What is piece rate compensation?

Compensation and Earnings Overview

Flashcard
•
Business
•
11th Grade
•
Easy
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35 questions
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1.
FLASHCARD QUESTION
Front
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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