Danish Ltd Has an Average Weekly Payroll of $200,000

question 66

Multiple Choice

Danish Ltd has an average weekly payroll of $200,000. The employees are entitled to 2 weeks', non-vesting sick leave per annum. Past experience suggests that 56 per cent of employees will take the full 2 weeks' sick leave and 22 per cent will take 1 week's leave each year. The rest of the employees take no sick leave. In the current week an employee with a weekly salary of $600 has been off sick for the first time this year. The employee took 2 days off out of her normal 5-day working week. Assuming that a weekly entry has been made to record the accumulated liability for sick leave and that PAYG tax is deducted at 30 per cent, what would the entry be to record the employee's weekly salary (round amounts to the nearest dollar) ?

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Definitions:

Variance

An indicator of how much a dataset varies or is spread out from the average value.

Independent Replications

Separate instances of running a simulation or experiment where the initial conditions or random elements are independently generated each time.

Normal Distribution

A bell-shaped curve that represents the distribution of many types of data where most values cluster around a central mean.

X-axis

The horizontal axis in a coordinate system, typically used to represent the independent variable in a graph.