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Sean is employed by Comptech Ltd selling computer software - Junior Cycle Business Studies - Question 6 - 2016
Question 6
Sean is employed by Comptech Ltd selling computer software. He is paid a basic wage of €400 per week plus 3% commission on his weekly sales in excess of €2,000. His ... show full transcript
Worked Solution & Example Answer:Sean is employed by Comptech Ltd selling computer software - Junior Cycle Business Studies - Question 6 - 2016
Step 1
Calculate Sean’s gross pay last week.
Answer
To calculate Sean's gross pay, we need to find both his basic wage and his commission from sales made above €2,000.
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Basic Wage: €400 per week.
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Commission Calculation:
- Sales last week: €6,280.
- Sales in excess of €2,000: €6,280 - €2,000 = €4,280.
- Commission at 3%: .
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Gross Pay: .
Therefore, Sean’s gross pay last week is €528.40.
Step 2
Explain the term ‘basic wage’.
Answer
The basic wage is the fixed amount of money that an employee earns for working a standard workweek. It does not include any bonuses or additional compensation such as overtime pay. The basic wage is often outlined in a contract and reflects the minimum salary an employee can expect to receive for their work.
Step 3
Outline three responsibilities Sean has to his employer.
Answer
- Respect for Property: Sean must respect his employer’s property and ensure no damage occurs, maintaining a safe and respectful workplace.
- Follow Instructions: He must comply with and follow the instructions given by his employer. This includes cooperating with colleagues and adhering to health and safety regulations.
- Punctuality and Confidentiality: Sean must be punctual in his work hours and maintain confidentiality in relation to business matters.
Step 4
Explain, with an example, how ‘work’ differs from ‘employment’.
Answer
Work refers to any effort put into tasks or activities that may or may not yield a reward. For example, volunteer work is a form of work but does not consist of formal employment. In contrast, employment is defined as a formal arrangement where an individual is compensated for their efforts. An instance of employment would be a person working at a company in exchange for a salary.
Step 5
Explain the difference between ‘hardware’ and ‘software’.
Answer
Hardware refers to the physical components of a computer, such as the monitor, keyboard, and internal parts, like the CPU and hard drive. It encompasses everything that you can physically touch.
Software, on the other hand, comprises the programs and applications that run on a computer. These include operating systems, application software (like word processors), and any other set of instructions that tell the hardware what to do.
Step 6
Explain two reasons why Sean might want to become self-employed.
Answer
- Greater Autonomy: Sean may find greater job satisfaction as a self-employed individual because he can make his own decisions and choose his working hours.
- Potential for Profit: He has the opportunity to keep all profits generated from his business, potentially increasing his overall earnings compared to being an employee.
Step 7
Explain two risks of being self-employed.
Answer
- Financial Risk: Sean could lose money if he invests in his business and does not generate sufficient income, risking his private assets.
- Employment Security: There is no guarantee of steady income in self-employment, and he may face periods with little to no profit, leading to financial instability.