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PCS Financial Math

Chapter 1 Vocabulary - Gross Income

TermDefinition
commission an amount of money paid to an employee for selling a product or service
commission rate a specified amount of money paid to an employee for each sale made or a percent of the total value of sales made
double time an overtime pay rate of two times the regular hourly rate, often paid for working on Sundays or holidays
graduated commission pay in which the commission rate is different for different levels of sales
hourly rate a fixed amount of money paid for each hour of work
overtime pay extra pay for hours worked beyond regular hours
piecework a specified amount of money paid to an employee for each item or work completed
salary a fixed amount of money earned on a regular basis, received weekly, bi-weekly, semimonthly, or monthly
straight commission pay that consists only of money earned on sales
straight-time pay the total amount of money earned for a pay period at the regular hourly rate
time and a half an overtime pay rate of 1 1/2 times the regular hourly rate
weekly time card a record of the time you report for work and the time you depart each day of the week
Created by: Ms.Sala