Economics: Year 10 - Work Vocabulary 0.0 / 5 ? EconomicsWorkGCSEAQA Created by: WBAudisCreated 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. 1 of 24 Motivation The reason that somebody does something. 2 of 24 Part-time This refers to a worker who only works a fraction of the working week of a full-time employee. 3 of 24 Temporary employment Work that will only last for a specific period fo time (usually a number of weeks or months). 4 of 24 Seasonal employment Work that is only required during a particular period of a year (e.g. some agricultural work). 5 of 24 Specialisation Where each worker concentrates on only one small aspect of the entire production process. 6 of 24 Information Communication Technology (ICT) The use of electronic and computer technology. 7 of 24 Flexible working Workers who are more adaptable time, location or manner of work completed (e.g. home working). 8 of 24 Salary Pay stated as a yearly total. 9 of 24 Wage Pay calculated on an hourly rate, multiplied by the hours worked. 10 of 24 Commision Payment made to workers for achieving a certain target (e.g. sales levels). 11 of 24 Overtime payment Higher rate of pay for work in excess of normal working hours. 12 of 24 Shift work Work patterns that do not follow standard working hours. 13 of 24 Bankers' Automated Clearing Service (BACS) Automatic transfer of funds between bank accounts (e.g. employer's to employee's). 14 of 24 Expenses Payments given to workers to compensate for any expenditure necessary to complete their work. 15 of 24 Gross pay A worker's pay before any deductions are made. 16 of 24 Net pay Pay after all deductions have been made. 17 of 24 Income tax A tax calculated as a percentage of a worker's income. 18 of 24 Tax code Workers have different tax codes which relate to the different amount of tax-free allowance each worker has. 19 of 24 National insurance contribution (NIC) A tax paid by workers which entiles the payee to qualify for benefits when and if necessary. 20 of 24 Pension contribution A deduction from a worker's pay that is meant to contribute to a future retirement pension. 21 of 24 P45 A document provided by an employer when a worker leaves the organisation. 22 of 24 P60 A document provided by an employer on a yearly basis showing the total pay and deducations made. 23 of 24 Minimum wage Lowest legal hourly rate that can be paid. 24 of 24
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