Final Exam Transitions 1st Semester

Which is bigger, gross pay or net pay?

• gross pay
• net pay

money that is subtracted from your paycheck and given to your state's government to help run the state

• Local Tax
• State Tax
• Federal Tax

money that is subtracted from your paycheck to pay for your medical coverage

• social security
• insurance
• retirement

the amount of money you earn for working more than 40 hours each week

• overtime pay
• extra pay
• hourly pay

A fixed amount of money per year paid to an employee to do a job is known as a _____?

• hourly rate

• deduction

• overtime pay

• salary

What is a deduction?

• the total income for a pay period

• net pay

• the amount of money subtracted from your paycheck

• overtime pay

Hourly wage is a specific rate of money per hour worked that is paid by an employer.

• True

• False

A salary is a fixed amount of money paid to an employee to do a job.

• True

• False

A Payday is the day a person is paid.

• True

• False

YTD stands for...

• Yet To Do
• You Take Due
• Year To Date