Q4 Assessment Review

What is a salary?

• A percentage of a sale paid to the salesperson

• Payment calculated at an hourly rate or based on a quantity of work done

• A fixed amount of money or compensation for work performed

• A base salary plus commission

What are the mandatory taxes deducted from paychecks?

• State Tax

• FICA

• Federal Tax

• All the above

True or false, net pay is your income is before taxes are taken out

• True

• False

What is a want? Select all that apply.

• Newest Iphone

• Warm clothes

• Food

• New jewelry

True or false, a need is something you do not need to live.

• True

• False

A wage is....

• a base salary plus commission

• Payment calculated at an hourly rate or based on quantity of work done

• A fixed amount of money or compensation for work performed

• Gross pay

What are different ways you can get paid?

• Salary

• Wage

• Commision

• Combination Pay

Voluntary deductions are...

• amounts which an employee chose to have subtracted from gross pay

• What your income is after taxes have been deducted

• amounts which an employee have to have subtracted from gross pay

• Gross income

What is your gross income?

• your income is after taxes have been deducted

• your income is before taxes are taken out

Select all the types of insurance.

• Health

• Home

• Car

• Life

• All of the above