While on a Salary of $150 000,C

question 9

Multiple Choice

While on a salary of $150 000,C.Cronk retired from Footballers R US after 35 years of service.He was entitled to 13 weeks accrued long service leave for every 15 years of service.How much long service leave pay was he entitled to on his retirement? He had not previously taken any long service leave.

• A) $87 499
• B) $75 000
• C) $37 500
• D) None of the above

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Definitions:

Consumer Price Index (CPI)

A standard for measuring the weighted average expenditure on a compilation of consumer products and services such as transportation, healthcare, and food.

Base Period

A specific time interval used as a reference point for comparing economic or financial data over different periods for analysis or index calculation purposes.

Price of Gas

The cost per unit of gasoline, influenced by factors such as crude oil prices, taxes, demand, and supply conditions.

Product-Improvement Bias

The tendency in the calculation of inflation to not fully account for improvements in product quality, which can lead to an overestimation of inflation rates.