Math 10-3: Chapter 2 Earning an Income Review

What does bi-monthly amount paid mean?

• Amount paid in one hour

• Amount paid in one day

• Amount paid every month

• Amount paid every two months

• Amount paid in one year

What does annual amount paid mean?

• Amount paid in one hour

• Amount paid in one day

• Amount paid in one week

• Amount paid in one month

• Amount paid in one year

What does bi-weekly amount paid mean?

• Amount paid in one hour

• Amount paid in one day

• Amount paid in one week

• Amount paid in two weeks

• Amount paid in one year

What is gross income?

• The total amount of income before any deductions

• The total amount of income minus before tax deductions

• Total pay after deductions, otherwise known as the take home pay

What is net pay?

• The total amount of income before any deductions

• The total amount of income minus before tax deductions

• Total pay after deductions, otherwise known as the take home pay

What is a commission?

• An amount paid to an employee based on a percentage of their sales

• A fixed rate for each unit produced

• A form of an incentive pay that provides extra cash

• Additional compensation provided for employees who work other than the day shift. It may be a percentage of the base pay or factored into hourly rate.

• An amount paid to an employee based on how well they did their job.

What is a tip?

• An amount paid to an employee based on a percentage of their sales

• A fixed rate for each unit produced

• A form of an incentive pay that provides extra cash

• Additional compensation provided for employees who work other than the day shift. It may be a percentage of the base pay or factored into hourly rate.

• An amount paid to an employee based on how well they did their job.

What is a bonus payment?

• An amount paid to an employee based on a percentage of their sales

• A fixed rate for each unit produced

• A form of an incentive pay that provides extra cash

• Additional compensation provided for employees who work other than the day shift. It may be a percentage of the base pay or factored into hourly rate.

• An amount paid to an employee based on how well they did their job.

What is piece work?

• An amount paid to an employee based on a percentage of their sales

• A fixed rate for each unit produced

• A form of an incentive pay that provides extra cash

• Additional compensation provided for employees who work other than the day shift. It may be a percentage of the base pay or factored into hourly rate.

• An amount paid to an employee based on how well they did their job.

What is a shift premium?

• An amount paid to an employee based on a percentage of their sales

• A fixed rate for each unit produced

• A form of an incentive pay that provides extra cash

• Additional compensation provided for employees who work other than the day shift. It may be a percentage of the base pay or factored into hourly rate.

• An amount paid to an employee based on how well they did their job.