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zMath Finance C1
| Term | Definition |
|---|---|
| bartering | Trading items other than money |
| money | Tool that makes it easier to trade one thing of value for another |
| hourly wage | Amount of money paid for each hour worked |
| employer | person or company who hires a person and pays him or her for work done |
| minimum wage | Lowest hourly wage employers are legally required to pay employees |
| overtime pay | Wages that are earned when an employee works more than 40 hours in a week |
| = | equal |
| wavy equal | approximately |
| salary | fixed payment for a person's work, usually paid monthly or twice per month |
| base pay | Pay the employee receives for the work performed |
| gross pay | employee's total pay before deductions |
| pay period | repeating time frame that an employer uses to calculate and pay salaries and wages |
| monthly pay period | pay structure in which salaried employees receive 1/12 of their annual salary on the last day of each month |
| semimonthly pay period | pay structure in which divides the month into two pay periods; payday is often at the middle and the end of the month |
| biweekly pay period | pay structure in which employees are paid two weeks, often on a Friday |
| weekly pay period | pay structure in which employees are paid each week |
| direct deposit | automatic deposit of a person's paycheck into his or her checking account |
| payroll | list of employees a company pays |
| commission | percentage of the amount of the business transaction paid to a sales agent or broker |
| straight commission | when the only compensation received by an employee is commission |
| independent contractor | person who provides a service to the public or to a company for money |
| contract | formal agreement between two or more entities', such as people or organizations |
| oral contract | agreement |
| entrepreneur | person who starts a business venture and assumes the risk of its success or failure |
| income | money received by a person or company |
| earned income | pay that comes from a person's work |
| unearned income | income that is not derived from a person's work |