Personal Finance - Chapter 6

The retirement plan, 403(b) is designed for private employees

Work schedule that allows employees to choose their working hours within defined limits

A standard work week consist of 8 hrs/day, 7 days a week, for a total of 40hrs/week.

A job action in which employees refuse to work until an agreement with management is reached.

Entitled to the full amount accumulated in a retirement plan.

A group of people in the same or similar occupations, organized for the benefits of all

Self-employed persons pay twice the Social Security and Medicare rates, for a total of 15.3%.

A flexible work arrangement helps reduce absenteeism, burnout,  and turnover.

Pay remaining after deductions are subtracted.

One example of a bonus that a company may give their employee’s is a holiday bonus.

The American Bar Association is a professional organization for lawyers.

If the regular rate of pay is $5 an hour, the overtime rate is $7.50 an hour.

Total pay before deductions are subtracted.

Gross Pay is also known as Take-Home Pay.

Job design in which two people share one full-time position.

Forms of employee compensation in addition to pay.

Pay rate per hour multiplied by the number of hours worked equals gross pay.

Programs that allow workers to base their job benefits on personal needs.

If an employee is paid a salary they are paid equally per pay period

An employee paid amount of a health insurance.

If an employee uses their own car for business the company can give them a mile allowance.

Moneyoffered to encourage employees to strive for higher levels of performance.

Work schedule that fits the normal 40-hour workweek into less than 5 days.

Time worked beyond the regular 40-hour workweek.

An effort to support legislation that would benefit a certain group.

A negotiation between unions and employers about terms of employment.

Organization of people in a particular occupation that requires training and skills

When employees are trained to do more than one specialized task andmove from one to another

Extras that a company offers in order to improve employee morale and working conditions

Social Security, Medicare tax, Federal and State Income Tax are optional deductions.

Telecommuting gives employees the ability to work from home or on the road.

Amounts subtracted from gross pay.

Workplace policy in which the last workers hired will be the first fired.

Life insurance pays a cash benefit to a designated person, this person is called a ____

The retirement plan, 401(k) is designed for public employees.