Personal Finance Chapter 3 Vocabulary Test

Income received from employment, including self employment.

• Earned Income

• Wage

• Overtime Wage

• Piecework

• Salary

A payment for work that is usually calculated on an hourly, daily or piecework basis.

• Earned Income

• Wage

• Overtime Wage

• Piecework

• Salary

The amount paid for working time in a week that is beyond the standard 40 hour workweek.

• Earned Income

• Wage

• Overtime Wage

• Piecework

• Salary

a fixed payment for work and is expressed as an annual figure.

• Earned Income

• Wage

• Overtime Wage

• Piecework

• Salary

A wage based a on rate per unit of work completed.

• Earned Income

• Wage

• Overtime Wage

• Piecework

• Salary

Income paid as a percentage of sales made by a salesperson.

• Commission

• Tip

• Bonus

• Gross Pay

• Payroll Deduction

Money paid for service that is beyond what is required, usually called a gratuity.

• Commission

• Tip

• Bonus

• Gross Pay

• Payroll Deduction

Money added to an employee's base pay.

• Commission

• Tip

• Bonus

• Gross Pay

• Payroll Deduction

Total income before deductions.

• Commission

• Tip

• Bonus

• Gross Pay

• Payroll Deduction

A subtraction from Gross Pay

• Commission

• Tip

• Bonus

• Gross Pay

• Payroll Deduction