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Year 10 Financial Ma

Definitions and Facts from the NSW Year 10 Financial Maths Topic

Income Money earned from work, property, investment or an allowance
Salary A fixed yearly amount of money (annual income) that is paid weekly, fortnightly or monthly, usually to professional people and office workers. Since a salary is fixed, it is not dependent on the number of hours worked.
Wage An amount of money paid to people for work, calculated on the number of hours worked. A wage is paid at an hourly rate and the greater the number of hours worked, the higher the wage. Wages are usually paid weekly.
Gross A total without any deductions. A gross income is the total amount of money earned.
Net The amount remaining after all deductions. Net income is the gross income minus all deductions.
Allowance an amount of money paid to an employee to meet expenses. Examples include travel expenses, meal allowances and wet weather allowances.
Bonus An extra amount of money paid to employees who produce work of high quality or volume.
Commission A payment as remuneration for services rendered or products sold. It is a common way to reward sales people. Payments are calculated on the basis of a percentage of the goods sold,
Piecework income earned according to the number of tasks a person completes or the number of objects he or she makes. Payment is not dependent on the time taken for the work.
Overtime The amount of time someone works beyond normal working hours
discount A reductions in the prices of goods or services
Holiday loading Extra pay given during annual leave (holidays). It is paid at a rate of 17.5% of four weeks normal pay
Superannuation A way to save for your retirement. The money comes from contributions made into your super fund by your employer and, ideally, topped up by your own money.
Taxation A financial charge or other levy imposed upon a taxpayer by a government to fund various public expenditures
Created by: wdobson