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PCS Financial Math
Chapter 1 Vocabulary - Gross Income
Term | Definition |
---|---|
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 |