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4.01 Work Compensations and Forms
Personal finance
9
Finance
12th Grade
04/04/2012

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Term
Wage
Definition
Amount of money paid for a specified quantity of labor; ex: hour
Term
Salary
Definition
Set amount of money paid for a set period of time worked
Term
Commission
Definition
Income paid as a percentage of sales made by a salesman
Term
Tips (Gratuity)
Definition
Money paid by customers to those who provide services
Term
Production
Definition
Compensation paid based on number of pieces or items produced
Term
Bonus
Definition
Money paid in addition to base pay;reward for performance or a share of profit
Term
Paycheck
Definition
A form of payment to an employee
Term
Direct deposit
Definition
An employer deposits the employee's paycheck directly into the authorized employee's depository institutuion account.
Term
Payroll card
Definition
A prepaid card that is offered to employees as an alternative to paper paychecks, directly deppositing wages into an employee's depository institution.
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