Category 1
Money, Property, or Services received.
What is Income?
Income before payroll taxes such as federal income tax and state income tax are taken out.
What is Gross Income?
Amount of income left after taxes and deductions have been taken out.
What is Net Pay?
The package that is mixed of salary, benefits, and other incentives that employees receive from the organization.
What is Compensation Package?
Rate of pay for each hour worked.
What is Hourly Wage?
A minimum price that an employer can pay a worker for an hour of labor.
What is Minimum Wage?
The amount paid for working time in a week that is beyond the standard 40 hour work week.
What is overtime wage?
Paid a fixed amounty of money to accomplish their work.
What is Salary?
An amount paid to an employee based on a percentage of the employee's sales.
What is Commission?
A fixed sum of money charged.
What is Fee?
People receive money in exchange for the use of their property.
What is Rent Income?
A reward that is cash or has cash value, given by an employer to employees. It is often linked to job performance.
What is Bonus?
A sum paid or charged for the use of money or for borrowing money.
What is interest?
Income paid for the use of an original work such as art, music, a logo, film or book.
What is Royalty?
Income generated by a business from sales of goods and services.
What is Revenue?
Examples of revenue for a bakery.
What is selling cakes?
Expenditure is.
What is the money that a busines pays out?
Profit is.
What when revenue is higher than costs?
To calculate whether a business has made a profit or a loss you must use a equation.
What is revenue - costs?
A loss is when.
What is costs outweigh revenue?
The total amount of income a business earns from selling its products.
What is Total Revenue?
The amount of money spent by a business in making products.
What is Cost?
Cost that do not change as output changes.
What is Fixed Cost?
Costs that change as output changes.
What is variable costs?
Something of value a Business owns.
What is Asset?