Salary, fixed regular payment often monthly or annually, Wage, pay based on hours or days, Commission, earnings depend on total sales, Piecework, earnings depend on no. of items made or completed, Gross Pay, regular pay + overtime pay + allowance, Overtime Pay, rate * hrs (usually higher than regular rate), Profit, selling price is higher than cost, Loss, selling price is lower than cost, VAT, 12% additional to the total items purchased, Mark up, add to the cost to get the selling price, Discount, subtract from original price, Percentage Increase, From Php 1800 to Php 2500 price of sack of rice, Percentage Decrease, From Php 110 per liter to Php 86 per liter of Diesel

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