UNIT 3: Payroll & Earnings Statements

Someone who comes up with a business idea and takes the risk to start their own company. They're the boss and try to make a profit by selling a product or service.

• employee

• employer

• entrepreneur

Someone who works for a business owned by someone else. They follow instructions and get paid a wage or salary for the work they do.

• employee

• employer

• entrepreneur

The person or company that hires and pays people to work for them. They're responsible for managing these people and ensuring they get paid.

• employee

• employer

• entrepreneur

Someone who gets paid for each hour that they work is considered an __________ employee.

Someone who gets paid based on an annual number and their paycheck does not vary based on the number of hours that they work is a __________ employee.

When an employee works more than their contractual hours per week, they are paid __________.

• salary

• hourly

• overtime

• commission

When an employee earns money based on how much they sell, they are paid __________.

• salary

• hourly

• overtime

• commission

Overtime is typically __________ times your hourly wage.

• 2

• 1

• 1.5

• 1.75

The amount of money that you earn is called ​ (a)   . The amount of money that you take home is called ​ (b)   .

• gross pay
• net pay

Getting paid once each week is considered​ (a)   . Getting paid once every other week is considered ​ (b)   . Weekly employees typically receive ​ (c)   paychecks per year while bi-weekly employees receive ​ (d)   .

• weekly.
• bi-weekly
• 52
• 26