REVIEW ASSIGNMENT
The Language of Finance
Name: _________________________________________
Teacher:________________________________________
School:_________________________________________
Total ______ = _________%
37
Show all work!
Page 1 of 6
1. How many weeks are there in 1 year?
1) __________________
1 mark
2. How many days are there in 1 year?
2) __________________
1 mark
3. Which statement below describes the method of payment of “Salary”?
a. You make $15.95 per hour.
b. You get paid $50.00 to build a bird house.
c. You get paid $1200 each month.
d. You get paid for each box of blueberries you pick.
3) __________________
4. You begin work at 8:30 am. You take an unpaid lunch break from 11:45 am to 12:30 pm 1 mark
You also take two 15-minute unpaid coffee breaks during the day. Your work day ends
at 5:00 pm. How many hours are you paid?
a) Express your answer in hours and minutes.
b) Express your answer as a fraction of an hour.
c) Express your answer as a decimal in hours only.
a) __________________
2 marks
b) __________________
1 mark
c) __________________
1 mark
5. Mark works in a Kayak factory and gets paid $3,200 per month. Determine how much each
pay cheque would be if he got paid:
a) Semi-monthly
b) Bi-weekly
c) Weekly
a) __________________
1 mark
b) __________________
1 mark
c) __________________
1 mark
Page 2 of 6
6. Calculate each worker’s gross pay. Answer to the nearest cent.
a) Kristen sold $8,453 worth of computer equipment. Her commission rate is 6.25%.
a) __________________
1 mark
b) Noah sold a house worth $425,000. His commission rate is 7.5% for the first $100,000 and
the remainder the commission rate is 4%.
b) __________________
2 marks
7. Scott has two job offers.
Job 1: Commission of 11.5% on sales.
Job 2: Base salary of $350 per week plus commission of 7% on sales.
Which method of payment would earn Scott the most for average weekly sales of $7500.
Sow all work to justify your answer.
7) __________________
2 marks
8. Julie assembles shelves for a department store and gets paid $4.25 per shelf. She can assemble 5 per
hour and works 8 hours per day. Determine Julie’s gross pay for 1 week (5 days of work)?
8) __________________
2 marks
9. A blueberry farm is advertising to hire workers. A blueberry picker is offered $1.15 per box picked.
Joel wants to make $69 dollars a day. How many boxes of blueberries does Joel have to pick to earn $69?
9) __________________
1 mark
Page 3 of 6
10. Ajeet is hired by a dockside fishing boat package shrimp. A box of packaged shrimp contains
30 packages. Ajeet is given the option of being paid 20 boxes at $0.80 per package by the end
of the day or he can complete the order by noon for $550.
a) Calculate Ajeet’s pay if he chooses to be paid $0.80 per package.
a) __________________
2 marks
b) Name the type of pay method if Ajeet chooses to complete the order by noon for $550.
b) __________________
1 mark
11. Jessica earns $21.50 an hour and works 40 hours this week. Her take-home pay is 60% of her gross pay.
a) What is her gross pay for the week?
a) __________________
b) What is her take-home pay for the week? 1 mark
b) __________________
1 mark
12. You have just secured a job at a web development company. You get paid $19.50 an hour and work
35 hours per week. Your take home pay will be 60% of your total income. You are planning to make
a monthly budget and have estimated that your rent will be about 29% of the total budget. How much money
will you need to pay rent? Answer to the nearest cent.
12) __________________
3 marks
Page 4 of 6
13. Tanya is in Grade 11 and works 18 hours a week at a Gelato Ice Cream shop. Her take home pay
is $756.00 a month. Tanya wants to buy a scooter and puts any left over money towards savings.
Tanya pays for her cell phone and personal expenses, such as going to movies buying video games and
purchasing gifts. She lives with her parents and does not pay rent, utilities or food.
Below is Tanya’s estimated budget and what she actually spent in one month’s time.
Expenses Budget Goals Actual Budget
Savings for Scooter $150 $0
Cell Phone $110 $120
Public Transportation $70 $70
Entertainment $115 $170
Personal Shopping $120 $180
Occasional Spending $100 $195
iTunes $25 $30
Total
a) Determine the totals for “Budget Goals” and “Actual Budget”. (1 mark each)
Budget Goals) __________________
Actual Budget) __________________
b) List 4 items in her actual budget that needs to be adjusted to meet her goal of saving to buy a scooter.
Item 1) ___________________________ Item 2) _______________________________
1 mark 1 mark
Item 3) ___________________________ Item 4) _______________________________
1 mark 1 mark
14. You are excited as you just got hired as a Recreational Director. Your gross income is $47,000 per year. You live
on your own and are responsible for all your expenses. Your take-home pay is 60% of your gross income. You
estimate your monthly expenses as follows:
Rent: 35% Fill in the “Budget Goals”.
Utilities: 7%
Expenses Budget Goals
Car Insurance: 6%
Rent
Cell Phone: 4%
Occasional Spending: 8% Utilities
Savings: 7% Car Loan
Food: 14% Car Insurance
Car Loan: 11% Entertainment
Entertainment: 8% Savings
Occasional Spending
Food
Cell Phone
Total
5 marks
Page 5 of 6
