Salary and Wage
What term refers to the fixed amount of money an employee receives on a regular monthly basis as compensation for work performed?
SALARY
What term refers to additional monetary benefits given to employees aside from their basic salary?
ALLOWANCES
What type of compensation is based on a percentage of sales?
COMMISSION
What economic condition refers to the continuous increase in the prices of goods and services over time?
What do you call the amount gained when the selling price exceeds the cost price?
PROFIT
What do you call the total earnings of an employee before deductions are made, which includes basic salary and allowances?
GROSS PAY
What term refers to the amounts that are subtracted from an employee’s total earnings before receiving net pay?
What type of compensation is based on the number of units produced?
What does VAT stand for?
Value-Added Tax
What do you call the amount lost when the cost price exceeds the selling price?
LOSS
What is the hourly overtime rate if the regular rate is ₱120 and the overtime multiplier is 1.5?
₱180 per hour
Name three mandatory deduction commonly deducted from employees' salaries in the Philippines.
SSS, PhilHealth, or Pag-IBIG
A salesperson earns a 10% commission on ₱15,000 worth of sales. How much commission is earned?
₱1,500
During inflation, what happens to the prices of goods and services in the market?
THEY INCREASE
What formula is used to determine profit?
What is the additional compensation given to employees for work performed beyond the regular working hours?
OVERTIME PAY
An employee receives ₱20,000 salary and ₱2,000 allowance. What is the gross pay?
₱22, 000
A worker is paid ₱12 per item and completes 40 items. How much is earned?
₱480
What is the VAT on an item worth ₱1,500 if the VAT rate is 12%?
₱180
An item costs ₱350 and is sold for ₱500. What is the profit?
₱150
What is the net pay of an employee whose monthly salary is ₱20,000 with total deductions of ₱3,500?
₱16,500
An employee receives ₱22,000 gross pay and has ₱3,500 deductions. What is the net pay?
₱18, 500
A salesperson sold goods worth ₱50,000 and earns a 6% commission. How much commission is earned?
₱3,000
An item costs ₱2,000 before VAT. What is its total cost after adding 12% VAT?
₱2,240
A store bought an item for ₱800 and sold it for ₱650. What is the loss?
₱150