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Financial Literacy

Hourly Rate The amount of money that is charged, paid, or earned for every hour worked.
Straight-time pay The usual number of hours and the usual amount of pay for a period of work.
Gross Income An individual's total personal income, before accounting for taxes or deductions.
Overtime Pay Nonexempt employees may be paid by means of a salary.
Time and a Half A rate of pay for overtime work equal to one and one half times the regular hourly wage.
Double time A rate of pay equal to double the standard rate, sometimes paid for working on holidays or outside normal working hours.
Weekly Time Card A card used with a time clock to record an employee's starting and quitting times each day or on each job.
Piecework Work paid for according to the amount produced.
Salary A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
Commission An instruction, command, or duty given to a person or group of people.
Commission Rate A fee paid for services, usually a percentage of the total cost.
Straight Commission Salesperson compensation method in which only a percentage of the sales volume, but no fixed salary, is paid.
Graduated Commission A method of compensation for the sales people where the commission earned as a percentage of sales increases incrementally with the increase in the sales volume.
Created by: quinnballou