BM - Chapter 24 Review

The pay and other benefits employees receive in exchange for their labor

• Compensation

• Wage

• Salary

• Benefits

Pay based on an hourly rate or for the completion of a specified amount of work

• Compensation

• Wage

• Salary

• Benefits

A fixed amount of pay made on a regular schedule such as weekly or monthly

• Compensation

• Wage

• Salary

• Benefits

A system of policies and procedures for calculating the wages and salaries in an organization

• Compensation Plan

• Time Plan

• Piece-Rate Plan

• Commission Plan

Most common plan and pays a certain amount for a specified period of time worked

• Compensation Plan

• Time Plan

• Piece-Rate Plan

• Commission Plan

Pays employees a percentage of the volume of sales for which they are responsible

• Compensation Plan

• Time Plan

• Piece-Rate Plan

• Commission Plan

Pays the employee a fixed rate for each unit produced

• Compensation Plan

• Time Plan

• Piece-Rate Plan

• Commission Plan

A pay plan that provides each employee a base wage or salary and adds incentive pay based on performance

• Combination Plan

• Time Plan

• Piece-Rate Plan

• Commission Plan

Specifies that it is illegal for employers to pay less than an identified wage rate to any employee

• Combination Plan

• Time Plan

• Payroll Law

• Minimum Wage Law

All forms of compensation and services that a company provides to employees in addition to salaries and wages

• Defined Benefit Plan

• Employee Benefits

• Defined Contribution Plan

• Tax-deferred