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.