Wages & Income Knowledge Check U2 L2

Front

What is gross income?

Back

Income before payroll taxes and deductions

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is net pay?

Back

Income after payroll taxes and deductions

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is the minimum wage?

Back

The lowest hourly wage allowed by law

Tags

EPF.IE.1.5

EPF.IE.1

Front

What are non-taxable benefits?

Back

Benefits that are not considered income

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is a salary?

Back

A form of compensation for specific duties

Tags

EPF.IE.1.5

EPF.IE.1

Front

What are business profits?

Back

Income after deducting operating expenses from gross profit

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is a piece rate?

Back

Earning money by producing a unit or item for a set amount.

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is a commission?

Back

Income a salesperson receives based on job performance.

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is a dividend?

Back

A portion of a company's earnings paid back to shareholders.

Tags

EPF.IE.1.5

EPF.IE.1

Front

What is rent income?

Back

Money received in exchange for the use of property.

Tags

EPF.IE.1.5

EPF.IE.1