Salaries and Wages Lecture Note Flashcards

A set of vocabulary flashcards covering the fundamental concepts and formulas of income, salary, wages, and commissions as presented in the General Mathematics Unit 1 lecture.

Income

Money that a person receives in exchange for providing a service or work.

Salary

A fixed regular payment, typically given monthly or biweekly, and is usually expressed as an annual amount.

Salary Formula ($S = SR \div PP$)

A formula where $S$ is the salary, $SR$ is the annual salary rate, and $PP$ is the number of payment periods in a year.

Wage

Compensation paid to a worker based on the number of hours, days, or units of work completed.

Wage Formula ($W = R \times H$)

A formula where $W$ refers to the daily wage, $R$ refers to the hourly rate, and $H$ refers to the number of hours worked within the pay period.

Commission

A percentage of sales paid to an employee, often used in sales jobs, which can also be based on a fixed amount per unit sold.

Per-Piece Rate

A form of earnings based on the number of units produced.

Per-Piece Rate Formula ($CP = PR \times PP$)

A formula where $CP$ refers to the compensation on per-piece rate, $PR$ refers to the per-piece rate, and $PP$ is the number of pieces produced.

Fixed Income

A form of earnings, such as a monthly salary, that remains constant regardless of specific hours worked or sales made.

Variable Income

A form of earnings, such as hourly wages, commissions, or piecework, that changes based on the amount of work or sales completed.