BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Wages
|
|
|
Salary
|
|
|
Income
|
|
|
Expenses
|
Detailed explanation-1: -Wages refer to the earnings received by a worker on a piece rate, hourly rate or daily rate.
Detailed explanation-2: -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-3: -The American Heritage Dictionary defines the term piece-rate as: “Work paid for according to the number of units turned out.” Consequently, a piece-rate must be based upon an ascertainable figure paid for completing a particular task or making a particular piece of goods. 2.5.
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.