GROUP 7 TERMS by Danielle Annia Mari D. UMALI

Salary vs Wage

damdumali — 2024-11-06 05:02:05 UTC

Salary is more on a fixed amount and period where you can't decrease or increase the person's salary and it's either given weekly, monthly, or yearly. Wage on the other hand is where the price depends on how long you've worked and it's more on short-term

Income

damdumali — 2024-11-06 05:04:35 UTC

It's the money you receive from different sources / what you earn from everything

Compensation

damdumali — 2024-11-06 05:06:27 UTC

It's the combination of the income/wage of the person plus additional benefits (life insurance, vacation, plans) or additional cash that is separate from the income/wages

Benefit

damdumali — 2024-11-06 05:09:56 UTC

This is similar to Compensation but it's given to the person in a non-cash form (no cash or raise included)

Piecework

damdumali — 2024-11-06 05:11:29 UTC

The income/wage of the person depends on how many they were able to produce or sell in the business

Gross Pay

damdumali — 2024-11-06 05:13:41 UTC

the initial amount a person receives before any factors are deducted from the money such as taxes.

Regular Pay

damdumali — 2024-11-06 05:14:58 UTC

It's a fixed 8-hour shift a day in which a person only receives once accomplished the given time.

Overtime Pay

damdumali — 2024-11-06 05:19:28 UTC

The person who works more than the regular work hours (40 hours or more) will be given an additional payment.