Financial Literacy Ch 2 Vocabulary Review

The lowest pay rate allowed by law for each regular hour of work.

• minimum wage
• overtime pay
• commission
• disposable income

Pay received for hours worked in addition to regular hours.

• minimum wage
• overtime pay
• commission
• disposable income

Money available to spend or save after taxes have been paid.

• minimum wage
• overtime pay
• commission
• disposable income

A set fee or percentage of a sale paid to an employee instead of or in addition to salary or wages.

• minimum wage
• overtime pay
• commission
• disposable income

Forms of compensation in addition to salary or wages.

• benefits
• sick leave
• personal leave
• retirement plan

Paid time away from work due to illness.

• benefits
• sick leave
• personal leave
• retirement plan

Paid time away from work for personal reasons.

• benefits
• sick leave
• personal leave
• retirement plan

An account into which employees voluntarily contribute a portion of their earnings for their retirement; employers may match these contributions.

• sick leave
• personal leave
• profit sharing
• retirement plan

A benefit that allows employees to share a portion of the business’s profits.

• sick leave
• personal leave
• profit sharing
• retirement plan

Money received from sources other than working.

• unearned income
• transfer payments
• in-cash payments
• in-kind payments