Personal Finance Chapter 6

Multiply your hourly rate by the number of regular hours worked to determine your ___________ pay

• Annual

• Gross

• Net

• Overtime

Annual salary is the amount of weekly pay to be received.

• True

• False

Overtime wages are usually calculated at a rate of _____ times the regular hourly rate

• 2

• 2.5

• 3

• 1.5

A standard workweek is ____ hours in a five-day period

• 40

• 30

• 50

• 20

Social security tax is a ______ deduction from your paycheck

• Required

• Optional

• Mandatory

• Necessary

______ pay is the amount left over after all deductions have been subtracted from gross pay.

• Total

• Real

• Net

• Actual

Regular wages or salary plus overtime wages equals _______ pay

• Net

• Gross

• Total

• Hourly

Medicare tax deduction is withheld from all pay earned.

• True

• False

Federal tax is a ___________ deduction from your paycheck.

• Optional

• Mandatory

• Voluntary

• Required

Flextime means permanent part-time employment.

• True

• False