Lecture 1: Average & Algebraic Expressions

Question 1

Remuneration (4) [consistency & amount]

Answer 1

Salary-fixed compensation paid on a regular basis
Hourly Wage- variable compensation based on time employee has worked
Commission- a fee paid for performing some form of transaction
Pay-for-performance- paid based on quantity of work

Question 2

Simple Average

Answer 2

• also known as arithmetic mean in stats
  Formula = total sum of numbers/number of item in set

Question 3

Weighted Average Equation

Answer 3

Weighted Avg= sum (W x X)/ sum(W)

where: W = weight assigned to each data point
X= value of each data point
** remember not to divide by the same item (price/price, amount/amount)
*** determine what weight and date point are

Question 4

Tax Rate Definition

Answer 4

The percentage of a price of taxable amount that must be paid in tax

Question 5

Common classes of taxes

Answer 5

• personal income tax
• Business (professional, partnership, corporation), trust income tax & nonresident, tax

Question 6

GST, HST, Property Tax & Mill Rate

Answer 6

• Federal tax charged on goods and services
  -A blended PST and GST
  -Paid annually by owners of real estate
  -indicates the amount of tax per $1000 of assessed property value

Question 7

Mill Rate Equation

Answer 7

Mill Rate = (tax revenue required/ total assessed residential value)
[multiply mill rate by 1000 to get amount text per $1000 of assessed value]