PF: Chapter 2 Review

If the regular rate of pay is $9 an hour, the typical overtime rate is $13.50 an hour.

• True

• False

Employers must contribute matching amounts of Social Security and Medicare taxes into each employee's account.

• True

• False

Net pay is the result when you subtract required and optional deductions from gross pay.

• True

• False

Employee benefits and incentives are offered by companies to improve morale and working conditions.

• True

• False

Profit-sharing is an employee benefit required of all employers.

• True

• False

Which of the following is not considered a required deduction?

• Social Security Tax

• Savings Deposits

• Federal Income Tax

• State Tax

A company plan whereby employees receive a portion of the earnings of the company is called

• sick pay

• retirement plan

• leave of absence

• profit sharing

The major function of unions is

• bargaining

• collecting dues

• conducting strikes

• having meetings

A technique for training employees to be efficient in more than one specialized area is called

• flextime

• job rotation

• promotion

• PTO

A decision facilitated by a neutral third party is called

• mediation

• bargaining

• lobbying

• seniority