Salary vs Wage: Understanding the Difference
12 Questions
1 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

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?

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

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

    <p>Tips</p> Signup and view all the answers

    What does overtime refer to?

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

    What does the term 'Remuneration' refer to?

    <p>Money paid to employees for work done</p> Signup and view all the answers

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

    <p>All benefits an employee receives along with their pay</p> Signup and view all the answers

    What is the definition of fringe benefits?

    <p>Additional advantages alongside an employee's wage</p> Signup and view all the answers

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

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

    What are 'Share/Stock Options'?

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

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

    <p>Minimum Wage</p> Signup and view all the answers

    More Like This

    Compensation Management Quiz
    5 questions

    Compensation Management Quiz

    LowCostOrangutan5326 avatar
    LowCostOrangutan5326
    Protección del salario y FOGASA
    29 questions
    La fixation du salaire, doc 1 et 2
    3 questions
    Use Quizgecko on...
    Browser
    Browser