FCEE Ch4 Quiz

What does Competition in business refer to?

• When two companies are competing for the same customers.

• A method used to tell the public about a product or service.

• Income that is not committed to a particular use.

• The lowest legal hourly wage.

Who are Employees?

• Persons hired and paid wages or salary by a company.

• Individuals contracted temporarily to perform a job.

• Owners of a sole proprietorship.

• People earning income through on-demand work.

What is Minimum Wage?

• The lowest legal hourly wage.

• A tax deducted from gross income for Social Security benefits.

• Income that is not committed to a particular use.

• A business owned by one person.

What is a Partnership?

• A way of organizing a business that involves having 2 or more owners.

• A business owned by one person.

• An individual contracted temporarily to perform a job.

• A person who organizes and operates a business venture.

Who are Sub-Contractors?

• An individual or business firm that’s contracted temporarily to perform a job.

• Persons hired and paid wages or salary by a company.

• Owners of a sole proprietorship.

• People earning income through on-demand work.

What is Withholding Tax?

• A tax deducted from gross income for the purpose of paying federal income tax benefits as you earn income.

• A tax deducted from gross income for Medicare benefits.

• The lowest legal hourly wage.

• Income that is not committed to a particular use.

What is the amount of money earned in a pay period before taxes and other payroll deductions called?

• Gross Pay

• Net Pay

• Disposable Income

• Savings

What is the method used to tell the public about a product or service being offered for sale?

• Advertising

• Networking

• Fundraising

• Bargaining

What is the actual amount of money received after taxes and other payroll deductions?

• Net Pay

• Gross Pay

• Total Earnings

• Base Pay

What is the tax deducted from gross income for the purpose of contributing to Social Security benefits?

• Social Security Tax

• Income Tax

• Sales Tax

• Property Tax