2024 WAEC OFFICE PRACTICE: 2024 WAEC OFFICE PRACTICE ANSWERS (5742)

(5ai)

Salary; A salary is the money paid each month by their employer, especially when the are in a profession such as teaching, law or medicine.

(5aii)

Wages; Wages are form of monetary compensation for employees. They are paid according to the amount of time worked by the employee

(5aiii)

Time rate; Time rates are use when employees are paid for the amount of time they spend at work

(5aiv)

Piece rate; Piece rate gives a payment for each item produced. It is therefore the easiest way for a business to ensure that employees are paid for the amount of work done

(5av)

Commission: Commission is a service charge assessed by a broker or investment advisor for providing advice or handling purchases or sales of security for a client.

(5b)

(i) An office procedure reduces then general cost of operation.

(ii) It allows for effective training of new staff

(iii) It enhances performance of old staff

(iv) A good office procedure facilitates better flow of work in the office and between department