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Unit 3.4 Effective people management > Chapter 19 Remuneration > Flashcards

Chapter 19 Remuneration Flashcards

1
Q

Chapter 19

What is basic pay?
Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Pay earned for the basic working week. It is a time based system

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2
Q

Chapter 19

What is overtime?
Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Time worked over and above the basic working week. It is a time based system. It is usually 1.5 or 2 times the basic hourly pay

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3
Q

Chapter 19

What is a permanent worker?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Workers who have long-lasting contract of employment with a business. These contracts do not have an end date on them

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4
Q

Chapter 19

What is a temporary worker?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Workers who have no permanent contract of employment with a business and so tend to work only for a short period of time for an employer

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5
Q

Chapter 19

What are blue-collar (manual) workers?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Workers who do mainly physical work line an assembly line worker

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6
Q

Chapter 19

What are white-collar (non-manual) workers?
Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Workers who do non-physical work, like an office worker or teacher

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7
Q

Chapter 19

What are Payment systems?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Method of organising the payment of workers,

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8
Q

Chapter 19

What are wages?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Tend to be paid to manual workers for working a fixed number of hours per week plus overtime. It is a time based system

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9
Q

Chapter 19

What is a bonus?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Addition to the basic wage or salary, for instance, for achieving a target. It is a results based system

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10
Q

Chapter 19

What is commission?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Payment system usually operated for sales staff where their earnings are determined by how much they sell. It is a results based system

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11
Q

Chapter 19

What are Freelance workers?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Workers who tend to be self-employed and do particular pieces of work for a business as a supplier

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12
Q

Chapter 19

What is a piece-rate system of payment?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Payment for the number of items produced. The more they produce, the more they produce, the more they get paid. It is a results based system

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13
Q

Chapter 19

What are the drawbacks to a business of a piece-rate system of payment?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A
  • Quality levels could fall due to the desire to produce more products for more money
  • It is harder to administer due to regular calculation of output
  • Firms have to spend more on quality control
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14
Q

Chapter 19

What is a salary?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

• A method of payment based on an annual figure which is paid monthly

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15
Q

Chapter 19

What are Gross Earning / pay?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

The total money paid to an employee before deductions of tax, national insurance, pensions, healthcare etc.

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16
Q

Chapter 19

What are full-time workers?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Employees who work the whole of the working week.

17
Q

Chapter 19

What are part-time workers?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Employees who work for a fraction of the working week. As a result they only get a fraction of the full-time weekly or monthly pay

18
Q

Chapter 19

What are fringe benefits?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

Payments in kind over and above the wage or salary. These are non-monetary payments.

19
Q

Chapter 19

Give examples of fringe benefits

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A

• Company car

20
Q

Chapter 19

What are the benefits to a business of rewarding workers using a ‘piece rate’ method of payment?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A
  • increased motivation
  • increased productivity
  • increased control over costs
  • better retention
21
Q

Chapter 19

What are the methods of remuneration?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A
  • salary
  • wages (time-rate)
  • bonuses
  • piece rate
  • commission
  • fringe benefits
  • company shares
22
Q

Chapter 19

What are the advantages of paying your employees a salary?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A
  • Increases staff loyalty
  • Higher motivation if staff get more money
  • Easy to calculate labour costs
23
Q

Chapter 19

What are the disadvantages of paying your employees a salary?

Edexcel 2BS01 Business Studies GCSE Unit 3.4

A
  • Lower profits
  • Lower motivation if staff get less money
  • Competitors may offer a better package

Unit 3.4 Effective people management (4 decks)

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