Quiz: 5.2 Vocab Pay Periods and Hourly Rates

Question 1: Define pay period and explain its significance in calculating wages.

• A pay period is the regular interval of time over which an employee's wages are calculated, such as weekly, bi-weekly, or monthly. It is significant in calculating wages because it determines how often an employee is paid and how much they will receive for each pay period.

• A pay period is the time when employees are evaluated for a raise

• A pay period is the time when employees receive bonuses

• A pay period is the time when employees take a break from work

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Question 2: What is the difference between hourly rate and annual salary? Provide an example to illustrate your answer.

• Hourly rate is paid monthly, while annual salary is paid weekly

• Hourly rate is fixed, while annual salary varies based on the number of hours worked

• Hourly rate is paid per year, while annual salary is paid per hour worked

• The main difference between hourly rate and annual salary is that hourly rate is paid per hour worked, while annual salary is the total amount paid for a year of work.

Tags

CCSS.6.RP.A.1

CCSS.6.RP.A.2

Question 3: Calculate the total earnings for an employee who works 40 hours per week at an hourly rate of $15.50.

• $800

• $310

• $620

• $400

Tags

CCSS.7.EE.B.3

Question 4: Explain the concept of overtime pay and how it is calculated.

• Overtime pay is calculated as the regular hourly rate for each hour worked beyond the standard hours.

• Overtime pay is not calculated for any extra hours worked beyond the standard hours.

• Overtime pay is calculated as double the regular hourly rate for each hour worked beyond the standard hours.

• Overtime pay is calculated as 1.5 times the regular hourly rate for each hour worked beyond the standard hours.

Tags

CCSS.6.RP.A.3B

Question 5: If an employee's hourly rate is $18.75 and they work 50 hours in a week, calculate their total earnings including overtime pay.

• $625.00

• $900.00

• $937.50

• $1000.00

Tags

CCSS.7.EE.B.3

Question 6: Define gross pay and net pay. How are they different from each other?

• Gross pay is the amount of money received after deductions, while net pay is the total amount of money earned before any deductions.

• Gross pay is the total amount of money earned before any deductions, while net pay is the amount of money received after deductions such as taxes and benefits.

• Gross pay is the total amount of money earned after deductions, while net pay is the amount of money received before any deductions.

• Gross pay is the amount of money received after taxes, while net pay is the amount of money received before taxes.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Question 7: Calculate the net pay for an employee who earns a gross pay of $2,500 and has deductions of $350 for taxes and $150 for health insurance.

• $1,500

• $2,350

• $2,000

• $2,850

Tags

CCSS.3.OA.D.8

Question 8: Discuss the importance of understanding pay periods and hourly rates in personal finance management.

• It has no impact on personal finance management

• Understanding pay periods and hourly rates is only important for business owners

• It helps individuals calculate their income, budget effectively, and plan for expenses.

• It is only important for people with high income

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Question 9: If an employee's hourly rate is $20 and they work 35 hours in a week, calculate their total earnings.

• $800

• $350

• $700

• $500

Tags

CCSS.7.EE.B.3

Question 10: Explain the concept of minimum wage and its impact on pay periods and hourly rates in the workforce.

• Minimum wage only applies to certain industries and not all workers

• Minimum wage sets a baseline for the lowest amount that an employee can be paid per hour.

• Minimum wage is the maximum amount that an employee can be paid per hour

• Minimum wage has no impact on pay periods and hourly rates

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4