Solution:
Two rate are used to calculate wages under Taylor's differential piece rate system. Taylor's Differential Piece-Rate System was introduced by F.W. Taylor, who believed that the workers should be paid on the basis of their degree of efficiencies.

Solution:
Discarded material substances having some value is scrap. It represents fragments or remnants of material that are left from certain type of manufacture. It is a material loss but has small value without further processing.

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Solution:
Non-financial and financial aspects of plan by company management, is classified as budget. Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget.

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