Earning Money

Mathematics
17.08.18

Business an enterprise	Meaning	Advantages	Disnadagtes
Salary Example: Teacher	Fixed amount of money for a full years work, Pay is usually every week or fortnight.	Permanent job Easier to budget Pay is known Holiday pay Sick pay Sometimes bonuses	No extra pay for extra work Working hours are usually 8am-5pm
Wages Example: A panel beater	An hourly rate for an agreed number of hours a 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 si could lack incentive. Working hours are usually 8am-5pm
Casual Example: A berry picker	An agreed hourly rate is paid when an employee is required.	Part-time work may suit some people Useful for secondary employee	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
Comision Example A real estate salesman	Two types: Basic wage plus a percentage of the value of goods sold A percentage off the value of goods sold	More you sell, more money is earned Can be an incentive for the job Usually a permanent job	Irregular pay Difficult to budget Sometimes no holiday pay or sick pay Success depends on the popularity of the product.

Types of income

1. What is an employer?
A person or organization that employs people.

2. Who is an employee?
A person employed for wages or salary, especially at the non-executive level.

3. What is an income?
Money received, especially on a regular basis, for work or through investments.

4. What is the primary employment?
Primary jobs involve getting raw materials from the natural environment

5. What is the secondary employment?

Secondary jobs involve making things

6. What is self-employment?

The state of working for oneself as a freelance or the owner of a business rather than for an employer.