Business Math Chapter 1 Vocab
per diem
"By the day." Employees are paid a fixed daily amount by their employer. Most of these employees are temporary employees.
salary
A fixed amount of pay for each time period worked, such as a week, month, or year, etc.
quota
A fixed amount that some salespeople must sell. The salesperson will only receive commission for what they sell over the fixed amount (quota).
average
A single number used to represent a group of numbers
tip
A sum of money given to someone as a reward for their services/for services they provide
commission
An amount of money, often calculated as a percent, given to someone for service they provide. May be an amount for each item sold of a percent of total dollar value of sales
hourly rate
Certain amount paid for each hour worked
straight commission
Earnings come from only commission work, no fixed salary
time-and-a-half pay
Overtime pay that is figured at 1.5 times regular-time rate
graduated commission
Rate of commission increases as sales increase
overtime
Time worked beyond the regular working day or week. Daily overtime is based on a regular working day; weekly is based on regular working week.
gross pay
Total amount that an employee is paid, also called total earnings or total pay, Calculated by hours worked * hourly rate
double-time pay
Usually given for work on weekends or holidays for overtime pay; 2 x regular pay rate
piece-rate
Wages are paid for each item or piece they produce. To find gross pay, multiply pay for piece with number of pieces produced