financial maths Flashcards
1
Q
wage?
how many weeks are used?
A
calculated from hours worked
52 weeks
2
Q
salary?
how many weeks?
A
fixed annual amount
52.18 weeks
3
Q
time and a half?
A
1.5 x normal hourly rate
4
Q
double time?
A
2 x normal hourly rate
5
Q
commission?
A
percent of the total value of items sold
6
Q
piecework?
A
according to the number of items made/tasks completed
7
Q
annual leave loading?
A
17.5% of four weeks normal pay
8
Q
are allowable deductions taxed?
A
no
9
Q
taxable income?
A
gross income (total earnings) - allowable deductions
10
Q
payg tax?
A
pay as you go tax
income tax that is deducted from your pay
11
Q
net pay?
A
gross pay - tax - other deductions
12
Q
simple interest?
A
i = prn
13
Q
how to convert a decimal point into years and days?
A
decimal end/points x 365
14
Q
compound interest?
A
A = P(1+R)^n
then
I = A - P
