Ch 1 Working World Quiz

What is a key difference between being an entrepreneur and an intrapreneur?

• Intrapreneurs start and own their own business.

• Entrepreneurs are corporate executives who always work for someone else.

• Intrapreneurs are corporate executives who develop new enterprises within a corporation.

• Entrepreneurs are corporate executives who develop new enterprises within a corporation.

How do you calculate wages for a worker paid hourly?

• Add the hours and hourly wage.

• Multiply the hours by the hourly wage.

• Divide the hourly wage by the hours worked.

• Subtract the hours from the hourly wage rate.

How many biweekly paychecks will an employee who is paid a salary receive?

• 12

• 24

• 26

• 52

Why do employers use commission to pay their employees?

• To hire their employees

• To penalize their employees

• To organize their employees

• To motivate their employees

What is the gross pay for an employee who has worked 40 regular and 3 overtime hours at a regular pay rate of $12.30 per hour?

• $55.35

• $492

• $528.90

• $547.35

Define the following key terms from this chapter. 6. Career: ____________

• A profession for which one trains and is undertaken as a permanent calling

• A temporary job taken for extra income

• A hobby pursued during free time

• A short-term volunteer activity

Define the following key terms from this chapter. 7. Entrepreneur: ____________

• A person who organizes, operates, and assumes the risk for a business venture

• A person who manages only non-profit organizations

• A person who only invests in stocks and bonds

• A person who works as an employee in a large corporation

Define the following key terms from this chapter. 8. Gross pay: ____________

• The amount of money earned before any taxes and deductions are taken

• The amount of money received after all deductions

• The total amount of taxes paid in a year

• The amount of money saved in a bank account

Define the following key terms from this chapter. 9. Incentive: ____________

• A type of compensation based on employer-recognized success

• A mandatory deduction from employee salary

• A government-imposed tax on income

• A standard work schedule for employees

Define the following key terms from this chapter. 10. Strike: ____________

• An action that union members make that puts pressure on a business because it deprives businesses of the labor resources they need to make a profit

• A type of business loan used to purchase equipment

• A government policy to reduce inflation

• A method of advertising a new product