Financial Models Unit 7 Flashcards

Front

Wages

Back

When workers exchange their time and skills, they are given payments.

Front

Salary

Back

The fixed amount of pay given to an employee. Salaries often refer to the amount given in a year.

Front

Overtime

Back

When an employee works beyond the regular working day or week they can be paid.

Front

Gross income

Back

Amount of money that is earned.

Front

Deductions

Back

Amounts of money that are subtracted from an employee's gross income.

Front

Net income

Back

After the deductions are subtracted from the gross pay, the amount left. This is the amount of money that the employee receives.

Front

Tax

Back

A fee that goes to the government to help pay for public services.

Front

Tips

Back

Optional cost to service workers.

Front

Discounts

Back

Cost of an item that is lowered.

Front

Unit rate

Back

A ratio that compares units of one quantity to a unit of another quantity.