Business Math

Average

A single number used to represent a group of numbers

Tip

An amount of money given to someone for services they provide

Straight Commission

Employees who are paid on commission only

Graduated Commission

Employees whose rate of commission increases as their sales increase

Quota

Fixed amount that certain salespersons much read in order to earn commission

Time-and-a-half pay

Overtime pay that is figured at one and a half times the regular rate

Hourly Rate

The amount of money an employee is paid each hour

Gross Pay

Total amount of money that an employee is paid.

piece-rate

When employees are paid for each item or piece they produce

Commission

A fixed amount for each item sold or a percent of the dollar value of sales

Salary

A fixed amount of money paid to an employee for each time period worked, such as a day, week, month, or year.

Per Diem

employees who are paid a fixed daily amount