Vocabulary A
What does simplify mean?
To put in its smallest/simplest form.
What is to decrease?
To lessen in quantity
What is to increase?
To get larger in quantity
What is piecework?
A worker is paid a fixed price for each piece of work produced
What is income?
The money, or amount of money you receive for employment.
What does p.a. stand for?
Per annum or per year
What is tax?
Money paid to the Government
What is taxable income?
Gross income less certain taxable items allowed by the tax office
What is a wage?
Earnings paid to an employee based on an hourly rate
What is a salary?
A fixed agreed yearly amount that an employee earns
What is gross income?
Total income before an deductions are taken out.
What is a fraction?
A fraction represents a part of a whole number.
What is a decimal?
A decimal number is a numeral written in decimal form. It is part of the decimal number system.
What is a percentage?
A percentage shows an amount as part of a 100
What is net income?
Income that remains after deductions have been made
What is a commission?
Earnings of a saleperson based on a percentage of value of goods or services sold
What is the name of the number found on the top of a fraction?
numerator
What is income tax?
An amount paid to the government by people earning an income
What is interest?
Money paid for the use of other's money or the income received when saving with a bank
What is a discount?
An amount subtracted from a price
What is a tax table?
A table created by the ATO that gives information on tax payable
What is the name for the number found on the bottom of a fraction?
denominator
What is a Tax Payer?
Everybody pays tax - through the income they earn or the money they spend
What is Principal?
An amount of money invested or borrowed
What is a mark-up?
The amount added to the cost price to produce the selling price of an item