WorkKeys - Workplace Documents

Gross pay

• The total amount of money earned by an employee before any deductions are made.

• The amount of money an employee takes home after taxes and deductions.

• The hourly wage multiplied by the number of hours worked.

• The total earnings of a company before expenses are deducted.

Termination

• The act of ending an employee's contract or employment.

• A process of hiring new employees.

• A method of employee evaluation.

• A strategy for employee retention.

Confidentiality

• The ethical principle that ensures sensitive information is kept private and secure.

• A method of data encryption to protect information.

• A legal requirement for all businesses to disclose information.

• A process of sharing information with stakeholders.

Risk management

• The process of identifying, assessing, and controlling threats to an organization's capital and earnings.

• A method for increasing an organization's profits without taking risks.

• A strategy for eliminating all potential risks in a business.

• The practice of ignoring potential threats to focus on opportunities.

W2

• A document that reports employees' annual wages and the amount of taxes withheld from their paychecks.

• A form used to apply for a job.

• A statement of an employee's performance review.

• A record of an employee's attendance and leave days.

Workplace documents

• Memos, reports, and tax forms

• Personal letters and invitations

• Social media posts and blogs

• News articles and editorials

Net pay

• The total amount earned before any deductions.

• The net amount of income received after the deduction of taxes, benefits, and voluntary contributions from a paycheck.

• The amount of money saved for retirement.

• The gross income minus only the federal tax.

Internal Revenue Service (IRS)

• The U.S. government agency responsible for tax collection and tax law enforcement.

• A private organization that manages tax-related services.

• A state agency that oversees local tax regulations.

• An international body that regulates global tax policies.

Memo

• A long formal report used for external communication.

• A short informal message or record used for internal communication in a business.

• A type of financial statement used in accounting.

• A legal document required for business transactions.

Employee benefits

• Wages paid to employees for overtime work

• Non-wage compensations provided to employees in addition to their normal wages or salaries.

• Bonuses given to employees for exceptional performance

• Salary increases based on years of service