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Grade 11 Consumer Math Complete Study Guide and Summary

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2025/2026 Written for academic year
Institution 11th Grade
Course Consumer math
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A concise, practical study guide for Grade 11 Consumer Math. Covers essential everyday financial mathematics including earning an income (gross/net pay, hourly wage, salary, commission), banking and interest (simple and compound interest), purchasing and taxes (discounts, unit pricing), credit and loans (credit cards, amortization), and personal budgeting (fixed vs. variable expenses).

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Grade 11 Consumer Math
A concise, practical guide to everyday financial mathematics.




1. Earning an Income


Types of Pay

• Hourly Wage: Paid a set rate per hour. Overtime is usually 1.5× the regular rate (time-and-
a-half).
• Salary: A fixed annual amount, divided into consistent pay periods (weekly, bi-weekly,
semi-monthly, monthly).
• Commission: Earnings based on a percentage of your total sales.

Gross vs. Net Pay

• Gross Pay: Your total earnings before any deductions are removed.
• Net Pay: Your "take-home" pay after mandatory and voluntary deductions (taxes,
insurance, pension contributions).

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11th Grade
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July 24, 2026
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