Vocabulary Quiz on Payroll Terms

What does salary refer to?

• Hourly payment for work done

• Commission from sales

• Fixed regular payment, not based on hours worked

• Payment for piecework

What does gross pay mean?

• Net income after taxes

• Total earnings before any deductions

• Pay for gross misconduct

• Payment in gross amounts

What is a deduction on a paycheck?

• An error in payment calculation

• Money added for overtime

• Money subtracted for taxes, insurance, retirement, etc.

• A discount for company products

What is a paystub?

• A detailed summary of work bonuses

• A document detailing a loan from an employer

• A record showing the details of an employee's pay for a specific period

• A statement listing company product gift cards

What is an hourly wage?

• A weekly salary

• Payment per hour worked

• A monthly stipend

• A yearly bonus

What is a commission?

• A fixed part of the salary

• Payment for sales or tasks, in addition to regular pay

• A mandatory deduction from earnings

• Interest on the employee's savings account

What does overtime refer to?

• Time spent on breaks

• Extra hours worked beyond regular hours, at a higher rate

• Delayed payment times

• Overestimated pay calculations

What is net pay?

• The amount invested in company stocks

• Gross pay minus business profits

• Earnings after all deductions, what the employee actually receives

• Payment for net working hours only

What does earnings refer to?

• Only the basic salary

• Total payment received for work, including wages, salary, and bonuses

• Money earned from investments

• Annual interest from savings

What are benefits?

• Financial advice services

• Non-monetary perks like health insurance and paid time off

• Bonuses for overtime

• Commission from sales