First Summative Test BM

The following are statements that best described a salary earner, EXCEPT:

• Individual receiving this compensation is called fixed income earner.

• Individual’s payment can be received by monthly or semi – monthly.

• Individual’s payment is on hourly rate basis for manual labor.

• Individual is paid a fixed amount per pay period.

This is the payment made for a service rendered usually referring to a payment for total hours of work at a designated hourly rate.

• A. Salary

• B. Income

• C. Wage

• D. Benefits

This is a compensation, either monetary or in kind, that is given to employees for serving in the establishment or company.

• A. Salary

• B. Income

• C. Wage

• D. Benefits

This is the total amount in salary or wages an individual earned before taxes and other deduction are made.

• A. Gross Annual Income

• B. Gross Earnings

• C. Net Annual Income

• D. Net Earnings

This is the total amount in salary or wages an individual earned over a one – year period before taxes and other deduction are made.

• A. Gross Annual Income

• B. Gross Earnings

• C. Net Annual Income

• D. Net Earnings

It is the amount left out of the total earnings of an employee after deduction like taxes and other deductions that have been made.

• A. Gross Annual Income

• B. Gross Earnings

• C. Net Annual Income

• D. Net Earnings

It is a type of commission where employee receives a salary and also a commission from his/her sales, no sales quota required.

• A. Salary plus commission.

• B. Salary plus commission bonus

• C. Override Commission

• D. Straight Commission

Convert the annual salary Php 300,000 into a monthly salary.

• A. Php 24,000

• B. 23,000

• C. 25,000

• D. 26,000

If Katherine receives Php 8,000 for a day for her 8 hour work, the how much is her rate per hour?

• A. 800

• B. 900

• C. 2,000

• D. 1,000

With a total earnings of Php 25,800 and a total deduction of Php 4,500, how much is the worker’s net earnings?

• A. 22,300

• B. 21,000

• C. 21,300

• D. 21,200