Financial Algebra Fall Semester Review (Ch.5)

Front

What is the formula to calculate overtime pay?

Back

Overtime Pay = Regular Hourly Rate x 1.5 x Overtime Hours

Front

Define 'piecework pay'.

Back

Piecework pay is a compensation system where employees are paid a fixed rate for each unit they produce or complete.

Front

How do you calculate total pay for an employee with a salary and piecework pay?

Back

Total Pay = (Hourly Rate x Hours Worked) + (Piecework Rate x Units Produced)

Front

What is the time-and-a-half rate for an employee earning $12.20 per hour?

Back

Time-and-a-Half Rate = $12.20 x 1.5 = $18.30

Front

If an employee works 40 hours at $9.10 per hour, what is their weekly salary?

Back

Weekly Salary = $9.10 x 40 = $364

Front

How do you calculate commission based on sales?

Back

Commission = (Sales up to $1,500 x 0.15) + (Sales over $1,500 x 0.20)

Front

What is the total piecework pay for producing 988 units at $0.15 per unit?

Back

Total Piecework Pay = 988 x $0.15 = $148.20

Front

If an employee's gross pay is $572 for 40 regular hours and 8 overtime hours, how do you find their hourly rate?

Back

Hourly Rate = (Gross Pay - (Overtime Hours x Overtime Rate)) / Regular Hours

Front

What is the gross pay for an employee who works 40 hours at $11 per hour?

Back

Gross Pay = 40 x $11 = $440

Front

Define 'commission'.

Back

Commission is a payment to an employee based on the sales they generate, often expressed as a percentage of sales.