BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Salary
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Wages
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Overtime Pay
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Commission
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Detailed explanation-1: -Remuneration generally includes a salary or hourly wage or (in the case of a contractor) a job rate.
Detailed explanation-2: -Wages refer to the earnings received by a worker on a piece rate, hourly rate or daily rate.
Detailed explanation-3: -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-4: -Piece rate system pays the workers according to the units of output produced. Time rate system pays the workers according to the time spent in the factory.
Detailed explanation-5: -(i) Straight piece rate: In this system, the piece rate forms the basis of payment i.e. payment for whole production is made on the basis of piece rate fixed. If the piece rate of Rs. 1.5 per . unit is fixed, then the wages will be calculated by multiplying the output by the rate fixed.