2.1 Gross Pay, Net Pay and Benefits

12 termsStudBud Administration927 plays

A #financial literacy# quiz designed to test for paycheck components.

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
A salaried employee
D. B and C
C. often does not get paid holidays
B. is generally paid overtime for >40 hours/week
A. receives a fixed annual amount of gross pay
2
Take-home pay
C. equals your pay before deductions
D. A and C
B. is also called Net Pay
A. equals your Gross Pay
3
A bonus
A. can be based on work quality, years of service, or profit
B. is usually only given to salaried employees
C. is an employee benefit
D. A and C
4
A plan that allows employee to share in a portion of the company's success is called
B. Expense Accounts
C. Profit sharing
A. Group Insurance
D. Net Pay
5
Your Gross Pay includes
A and C
A. Wages
B. Deductions
C. Overtime
6
Vested Pension plans
C. is considered taxable income
B. ensure an employee receives paycheck after retirement
D. All of the above,
A. are being replaced by employer-sponsored 401K plans
7
Federal law requires hourly employees to be paid __________ when they work more than 40 hours.
B. a wage
C. a bonus
D. overtime
A. with time off the following week
8
A benefit where employees are paid when ill is called
Bereavement Pay
Sick Pay
Playing Hookie
Leave of Absence
9
Net Pay =
Gross Pay / Deductions
Gross Pay x Deductions
Gross Pay - Deductions
Gross Pay + Deductions
10
Forms of employer compensation in addition to pay
A. are called benefits
C. could include employee discounts and stock options
D. All of the above
B. could include sick pay and bereavement pay
11
The fixed hourly rate of pay
B. is called your wage.
C. is a way employees can receive extra benefits.
A. is mandatory for all employees in the US.
D. is difficult to calculate without a computer.
12
Compensation that encourages employees to strive for high performance is called
B. a Leave of Absence
C. incentive pay
D. A and B
A. profit sharing

2.1 Gross Pay, Net Pay and Benefits Flashcards | StudBud