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