Commission pp. 103-105 1-6 SECTION. Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 2 of 16 1-6 Section Objective Calculate: straight commission.

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Commission Section 1.6.

Presentation transcript:

Commission pp SECTION

Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 2 of Section Objective Calculate: straight commission Determine: gross pay

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 3 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 4 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 5 of Commission = Total Sales × Commission Rate Formula

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 6 of What are the risks involved in working on commission? The Road to Building Castles p. 103

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 7 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 8 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 9 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 10 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 11 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 12 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 13 of $ Practice 1 Answer

SECTION Copyright © Glencoe/McGraw-Hill MBA, Section 1- 6, Slide 14 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 15 of $ Practice 2 Answer

Commission 1-6 END OF SECTION