Podcast
Questions and Answers
Employees are entitled to an additional 25% pay for overtime work beyond 8 hours a day.
Employees are entitled to an additional 25% pay for overtime work beyond 8 hours a day.
True
What is the compensation rate for work performed beyond 8 hours on a holiday or rest day?
What is the compensation rate for work performed beyond 8 hours on a holiday or rest day?
What additional compensation should employees receive when working on their scheduled rest day?
What additional compensation should employees receive when working on their scheduled rest day?
at least 25%
Employees without regular workdays are entitled to an additional ___% of their regular wage for work on Sundays and holidays.
Employees without regular workdays are entitled to an additional ___% of their regular wage for work on Sundays and holidays.
Signup and view all the answers
Work on a special holiday is paid at an additional 50% if it coincides with a rest day.
Work on a special holiday is paid at an additional 50% if it coincides with a rest day.
Signup and view all the answers
What is the minimum compensation for an employee required to work on a holiday under Article 94?
What is the minimum compensation for an employee required to work on a holiday under Article 94?
Signup and view all the answers
Match the following days of work with their compensation rates:
Match the following days of work with their compensation rates:
Signup and view all the answers
What percentage must employees be paid for working on a rest day that is also a special holiday?
What percentage must employees be paid for working on a rest day that is also a special holiday?
Signup and view all the answers
What is the extra payment made beyond the standard rate, often used for special circumstances or risks?
What is the extra payment made beyond the standard rate, often used for special circumstances or risks?
Signup and view all the answers
What is the term for the payment or reward that an employee receives from their employer for services rendered?
What is the term for the payment or reward that an employee receives from their employer for services rendered?
Signup and view all the answers
What is the compensation rate for an employee working on a rest day that coincides with a special holiday?
What is the compensation rate for an employee working on a rest day that coincides with a special holiday?
Signup and view all the answers
What term describes the earnings of employees that are typically paid on a monthly or yearly basis?
What term describes the earnings of employees that are typically paid on a monthly or yearly basis?
Signup and view all the answers
Article 83 of the Labor Code states that the normal hours of work of any employee shall exceed 8 hours a day, exclusive of a 1-hour lunch break.
Article 83 of the Labor Code states that the normal hours of work of any employee shall exceed 8 hours a day, exclusive of a 1-hour lunch break.
Signup and view all the answers
Work performed on a regular holiday is compensated at 200% of the regular hourly rate.
Work performed on a regular holiday is compensated at 200% of the regular hourly rate.
Signup and view all the answers
Article 85 requires employers to provide at least 60 minutes for a meal break.
Article 85 requires employers to provide at least 60 minutes for a meal break.
Signup and view all the answers
What does Article 93 state regarding collective bargaining agreements?
What does Article 93 state regarding collective bargaining agreements?
Signup and view all the answers
Employees working on a rest day that falls on a regular holiday must be paid _______ of their regular hourly rate.
Employees working on a rest day that falls on a regular holiday must be paid _______ of their regular hourly rate.
Signup and view all the answers
Employees are entitled to receive a __% increase on their regular wage for overtime work beyond 8 hours.
Employees are entitled to receive a __% increase on their regular wage for overtime work beyond 8 hours.
Signup and view all the answers
Match the following articles from the Labor Code with their descriptions:
Match the following articles from the Labor Code with their descriptions:
Signup and view all the answers
Match the following terms with their definitions:
Match the following terms with their definitions:
Signup and view all the answers
What is a reduction from list price granted to buyers known as?
What is a reduction from list price granted to buyers known as?
Signup and view all the answers
Which of the following best describes net pay?
Which of the following best describes net pay?
Signup and view all the answers
Compensation rates are the same for special and regular holidays.
Compensation rates are the same for special and regular holidays.
Signup and view all the answers
Identify the type of leave that allows employees to handle personal matters with pay.
Identify the type of leave that allows employees to handle personal matters with pay.
Signup and view all the answers
Study Notes
Business Mathematics Reviewer
- The reviewer covers multiple choice, identification, and problem-solving.
Multiple Choice
- Income is a broader term than wages and salary.
- Interest rate is the cost of borrowing money, expressed as a percentage of the principal over a specific time period.
- Compensation is given by companies in addition to basic salary.
- Mortgage Amortization is the method of repaying a mortgage loan through consistent payments covering principal and interest.
- Mortgage Loan is a loan for purchasing property, where the property itself is used as security.
- Principal is the original amount borrowed in a loan.
- Bonus is an extra payment made beyond the standard rate, using special circumstances or risks as a reason.
- Employee Compensation is the payment or reward an employee receives from their employer for work performed.
- Salary is the earnings of employees paid monthly or yearly.
- Trade Discount is a reduction from the list price granted to buyers.
Identification
- Vacation Leave: Time off from work, typically with pay, to rest, relax, or handle personal matters.
- Net Pay: The amount of money an employee takes home after all deductions from gross pay.
- Wages: Compensation paid to an employee in exchange for work or services, usually based on hours worked, tasks completed, or an agreed-upon rate.
- Salary: A fixed, regular payment made by an employer to an employee, typically on a monthly or bi-weekly basis, regardless of the number of hours worked.
- Employee Compensation: Total remuneration an employee receives, including direct payments (like salary or wages) and indirect benefits (like insurance, retirement plans).
- Income: Total amount of money earned by an individual or entity over a specific period from various sources.
- Gross Pay: Total amount of money an employee earns before any deductions (like taxes, benefits).
- Basic Pay: Fixed portion of an employee's salary or wages, not including additional earnings, allowances, bonuses, or benefits.
- Semi-Monthly: A payment or event that occurs twice a month, often on the same weekday. It's divided into two equal payments from a monthly salary.
- Bi-weekly: Employees are paid every other week, often on the same weekday.
True or False
- 11: Article 83 of the Labor Code says the normal working hours of an employee shall not exceed 8 hours a day, excluding a one-hour lunch break. False
- 12: Article 85 requires employers to provide at least 60 minutes for a meal break. True
- 13: Article 87 allows employees to work beyond 8 hours a day if they are paid an additional 25% of their regular wage for overtime work. True
- 14: Work performed beyond 8 hours on a holiday or rest day is paid at a higher rate (regular rate plus at least 30%). True
- 15: Under Article 93, employees working on their scheduled rest day are entitled to at least 25% additional compensation of their regular wage. False - 30%
- 16: Employees working on Sundays are entitled to additional compensation only if Sunday is their established regular day. False
- 17: If an employee has no regular workdays or rest days, they are entitled to an additional 30% of their regular wage for work performed on Sundays and holidays. True
- 18: Work on a special holiday is compensated at 30%, unless it also falls on a rest day (then it's 50%). True
- 19: Under Article 94, employers can require employees to work on a holiday but must pay them twice their regular rate. True
- 20: An employee working on a rest day that coincides with a special holiday is entitled to 150% of their regular hourly rate. True
- 21: Work performed on a regular holiday is compensated at 100% of the regular hourly rate. False - 200%
- 22: Employees working on a rest day that falls on a regular holiday must be paid 200% of their regular hourly rate. False - 260%
- 23: Article 93 states that if a collective bargaining agreement provides higher premium pay than required by law, the employer must follow the higher rate. True
- 24: Compensation varies depending on whether the holiday is a special or regular holiday. True
- 25: Article 87 refers to overtime work, not meal breaks. True
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
