MEL 3E Making Money Definitions

What is the term for the total pay per year?

• Gross pay

• Annual pay

• Wage

• Vacation pay

What is salary called before any extra pay from commission or bonuses? For example, in a sales position you may make this!

• Base Salary

• Annual Salary

• Take Home Pay

• Deductions

If you are paid every other week, you are paid...

• Annually

• Monthly

• Weekly

• Biweekly

Money taken off your paycheque automatically (for taxes, CPP, EI and other costs) are called...

• Net Pay

• Wage

• Deductions

• Expenses

When you earn TWO TIMES your wage (usually for working extra hours), it's called:

• Hourly

• Double-time

• Triple-time

• Extra

Your wage usually refers to...

• Your hourly rate of pay

• What you make in a year

• The deductions off your paycheque

• Vacation Pay

The lowest wage allowed in Ontario is currently $14.35/hour for adults (less for students and servers). What is this called?

• Annual Salary

• Wage

• Net Pay

• Minimum wage

Take-home pay is also called...

• Net Pay

• Gross Pay

• Annual pay

• Hourly pay

This is a fixed amount of compensation (pay) for working in a job. It's a yearly (annual) amount that you are paid regardless of how many hours you worked!

• Hourly wage

• Commission

• Piecework

• Salary

What is REMUNERATION?

• Money paid for work

• Being paid a salary

• Getting paid from your hourly job

• Earning money from selling items on Etsy

• All of the above