Bussin Math (Final Quarter)

Question 1

amount added to the original selling price

Answer 1

Mark-up

Question 2

mark up + original price

Answer 2

Selling Price

Question 3

refers to the deduction in the original price

Answer 3

Mark-down / Discount

Question 4

Original Price - Discount

Answer 4

Sale Price

Question 5

A fee paid to person who
makes a sale. The
__________ is usually a
percent of the selling
price.

Answer 5

Commission

Question 6

In commission, The percent is called the __________ ____

Answer 6

Commission Rate.

Question 7

A person is paid a
percentage of his/her
sales only.

Answer 7

Straight
Commission

Question 8

A person is being a paid a
guaranteed salary plus a
commission on total sales.

Answer 8

Salary plus
commission

Question 9

Commission rate
increases as the sales
volume increases

Answer 9

Graduated or
Incremental
Commission

Question 10

A fixed amount usually
associated with employee
compensation. It usually
received on a…
● Monthly
● Semi-monthly
● Annual sum

Answer 10

Salary

Question 11

➢ These are the employees who receive the salaries and usually get paid every 15 days (semi-monthly).
➢ They are not paid for working overtime.

Answer 11

Salary Earners

Question 12

It is usually associated with
employee compensation that is based on the number of hours or days worked multiplied by
an hourly/daily rate of pay.

Answer 12

Wage

Question 13

➢ These are the employees who receive
the wages and usually get paid either
weekly or monthly depending on the
employer’s convenience.
➢ These employees are under the “no work, no pay” policy

Answer 13

Wage Earners

Question 14

the total amount that people earn in exchange of the
goods, employment, businesses, investments and
professional services that they have rendered.

Answer 14

Income

Question 15

Types of Income

Answer 15

Active and Passive

Question 16

When you DO
the work and
are paid for that
work.

Answer 16

Active

Question 17

When the
payment is
NOT directly
tied to active
work.

Answer 17

Passive

Question 18

payment for the commission on sales.

Answer 18

Commission

Question 19

payment from rentals of
properties and real estates.

Answer 19

Rental income

Question 20

from partnerships

Answer 20

Dividends

Question 21

payment for authors

Answer 21

Royalties

Question 22

such as crops, fish and other products.

Answer 22

Goods

Question 23

Source of Income

Answer 23

➢ Commission
➢ Rental income
➢ Dividends
➢ Royalties
➢ Goods

Question 24

Employee compensation given by an
employer other than the basic salary/wage.

Answer 24

Benefits

Question 25

the rate was set per region, province and industry.

Answer 25

Minimum wage

Question 26

an additional compensation given to an employee who renders service beyond the maximum number of working hours per day (8 hrs. per day). At least 125% of the employee’s hourly rate.

Answer 26

Overtime pay

Question 27

additional compensation if an employee worked within 8 hrs during non-working holidays such as rest days and special holidays.

Answer 27

Premium pay

Question 28

Based on the Labor code, all employees shall be paid with their daily basic wage for regular holidays, whether they work or not.

Answer 28

Holiday pay

Question 29

additional 10% for any hours worked between 10pm to 6am.

Answer 29

Night shift differential

Question 30

monetary bonus which is mandated by the law. One-month basic pay given either in two installments (May and December).

Answer 30

13th Month pay

Question 31

amount collected by some restaurants, hotels, night clubs and etc. 85% of the total charges will go to employee.

Answer 31

Service Charges

Question 32

five days of leaves with pay which can be used in sick/vacation leave purposes.

Answer 32

Service Incentive Leaves

Question 33

Parental leaves

Answer 33

a. Maternity b. Paternity c. Solo parent

Question 33

Based on Expanding Maternity Leave Bill, pregnant employee 105 days of maternity leave with full pay.

Answer 33

Maternity

Question 34

7 days of fully paid leave to married fathers.

Answer 34

Paternity

Question 35

7 days leave with pay.

Answer 35

Solo parent

Question 36

Special Leaves:

Answer 36

a. Magna Carta for Women b. Leave for women and their children who are victims of violence

Question 37

two months leave with full pay as per R.A 9710

Answer 37

Magna Carta for Women

Question 38

As per R.A 9262, victims of violence against women are entitled to 10 days leave with full pay.

Answer 38

Leave for women and their children who are victims of violence

Question 39

A regular employee who is validly dismissed or terminated from a company is entitled to this pay.

Answer 39

Separation Pay

Question 40

it is equivalent to at least half-month salary for every year of service. Employee who reach 60 – 65 may retire on work.

Answer 40

Retirement Pay

Question 41

* mandatory and fixed amount or a percentage of the basic salary held by any authority as a form of necessary dues.

Answer 41

Standard Deduction

Question 42

* All employees of private companies and enterprises in the Philippines are covered by the ______ ________ ______. * It is a government agency founded in 1957 which provides retirement and health benefits.

Answer 42

SSS Contribution

Question 43

The current SSS contribution rate effective April 2019 is ___ of the monthly salary and this is being shared by the employer ____ and the employee ___.

Answer 43

12%, 8%, 4%

Question 44

* All employees (private and government), are to be members of this agency. * This agency helps the members and their beneficiaries in times of sickness.

Answer 44

Philhealth Contribution

Question 45

* PhilHealth monthly premium is ______ _______ by the employer and employee.

Answer 45

shared equally

Question 46

* All government employees (permanent and non-permanent) are members of the __________ _______ _________ ______

Answer 46

Government Service Insurance System (GSIS).

Question 47

* It is a government-owned and controlled corporation established to provide national savings program, short-term loans, and affordable shelter financing for the Filipino workers.

Answer 47

The Home Development Mutual Fund (HDMF), more popularly known as the Pag-Ibig Fund.