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13 Cards in this Set
- Front
- Back
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what is wage?
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A wage is given as an hourly rate and employee are normally paid weekly
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what is a salary?
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a salary is an annual rate and are paid monthly on a date specified in the contract of employment.
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what is gross pay?
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Gross pay is the amount of salary or wage paid to the employee by an employer, before any deductions are taken. |
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what is net play?
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net pay is the amount after the deductions have been taken.
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what is a price rate?
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price rate is the pay rate for a piecework.
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what is overtime?
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overtime is extra pay for working longer than normal hours, often at a higher rate than normal pay.
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what is commission?
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commission is extra money received for making a sale, normally a percentage of the value of the sale.
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what is a bonus?
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a bonus is extra money achieved for a specific target.
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what is a performance related pay?
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is a salary which is paid to how well the person has worked.
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what is income tax?
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income tax is directly on personal income.
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what is nation insurance?
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its the system of compulsory payments by employees and employers to provide state assistance for people who are sick, unemployed, or retired.
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what is a pension?
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its a regular payment made by the state to people of or above the official retirement age and to some widows and disabled people.
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what is an hourly rate?
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an hourly rate is amount someone earns per hour.
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