General Mathematics Prelims

compensation

the money paid to the people for their work

wages

are based on the number of hour worked or the amount of work completed

salaries

are fixed regular payments

commissions

are earnings based on how much a person sells

pay period

the schedule wherein people get regularly paid

overtime pay

an important part of an employee’s salary in the Philippines, especially those who work beyond the 8 hour workday or 40 hour weekly

regular day overtime

work done beyond 8 hours on a regular working day, additional 25 percent

rest day overtime

work done on a rest day or special non-working day, additional 30 percent

regular holiday overtime

overtime work on a regular holiday, additional 30 percent on 200 percent base pay

regular holiday falling on a rest day with overtime

overtime on a regular holiday that also falls on a rest day, additional 30 percent on 260 percent base pay

piecework rate

a way of paying workers based on how many items they finished

differential piece rate

the amount paid per item changes depending on how many items are made, it has a set number of items to be made

quota

workers need to meet a set number of items

straight commission

where the same rate is used no matter how much is sold

variable commission

where the rate can change depending on the total sales, it also classifies between “good performers” and “non-performers”

taxes

are amounts of money that the government collects from individuals to generate income for public resources

value added tax

12 percent is charged on most goods and services

VAT inclusive

price already has tax

VAT exclusive

tax is added on top of the stated price

inflation

the general increase in prices of goods and services over time

mark-up

the amount added to the cost price of an item to make a profit

discount

the amount is reduced from the original price of an item

selling price

the final price at which the product is sold to the customer after mark-up is added

net price

the actual amount a buyer pays after the discount has been deducted

cost price

the original price paid to buy or produce an item

profit

earned when a selling price is higher than the cost price

loss

occurs when the selling price is lower than the cost price

absolute loss

the actual money lost

percentage loss

expresses the loss as a proportion of the original value

arithmetic sequence

adds by the same amount

geometric sequence

multiplies by the same ratio

pattern

a repeated or regular arrangment of things

periodic payments

refer to regular, fixed amounts paid at consistent intervals

loan amortizations

the process of paying off a debt through regular payments

interest rates

represents the cost of borrowing money

accumulated investment value

the total amount your investment grows