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Basic Concepts of Commissions Commission is a fee paid to person who makes a sale. The commission is usually a percent of the selling price. The percent is called the Commission Rate. There are 3 different types of commission. These are: 1. Straight Commission 2. Salary Plus Commission * sheet fromveg he aqui s er Automat repub A 3. Graduated Commission regent corvisa to buoy sviering as to Straight Commission It is a type of commission where a person is paid a percentage of his/her sales only. Let us take a look at this example: Example: HNOW Karyl works on a "commission only" basis and receives 3% on her monthly sales without a base salary. What is her commission and total pay during a month when she sells P108,000 worth of appliance, compute for the commission. Bingse c Bo tower Solution: The commission will be 3% of P108,000. And that is, P108,000(0.03) = P3,240 Salary plus Commission It is a type of commission where a person gets paid a salary and a percentage of his/her sales. Let us take a look at this example: Example: Mr. Cueva decides to work for ABX Company that will pay him P3,500 per week and 6% of any sales above P3,000. If he sold goods worth P5,000, what is his gross pay? Solution: P5,000 - P3,000 = P2,000 His commission will be 6% of P2,000 and that is: (P2,000) (0.06) Commission = P120 His gross pay is computed as P3,500 + P120 = P3,620 Graduated Commission It is a type of commission where the percentage changes based on how much someone sells. Most of the companies encourage their agents to sell more goods. Let us take a look at this example: Example: Mary has a monthly commission plan where she receives 2.5% on the first P100,000 of sales during the month and 3.5% on the sales above P100,000. If her total sales during the month is P150,000, compute her commission. Solution: 150,000 - 100,000 = P50,000 SALES AMOUNT COMMISSION RATE COMMISSION P100,000 0.025 2,500 P50,000 0.035 1,750 TOTAL COMMISSION P4,250B. Solve for the amount of commission. Don't forget to show your complete solution. Write your answers in yellow paper Complete the table: Amount of Sales Rate of Commission Amount of Commissions 3,400 2% 1. 5,000 4% 2. 10,000 5.5% 50,000 10% 4. 110,000 11% 5N Commission on Installment Basis All computations of commission above are on cash sales. If the sales are on installment basis, they are giving commissions based on the payment made by the buyers. Let's take a look at this example: Example: A salesman, earning 4% commission made a sale of P100,000 to be paid in 5 equal monthly installments. How much will be his monthly commission? Solution: P100,000 + 5 = P20,000 4% of 20, 000 is P800.00 Therefore the salesman's monthly commission is P800.00 What is down payment? A down payment is a type of payment made in cash during the onset of the purchase of an expensive good or service. The payment represents a percentage of the full purchase price. WRITTEN WORK # 10 A. Direction: Choose the letter of the correct answer. Write the letter of your answer on a separate sheet of paper. Show your solution. 1. What do you call a type of commission where a person is paid a percentage of his/her sales only? a. Straight commission c. Commission b. Commission rate d. Salary Plus Commission 2. What do you call a fee paid to person who makes a sale? a. Straight commission c. Commission b. Commission rate d. Salary Plus Commission 3. What do call a type of commission where a person gets paid a salary and a percentage of his/her sales? a. Straight commission c. Salary Plus Commission b. Commission rate d. Graduated Commission 4. What do call a type of commission where the percentage changes based on how much someone sells? a. Straight commission b. Commission rate c. Salary Plus Commission d. Graduated Commission 5. John is earning a commission of 3% on all his sales other than his basic salary of P75,000? P10,000. How much is his take home pay in a month where his sales amount to a. P10,000.00 b. P25, 1200.00 c. P75,000.00 d. P12,250.00