Money Matter Ch 3 Review

_______is the income received from employment, including self-employment.

• Unearned income

• Earned income

• Inheritance

What is payment for work that is usually calculated on an hourly, daily, or piecework basis?

• Wage

• Tip

• Commission

What is the lowest hourly wage employers can pay most workers by law?

• Highest wage

• Bonus

• Minimum wage

___________is the amount paid for working time in a week that is beyond the standard 40-hour workweek.

• Salary

• Overtime wage

• Tip

Eligible workers who work more than 40 hours per week must receive overtime pay at least 1.5 times their regular hourly rate for the hours in excess of 40.

• True

• False

_______ is a fixed payment for work and is expressed as an annual figure

• Salary

• Wage

• Piecework

There are 52 pay periods in a weekly pay structure.

• True

• False

________ is income paid as a percentage of sales made by a salesperson

• Wage

• Tip

• Commission

________ is money paid for service beyond what is required.

• A tip

• A commission

• A wage

A bonus is usually based on worker performance, length of time with the company, or company performance.

• True

• False