Multiple Choice
Which of the following best describes the difference between variable costs and fixed costs?
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4. Merchandising Operations
Net Sales
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Which of the following best describes a set amount of pay received by a worker over the course of a year?
A
Bonus
B
Salary
C
Wages
D
Commission
Verified step by step guidance1
Understand the definitions of the terms provided: Bonus, Salary, Wages, and Commission.
Bonus: This is an additional payment given to employees, often based on performance or company profits, and is not a fixed amount over the year.
Salary: This is a fixed amount of pay agreed upon and received by a worker over the course of a year, typically divided into regular intervals (e.g., monthly or bi-weekly).
Wages: These are payments based on hours worked or units produced, and they can vary depending on the amount of work done.
Commission: This is a payment based on a percentage of sales or transactions completed, and it is not a fixed annual amount.
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