Bussin Math (Final Quarter) Flashcards
amount added to the original selling price
Mark-up
mark up + original price
Selling Price
refers to the deduction in the original price
Mark-down / Discount
Original Price - Discount
Sale Price
A fee paid to person who
makes a sale. The
__________ is usually a
percent of the selling
price.
Commission
In commission, The percent is called the __________ ____
Commission Rate.
A person is paid a
percentage of his/her
sales only.
Straight
Commission
A person is being a paid a
guaranteed salary plus a
commission on total sales.
Salary plus
commission
Commission rate
increases as the sales
volume increases
Graduated or
Incremental
Commission
A fixed amount usually
associated with employee
compensation. It usually
received on a…
● Monthly
● Semi-monthly
● Annual sum
Salary
➢ These are the employees who receive the salaries and usually get paid every 15 days (semi-monthly).
➢ They are not paid for working overtime.
Salary Earners
It is usually associated with
employee compensation that is based on the number of hours or days worked multiplied by
an hourly/daily rate of pay.
Wage
➢ These are the employees who receive
the wages and usually get paid either
weekly or monthly depending on the
employer’s convenience.
➢ These employees are under the “no work, no pay” policy
Wage Earners
the total amount that people earn in exchange of the
goods, employment, businesses, investments and
professional services that they have rendered.
Income
Types of Income
Active and Passive
When you DO
the work and
are paid for that
work.
Active
When the
payment is
NOT directly
tied to active
work.
Passive
payment for the commission on sales.
Commission
payment from rentals of
properties and real estates.
Rental income
from partnerships
Dividends
payment for authors
Royalties
such as crops, fish and other products.
Goods
Source of Income
➢ Commission
➢ Rental income
➢ Dividends
➢ Royalties
➢ Goods
Employee compensation given by an
employer other than the basic salary/wage.
Benefits
the rate was set per region,
province and industry.
Minimum wage
an additional compensation given to an employee who renders service beyond the maximum number of working hours per day (8 hrs. per day). At
least 125% of the employee’s hourly rate.
Overtime pay
additional compensation if an employee worked within 8 hrs during non-working
holidays such as rest days and special holidays.
Premium pay
Based on the Labor code, all
employees shall be paid with their daily basic wage for
regular holidays, whether they work or not.
Holiday pay
additional 10% for any
hours worked between 10pm to 6am.
Night shift differential
monetary bonus which is
mandated by the law. One-month basic pay given either
in two installments (May and December).
13th Month pay
amount collected by some
restaurants, hotels, night clubs and etc. 85% of the total charges will go to employee.
Service Charges
five days of leaves with
pay which can be used in sick/vacation leave purposes.
Service Incentive Leaves
Parental leaves
a. Maternity
b. Paternity
c. Solo parent
Based on Expanding Maternity Leave Bill, pregnant employee 105 days of maternity leave with full pay.
Maternity
7 days of fully paid leave to married fathers.
Paternity
7 days leave with pay.
Solo parent
Special Leaves:
a. Magna Carta for Women
b. Leave for women and their children who are victims
of violence
two months leave with full
pay as per R.A 9710
Magna Carta for Women
As per R.A 9262, victims of violence against women are entitled to 10 days leave with full pay.
Leave for women and their children who are victims of violence
A regular employee who is validly dismissed or terminated from a company is entitled to this pay.
Separation Pay
it is equivalent to at least half-month salary for every year of service. Employee who reach 60 – 65 may retire on work.
Retirement Pay
- mandatory and fixed amount or a percentage of the basic salary held by any authority as a form of necessary dues.
Standard Deduction
- All employees of private companies and enterprises in the Philippines are covered by the ______ ________ ______.
- It is a government agency founded in 1957 which provides retirement and health benefits.
SSS Contribution
The current SSS contribution rate effective April 2019 is ___ of the monthly
salary and this is being shared by the
employer ____ and the employee ___.
12%, 8%, 4%
- All employees (private and
government), are to be members of this agency. - This agency helps the members and their beneficiaries in times of sickness.
Philhealth Contribution
- PhilHealth monthly premium is ______ _______ by the employer and employee.
shared equally
- All government employees (permanent and non-permanent) are members of the __________ _______ _________ ______
Government Service Insurance System
(GSIS).
- It is a government-owned and controlled
corporation established to provide national
savings program, short-term loans, and
affordable shelter financing for the Filipino
workers.
The Home Development Mutual Fund (HDMF),
more popularly known as the Pag-Ibig Fund.
