Business Studies Definitions
Key Business Terms
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...