March 19 Flashcards
What is three ways of earning money
Hourly Wage: This is the rate an employee is paid for each hour of work.
For example, if an employee’s hourly wage is $15 and works 8 hours a day, their daily earnings would be $120.
Weekly Salary: This is a fixed amount paid to an employee on a weekly basis, regardless of the number of hours worked. For instance, if an employee had a weekly salary of $500, they will receive this amount every week.
Piecework: This payment structure is based on the amount of work completed rather than the time spent. For example, a garment worker might be paid $2 for each shirt they sew. If they complete 30 shirts in a day, they earn $60.
Commission: This is a payment made to an employee based on the sales they generate or deals they close. For instance, a car salesperson might receive a 5% commission on each car sold. If they sell a car for $20,000, they earn a $1,000 commission.
These compensation methods can be used independently or combined, depending on the job and industry.
