Salary vs Wage: Understanding the Difference

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What is the main difference between salary and wage?

Salary is only given to managers, while wage is for factory workers.

Salary is a fixed amount, while wage is variable based on hours worked.

Salary is for blue-collar workers, while wage is for white-collar workers.

Salary is paid monthly, while wage is paid weekly. (correct)

'Boardroom row/dispute/split' refers to what kind of situation?

Serious disagreement among company directors (correct)

Benefits package negotiation with employees

Regular disagreements between employees and management

Profit share distribution among board members

What is the purpose of commission?

To double an employee's pay through bonuses.

To pay employees a fixed amount per week.

To provide employees with free lunch at work.

To give employees extra money for achieving targets. (correct)

What is the main difference between salary and basic salary?

Basic salary is the total amount paid including bonuses, while salary is the base amount. Signup and view all the answers

Which term refers to money given to somebody, usually to waiters in restaurants?

Tips Signup and view all the answers

What does overtime refer to?

Money given to employees for extra work done after hours. Signup and view all the answers

What does the term 'Remuneration' refer to?

Money paid to employees for work done Signup and view all the answers

What is a 'Benefit Package' in the context of employment?

All benefits an employee receives along with their pay Signup and view all the answers

What is the definition of fringe benefits?

Additional advantages alongside an employee's wage Signup and view all the answers

What is a 'Performance-Related Bonus' based on?

Achieving company objectives/targets/KPIs Signup and view all the answers

What are 'Share/Stock Options'?

Right given to employees to buy shares at a fixed price Signup and view all the answers

Which term refers to the lowest amount allowed by law to be given to employees?

Minimum Wage Signup and view all the answers

Salary vs Wage: Understanding the Difference

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Questions and Answers

What is the main difference between salary and wage?

'Boardroom row/dispute/split' refers to what kind of situation?

What is the purpose of commission?

What is the main difference between salary and basic salary?

Which term refers to money given to somebody, usually to waiters in restaurants?

What does overtime refer to?

What does the term 'Remuneration' refer to?

What is a 'Benefit Package' in the context of employment?

What is the definition of fringe benefits?

What is a 'Performance-Related Bonus' based on?

What are 'Share/Stock Options'?

Which term refers to the lowest amount allowed by law to be given to employees?

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