Wages and Benefits Review

What is the difference between minimum wage and salary?

• Minimum wage is the same as salary, just different terminology used in different regions.
• Minimum wage is the lowest amount that an employer can legally pay their employees, while salary is a fixed regular payment for work.
• Minimum wage is the amount that an employer can choose to pay their employees, while salary is a government-regulated payment for work.
• Minimum wage is the highest amount that an employer can legally pay their employees, while salary is a variable payment for work.

HOw is overtime pay different from regular pay?

• Overtime pay is only given for holidays
• Overtime pay is the same as regular pay
• Overtime pay is lower than regular pay
• Overtime pay compensates for working more than standard hours.

Why are benefits an important part of a compensation package?

• Employees don't care about benefits, they only care about salary
• Benefits only benefit the employer, not the employee
• Benefits provide a sense of security and improve job satisfaction.
• Benefits are not important at all

Why are people often paid minimum wage when they start a new job?

• High demand for the job
• Lack of experience or skills
• Employer's generosity
• Lack of motivation

HOw is being paid salary different from being paid hourly wages?

• Salary is a fixed amount, while hourly wages are based on hours worked.
• Being paid salary means working fewer hours than being paid hourly wages
• Being paid salary means receiving overtime pay, while being paid hourly wages does not
• Being paid salary means having a less stable income than being paid hourly wages

What is the difference between tips and commission?

• Tips are mandatory, while commission is optional
• Tips are a fixed amount, while commission is a variable amount
• Tips are voluntary payments, while commission is a percentage of sales or profit
• Tips are given by the employer, while commission is given by the customer

WHat are cafeteria style benefits and why are they being offered by more companies today?

• Decreased employee satisfaction
• Higher cost for employers
• Flexibility and customization for employees
• Limited options for employees

What are 3 examples of pay without work?

• sick leave

• Salary from a job
• personal leave

• holiday pay

Match the following

• amount of money available to spend after taxes
• disposable income
• payment for services or products sold
• benefits
• additional perks provided by employer
• profit sharing
• distribution of company profits to employees
• retirement plan
• financial plan for retirement
• commission

Why are employees at many companies expected to help pay for the cost of health insurance?

• To discourage employees from seeking medical care
• To share the financial burden and promote employee responsibility
• To make employees feel less valued
• To increase company profits