Business/Payroll Quiz (25 points)

In the world of business/economics, there is a thing called "payroll" where employees are paid in terms of hours worked, direct salaries, or commissions. Car salesmen work on commission (industry standard is about 30% or total gross profit on each sale in case you're interested in becoming one). Labor intensive jobs usually pay hourly, a certain amount of money per every hour worked. And professional, degree-requiring jobs tend to pay on a salary basis, as these jobs are ones that go home with the employee and hours are difficult to define. These questions test your understanding of how such pay works, and what it would result in. As a member of the work force or an entrepreneur paying out or a white-collar professional, you'll need to be able to evaluate your own pay. Right down to the penny. Take this quiz and literally hand it in to me. I can provide it on a piece of paper for you (just ask), or you can figure out a way to transfer it from here to your iPad for you to work on there and then email it to me, whatever floats your boat.

 1. Bill Burke worked 46 hours last week. If he earns $8.75 per hour and

gets time and a half for all hours he works in excess of 40, find his gross

pay.

________________________________

2. Mary Carlson worked the following hours last week:

Monday—8; Tuesday—11; Wednesday—10; Thursday—8; Friday—2;

Saturday—5.80

If she gets $12.60 per hour and time and a half for all hours she works

over 40, find her gross pay.

____________________________________

3. If a person’s gross pay for a week is $618 and the person worked 40 hours,

find her hourly wage.

____________________________________

4. Sean Young earns $6.50 per hour and gets time and a half for all hours he

works over 40. If his gross pay last week was $318.50, how many hours

overtime did he work?

____________________________________

5. Su Lee earns $9.60 per hour and gets double time for all hours over 40

that she works per week. If she received an $80.00 bonus last week and

worked 47 hours, find her gross pay.

6. Maura O’Riley receives a commission based on the following scale:

5% on all sales up to and including $10,000

7% on all sales over $10,000 up to and including $20,000

9% on all sales over $20,000

If she sold $24,300 worth of merchandise, find her gross pay.

____________________________________

7. Ti Lu receives a regular salary of $500 a week plus a 61/2% commission

on all sales. If she sold $2623 worth of merchandise, find her gross pay.

____________________________________

8. Shawn McMurry earns a 5% commission on all sales. Last week his

gross pay was $326.15. How much merchandise did he sell?

____________________________________

9. Tiffany Jenkins sold a home for $64,875. If her commission was

$1816.50, find the rate.

____________________________________

10. Jose Hernandez earns a commission of 121/2%. If his gross pay was $7227.50, how much did he sell?_____________________________

good luck. This task is points awarded for correctness, so take your time and get them right!