Weekly Pay - Receive a pay cheque ONCE PER WEEK (52 per year), Biweekly Pay - Receive a pay cheque EVERY OTHER WEEK (26 per year), Semi-monthly Pay - Receive a pay cheque TWICE PER MONTH (24 per year), Monthly Pay - Receive a pay cheque ONCE PER MONTH (12 per year), Hourly Wage - An amount of money earned PER HOUR worked, Annual Salary - An amount of money earned PER YEAR, Commission Earnings - Earnings based on a PERCENTAGE OF SALES, Piecework - An amount of money earned PER UNIT OF WORK, Gross Income - Pay BEFORE deductions, Net Income - Pay AFTER deductions, Income Tax - Money deducted from your pay cheque to pay for GOVERNMENT SERVICES, Canada Pension Plan - Money set aside by the government for when you RETIRE, Employment Insurance - Money set aside by the government in case you LOSE YOUR JOB, Deductions - Money taken from your pay cheque automatically, Expenses - Things you spend money on, Essential Expenses - Things you MUST pay for, Non-Essential Expenses - Things you CHOOSE to pay for, Fixed Expenses - Expenses that are the SAME month to month, Variable Expenses - Expenses that CHANGE month to month, Purchasing Power - The ability to buy what you want, when you want,

Income and Expenses Vocabulary

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