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Business Finance

Chapter 1 Gross Income

TermDefinition
hourly rate A fixed amount of money paid for each hour of work.
straight-time pay A total amount of money earned for a pay period at the regular hourly rate.
gross income The total amount paid during a pay period.
overtime pay Extra pay for hours worked beyond the regular number of hours.
time and a half An overtime pay rate of 1½ times the regular hourly rate.
double time An overtime pay rate of twice the regular hourly rate.
weekly time card A daily record of the time you report to work and the time you depart.
piecework A worker receives a specified amount of money for each item of work completed.
salary A fixed amount of money earned on a regular basis.
commission An amount of money paid for selling a product or service.
commission rate A specified amount of money paid for each sale or a percent of the total value of sales.
straight commission Pay that consists only of money earned from sales.
graduated commission Pay based on a different rate of commission for each of several levels of sales.
calculate To determine by mathematical process.
rate A charge , payment or price fixed according to a ratio, scale, or standard.
compute To determine especially by mathematical means.
candidate One likely or suited to undergo or be chosen for something special.
fixed Not subject to change or fluctuation.
service Useful labor that does not produce a tangible commodity.
incentive Something that incites or has a tendency to incite to determination or action.
Created by: winninghamp
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