $150, 000 worth of etextbooks and $425, 000 worth of textbooks. How much did Adrianna make in total?
Example 2: SOLUTION Adrianna receives a 10% royalty for the electronic version and a 25% royalty for the hard copy. She sold $150, 000 worth of e-textbooks and $425, 000 worth of textbooks. How much did Adrianna make in total? What is it asking for? What do you know? How much did she sell in e-textbooks? $150, 000 x 0. 10 = 15, 000 How much does she receive in percent royalty for e-textbooks? (convert to decimal) 425, 000 x 0. 25 = 106, 250 10% = 0. 10 How much did she sell in textbooks? 15, 000 + 106, 250 = 121, 250 $425, 000 How much does she receive in percent royalty for textbooks? (convert to decimal) 25% = 0. 25 WORK ANSWER Adrianna made $121, 250.
Example 3: Commission + Salary Jasper works at Future Shop and earns $10. 50/h plus 6% commission on sales. Last week he worked 40 hours. What was Jasper’s weekly gross salary if his total sales were $2050?
Example 3: SOLUTION Jasper works at Future Shop and earns $10. 50/h plus 6% commission on sales. Last week he worked 40 hours. What was Jasper’s weekly gross salary if his total sales were $2050? What is it asking for? What do you know? What is hourly wage? $10. 50 x 40 = 420 How many hours did he work? 40 2050 x 0. 06 = 123 How much does he sell? 420 + 123 = 543 $2050 How much does he receive in commission (convert to decimal)? 6% = 0. 06 WORK ANSWER Jasper’s weekly gross salary is $543.
Introduction In complete sentences, answer the following in your notebook: Piecework is work in which you are paid for each “piece” of work that you do. List some jobs that get paid by piecework.
VOCABULAR Y People who are paid according to the amount of items they produce are called pieceworkers. Pieceworkers are paid a certain amount of money, called a piecework rate, for each item they complete. Jobs such as farming, manufacturing, and journalism is where this method of payment is used. Piecework pay is sometimes used in combination with an hourly wage. The employee gets paid by the hour and receives a certain amount of money for each piece of work completed. The greater the number of pieces of work completed, the more money the employee makes.
Example 4: Piecework + Salary Danielle works in an exclusive dress factory. She is paid $9. 25 per hour and piecework pay of $129 for each dress she sews. Last month she worked twelve hours and sewed 15 dresses. What was her total pay for the month?
Example 4: SOLUTION Danielle works in a dress factory. She is paid $9. 25 per hour and piecework pay of $129 for each dress she sews. Last month she worked 12 hours and sewed 15 dresses. What was her total pay for the month? What is it asking for? What do you know? What is hourly wage? WORK $9. 25 x 12 = 111 How many hours did she work? 129 x 15 = 1935 12 111 + 1935 = 2046 How much is her piecework pay? $129 for each dress ANSWER How many dresses did she sell? 15 Danielle’s total pay for the month is $2046.
Download the 1. 3 Assignment from any of the following: • Website – chollacruzmathfinance. weebly. com • Student. VUE – Gradebook, Math Finance, 1. 3 HW, Resources 1. 3 HW due Wednesday 8/26 Complete assignment by typing directly into the word document • Show all work • Answer in sentence format • Save completed assignment Turn in assignment by uploading it into the Student. VUE Drop Box • Gradebook, Math Finance, 1. 3 HW, Upload File From…, Open wherever you saved it
- Slides: 17