| A | B |
|---|
| Salary: | An annual fixed amount of money paid to an employee at regular intervals. |
| Wage: | Payment of money to an employee for work performed on an hourly basis. |
| Minimum wage: | The lowest regulated amount of money that can be paid for work performed by employees. |
| Staff-to-child ratio: | In early care and education programs, the number of children that can be supervised by one adult. |
| Salary and wage scale: | Provides a scale of wages based on the position responsibilities, experience and education level. |
| Median wage: | The average wage paid to all workers in a particular job classification. |
| Paid time off: | Compensation earned by employees that is applied to vacation, sick, holiday or personal time. |
| Variable costs: | Costs that fluctuate based on quantity or usage. In education, costs can fluctuate based on the number of students enrolled in a school or early education program. |
| Personnel costs: | Expenditures related to paying employees. |
| Fixed costs: | Costs that remain the same and are not dependent on quantity or usage |
| Profit: | The revenue that is left after all expenses have been paid. |
| Break-even analysis: | A calculation that is used to determine the point when an organization does not lose money or make money, but the sum of revenue made exactly offsets the expenses of providing the service |
| Employee: | A person who is hired and paid a salary or a wage on a regular schedule for performing work for an organization. |
| Contractor: | A person who owns his/her own independent business or who works for an independent business. The contractor is hired by the organization to perform services for the organization. The contractor is paid only for the service(s) provided to the organization. |
