Budget and Finance Terms

What is Employment Insurance (EI)?

• A fee paid to an employee for transacting a piece of business or performing a service.

• A monthly, taxable benefit that replaces part of your income when you retire

• Temporary income support to unemployed workers while they look for employment or to upgrade their skills

• After salary, this is of the utmost importance to many job candidates and typically includes medical, dental, vision and/or life insurance coverage for employees and their families.

Alfred works at Acme Appliances as a sales representative. He earns minimum wage but also receives 6% _____________ on each sale.

• Piece Work

• Commission

• Salary

• Wages

When you get paid for a job, be sure to read your ___________, which has the information on how your pay was calculated.

• pay stub

• direct deposit

• pension plan

• minimum wage

What are benefits?

• A fee paid to an employee for transacting a piece of business or performing a service.

• A monthly, taxable benefit that replaces part of your income when you retire

• Temporary income support to unemployed workers while they look for employment or to upgrade their skills

• After salary, this is of the utmost importance to many job candidates and typically includes medical, dental, vision and/or life insurance coverage for employees and their families.

What does piece work mean?

• Getting paid for each unit produced or action performed.

• The amount paid for each hour that an employee works.

• Doing a job in times of "piece".

• Getting paid a fixed amount for work done each month.

Lenny works full-time loading transport trucks at the warehouse. He earns $24.95 per hour. Last week he worked 53 hours in total. He has earned ______ of time and a half for the nine hours above 44 hours per week.

a.overtime

• commission

• overtime

• pay cheque

• wage

What is a pension?

• A fee paid to an employee for transacting a piece of business or performing a service.

• A monthly, taxable benefit that replaces part of your income when you retire

• Temporary income support to unemployed workers while they look for employment or to upgrade their skills

• After salary, this is of the utmost importance to many job candidates and typically includes medical, dental, vision and/or life insurance coverage for employees and their families.

Wesley was just hired by King Software as a game programmer. He is not paid by the hour but is paid a __________ of $65,000 per year.

• commission

• holiday pay

• salary

• wage

Select the 3 terms that are common forms of payment to an employee:

• pay stub

• cash

• salary

• pay cheque

• direct deposit

True of False: On your pay cheque the term payee refers to the name of the person receiving money.

• True

• False