Financial Maths Flashcards
How many months are there in a year
12
How many weeks in a year
52
How many fortnights in a year
26
What is a commision
A % of the goods you sell
(Ex. A car salesman earns 5% of the cars he sells.)
What is a royalty
A % if the overall sales
(Ex. An artist is paid 2% of the overall sales)
What is Holiday Loading
Holiday Loading is an extra pay that some employees receive when they take annual leave
What percentage is a holiday bonus
17.5%
What is the formula for income
Net = Gross - Taxation - Additional Deductions
What is 3 examples of additional deductions
- Supper Annuation
- Union fees
- Medical Insurance
What is another name for simple intrest
Flat intrest
What is the formula for simple intrest
I = PRN
What is the formula for compund intrest
Futre value = Present value ( 1 + rate ) to the power of the number of times interest was applied
What are the 5 types of earing
- Wage
- Royalty
- Commision
- Salary
-Piecework
Which is better, compound or simple intrest
Compound by far.
