Definitions and Facts from the NSW Year 10 Financial Maths Topic
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each of the black spaces below before clicking
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| Income | Money earned from work, property, investment or an allowance
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| 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.
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| 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.
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| Gross | A total without any deductions. A gross income is the total amount of money earned.
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| Net | The amount remaining after all deductions. Net income is the gross income minus all deductions.
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| Allowance | an amount of money paid to an employee to meet expenses. Examples include travel expenses, meal allowances and wet weather allowances.
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| Bonus | An extra amount of money paid to employees who produce work of high quality or volume.
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| 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,
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| 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.
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| Overtime | The amount of time someone works beyond normal working hours
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| discount | A reductions in the prices of goods or services
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| Holiday loading | Extra pay given during annual leave (holidays). It is paid at a rate of 17.5% of four weeks normal pay
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| 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.
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| Taxation | A financial charge or other levy imposed upon a taxpayer by a government to fund various public expenditures
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