Compensation and Earnings Overview

Compensation and Earnings Overview

Assessment

Flashcard

Business

11th Grade

Easy

Created by

riri dump

Used 1+ times

FREE Resource

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35 questions

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1.

FLASHCARD QUESTION

Front

What is piece rate compensation?

Back

A payment system where workers are paid based on the quantity of work they complete.

2.

FLASHCARD QUESTION

Front

What is a fixed piece rate?

Back

Workers receive a set amount per piece produced, regardless of the total output.

3.

FLASHCARD QUESTION

Front

Provide an example of fixed piece rate compensation.

Back

If the fixed rate is $1.20 per piece, a worker producing 100 pieces earns $120.

4.

FLASHCARD QUESTION

Front

What is differential piece rate?

Back

Payment increases as production levels rise, rewarding higher output with higher rates.

5.

FLASHCARD QUESTION

Front

Provide an example of differential piece rate compensation.

Back

The first 100 pieces may be paid at $1.00 each, and any additional pieces at $1.50 each.

6.

FLASHCARD QUESTION

Front

How do you calculate total earnings in piece rate compensation?

Back

Total Earnings = Quantity Produced × Rate.

7.

FLASHCARD QUESTION

Front

If a worker produces 360 pieces at a fixed rate of $1.20, what are their total earnings?

Back

Total Earnings = 360 pieces × $1.20 = $432.

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