BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Piecework. A worker receives a specified amount of money for each item of work completed. Formula for Piecework. Total Pay = Rate per Item x Number of Items produced. Salary.

Detailed explanation-2: -Remuneration is the total amount an employee receives for performing a job. Remuneration includes not only base salary but all other forms of financial compensation an employee receives.

Detailed explanation-3: -Piece work pay compensates employees based on the production of goods or services during working hours. It’s an alternative to an hourly wage where the employer sets a fixed rate per unit. Paychecks are calculated by multiplying the fixed pay rate by the number of units produced.

Detailed explanation-4: -Piece rate pay occurs when workers are paid by the unit performed (e.g. the number of tee shirts or bricks produced) instead of being paid on the basis of time spent on the job.

Detailed explanation-5: -Hourly pay is a rate paid per hour of work. Employees paid by the hour are eligible for overtime pay-their base wage plus 50%. A salary is a specific amount of compensation for work regardless of the number of hours worked.