WorksheetsChapter 2 Review - Finance
Total questions: 24
Worksheet time: 15mins
If the regular rate of pay is $9 an hour, the overtime rate is $13.50 an hour.
True
False
Employers must contribute matching amounts of Social Security and Medicare taxes into each employee's account.
True
False
Net pay is the result when you subtract required and optional deductions from gross pay.
True
False
Some types of deductions may be withheld from your paycheck without your written consent because they are required by law.
True
False
Employee benefits and incentives are offered by companies to improve morale and working conditions.
True
False
Profit sharing is an employee benefit required of all employers.
True
False
Job sharing is a job design in which employees are trained to do more than one specialized task
True
False
The main function of unions is mediation to help settle disputes.
True
False
The American Bar Association is a professional organization for lawyers.
True
False
Lobbying is an illegal activity engaged in by many unions and professional organizations.
True
False
Which of the following is not considered a required deduction?
savings deposits
social security tax
state tax
Federal Income Tax
Employee incentives include all of the following except
employee discounts.
income tax deductions.
wellness programs.
profit sharing.
A company plan whereby employees receive a portion of the earnings of the company is called
retirement plan
sick pay
leave of absence.
profit sharing
A company allowance for full-time employees whereby they are paid even though they are absent for a set number of days for illness is called
sick pay
leave of absence
retirement plan
profit sharing
Railroad employees would belong to a(n) _____ union.
craft
professional
public employee
industrial
Teachers and police officers would belong to a(n) _____ union.
craft
industrial
arbitration
public employee
The major function of unions is
collecting dues
conducting strikes.
having meetings.
bargaining.
A technique for training employees to be efficient in more than one specialized area is called
flextime
core time period
job sharing
job rotation
A decision facilitated by a neutral third party is called
lobbying.
seniority.
bargaining.
mediation.
The Medicare deduction is withheld at a standard rate of 1.45 percent. Suppose your gross pay this week is $750. How much Medicare tax will be withheld from your paycheck?
(a)
The Social Security deduction is withheld at a standard rate of 6.2 percent. Suppose your gross pay this week is $500. How much Social Security tax will be withheld from your paycheck?
(a)
Last week Andy worked 44 hours at his job. His regular hourly rate is $12 and his employer pays the typical rate for overtime. He had the following deductions:
Federal income tax: $40.00
State income tax: $25.00
Social Security tax: $34.22
Medicare tax: $8.00
Health insurance: $15.00
(a)
Martin is a salaried employee who earns $30,000/year. He is paid on the 1st and 15th of every month. What is his gross pay per paycheck?
(a)
Last week, Josie worked 45 hours at her job. Her regular hourly rate is $10. What was Josie’s gross pay last week if her company paid the typical rate of overtime pay?
(a)
