Economics: Year 10 - Work Vocabulary

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  • Created by: WBAudis
  • Created on: 03-12-15 11:29
Full-time
A worker who works the maximum number of hours required in the normal working week for a particular job.
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Motivation
The reason that somebody does something.
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Part-time
This refers to a worker who only works a fraction of the working week of a full-time employee.
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Temporary employment
Work that will only last for a specific period fo time (usually a number of weeks or months).
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Seasonal employment
Work that is only required during a particular period of a year (e.g. some agricultural work).
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Specialisation
Where each worker concentrates on only one small aspect of the entire production process.
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Information Communication Technology (ICT)
The use of electronic and computer technology.
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Flexible working
Workers who are more adaptable time, location or manner of work completed (e.g. home working).
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Salary
Pay stated as a yearly total.
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Wage
Pay calculated on an hourly rate, multiplied by the hours worked.
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Commision
Payment made to workers for achieving a certain target (e.g. sales levels).
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Overtime payment
Higher rate of pay for work in excess of normal working hours.
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Shift work
Work patterns that do not follow standard working hours.
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Bankers' Automated Clearing Service (BACS)
Automatic transfer of funds between bank accounts (e.g. employer's to employee's).
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Expenses
Payments given to workers to compensate for any expenditure necessary to complete their work.
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Gross pay
A worker's pay before any deductions are made.
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Net pay
Pay after all deductions have been made.
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Income tax
A tax calculated as a percentage of a worker's income.
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Tax code
Workers have different tax codes which relate to the different amount of tax-free allowance each worker has.
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National insurance contribution (NIC)
A tax paid by workers which entiles the payee to qualify for benefits when and if necessary.
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Pension contribution
A deduction from a worker's pay that is meant to contribute to a future retirement pension.
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P45
A document provided by an employer when a worker leaves the organisation.
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P60
A document provided by an employer on a yearly basis showing the total pay and deducations made.
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Minimum wage
Lowest legal hourly rate that can be paid.
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Other cards in this set

Card 2

Front

The reason that somebody does something.

Back

Motivation

Card 3

Front

This refers to a worker who only works a fraction of the working week of a full-time employee.

Back

Preview of the back of card 3

Card 4

Front

Work that will only last for a specific period fo time (usually a number of weeks or months).

Back

Preview of the back of card 4

Card 5

Front

Work that is only required during a particular period of a year (e.g. some agricultural work).

Back

Preview of the back of card 5
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