As the owner of a newly established business specializing in manufacturing and sales of electronic gadgets,...

  

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As the owner of a newly established business specializing in manufacturing and sales of electronic gadgets, you are responsible for overseeing the financial aspects of your business. This includes managing budgeting, payroll, and expense tracking. Section 1: Budget Allocation You have a quarterly budget of $150,000. 1. Allocate this budget across four main categories: Salaries (one-half of the total), Equipment (one- third of total), Marketing (one-eighth of total), and Miscellaneous (the remaining portion). 2. Express each category as a percentage of the total. Section 2: Expense Tracking After one month, you review the expenses and find the information provided in the following table: Category Salaries Equipment Marketing Amount $62,500 $20,000 $15,000 $8,000 Fraction Decimal Percentage Miscellaneous 3. Calculate and fill in the fraction, decimal, and percentage of the total budget that each category represents based on the expenses incurred. Section 3: Payroll and Tax Calculations Your department has a total salary budget of $62,500. Among your employees, there is a manager who is allocated a significant portion of this budget. 4. Calculate the manager's salary, given that it constitutes two-tenths of the total salary budget. Apply a GST of 20% and an HST of 10% to the manager's salary to calculate the net salary. Due to company performance, you need to implement a 25% salary cut to manger's salary for the next month. Calculate the new payroll amount. 5. Determine the percentage change in the payroll before and after the salary cut. Section 4: Decision-Making 6. Describe how understanding fractions, decimals, percentages, payroll, and taxes helps you make better financial decisions for your department. As the owner of a newly established business specializing in manufacturing and sales of electronic gadgets, you are responsible for overseeing the financial aspects of your business. This includes managing budgeting, payroll, and expense tracking. Section 1: Budget Allocation You have a quarterly budget of $150,000. 1. Allocate this budget across four main categories: Salaries (one-half of the total), Equipment (one- third of total), Marketing (one-eighth of total), and Miscellaneous (the remaining portion). 2. Express each category as a percentage of the total. Section 2: Expense Tracking After one month, you review the expenses and find the information provided in the following table: Category Salaries Equipment Marketing Amount $62,500 $20,000 $15,000 $8,000 Fraction Decimal Percentage Miscellaneous 3. Calculate and fill in the fraction, decimal, and percentage of the total budget that each category represents based on the expenses incurred. Section 3: Payroll and Tax Calculations Your department has a total salary budget of $62,500. Among your employees, there is a manager who is allocated a significant portion of this budget. 4. Calculate the manager's salary, given that it constitutes two-tenths of the total salary budget. Apply a GST of 20% and an HST of 10% to the manager's salary to calculate the net salary. Due to company performance, you need to implement a 25% salary cut to manger's salary for the next month. Calculate the new payroll amount. 5. Determine the percentage change in the payroll before and after the salary cut. Section 4: Decision-Making 6. Describe how understanding fractions, decimals, percentages, payroll, and taxes helps you make better financial decisions for your department.