The money paid per hour for work done is

The money paid per hour for work done is called the wage rate. Wage rate refers to the amount of money that a worker is paid for each hour of work performed. It is a measure of the value that is placed on an hour of work in a particular job or industry. The wage rate is usually determined by the market forces of supply and demand, based on factors such as the worker's skills, experience, and the demand for their labor. For example, if a worker is paid ₦500 for each hour of work, their wage rate is ₦500 per hour. If they work for 8 hours a day, their daily wage would be ₦4,000 (₦500 x 8 hours). It is important to note that the wage rate is different from a salary, which is the total amount of money paid to an employee over a specified period, usually a month or a year. A salary may be paid on a monthly or yearly basis, while the wage rate is paid on an hourly basis. The other options, cost and bonus, are not directly related to the concept of wage rate. Cost refers to the total expenses incurred by a company or organization in the production of goods or services, while a bonus is an additional payment made to an employee as a reward for good performance.