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Business Mathematics > Module 4-7 > Flashcards

Module 4-7 Flashcards

1
Q

Interest that is computed on the Principal.
It remains constant throughout the term.

A

Simple Interest

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2
Q

Person, organization or institution who invests money or makes the funds available.

A

Creditor or Lender

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3
Q

Person, institution or organization who owes the money or avails of the funds of creditor.

A

Borrower/Debtor

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4
Q

Date on which the money is received by the borrower.

A

Origin / Loan Date

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5
Q

Date on which the money borrowed or loan is to be completely repaid.

A

Maturity Date

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6
Q

Amount of time in years the money is borrowed or invested; the length of time between origin and maturity date.

A

Time / Term (t)

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7
Q

Amount of money borrowed or invested on the origin date.

A

Principal / Principal Amount

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8
Q

Annual date, usually in percent, charged by the lender or rate of increase in the investment.

A

Rate (r)

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9
Q

Amount paid or earned for the use of money.

A

Interest

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10
Q

Amount after t years that the lender received money from borrower on the origin date.

A

Future Value

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11
Q

A fee paid to a person who makes the sale.

A

Commission

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12
Q

Type of commission where a person is paid a percentage of his/her sales only.

A

Straight Commission

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13
Q

Type of commission where a person gets paid a salary and a percentage of his/her sales.

A

Salary + Commission

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14
Q

Type of commission where the percentage changes bases on how much someone sells.

A

Graduated Commission

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15
Q

What are the Cash based Commission

A
  1. Straight
  2. Salary +
  3. Graduated
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16
Q

Type of payment made as an initial or partial payment.

A

Down payment

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17
Q

Total amount of money a bank has on deposit before adjusting for uncleared checks or deposits.

A

Gross Balance

18
Q

Total amount you have to pay that includes penalties or interested incurred by unpaid balance from a loan.

A

Increased Balance

19
Q

A fixed amount usually associated with employee compensation.

A

Salary

20
Q

Given twice a month

A

Semi-monthly

21
Q

Given every two weeks.

A

Bi-weekly

22
Q
  • These are employees who receive salaries snd usually get paid every 15 days (semi-monthly)
  • Not paid less if they work only a fraction of the required working time
  • Not paid for working overtime.
A

Salary Earners

23
Q

Usually paid on weekly basis, but it may be quoted in hourly rate or daily rate.

A

Wage

24
Q

These are employees who receive wages and usually get paid either weekly or monthly. “No work, No Pay.”

A

Wage Earners

25
Q

Total amount that people earn in exchange of goods, employment, business, investments, and professional services that they have rendered.

A

Income

26
Q

It is when you do the work and are paid for that work. If you do nothing, you don’t get paid.

A

Active Income

27
Q

It is when the payment is not directly tied to active work.

A

Passive Income

28
Q

Are employee compensation given an employer other than the basic salary/wage. It may come in a form of cash or any kind.

A

Benefits

29
Q

Amount gained by the worker without any deduction.

A

Gross Earnings

30
Q

The amount received less deductions of any employee. Form of payment for some necessary dues like taxes, loans, health insurances, absences, etc.

A

Net Earnings/Net Pay

31
Q

Are mandatory and fixed amount or percentage of the basic salary held by any author as a form of necessary dues.

A

Standard Deductions

32
Q

Governed agency founded in 1957 which provides retirement and health benefits. Members can avail salary and calamity loans.

A

Social Security System (SSS)

33
Q

This agency helps the members and their beneficiaries in times of sickness.

A

Philhealth

34
Q

Government-owned and controlled social insurance institution that provides benefit schemes for its members under the law.

A

Government Service Insurance System (GSIS)

35
Q

The Home Development Mutual Fund (HDMF), a government-owned and controlled corporation established to provide national savings program, short term loans, shelter financing for the Pinoy workers.

A

PAG-IBIG

36
Q

Progressively up to 32%. The following rates apply to individual on all their net income derived from business or from practice of their professions.

A

Income Tax

37
Q

Amount of money that the government requires people to pay according to their income.

A

Taxes

38
Q

Extra advantage that employees receive in addition to their wage.

A

Taxable benefits

39
Q

Benefits that are not taxed or partially taxed.

A

Non-taxable benefits

40
Q

A payment for a work done beyond working hours.

A

Overtime Pay

41
Q

Additional payment for work within rest days/special days.

A

Premium Pay

Business Mathematics (1 decks)

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