Business-Income Flashcards
incum
Is when a person recieves onay or into a houshold
Employees
Are people who work for empolyers in retur for a payment
Empolyers
Is someone who pays somebody to work for them
Wage salary
income recieced from work
Pension
Income paid to people who have retired
Child benefit
A payment made to pRENTS OF CHILDREN
Jobseeker benefit
A payment to people who are unale to find employment
Working Family payment
A payment availble for workers with children it gives extra finacial support to people on low pay
Income form grants
A sum of money paid to someone for a specific purpose
Intrest on savings
Banks rewards those who save money with them by paying intrest on their savings
Dividends on sharea
Is the prtion of company profits paid to shareholders
Windfall income
ncome you didnt expect ex Winning lottery
Salary
Is a fixedf annual paymeny made to an employee no matter how many hours they work
Wage
Is a payment recieved for work done calculated on thr basis of actual work completed or on the amount of time spent
Time rate
Wage calculatiion based on the number of hours worked
Overtime payments
When employee works longer than the standard working week
Piece rate
Based on the number of items comepleted
Commsission
Recieve a payment based on the value of goods or services the sold
ex 10% commision on each car sold.
Bonus payment
Some employers reward their staff with extra payment for meeting performance or deadlines
Baic pay
The amount earned before any extra payments
Gross pay
total pay before any deduction
net pay
amount of pay after deductions
Disposable income
The reamining income after all income taxes and statuor payment have been made
Discretionary income
Income left over after taxes and essential spendin on items such as mortage rentt food bills
