Wages & Income Knowledge Check U2 L2

What is gross income?

• Income after payroll taxes and deductions

• Income before payroll taxes and deductions

• Income received after retirement

• Income paid by the government without goods or services being exchanged

Tags

EPF.IE.1.5

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What is net pay?

• Income after payroll taxes and deductions

• Income before payroll taxes and deductions

• Income received after retirement

• Income paid by the government without goods or services being exchanged

Tags

EPF.IE.1.5

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What is the minimum wage?

• The lowest hourly wage allowed by law

• The highest hourly wage allowed by law

• The average hourly wage in the country

• The hourly wage for exempt employees

Tags

EPF.IE.1.5

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What are non-taxable benefits?

• Benefits that are not considered income

• Benefits that are included in gross income

• Benefits that are taxed at a higher rate

• Benefits that are paid by the government

Tags

EPF.IE.1.5

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What is a salary?

• A form of compensation for specific duties

• Income received after retirement

• Income paid by the government without goods or services being exchanged

• Income after payroll taxes and deductions

Tags

EPF.IE.1.5

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What are business profits?

• Income received after retirement

• Income paid by the government without goods or services being exchanged

• Income before payroll taxes and deductions

• Income after deducting operating expenses from gross profit

Tags

EPF.IE.1.5

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What is a piece rate?

• A fixed rate for every hour worked

• Income received after retirement

• Income paid by the government without goods or services being exchanged

• Earning money by producing a unit or item for a set amount

Tags

EPF.IE.1.5

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What is a commission?

• Income received after retirement

• Income paid by the government without goods or services being exchanged

• Income a salesperson receives based on job performance

• A pre-established or fixed amount of money paid for a service

Tags

EPF.IE.1.5

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What is a dividend?

• Income received after retirement

• Income paid by the government without goods or services being exchanged

• A portion of a company's earnings paid back to shareholders

• Money made from selling an asset for more than the purchase price

Tags

EPF.IE.1.5

EPF.IE.1

What is rent income?

• Income received after retirement

• Income paid by the government without goods or services being exchanged

• Money received in exchange for the use of property

• Income after payroll taxes and deductions

Tags

EPF.IE.1.5

EPF.IE.1