Chapter 2 Review - Finance

If the regular rate of pay is $9 an hour, the overtime rate is $13.50 an hour.

• True

• False

Employers must contribute matching amounts of Social Security and Medicare taxes into each employee's account.

• True

• False

Net pay is the result when you subtract required and optional deductions from gross pay.

• True

• False

Some types of deductions may be withheld from your paycheck without your written consent because they are required by law.

• True

• False

Employee benefits and incentives are offered by companies to improve morale and working conditions.

• True

• False

Profit sharing is an employee benefit required of all employers.

• True

• False

Job sharing is a job design in which employees are trained to do more than one specialized task

• True

• False

The main function of unions is mediation to help settle disputes.

• True

• False

The American Bar Association is a professional organization for lawyers.

• True

• False

Lobbying is an illegal activity engaged in by many unions and professional organizations.

• True

• False