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Employee Compensation and Related Concepts

Employee Compensation and Related Concepts

Assessment

Flashcard

Business

11th Grade

Practice Problem

Hard

Created by

Eljohn Agsamusan

FREE Resource

Student preview

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32 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What does Employee Compensation refer to?

Back

The remuneration or reward that an employee gets from his employer for services rendered.

2.

FLASHCARD QUESTION

Front

What is Remuneration?

Back

The salary received by an employee.

3.

FLASHCARD QUESTION

Front

What is Salary?

Back

Earnings of employees paid on a monthly or annual basis.

4.

FLASHCARD QUESTION

Front

What does Basic Pay refer to?

Back

The wages or salaries an employee receives in their compensation package.

5.

FLASHCARD QUESTION

Front

What are Wages?

Back

Earnings received by a worker on a piece rate, hourly rate, or daily rate.

6.

FLASHCARD QUESTION

Front

What is a Piece Rate?

Back

A system where workers are paid a fixed amount per unit produced.

7.

FLASHCARD QUESTION

Front

What is a Fixed Piece Rate Plan?

Back

A specific type of piece rate system where the rate per unit is constant, and workers are guaranteed a minimum wage.

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