Grade 11: General Mathematics | Lesson 1: Salary, Wage and Commission

Introduction to Salary, Wage, and Commission00:00:01

This video introduces the first lesson in general mathematics, focusing on salary, wage, and commission. It outlines the learning objectives: differentiating salary from wage, calculating various payment frequencies from annual salaries, determining earnings based on commission or piecework, and solving problems involving these financial concepts, including benefits, deductions, and tax computations.

Defining Salary, Wage, and Allowance00:01:17

The video defines 'salary' as fixed, regular compensation for professional or white-collar jobs, typically paid bi-monthly or monthly. 'Wage' is defined as compensation for non-professional or blue-collar jobs, not considered a fixed payment, and based on hours or days worked. 'Allowance' is an additional payment separate from salary or wages, covering expenses like transportation or meals, and is not included in basic salary.

Defining Commission and Calculation Formulas00:05:05

The video defines 'commission' as compensation paid to employees, particularly salespeople, as an incentive for achieving sales targets. It then presents formulas for calculating different salary frequencies from an annual salary: weekly salary (annual salary / 52), monthly salary (annual salary / 12), bi-monthly salary (monthly salary / 2), and hourly rate (annual salary / 2080).

Example 1: Calculating Various Salary Frequencies from an Annual Salary00:07:15

An example is provided for Danny, who has an annual gross salary of 750,000. The video demonstrates how to calculate his hourly rate (360.58), weekly salary (14,423.08), monthly salary (62,500), and bi-monthly salary (31,250) using the previously introduced formulas.

Example 2: Calculating Annual and Monthly Salary from an Hourly Rate00:14:33

A second example involves Miss M, who earns 140 per hour. The video shows how to calculate her annual salary by rearranging the hourly rate formula (140 * 2080 = 291,200) and then her monthly salary from the calculated annual salary (291,200 / 12 = 24,266.67).