Shared Flashcard Set

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vocab income and tax
vocabulary
8
Finance
10th Grade
03/21/2013

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Cards

Term
salary
Definition
is a set amount of money earned by an employee per year or other fixed length of time.
Term
wages
Definition
are employee earnings that are paid by the hour, day, or item
Term
commision
Definition
is a fixed percentage or amount of profit given to an employeein exchange for making a sale.
Term
tips
Definition
are money given to an employee by customers in exchange for a service.
Term
minimum wage
Definition
the lowest hourly rate an employer may legally pay most workers.
Term
overtime
Definition
work in excess of 40 hours per week
Term
vested
Definition
is when a person is entitled to some or all of his or her money in the retirement plan when leaving the company.
Term
piecework
Definition
work for which wages are based on the number of items or peices produced.
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