Making Money
How do people make money?
Goal:
Goal:
People make money for the work they do. This money is called wages.
People can be paid hourly wages, by a salary, or by commission. People's wages are added up and when payday comes, people receive the total amount of money for the work they did for that time period.
Hourly employees get paid for each hour they work.
For example, Sherry works at a salon as a receptionist. She makes appointments and takes the money customers pay for services. If she comes in at 9:00 AM and leaves at 4:00 PM, how many hours did Sherry work? She worked seven hours. She makes $8 per hour.
How much money did Sherry make that day? (Multiply the hours worked by the money made each hour.)
She earned $56 that day.
Salaried employees are paid a fixed amount of money for their work. They don't need to keep track of how many hours they have worked.
For example, Paul works as a warehouse manager. He makes a salary of $50,000 each year. He is in charge of the workers that package and ship boxes.
Both employees earn wages for the work they do. Sometimes salaried workers have more responsibilities and are expected to work more hours, while hourly employees clock in, do their job, and leave at the end of their shift
Commission-based employees are paid a sum of money after completion of a task or after they make a sale of a good or service.
For example, Jeff is a car salesman who earns money based on how many cars he sells. He earns $300 for each car he sells, and he has to sell 10 cars each month. If he sells more than 10 cars, he earns an additional 5% of the total purchase price of the car. The car dealership uses commissions as an incentive to encourage their employees to sell more cars.
Think about how you would like to get paid and what job you could do. Then keep reading to learn about some kid-friendly jobs that could earn you some money!