Financial Literacy Chapter 2 Vocabulary

Total amount you earn before deductions

• Net Pay

• Pay Check

• Bring Home Pay

• Gross Pay

A fixed hourly rate earned by employees

• Net Pay

• Gross Pay

• Wage

• Overtime

Time worked beyond your regular hours

• Overtime

• Extra time

• Too much time

• Earned extra pay

Fixed annual amount of gross pay

• Overtime

• Net Pay

• Salary

• Gross Pay

The amount in your paycheck after all deductions have been taken out

• Gross Pay

• Net Pay

• Overtime Pay

• Special Pay

Forms of employer compensation in addition to pay

• Extra money

• Monopoly money

• Benefits

• Vested pay

When an employee is entitled to the full retirement amount after a specified period of employment time.

• Stock options

• Full time bonus

• Inventory pay

• Vested

Form of compensation that encourages employees to strive for higher levels of performance

• Salary

• Gross Pay

• Insurance options

• Incentive pay

Plan that allows employee to share a portion of the company's profits at the end of the corporate year.

• Profit sharing

• Meal ticket

• Vested

• Benefits

Incentive pay based on quality of work done, years of service, or a company's sales and profits

• Salary

• Bonus

• Expense account

• Medical reimbursement