Chapter 2 - Lesson 1

An annual salary, tips or commissions, and self-employment income are all types of

• earned income
• minimum wage
• tax
• overtime pay

True or false: A salary is a fixed regular payment, typically expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker

• true
• false

A _____ is a gift of money, often a percentage of the total bill, to a person for performing a service

• commission
• tip
• salary
• bill

Self-employment is working for

• someone else
• yourself

_____ is the amount left after all expenses are deducted from the revenues or sales of the business

• income
• salary
• profit
• interest

A _____ is one where the owner intends to keep the business small

• lifestyle business
• venture business

An avocation is a _____ occupation someone enjoys

• primary
• secondary

A _____ is where the  owners want their business to grow into large companies with unlimited growth and many workers

• venture business
• lifestyle business

True or false: a business plan is a document that describes the steps that will be taken to open and operate a business

• true
• false

A _____ is a benefit plan that allows workers to choose from a number of options

• cafeteria plan
• retirement plan
• profit-sharing plan
• pension plan