Business administration Definitions Flashcards
What does Gross Income mean?
Gross income is the calculation of your total income. Your hourly wage x the number of hours you worked.
What does Rate mean?
The hourly rate your paided, there may be multiple rates for different work you perform from the employer. ( Ex. While travelling or for overtime).
What does Hours mean?
How many hours you worked at each of the wage rates.
What does Year To Date mean?
The total gross income you have earned since the beginning of the year.
What does Deduction mean?
Mandatory tax deductions, benefits, etc.
What does Income Tax mean?
A tax collected by the government, calculated depending on what tax bracket you fall under.
What does Employment Insurance (EI) mean?
EI contributions are made by employees and employers, EI makes temporary payments if you become unemployed or are unable to perform your duties due to an accident.
What does CPP/QPP mean?
The Canadian Pension Plan and the Quebec Pension Plan is a percentage of your gross income, it is intended to provide pension income once you retire, or if you become disabled, or survivor benefits.
What does Healthy benefits/fees/Premiums mean?
If your employer provides health benefits, it’s own pension plan, or deducts professional fees, these will be mentioned as deductions too.
What does Net Pay mean?
Net Pay is calculated after subtracting all deductions and taxes from your gross income, this is the amount you will receive.
What does Shrinkage mean?
The loss of inventory that can be attributed to factors such as theft, error, damage, etc.
What does OTC mean?
Over The Counter products that can be sold without a prescription.
What does Lead time mean?
The time between the initiation and completing of an order process.
What does Reorder Point mean?
The minimum amount of stock the hospital has on hand, when stock falls to this point it must be reordered.
What does Turnover Rate mean?
The rate at which a company replaces inventory in each period due to sales.
