Chapter 10.1 Prep

The amount of your paycheck

depends on what two things?

• taxes and social security (FICA)

• Employer fees and sick time

• # of children you have and if you rent

• tools you broke and overtime

Why is it important to check your

pay statement often?

• Check your deductions

• See if the insurance is correct

• To see if you are a union member

• All of the above

How is a paycheck calculated?

• Gross pay minus deductions = net pay

• Deductions + Insurance = Gross pay

• Regular time - overtime = net pay

• Insurance, union dues, and retirement are part of net pay.

How would you go about asking for a raise?

• Give the boss a sad story during his lunchtime.

• Tell the boss you are going to quit if you don't get one

• Ask the boss what is required for a raise and argue that you deserve one.

• Show confidence and respect, and state your reasons why you deserve a raise.

The total amount of income and

benefits you receive for your job is your

compensation.

• True

• False

Which of the following are types of compensation?

• Tips

• Hourly wage

• Commission

• All of the above

Overtime is a form of compensation. What is overtime?

• When you work more than 40 hours in a 7 day workweek.

• When you work more than 8 hours in a single day.

• When you exceed your tax limit.

• None of the above

Many people work an hourly wage. How is it calculated?

• An employer multiplies the hourly wage by

  the number of hours worked.

• The employer adds what he thinks you worked everyday.

• The employer just gives you pay whether you show up or not.

• The employer puts in a complicated formula that changes daily.

In this method, the worker is

paid for the amount of work performed.

• Piece work

• Basket work

• Quota work

• None of the above

A commission is an amount the

worker receives for making a sale.

• True

• False