Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BUSINESS MATH 2Q > Salaries And Wages > Flashcards

Salaries And Wages Flashcards

1
Q

It is a way to provide monetary value to employees in exchange for their work/service
performed

A

Compensation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

is the total amount required to pay workers and
employees during a week, month, or another period

A

Payroll

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

It is also defined as the total sum of money paid to
employees at a given time.

A

Payroll

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

is the total amount of an employee’s earnings before deductions have been
made by the employer

A

Gross pay or gross earnings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

is the monetary remuneration computed on an hourly,
daily, weekly, or piece work basis.

A

wage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A fixed weekly or monthly wage

A

Salary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

can be computed in a prorating annual salary or time basis pay or by piecework.

A

Salary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The compensation is usually stated as the specific hourly rate, day, week, month, or year.

A

Time Basis Pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Workers in factories and industries are often paid according to the number of pieces/units they produce,

A

Piece-Rate Pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

In some cases, workers who produce/sell more than
the standard quota of units were given incentive

A

Piece-Rate pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

A worker is paid the guaranteed wage (i.e., hourly,
daily, weekly, or monthly) for producing the standard quota of units and is paid at the same rate for
producing/selling extra units within the standard work period.

A

Piece-rate pay

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

In the Philippines, holidays are grouped into two (2):

A

Regular holiday and special holiday

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

holidays that usually have a fixed date,

A

Regular holiday

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

holidays which have a flexible date

A

Special holiday

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The type of holiday that are usually enacted by Congress and can
also be declared under the judgment of the President.

A

Special Holiday

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

_________ of the Labor Code states that the normal working hours of an employee shall not exceed ________ a day.

A

Article 83, 8 hrs

17
Q

Working hours over eight (8) hours is called __________.

A

Overtime

18
Q

___________ of the same code provided that the employee shall be paid the following for the overtime work:

A

Article 87

19
Q

is the imposition of a mandatory tax of the government of a country to its citizens

A

Taxation

20
Q

is the total amount collected from the citizens and is the primary source of public services financing.

A

Tax revenue

21
Q

the Bureau of Internal Revenue (BIR) issued Revenue Regulation No. 5-2011,
which contains details of compensation items exempt from withholding or fringe benefits tax. These items
are also known as

A

De Minimis Benefits.

22
Q

In the Philippines, all rank-and-file employees in the private sector who have worked for at least one (1)
month during the calendar year are entitled to receive

A

13th – month pay.

23
Q

As defined under ________ (a) of the Labor Code, a qualified pregnant woman employee shall be entitled
to ________ of maternity leave.

A

Article 133 and 6 (six) weeks

24
Q

As defined under Article 133 (a) of the Labor Code, a qualified pregnant woman employee shall be entitled
to 6 weeks of ______________.

A

maternity leave

25
Q

A ________ refers to two (2) consecutive quarters ending in the quarter of sickness.

A

Semester

26
Q

• A ________ refers to three (3) consecutive months ending March, June, September, or
December.

A

Quarter

27
Q

____________ is the compensation base for contributions and benefits related to the
total earnings for the month.

A

Monthly salary credit

28
Q

Under the amended _______ of the Labor Code, any employee who will retire from work shall be
entitled to receive a .

A

Article 302 & retirement benefit

29
Q

What are two (2) types of retirement:

A

Compulsory and optional

30
Q

this happens when the employee reaches the age of 65.

A

Compulsory

31
Q

this happens when the employee meets the agreement in an existing contract with
his/her employer. For example, an agreement provides that at age 45, an employee has the option
to retire.

A

Optional

32
Q

What are the types of Standard Payroll Deductions

A

SSS
GSIS
PAG-IBIG
PhilHealth

33
Q

A social security protection for workers in private institutions.

A

Social Security System

34
Q

A social protection for government employees.

A

GSIS or Government Social Insurance Security

35
Q

A program focused on prioritizing the health of government and private employees.

A

PhilHealth

36
Q

An affordable savings for shelter/housing financing for government and private
employees. It is also known as Home Development Mutual Fund (HDMF).

A

PAG-IBIG

37
Q

is the amount of tax to be
withheld by the employer from an employee’s
salary.

A

Withholding tax

38
Q

Also known as the “take home money”

A

Net pay

BUSINESS MATH 2Q (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions