ENTREPRENEURIAL OPERATIONS
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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salary
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profit sharing
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wages
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none of the above
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Detailed explanation-1: -Time Rate System: Under this method of wage payment, the workers are paid the wages on the basis of time. In this system of wage payment, the workers are paid the wages on the basis of time as, per hour, per day, per week, per fortnight or per month etc.
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: -In economics, the price paid to the labourer for his/her contribution to the process of production is called wages.
Detailed explanation-4: -Daily wages’ means: 1/365 x 12 x the monthly wages. Daily wages’ for an hourly employee shall be calculated by multiplying such employee’s hourly wage rate times 8.0, and the Daily Wages of a salaried employee shall be calculated by dividing such salaried employee’s monthly salary by 22.