types of work and arrangements, types of income Flashcards
what is a full time employee
typically works 38 hours per week, has full NES entitlements, gets notice of termination and has job security
what is a part time employee
has fewer than 38hrs, has pro rate
what is a casual employee
no guaranteed hours, does not have any benefits or entitlements, but may earn more because of this
what is pro rata
equal amounts of pay, benefits and entitlements based of hours a part time employee works.
what is a sole trader
self employed but at a greater risk due to having no benefits and no liability
what is an apprenticeship
trader based, like plumbing and construction, normally 3-4 years and bad pay until qualified
what is a traineeship
non trade, like healthcare or hair, has certs 2,3,4, etc. mid pay until qualified normally less than a year
what is the NES
national employment standards, has 11 minimum entitlements for employements in relevance to the fair work act 2009
what are the 5 forms of income
salary, wages, profit, dividents, commission,
what are salary, wages and profit
wages : fixed income earnt usually per hour
salary : base pay, earnt annually, may or may not include superannuation
profits : made from business owners
what are dividends and commission
commission : paid by sales made from employees, if you only earn commission, you only earn based on the sales you make, and if you earn commission on top of your income your earning money based on sales you make plus your base salary.
dividents are profits that companies may release between their shareholders, but really only common in profitable businesses
