Question

1. monica makes $3125 per month while her friend, melissa makes $1570 bi - weekly.

a) calculate an annual pay for both, monica and melissa (show all work steps) (4 marks)
monica:
melissa:
b) which girl makes more money and by how much? (2 marks)

1. answer true or false for the following statements (12 marks)

annual salary is the same as yearly salary.
bi - weekly salary is paid every week.
straight commission means that you are paid only a percentage of what sales you make
hourly rate usually allows for an employee to earn overtime hours.
step commission means that the more sales you make, the higher the percent commission is
time and a half means that you multiply your hourly rate by 2.
piecework means your earnings are based on each unit you make or sell
to change from annual salary to weekly, you need to divide by 12
to change from weekly salary to monthly you need to multiply by 52 and then divide by 12.

Explanation:

Step1: Calculate Monica's annual pay

Multiply monthly pay by 12.
$3125\times12 = 37500$

Step2: Calculate Melissa's annual pay

There are 52 weeks in a year, so there are $\frac{52}{2}=26$ bi - weekly periods. Multiply bi - weekly pay by 26.
$1570\times26=40820$

Step3: Determine who makes more and by how much

Subtract Monica's annual pay from Melissa's.
$40820 - 37500=3320$

Step4: Answer True or False statements

• Annual salary is the same as yearly salary. True
• Bi - weekly salary is paid every week. False
• Straight commission means that you are paid only a percentage of what sales you make. True
• Hourly rate usually allows for an employee to earn overtime hours. True
• Step commission means that the more sales you make, the higher the percent commission is. True
• Time and a half means that you multiply your hourly rate by 2. False (It means multiplying by 1.5)
• Piecework means your earnings are based on each unit you make or sell. True
• To change from annual salary to weekly, you need to divide by 12. False (Divide by 52)
• To change from weekly salary to monthly you need to multiply by 52 and then divide by 12. True

Answer:

a) Monica's annual pay: $37500$, Melissa's annual pay: $40820$
b) Melissa makes more money. She makes $3320$ more than Monica.
10.
True
False
True
True
True
False
True
False
True