Financial Algebra Chapters 6-3 and 6-4/Vocabulary
Royalty
Commission
Pension
Compensation that an employee receives from an employer after retirement.
Insurance
Examples are health, life, and disability.
Individual health care
Healthcare which covers only the employee.
Paid holiday time
Paid time off for holidays that an employer may offer to employees as an employee benefit.
Paid vacation time
Paid time off that an employer may offer to employees as an employee benefit.
Piecework rate
The set amount of money that a worker receives for each item the individual produces
Retirement plans
To provide income to employees after they retire.
Childcare leave
A benefit provided by an employer to the employees for time off for childcare, such as the birth of a new baby.
Stock ownership plans
A benefit to provide stock ownership in the company.
Family healthcare
A benefit which covers all members of the immediate family for healthcare bills to the extent outlined in the healthcare coverage plan
Base period
A fixed period of time.
Unemployment insurance
A government program that offers benefits to eligible employees who, through no fault of their own, have become unemployed.
Worker's compensation
A government required assistance to employees who are injured while working at their job.
Employee benefits
Added options that and employer may choose to offer employees.
commission
An amount paid to an employee based on a percentage of the employee's sales
Pieceworker
Workers who are paid by production, rather than the length of time it takes them to do the job.