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Making Money

 
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May 5th, 2020
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Different Ways to Make Money: Wage, Salary, and Commission

People earn an income when they are hired by an employer to work at a job. Income is earned as a wage, a salary or a sales commission.

 

Let’s look at an example of each.

Andrew works as a waiter at the Pancake Hut. He earns a wage. A wage is a set amount of money per hour of work. Andrew’s wage is $10 per hour.

Ellie works as a scientist. She earns a salary. A salary is a set amount of money per year. Ellie’s salary is $50,000 per year. If she adds up all her paychecks this year, the total will equal $50,000.

Toby works as a real estate agent. He earns a sales commission. A sales commission is an amount of money based on part of a sale amount. Tony is helping a family sell their house. The family agrees to pay Tony 5% of the house’s sale price. Tony sells the house for $200,000. The family pays him $10,000, which is 5% of the $200,000 sale.

 

Questions

  1. List three different ways an employer can pay you for working at a job.
  2. What is the difference between a wage and a salary?
  3. A is income based on part of a sale amount.
  4. What would Andrew have to do to earn more money at his job? What would Toby have to do?
  5. Bonus Question: A wage, a salary and a sales commission are all ways to earn income
 
 
 Making Money comic, click for transcription
May 5th, 2020
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