Exam Revision Semester 2 Flashcards
Salaries
A fixed annual (yearly) amount, usually payed fortnightly or monthly
Wages
Based on a fixed rate per hour
Special Rates
Overtime
Piecework
A system of payment by which a worker is paid a fixed amount for each job they complete
Commission
A method of payment used mainly for sales people. Is paid as a percentage of the value of goods sold
Royalties
A payment made to a person who owns copyright
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Extra payment for earners who work in hazardous conditions
Simple Interest
Interest: The fee charges for the use of someone else’s money
Simple Interest: or flat rate interest can be calculated using the formula I=PRN
where I= the amount of interest to be paid
P=The principal, the amount of money borrowed
R=The interest rate,usually given as a percentage
N=The number of times the interest must be paid/how long
Co-efficient
Number in front of a pronumeral
2x
Pronumeral
A letter or symbol which stands for a number
x
Expense
The cost required for something
Cost
The payment of something before it can be obtained
PAYG (Pay As You Go)
When you receive a pay cheque. Some of the money has been taken out to pay/cover your income tax and medical levy
Deductions
Things like union fees and private health insurance are deducted from gross pay
Gross salary
Before tax is taken amount and the amount before deductions
Net Salary
The amount you actually receive in the end
Overtime
Paid when a wage earner works more than the regular hours each work. Higher rates are paid
Null factor law
When the product of two or more factors is zero, then at least one of the factors must be zero
Quadratic equation
A quadratic equation is an equation of the general form ax^2 + bx + c = 0
Linear
Arranged in or extending along a straight or nearly straight line
Expand
When we multiply to remove the brackets
Monic
If the expression contains 1x^2, that is if a=1 then it is called a monic quadratic
Non monic
When a quadratic equation is non monic it means that a is not equal to 1 but a greater value (2,3). 3x^2
Gradient
The gradient is the steepness and direction of a line as read from left to right. A positive gradient indicates the line is heading up. A negative gradient indicates the line is heading down.
