Math Review Units 1 and 2

Unit 1 – Money Math My comfort Level Topic Module found in 1.1 Compare the unit price of two or more given items.A 1.2 Solve problems that involve determining the best buy, and explain the choice in terms of the cost as well as other factors, such as quality and quantity. A 1.3 Compare, using examples, different sales promotion techniques; e.g., deli meat at $2 per 100 g seems less expensive than $20 per kilogram. B 1.4 Determine the percent increase or decrease for a given original and new price.B 1.5 Solve, using proportional reasoning, a contextual problem that involves currency exchange. C 1.6 Explain the difference between the selling rate and purchasing rate for currency exchange. C 1.7 Explain how to estimate the cost of items in Canadian currency while in a foreign country, and explain why this may be important. C 1.8 Convert between Canadian currency and foreign currencies, using formulas, charts or tables. C

Unit Price and Best Buy How much each item costs Decide which price is the best Example Milk is sold in different sizes: 500 ml for $ L for $2.29 2L for $3.89 4L for $5.99 Which is the best deal?

Sales Promotions No GST Percentage off BOGO Free gift with purchase Gift certificate No service fee Loyalty rewards Group buying/Increased Quantity

Sales Increase and DecreaseIncrease and Decrease The cost of gas was 47 cents per litre in It is per litre in By what percent has it increased? A watch is on sale for 30% off. If the regular price is $45, what is the sale price?

Currency Exchange Canadian Dollar 99 cents US dollars Means 1 CAD = 99 cents USD If I turned 100 $CAD into USD what would I get? If I had $45 USD how much is that CAD

Currency Exchange chart online converter How could you estimate a currency exchange? When would you need to know this?

Unit 2 – Personal Finance My comfort Level Topic Module found in 2.1 Describe, using examples, various methods of earning income. A 2.2 Identify and list jobs that commonly use different methods of earning income; e.g., hourly wage, wage and tips, salary, commission, contract, bonus, shift premiums. A 2.3 Determine in decimal form, from a time schedule, the total time worked in hours and minutes, including time and a half and/or double time. A 2.4 Determine gross pay from given or calculated hours worked when given: the base hourly wage, with and without tips the base hourly wage, plus overtime (time and a half, double time). B 2.5 Determine gross pay for earnings acquired by: base wage, plus commission single commission rate. B 2.6 Explain why gross pay and net pay are not the same. C 2.7 Determine the Canadian Pension Plan (CPP), Employment Insurance (EI) and income tax deductions for a given gross pay. C 2.8 Determine net pay when given deductions; e.g., health plans, uniforms, union dues, charitable donations, payroll tax. C 2.9 Investigate, with technology, “what if …” questions related to changes in income; e.g., “What if there is a change in the rate of pay?” C 2.10 Identify and correct errors in a solution to a problem that involves gross or net pay. C 2.11 Describe the advantages and disadvantages for a given method of earning income; e.g., hourly wage, tips, piecework, salary, commission, contract work A

Ways of Earning Income Different Types of Income Carpenter Teacher Babysitter Server in a restaurant Salesperson Tour guide Stuffing envelopes Delivering flyers Type of Job Hourly wage Hourly wage plus tips Salary Commission Contract Bonus Shift premiums Piecework

Calculating Hours worked and Income Hours worked in decimals (hr) #1 - 1 hour 45 minutes = # min = #3 - 6 hours 15 minutes= Double time = 2 x wage = Time and a half= 1.5 x wage = Pay you earned at $11.50 / hour #1 - #2 - #3 – #1 at Double time #3 at Time and a Half

Other income terms Overtime calculations Overtime shift differential: a bonus paid to compensate workers taking an undesirable shift piecework: payment for work based on a given amount for each item

Tips Servers can earn 15% of the total bill If the total of a bill is $35.45 how much should the tip be? Personal Care Workers – hairstylists, nail techs, massage therapists can earn 20% If the total of a bill for a hairstyle is $65 how much should the tip be?

Commission If a used sales person’s salary in one month is $1800 and they earn 25% of their sales, if their sales are $15,000 what is their gross pay? If they sell one car for $3500 what will their commission be on that car?

Deductions - CPP Canada Pension Plan – The first $3500 you earn is exempt from deductions The CPP rate is 4.95% on all other earnings If you earn $3500 in January, and in February, what will be your CPP payment for those two months? If you earn $26,780 this year, what will you pay in CPP?

Deductions - EI Employment Insurance – you pay this so that if you are laid off you can have an income while you look for another job Employment Insurance You have to pay into it for a number of weeks before you can collect it. Rates are small Ex. 2.1% If you earn $3500 in January, what will be your EI payment?

Deductions - Taxes In Canada we have tax brackets to ensure that the higher your income the more you pay in taxes.tax brackets Under $41, 544 you are in the lowest bracket or 15% The brackets are 15%, 22%, 26% and 29% for those who make $128, 800 or more If you earn $3500 each month, what will be your tax bracket? What will you pay in taxes?

Deductions - others Health plans Uniforms Union dues Charitable donations Voluntary – things you can choose to pay or not Involuntary – items you are required to pay

Pick one to complete with a friend on the board Hourly wage Tips Piecework Salary Commission Contract work What are the advantages and disadvantages of each way of earning an income? Type of wage you choose AdvantagesDisadvantages