Income

SubjectMathematics YearSenior secondary Time170

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Introduction

In this group of activities students calculate income for wage, salary, commission and piece working scenarios.

Australian Curriculum or Syllabus

These activities link to several aspects of financial mathematics, particularly related work and earning an income.

General mathematics

Unit 1

Topic 1: Consumer arithmetic

Applications of rates and percentages:

  • review rates and percentages (ACMGM001).
  • calculate weekly or monthly wage from an annual salary, wages from an hourly rate including situations involving overtime and other allowances and earnings based on commission or piecework (ACMGM002).
  • apply percentage increase or decrease in various contexts; for example, determining the impact of inflation on costs and wages over time, calculating percentage mark-ups and discounts, calculating GST, calculating profit or loss in absolute and percentage terms, and calculating simple and compound interest (ACMGM006).

Essential mathematics

Unit 2

Topic 2: Percentages

Percentage calculations:

  • review calculating a percentage of a given amount (ACMEM061)
  • review one amount expressed as a percentage of another. (ACMEM062)

Applications of percentages:

  • determine the overall change in a quantity following repeated percentage changes; for example, an increase of 10% followed by a decrease of 10% (ACMEM063)
  • calculate simple interest for different rates and periods. (ACMEM064)

Teacher resources

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Solutions

Income calculations

Student learning resources

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Explainer

Income and employment types

 
Interactive

Types of income and employment

 
Worked examples

Calculating income

 
Investigation

Income calculations

Suggested activity sequence

This sequence is intended as a framework to be modified and adapted by teachers to suit the needs of a class group. If you assign this activity to a class, your students will be assigned all student resources on their 'My learning' page. You can also hand-pick the resources students are assigned by selecting individual resources when you add a work item to a class in 'My classes'.

Part A: Understanding income and employment types

  1. Use a grouping strategy to organise students in groups of 3 or 4.
  2. In groups, students read the explainer and construct a brief description of each employment type.
  3. Assign each group as the leader for one description. Each group writes their description on the board and adds anything they think needs considering in other descriptions.
  4. When all definitions are displayed, discuss and refine the descriptions to come to a shared class understanding.
  5. Students complete the interactive.

Part B: Calculations

  1. Invite students to refer to the worked examples. Tailor your explicit instruction to complement the worked examples.
  2. Students complete the investigation.
  3. Work through the solutions as a class.