Cost price - The price at which an item was bought by a shop owner, Selling price - The price at which an item was sold by a shop owner, Profit - To sell an item at a higher price; profit = selling price - cost price, Loss - To sell an item a lower price; loss = cost price - selling price, GST - Goods and services tax; gets added on to items costs, Increase - To make something bigger or add on, Decrease - To make something smaller., Salary - The amount of money someone is paid in a year, 1 year - 52 weeks, 26 fortnights or 12 months, Fortnight - 2 weeks, Overtime - Work done outside normal work hours that is paid at a higher rate, Double time - An overtime rate which is paid at 2 times the normal hourly rate, Hourly rate - The amount of money someone is paid per hour. , Commission - Income for salespeople and agents, calculated as a percentage of sales., Bonus - A one-off payment for a job completed on time or to a high standard,

Financial Maths

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