Math earning money book

MATH

Meaning

Advantages

Disadvantages

Salary Example: Teacher	Fixed amount of money for full year’s work. Pay is usually every week or fortnight	Permanent job Easier to budget Pay is know Holiday pay Sick pay Sometimes bonuses	No extra pay for extra work Working hours are usually 8am-5pm
Wages Example:a panel beater	An agreed hourly rate for an agreed number of hours per week.	Permanent job Additional hours worked, means extra money Overtime rates Extra payments for special conditions Holiday pay Sick pay	Pay is fixed to time and not effort, so could lack incentive Working hours are usually 8am-5pm
Casual Example:a kiwifruit packer	An Agreed hourly rate is paid when employee is required	Part time work may suit some people Useful For secondary employment	Not permanent No holiday pay No sick pay Difficult to budget
Piecework Example; a MAchinist	A fixed amount is paid for each piece of work completed.	The harder you work, the more money you earn Choose your own time for working	Not permanent No holiday pay No sick pay Difficult to budget
Commission Example a real estate salesperson	Two types Basic wages plus a percentage of the value of goods sold A percentage of value of goods sold	More you sell, More money you earned Can be an incentive for the job Usually a permanent job	Irregular pay Difficult to budget Sometimes no holiday or sick pay Success depends on popularity of the product.

• What is an income?
• Money received, Especially on a regular basis
• Who is an Employer? A person or organization that employs people.
• Who is an Employee? An employee is an individual who has hired by an employer
• What is a primary employment? The primary job involves getting raw material is from the natural environment
• What id a Secondary employment? Is the term used to describe any additional employment outside work
• What is an self-employment? the state of working for oneself as a freelance or owner