Prelim Standard 2 Earning and Managing Money 2

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Betty works as a florist assistant 4 days a week for the following hours and rates. 8 hours on Thursday at normal rate. 7 hours on Friday at normal rate. 5 hours on Saturday at time and a half. 3.5 hours on Sunday at double time. On which day does she earn the highest pay?

1 point

Thursday

Friday

Saturday

Sunday

Clear selection

Jim earns an annual salary of $62400 p.a. How much does he earn each fortnight?

1 point

$2400

$1200

$5200

None of the above

Clear selection

Matt earns a salary of $54706 and works hours per week. Sam earns per week for working hours. Which of the following is true?

1 point

Sam gets the higher pay

Matt and Sam earn the same amount after tax.

Sam has a lower gross income that Matt.

Matt’s hourly pay is higher than Sam’s by more than $10

Clear selection

Which of the following statement regarding overtime pay is NOT true?

1 point

Double time rate is always paid when an employee is working overtime

Time and a half is always 75% of double pay.

Double time is calculated by multiplying normal pay rate by 2.

Time and a half is 1.5 times the normal hourly rate.

Clear selection

When Hannah takes holidays for four weeks she receives her normal pay plus 17.5% annual leave loading. Given that Hannah receives $6500 for her four week holiday, her annual salary (excluding leave loading) is:

1 point

$1382.98

$71914.89

$26000

Not enough information

Clear selection

Betty works at the local coffee shop and is paid at an hourly rate of $11.20. How much would she earn in a week if she worked 12 hours at normal time, 3.5 hours at time and a half and 5 hours at double time?

1 point

$305.20

$162.40

$277.20

$193.20

Clear selection

Jim pays 24% of his gross pay in tax. If Anton pays $153.12 in tax each week, Find his gross weekly pay.

1 point

$36.75

$177.12

$612.48

$638

Clear selection

In a particular week, Betty works the number of hours shown in the table. According to the information in the table, what was the hourly rate of pay for Betty?

1 point

$17.00

$18.84

$21.12

$24.03

Clear selection

Jim earns $81 500 in a year. His allowable deductions total $4 000. Using the table below, which of the following expressions represents his total tax payable?

1 point

$3572 + $40 500 × 0.325

$3572 + $44 500 × 0.325

$17 550 + $1 500 × 0.37

$17 550 + $5 500 × 0.37

Clear selection

Lauren and Andy work in the same restaurant, they each earned $576 last week. Andy worked 4 more hours than Lauren, and was paid time-and-a-half for these extra hours. If Lauren is paid $16/hour, find Andy’s hourly pay rate?

1 point

$12

$13.71

$14.40

$24

Clear selection

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