Income and Wages Quiz

What does income mean?

• The money received for work or through investments.

• A type of financial investment.

• A legal document related to property ownership.

• A measure of one's health.

What is a worker’s wages based on?

• Hours worked

• Level of education

• Years of experience

• All of the above

How are your wages paid to you?

• Direct deposit into bank account

• Check

• Cash

• Other

What is a salary?

• A monthly payment for services rendered

• A type of savings account

• A loan given to employees

• A reward for completing a task

What do most people who are paid a salary not get paid for?

• Overtime work

• Regular hours

• Vacation time

• Public holidays

Who decides when and how often you receive a paycheck?

• Your employer

• The government

• Yourself

• Banking institutions

What are the most common payroll schedules?

• Weekly

• Bi-weekly

• Semi-monthly

• Monthly

What will your paycheck be, net or gross pay?

• Net pay

• Gross pay

• Both

• None of the above

What is net pay?

• The total amount of money earned before deductions

• The amount of money received after all deductions are taken out

• The total amount of taxes deducted from a paycheck

• The amount of money added to a paycheck for bonuses

What are deductions?

• Amounts subtracted from gross income

• Payments made to employees

• Types of direct taxes

• Financial statements of a company