Budgets Flashcards
1
Q
Commission
A
Emplyees wages based on the sales they have achieved
2
Q
Gross pay
A
Gross pay = basic pay + overtime + commission + bonus
3
Q
Net wage
A
Net wage = gross pay - deduction
4
Q
What are the types of deductions
A
Statutory deductions
Non statutory deductions
5
Q
Net cash
A
Total income - total expenditure
6
Q
Closing cash
A
Netcash + opening cash
7
Q
Current expenditure
A
Day to day spending eg. Petrol
8
Q
Capital expenditure
A
Long term eg. Car
9
Q
Accurals
A
Services that we do not pay for at the time of use
Eg. Electricity
