Quiz about C&F Ch 1 Vocab & Formulas

Question 1

Getting paid a fixed amount of money for each hour that you work is called...

Accepted Answer

hourly rate.

Answer

salary.

Answer

commission.

Answer

piecework.

Question 2

The total amount of money you earn for a pay period at the regular hourly rate is your...

Accepted Answer

straight time pay.

Answer

hourly rate.

Answer

commission.

Answer

salary.

Question 3

The total amount you are paid during a pay period is called your...

Accepted Answer

gross income.

Answer

commission rate.

Answer

overtime pay.

Answer

hourly rate.

Question 4

When you work more than the regular number of hours, you may earn...

Accepted Answer

overtime pay.

Answer

commission.

Answer

piecework.

Answer

graduated commission.

Question 5

The overtime rate, called ____________, is usually 1.5 times your hourly rate.

Accepted Answer

time and a half

Answer

gross income

Answer

double time

Answer

overtime pay

Question 6

_________ is when you receive an overtime pay rate of twice your regular hourly rate.

Accepted Answer

Double time

Answer

Time and a half

Answer

Overtime pay

Answer

Commission rate

Question 7

A daily record of the time you report to work and the time you depart is called a...

Accepted Answer

weekly time card.

Answer

piecework.

Answer

gross income.

Answer

straight time pay.

Question 8

When a worker receives a specified amount of money for each item of work completed, they are paid on a _______ basis.

Accepted Answer

piecework

Answer

graduated commission

Answer

commission

Answer

salary

Question 9

A _____ is a fixed amount of money that you earn on a regular basis.

Accepted Answer

salary

Answer

hourly rate

Answer

graduated commission

Answer

commission

Question 10

______ is an amount of money you are paid for selling a product or service.

Accepted Answer

Commission

Answer

Salary

Answer

Piecework

Answer

Straight-time pay

Question 11

When you are paid a specified amount of money for each sale or a percent of the total value of your sales, you are paid a _____________.

Accepted Answer

commission rate

Answer

salary

Answer

piecework

Answer

overtime rate

Question 12

If the commission is the only pay you receive, you work on ...

Accepted Answer

straight commission.

Answer

piecework.

Answer

hourly rate

Answer

salary.

Question 13

_________ offers a different rate of commission for each of several levels of sales.

Accepted Answer

Graduated commission

Answer

Piecework

Answer

Straight commission

Answer

Salary

Question 14

Which of the following lists the correct number of pay periods per year?

Accepted Answer

Annual = 1

Monthly = 12

Semimonthly = 24

Weekly = 52

Biweekly = 26

Answer

Annual = 1

Monthly = 12

Semimonthly = 36

Weekly = 52

Biweekly = 26

Answer

Annual = 1

Monthly = 12

Semimonthly = 26

Weekly = 52

Biweekly = 24

Answer

Annual = 1

Monthly = 12

Semimonthly = 6

Weekly = 52

Biweekly = 24

Question 15

The formula: "hourly rate times the number of hours worked" is used to calculate...

Accepted Answer

straight-time pay.

Answer

piecework.

Answer

commission.

Answer

graduated commission.

Question 16

The formula: "overtime rate times overtime hours worked" is used to calculate...

Accepted Answer

overtime pay.

Answer

gross income.

Answer

straight-time pay.

Answer

commission.

Question 17

Which formula is used to calculate the total pay on a piecework basis?

Accepted Answer

Total pay = rate per item times number of items produced

Answer

Total pay = overtime pay plus straight-time pay

Answer

Total pay = hourly rate times hours worked

Answer

Total pay = total sales times commission rate

Question 18

The salary earned each pay period is equal to...

Accepted Answer

annual salary divided by number of pay periods per year.

Answer

$2,000

Answer

annual salary times number of pay periods per year.

Answer

number of hours worked times rate per hour.

Question 19

The formula: "total sales times commission rate" is used to calculate...

Accepted Answer

straight commission.

Answer

graduated commission.

Answer

piecework.

Answer

annual salary.

Question 20

To calculate total graduated commission, you need to...

Accepted Answer

add the commissions earned for all levels.

Answer

divide the sales by the rate.

Answer

divide by the number of pay periods per year.

Answer

multiply the rate by the sales.

C&F Ch 1 Vocab & Formulas

21 questions

Getting paid a fixed amount of money for each hour that you work is called...

The total amount of money you earn for a pay period at the regular hourly rate is your...

The total amount you are paid during a pay period is called your...

When you work more than the regular number of hours, you may earn...

The overtime rate, called ____________, is usually 1.5 times your hourly rate.

_________ is when you receive an overtime pay rate of twice your regular hourly rate.

A daily record of the time you report to work and the time you depart is called a...

When a worker receives a specified amount of money for each item of work completed, they are paid on a _______ basis.

A _____ is a fixed amount of money that you earn on a regular basis.

______ is an amount of money you are paid for selling a product or service.

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