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Money

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  1. Money Wages & Salaries National Insurance Wages Rises Income Tax Time-Sheets Banks & Building Societies Overtime Pay Savings and Interest www.mathsrevision.com Piecework & Commission Compound Interest Payslip Appreciation & Depreciation Working Backwards

  2. Starter Questions Q1. Factorise Q2. Write down the probability of picking out a number greater than 7 in the national lottery. www.mathsrevision.com Q3. If a = -2 and b = -1 calculate 4a2 – 3b2 Q4. Calculate

  3. Wages & Salaries Learning Intention Success Criteria 1. Understand the term weekly monthly and annual salary. • To explain how to work out weekly, monthly and annual salary / wage. • Calculate weekly, monthly and annual salary. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  4. Wages & Salaries Annual Wage / Salary How much a person is paid in a year 12 months in a year www.mathsrevision.com 52 weeks in a year Created by Mr. Lafferty Maths Dept.

  5. Wages & Salaries Example 1 : A shop assistant gets paid £12 428 a year. How much is her weekly wage. www.mathsrevision.com £12 428 ÷ 52 = £ 239 Weekly wage = Created by Mr. Lafferty Maths Dept.

  6. Wages & Salaries Example 2 : A mechanic gets paid £1 100 a month. A bus driver gets paid £260 a week. Who gets the better annual salary. www.mathsrevision.com Mechanic : Annual Salary = £1 100 x 12 = £ 13 200 Annual Salary = £260 x 52 = £ 13 520 Bus Driver : Bus driver has better annual wage Created by Mr. Lafferty Maths Dept.

  7. Wages & Salaries Example 3 : Jim is a joiner his hourly rate of pay is £10.50. He works 40 hours a week. What is his basic weekly pay? What is his annual salary? www.mathsrevision.com Weekly Pay is = £10.50 x 40 = £420 Annual Salary = £420 x 52 = £21 840

  8. Wages & Salaries Example 4 : Daryl gets an annual salary of £ 30 000. What is his monthly wage. What is his weekly wage. www.mathsrevision.com £30 000 ÷ 12 = £ 2 500 Monthly wage: Weekly wage : £30 000 ÷ 52 = £ 576.92 Created by Mr. Lafferty Maths Dept.

  9. Wages & Salaries Now try Ex 3.1 Ch 2 (page 27) Odd questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  10. Starter Questions Q1. Find the roots for the quadratic to 1 decimal place Q2. Write down the probability of picking out a number greater than 20 in the national lottery. www.mathsrevision.com Q3. If a = -3 then find f(a) f(a) = 2a3 Q4. Does

  11. Wages Rises Learning Intention Success Criteria • To explain how to work out new wages after a wage rise. 1. Calculate a percentage rise. 2. Calculate new wages after a percentage rise. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  12. Wages Rises Example 1 : Gerry earned an annual salary of £ 18 000 last year. He receives a 4% rise this year. What is his new salary. www.mathsrevision.com Rise : 4 ÷ 100 x £18 000 = £ 720 New salary : £18 000 + £720 = £ 18 720 Created by Mr. Lafferty Maths Dept.

  13. Wages Rises Example 2 : Amanda new weekly wage after a 5% pay rise , is £363.93 Calculate her wage before the rise. 100% + 5% = 105% www.mathsrevision.com 105% = 363.93 £346.60 100% = 363.93 ÷ 105 x 100 = Created by Mr. Lafferty Maths Dept.

  14. Wages Rises Now try Ex 3.2 Ch 2 (page 28) Odd questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  15. Starter Questions Q1. Find the roots of the quadratic to 1 decimal place Q2. Write down the probability of picking out a number greater than 33 in the national lottery. www.mathsrevision.com Q3. If f(x) = (x + 1)(x - 2) find f(-1) Q4. Explain why the line y + 3x - 6 = 0 cut the x-axis at (2,0) .

  16. Timesheet Learning Intention Success Criteria • To work out hours worked from a time sheet using the counting method. 1. Calculate hours worked. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  17. Timesheet www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  18. Timesheet Example 1 : Frances starts work at 7.30am and finishes at 3pm. How many hours did she work. 7 hours 30mins www.mathsrevision.com 7.30am 8.00am 3pm Total 30mins + 7hours = 7hours 30 mins Created by Mr. Lafferty Maths Dept.

  19. Timesheet Example2 : Rachel hourly rate is £6.50. How much is her weekly wage. www.mathsrevision.com Weekly wage = 38.5 x 6.50 = £ 250.25 Created by Mr. Lafferty Maths Dept.

  20. Timesheet Now try Ex 4.1 Ch 2 (page 30) Odd questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  21. Starter Questions Q1. Solve the equation to 1 decimal place Q2. Write down the probability of picking out a number greater than 49 in the national lottery. www.mathsrevision.com Q3. Factorise 9m2 – 25n2 Q4. Where does the line 2y -6x + 8 =0 cut y-axis.

  22. Overtime Pay Learning Intention Success Criteria • To explain how to work out wages which include overtime rates. 1. Understand the terms overtime, ‘double time’ and ‘time and a half’. www.mathsrevision.com 2. Calculate wages with overtime. Created by Mr. Lafferty Maths Dept.

  23. Overtime Pay Overtime : When you do extra work above your basic hours. You get a better hourly rate for overtime. Write down the two common rates of overtime www.mathsrevision.com Double time (x2) Time and a half (x1.5)

  24. Overtime Pay Example 1 : Anthony the painter works for £6.00 per hour. His overtime rate is “Double time”. What does he get paid for 4 hours overtime. www.mathsrevision.com 4 hours Overtime is = 4 x £6 x 2 = £48.00 Created by Mr. Lafferty Maths Dept.

  25. Overtime Pay Example 2 : John the gardener works a basic 40 hours a week. He does 5 hours overtime at ‘double time’ on Saturday. His hourly rate is £8 per hour. Work out his overtime pay and then his total pay. www.mathsrevision.com 5 hours overtime is = 5 x £8 x 2 = £80.00 40 hours basic time is = 40 x £8 = £320.00 Total pay is = £320 + £80 = £400

  26. Overtime Pay Now try Ex 4.2 Ch 2 (page 31) Even questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  27. Starter Questions Q1. Find the roots to 1 decimal place Q2. A sofa is reduced by 20% to £300 in a sale. Is the original price £360. www.mathsrevision.com Q3. Calculate

  28. Commission Learning Intention Success Criteria • To explain how to work out wages when commission is involved. 1. Understand the term commission. 2. Calculate wages involving commission. www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  29. Commission Commission : Money earned based on how much you sell. Usual expressed as a percentage. www.mathsrevision.com Write some people who get commission Car sales person Double glazing sales person

  30. Commission Example 1 : Anthony does maths tuition and charges £12.50. (a) How much does he earn in a week if he does 9 lesson. (b) How much for a course of 20 lessons. www.mathsrevision.com (a) 12.50 x 9 = £112.50 (b) 12.50 x 20 = £250

  31. Commission Example 2 : Sean sells cars. He is paid a commission of 5% on any cars he sells. Last week he sold £ 20 000 worth of cars. How much commission was he paid ? www.mathsrevision.com Commission : 5 ÷ 100 x £20 000 = £ 1 000

  32. Commission Now try Ex 5.1 Ch 2 (page 32) Odd questions www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  33. Starter Questions Q1. Find the roots to 1 decimal place Q2. A house has increase by 10% to £77 000 in a year. Find the price before the increase. www.mathsrevision.com Q3. Find the gradient and where the line y +4x – 3 =0 cuts the x-axis. Q4. Calculate

  34. Payslips Learning Intention Success Criteria • To explain how to work out NET pay. 1. Understand the terms Gross, Deductions and NET pay. www.mathsrevision.com 2. Calculate NET pay. Created by Mr. Lafferty Maths Dept.

  35. Payslips Write down some Gross Pay : What you are paid by the employer. Deductions : Taken off your wages. Net Pay : Your take home pay. Tax www.mathsrevision.com National Insurance Pension

  36. Payslips Example 1 : Calculate the Net wage for the following : £12 150 www.mathsrevision.com £10 120 £17 336

  37. Payslips Example 2 : Calculate the Net wage for this payslip : 704.00 149.00 www.mathsrevision.com 555.00

  38. Payslips Example 3 : Calculate the Net wage for this payslip : 739.15 207.76 www.mathsrevision.com 531.39

  39. Payslips Now try Ex 6.1 Ch 2 (page 33) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  40. Starter Questions Q1. Find the standard deviation for the data below Q2. Solve the equation www.mathsrevision.com 0 < x < 180

  41. National Insurance Contributions Learning Intention Success Criteria • To explain how to work out NET pay. 1. Understand the terms Gross, Deductions and NET pay. www.mathsrevision.com 2. Calculate NET pay. Created by Mr. Lafferty Maths Dept.

  42. National Insurance Contributions This is a government tax on earnings intended to contribute towards .......... Do you know the rest ! unemployment State Pension www.mathsrevision.com ill-health

  43. National Insurance Contributions Rates for 2004 / 05 www.mathsrevision.com

  44. National Insurance Contributions www.mathsrevision.com Calculate how much Kylo will pay in NIC if he earns £400 a week. He has to pay NIC on £400 - £91 = £309 £33.99 11% of £309 = 11 ÷ 100 x 309 =

  45. National Insurance Contributions Charlotte earns £1000 a week. How much NIC will she pay per week. www.mathsrevision.com She has to pay NIC on £610 - £91 = £519 @ 11% £1000 – £610 = £390 @ 1% £60.99 (11 ÷ 100 x 519) + (1 ÷ 100 x 390) =

  46. National Insurance Contributions Now try Ex 7.1 Ch 2 (page 35) www.mathsrevision.com Created by Mr. Lafferty Maths Dept.

  47. Starter Questions Q1. Find the standard deviation for the data below Q2. Solve the equation www.mathsrevision.com 0 < x < 360

  48. Income Tax Learning Intention Success Criteria • To explain how to work out Income Tax calculations. • Understand the term • Income Tax. www.mathsrevision.com 2. Calculate Income Tax for a given salary. Created by Mr. Lafferty Maths Dept.

  49. Income Tax If your income in a tax year is below a certain value you do not pay tax. The tax allowance is made up of a personal allowance plus other special allowances. Special clothing equipment www.mathsrevision.com Membership of professional bodies

  50. Income Tax Taxable Rates for 2004 / 05 www.mathsrevision.com