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WorksheetsIncome Terms
Total questions: 26
Worksheet time: 50mins
What does commission mean?
tips
An amount (percentage), paid to someone for a business transaction.
hourly salary
To win a lottery
When you are paid by commission it means...
You get a bonus on top of your hourly wage at work.
Your pay depends on how much you sell.
You get a percentage of the total money you bring in to the company.
It's the same as being paid by 'salary'.
As an employee at Foot Locker you are entitled to a 23% discount, or $45.00 of your purchase. The new Nikes you have been waiting for have just been released. They are $212.00. Should you ask for the % discount or the $45 dollars off?
% discount
$45 dollars off
Change 125% to a decimal
12.5
.125
1.25
125
Change 3% to a decimal
3.00
.003
.3
.03
Find %5 of 30 (multiply 30 by .05)
15
1.5
.15
.8
Amount $1,000.00
Rate 3%
What is the definition of gross pay?
Your salary before deductions.
Winning the lottery
Salary
Anything under the minimum wage.
What is the definition of net pay?
Your salary before deductions.
Your earnings after deductions (paying into CPP, pension, union dues, provincial and federal taxes).
A fisher's earnings.
The basketball stars million dollar wages.
What is the definition of self-employed?
A set rate for work and/or service.
A person who has a boss.
A person who works for themselves.
Earnings through 'gifts of cash'
What is the definition of contract work?
The terms or agreement outlined from a 'boss'.
The terms of employment, through an hourly salary.
The terms of employment, usually set from a CEO.
A legal agreement that outlines terms, conditins and payments for work/services to be done.
What are taxes?
the amount of money citizens and businesses charge the government so they can pay all their bills.
the amount of money citizens and businesses are required to pay so the government can function and provide services.
the amount of money citizens and businesses are required to pay so they are protected from criminal organizations.
the amount of money citizens and businesses pay the government because it makes them happy.
The amount of money in your paycheck after taxes are taken out.
net pay
gross pay
regular pay
disability income
Bob earns $3,300 monthly. How much does he make in a year?
$275
$39,600
$36,000
A deduction is
gross income
money added to your income
net income
money taken out of your income
An overtime rate that pays two times the hourly rate.
Time and a Half Overtime
Hourly Rate
Double-Time Pay
