BM2324-Q4-Quiz#2

The amount of an employee's gross earnings is the total amount that he or she earns in a specified period.

• True

• False

The net earnings of an employee is the sum of his or her gross earnings and the total deductions.

• False

• True

The basic salary of an employee is equal to his or her gross earnings in a month if there is he/she doesn't have any extra income/earnings.

• False

• True

It refers to the earnings before contributions, taxes, or loans are deducted.

A person's gross earnings may come from any source like salary, wage, rent, or shares from investments.

• True

• False

Crispin receives a commission of 12% on sales amounting ₱70,000 and 18% on sales more than ₱70,000. Find his gross pay for the month if his total sales were ₱120,000.

• ₱20,140.00

• ₱19,400.00

• ₱14,140.00

• ₱17,400.00

A minimum wage earner in Metro Manila is paid ₱467.95 for an 8-hour workday. What is his hourly wage?

• ₱66.85

• ₱58.49375

• ₱51.99444

• ₱46.795

It refers to the earnings after contributions, taxes, or loans are deducted.

Mario, a wage earner, who earns ₱400 for an eight-hour workday, received ₱4,800 after working for 12 days. What do we call ₱4,800?

• Gross Earnings

• Net Earnings

Lily makes ₱15,000 in a month. She has to pay her existing loan and total contributions, which cost ₱1,000 and ₱900, respectively. With these, she has ₱13,100 left. What do we call ₱13,100?

• Gross Earnings

• Net Earnings