Exam Revision Semester 2

Question 1

Salaries

Answer 1

A fixed annual (yearly) amount, usually payed fortnightly or monthly

Question 2

Wages

Answer 2

Based on a fixed rate per hour

Question 3

Special Rates

Answer 3

Overtime

Question 4

Piecework

Answer 4

A system of payment by which a worker is paid a fixed amount for each job they complete

Question 5

Commission

Answer 5

A method of payment used mainly for sales people. Is paid as a percentage of the value of goods sold

Question 6

Royalties

Answer 6

A payment made to a person who owns copyright

Question 7

Loading

Answer 7

Extra payment for earners who work in hazardous conditions

Question 8

Simple Interest

Answer 8

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

Question 9

Co-efficient

Answer 9

Number in front of a pronumeral

2x

Question 10

Pronumeral

Answer 10

A letter or symbol which stands for a number

x

Question 11

Expense

Answer 11

The cost required for something

Question 12

Cost

Answer 12

The payment of something before it can be obtained

Question 13

PAYG (Pay As You Go)

Answer 13

When you receive a pay cheque. Some of the money has been taken out to pay/cover your income tax and medical levy

Question 14

Deductions

Answer 14

Things like union fees and private health insurance are deducted from gross pay

Question 15

Gross salary

Answer 15

Before tax is taken amount and the amount before deductions

Question 16

Net Salary

Answer 16

The amount you actually receive in the end

Question 17

Overtime

Answer 17

Paid when a wage earner works more than the regular hours each work. Higher rates are paid

Question 18

Null factor law

Answer 18

When the product of two or more factors is zero, then at least one of the factors must be zero

Question 19

Quadratic equation

Answer 19

A quadratic equation is an equation of the general form ax^2 + bx + c = 0

Question 20

Linear

Answer 20

Arranged in or extending along a straight or nearly straight line

Question 21

Expand

Answer 21

When we multiply to remove the brackets

Question 22

Monic

Answer 22

If the expression contains 1x^2, that is if a=1 then it is called a monic quadratic

Question 23

Non monic

Answer 23

When a quadratic equation is non monic it means that a is not equal to 1 but a greater value (2,3). 3x^2

Question 24

Gradient

Answer 24

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.