General Mathematics - Salaries, Wages, Income, and Sequences

Vocabulary flashcards covering General Mathematics midterm lecture notes on income, payroll deductions, financial math applications, and sequences/series.

Wage

Earnings received by an employee dependent on the number of hours rendered or in proportion to the quantity of work finished.

Gross pay

The total earnings of a worker before deductions.

Net pay

The amount an employee receives after all deductions.

Straight piece wage plan

A pay system where workers are paid the same fixed rate for all the items finished.

Graduated-piece-rate

A pay system where workers are paid graduated rates as the quantity of items produced increases.

Hourly rate

A pay system where workers are paid based on the number of working hours.

Taxable benefits

Benefits that an employer must add to an employee's income to determine the total amount of income subject to tax deduction.

Overtime pay

Additional compensation given to an employee for work performed beyond eight (8) hours in one workday.

Percentage

A part of a whole expressed as a fraction or number out of 100.

Inflation

The general increase in the prices of goods and services.

Demand-pull inflation

Inflation that occurs when demand for goods is higher than the economy's ability to produce them.

Cost-push inflation

Inflation resulting from higher production costs.

Built-in inflation

Inflation caused when businesses increase prices to keep up with rising wages and costs, creating a cycle where prices and wages continuously push each other up.

Mark up

The amount added to the cost price to determine the selling price.

Discount

The amount deducted from the original selling price.

Value-Added Tax (VAT)

A 12% consumption tax imposed on the sale of most goods and services in the Philippines under the National Internal Revenue Code, as amended.

Profit

The difference between net sales (generated revenue from sales) and the direct cost of producing or delivering the goods and services, occurring when sales exceed expenses.

Loss

The difference between gross sales and operating expenses, occurring when sales are less than expenses.

Pattern

An arrangement of numbers, objects, shapes, or events that follows a recognizable rule or regularity.

Sequence

An ordered list of numbers or terms that follow a particular rule.

Fibonacci sequence

A sequence where each term starting with the third term is obtained by adding the two preceding terms, following the formula $a_{n-1} + a_{n-2} = a_n$.

Arithmetic sequence

A list of numbers where the difference between any term and the one before it is always the same, called the common difference ($d$).

Geometric sequence

A list of numbers where each new term is found by multiplying the previous term by a fixed, non-zero number called the common ratio ($r$).

Series

The sum of the terms in a sequence.

Sigma notation

A compact way of writing a sum using the Greek letter sigma ($\sum$).