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What is the difference between time rate and piece rates?
On time rate you are paid for the number of hours worked. On piece rate you are paid for the quantity of goods you produce.
What does easily mean?
IT means something easy like the idiom piece of cake
How do you calculate the actual labor rate when the standard rate is not given?
The actual rate is the total dollars divided by total hours or pieces. The actual formula is not dependant on any standard rate. The rate variance, however, cannot be determined without the standard rate. The rate variance is the difference between actual rate and standard rate.
What is the simple definition of base rate?
Base rate is the rate of interest which is considered as a basis by commercial bank for their lending rate..
What does 650 mean on a piece of gold jewelry?
The number 650 on a piece of gold jewelry indicates the purity of the gold, specifically that it contains 65% gold and 35% other metals. This is equivalent to 15 karats, as pure gold is 24 karats. The remaining metals are often added to enhance durability and alter the color of the jewelry. It's important to note that the higher the karat, the purer the gold and typically, the more valuable the piece.
