Salary and Wages Test

Front

What is the formula to calculate commission?

Back

Commission = Sale Amount × Commission Rate (as a decimal)

Front

How do you convert a percentage to a decimal?

Back

Divide the percentage by 100. For example, 5% = 5 ÷ 100 = 0.05.

Front

What is the monthly salary if the yearly salary is $66,000?

Back

$5,500 (Yearly Salary ÷ 12 months = Monthly Salary).

Front

How do you calculate annual salary from weekly earnings?

Back

Annual Salary = Weekly Earnings × 52 weeks.

Front

What is the standard number of hours in a regular work week?

Back

40 hours.

Front

If you earn $950 weekly, what is your annual salary?

Back

$49,400 (Weekly Earnings × 52 weeks = Annual Salary).

Front

What is the commission on a $700 sale at a 5% commission rate?

Back

$35 (700 × 0.05 = 35).

Front

How do you find the total earnings if you have a base salary and commission?

Back

Total Earnings = Base Salary + Commission.

Front

What is the difference between salary and wages?

Back

Salary is a fixed regular payment, while wages are paid based on hours worked.

Front

What is the significance of understanding gross vs. net pay?

Back

Gross pay is total earnings before deductions; net pay is what you take home after deductions.