Unit 3 Income and Taxes

What is the first step to earn money?

• Agree to a wage

• Get a job

• Open a bank account

• Learn a skill

What is the second step to earn money?

• Get a job

• Agree to a wage

• Save money

• Invest money

What is the definition of wage?

• The amount of money you will save

• The amount of money you will invest

• The amount of money you will be paid for working

• The amount of money you will lend to others

How much is the overtime pay rate compared to the regular pay rate?

• The same as the regular pay rate

• Double the regular pay rate

• One and one-half times the regular pay rate

• Half the regular pay rate

Are salaried workers usually paid extra for overtime?

• Yes, they are always paid extra for overtime

• No, they are usually not paid extra for overtime

• Yes, but only if they work less than 40 hours a week

• No, they are paid less for overtime

What is the standard work week hours expectation for salaried workers?

• 30 hours

• 35 hours

• 40 hours

• 45 hours

How many times per year does a bi-weekly payment occur?

• 52

• 12

• 24

• 26

If you are paid on a per month basis, how many payments will you receive in a year?

• 52

• 12

• 24

• 26

What is the frequency of payments if you are paid on a bi-monthly or semi-monthly basis?

• Once a month

• Twice a month 24 times per year

• Every two weeks 26 times per year

• Once a year

Which payment frequency corresponds to 52 payments per year?

• Per Week

• Per Month

• Bi-Monthly/Semi-Monthly

• Per Year