Business Studies Definitions

Key Business Terms

Income

Basic wage – Payment for working a normal week

Bonus – Income in addition to basic pay

Budget – A plan of future income and expenditure

Commission -  A payment based on each item sold to encourage salespeople to sell more goods.

Deductions  - Money taken from an employees pay before he receives it.

Gross pay  - total earnings before deductions.

Income tax – money paid to the government

Net Pay - Take home pay

Overtime  - The payment for working extra hours

Payslip – the document t...

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