Business Math Chapter 1 Vocab – Flashcards
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Hourly Rate
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The amount of money paid for each hour of work.
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Wages
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The number of hours worked multiplied by the hourly rate.
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Annual Wages
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Money earned by an employee in one year.
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Estimate
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To judge the value of something w/o being exact
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Renaming hours
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To express time in a form that is equal to the original;for example, 1 hour =60 minutes.
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Overtime
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Working time beyond a regular 40-hour week.
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Time and a half
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Payment of 1.5 times the regular hourly rate.
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Double Time
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Payment of two times the regular hourly rate.
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Tips
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Extra money given for good service.
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Piecework
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Work paid according to the number of units completed.
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Key Digit
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The number to be rounded.
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Salary
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Payment of a fixed amount of money at regular intervals.
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Biweekly
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Every two weeks.
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Semimonthly
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Twice a month.
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Bimonthly
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Every two months.
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Quarterly
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Every three months.
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Semiannually
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Every six months.
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Percentage
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An amount calculated by multiplying a percent times a number.
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Commission
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Percentage of total sales.
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Rate of commission
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The percent used to compute commissions.
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Gross pay
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Full earnings.
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Deductions
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Money withheld from gross pay.
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Net pay
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The amount a worker receives after deductions are subtracted from gross pay.
