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1ST : Business Math > #2.1 : Salaries and Wages > Flashcards

#2.1 : Salaries and Wages Flashcards

1
Q

Differences of salaries and wages

A

Salary is normally paid monthly or every 2 weeks, and for professional or skilled workers. On the other hand, Wage is normally paid daily or weekly, for an unskilled laborer, and is according to contract on a piecework basis.

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2
Q

Salaries and Wages are both forms of _______.

A

income

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3
Q

What is an income?

A

It is the amount of money received in exchange for work or services rendered.

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4
Q

The lowest allowable rate of compensation per region, province, and industry sector.

A

Minimum Wage

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5
Q

Given to employees who work for more than the required no. of hours of work per day.

A

Overtime Pay

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6
Q

Given on non-working days (rest day and special holidays)

A

Premium Pay

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7
Q

Additional pay given to an employee if work is done between 10 pm to 6 am

A

Night Shift Differential

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8
Q

Sick Leave or Vacation Leave

A

Night Shift Differential

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9
Q

It is allowed for every pregnant employee, married or not.

A

Maternity leave

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10
Q

It is allowed for every married male employee.

A

Paternity Leave

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11
Q

It is allowed for solo parent employees.

A

Solo Parent leave

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12
Q

Given to all employees who worked for at least one month in the organization

A

13th-month pay

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13
Q

13th-month pay is equivalent to how many months of basic salary?

A

1 (one)

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14
Q

Usually given to reward employees for their performance and to set incentives

A

Gross Benefits and De minimis benefit

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15
Q

Forms of Gross Benefits and De minimis benefit

A

Bonuses, Cash Incentives, Allowances and Subsidy

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16
Q

Differences of SSS and GSIS benefits

A

SSS (Social Security System) is for the private sector only. On the other hand, GSIS is for the government sector.

17
Q

It covers a portion of medical-related expenses by the employee and their beneficiaries.

A

Philhealth

18
Q

Benefits include savings, short-term loans, and access to low-cost housing programs

A

PAG-IBIG Fund (HDMF)

19
Q

Hourly rate is the basis for _______ pay.

A

premium

20
Q

Basic rate is always _____%. Add it to the conditions in the premium pay.

A

100

21
Q

Rate if the overtime took place on a regular workday

A

plus 25% of the hourly pay rate

22
Q

Rate if the overtime took place on a rest day or holiday

A

plus 30% of the hourly pay rate

23
Q

Premium pay for Regular Holiday

A

Additional 100% of basic rate (200%)

24
Q

Premium pay for Rest Day or Special Holiday

A

Additional 30% of his basic daily rate (130%)

25
Q

Premium pay for Rest Day and Special Holiday

A

Additional 50% of his basic daily rate

26
Q

Premium pay for Regular Holiday and Rest Day

A

Additional 30% of regular holiday rate of 200%

27
Q

The regular hourly rate is _____ in premium pay based on its said condition.

A

doubled

1ST : Business Math (6 decks)

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