SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 1 of 16 1-6 Section Objective Calculate: straight commission Determine: gross pay.

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Presentation transcript:

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 1 of Section Objective Calculate: straight commission Determine: gross pay

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 2 of commission (p. 103) An amount of money paid to an employee for selling a product or service. commission rate (p. 103) A specified amount of money paid to an employee for each sale made or a percent of the total value of sales made. Key Words to Know

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 3 of straight commission (p. 103) Pay that consists only of money earned on commission. Key Words to Know

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 4 of COMMISSION YOU’RE PAID ON HOW MUCH YOU SELL. THIS COULD BE A GOOD OR BAD THING. WHY? GOOD – IF YOU ARE A GREAT SALESMAN AND CAN SELL CARS, FURNITURE, ETC. EASILY THEN YOU WILL MAKE MONEY – NO WORRIES!!!! BAD - IF YOU AREN’T SO GREAT AT BEING A SALESMAN THEN BEING PAID ON STRAIGHT COMMISSION (ONLY BY WHAT YOU SELL – NO SMALL HOURLY RATE) THEN YOU WILL NOT COME OUT AHEAD!!!

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 5 of Commission = Total Sales × Commission Rate Formula

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 6 of Milton Arps sells real estate at a 7½ percent straight commission. Last week his sales totaled $290,000. What was his commission? Example 1

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 7 of Step: Find the commission. Total Sales × Commission Rate $290,000 × 7½% $290,000 × = $21,750 Example 1 Answer

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 8 of Owen Theil is guaranteed a minimum salary of $250 a week, or 7 percent of his total sales, depending on whichever is greater. What was his gross pay for a week in which his total sales were $3,614? Example 2

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 9 of Find the commission. Total Sales × Commission Rate $3,614 × 7% = $ Example 2 Answer: Step 1

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 10 of Find the gross pay. Salary or Commission $250 or $ Gross pay is $ (the greater amount). Example 2 Answer: Step 2

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 11 of Jermaine Dixon sells electronic equipment. He receives a straight commission of 6½ percent of his total sales. What commission will he receive in a week where his sales total $12,416? Practice 1

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 12 of $ Practice 1 Answer

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 13 of Ryan O’Malley is paid either a commission or by the hour, whichever is greater. His hourly pay is $8.00 per hour with time and a half for all hours that exceed 40 hours per week. His commission is 7 percent of his sales. Find his gross pay in a week in which he worked 48 hours. His total sales for the week were $6,120. Practice 2

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 14 of $ Practice 2 Answer

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 15 of CLASSWORK PAGE #5 – 22B