WorksheetsEmployee Compensation Quiz
Total questions: 43
Worksheet time: 27mins
What is the purpose of an employee ID?
To track hours worked
To identify the employee
To calculate taxes
To determine salary
What is a pay period?
The total amount earned in a year
The time frame for which an employee is paid
The amount deducted for taxes
The number of hours worked
Savings accounts allow you to __________.
Spend
Save
Lend
Borrow
What was the amount for January's utilities paid to MPL?
$68.22
$78.22
$88.22
$98.22
What is the balance forward in the check register?
$100
$150
$200
$250
What is the purpose of the memo line on a check?
To write the date
To write the amount
To write the purpose of the check
To write the payee's name
What is the significance of the signature on a check?
It authorizes the check
It dates the check
It writes the amount
It writes the payee's name
How does a budget help you?
It helps you spend more money
It helps you manage your money
It helps you avoid paying taxes
It helps you increase your debt
Large expenses should be equally ________ between all paychecks.
Distributed
Reduced
Accumulated
Ignored
Increased
Basic human needs include:
Jewelry, cars, vacations
Food, water, shelter
Gadgets, clothes, shoes
Entertainment, dining out, travel
Which social factors influence consumer purchasing?
Peer pressure and social media
Climate change
Economic policies
Technological advancements
Which psychological factor influences consumer purchasing?
Emotional responses and perceptions
Physical fitness
Geographic location
Political views
How do advertisers use deceptive pricing to influence consumer purchasing?
By showing the full price upfront
By hiding additional fees
By offering free shipping
By providing a price match guarantee
How can you avoid deceptive advertising?
By trusting all advertisements
By researching products and reading reviews
By buying the cheapest option
By ignoring all advertisements
What is opportunity cost?
The cost of the next best alternative foregone
The price of a product
The amount of money saved
The total cost of all alternatives
What is the pay based on a percentage of the employee's sales?
Commission
Salary
Gross Earnings
Piece Rate
What is the amount of time over which an employee is paid known as?
W4
Payroll
Pay Deduction
Pay Period
Imagine you're chatting with Nikolas, Aliah, and Chris about the awesome perks your employer might offer. Can you list as many benefits as you can think of?
Payroll taxes are based on employee total earnings.
True
False
Which of the following may NOT always appear on your paycheck stub?
Gross Pay
Net Pay
Your Role/Title
Local Tax
What is the amount of time over which an employee is paid known as?
W4
Payroll
Pay Deduction
Pay Period
What is the pay based on a percentage of the employee's sales?
Commission
Salary
Gross Earnings
Piece Rate
How do wages and salary differ?
Wages describe what you earn on an annual basis
Salary describes what you earn on an annual basis
Wages mean you have a standard amount in each paycheck
Salaried employees are likely to be paid for overtime
What is the pay based on a percentage of the employee's sales?
Commission
Salary
Gross Earnings
Piece Rate
Which of the following is a benefit of budgeting?
It increases your expenses
It helps you organize your spending
It complicates financial decisions
It reduces your income
What is a budget?
A detailed plan for spending money
A list of favorite items to buy
A record of past purchases
A type of savings account
What should you do if you consistently spend more than your budget allows?
Continue spending the same way
Borrow money to cover extra expenses
Adjust your budget or reduce expenses
Ignore the budget
How can tracking your expenses help with budgeting?
It allows you to forget about limits
It helps you understand where your money goes
It increases the complexity of budgeting
It discourages saving money
What is the amount of time over which an employee is paid known as?
W4
Payroll
Pay Deduction
Pay Period
Imagine you're chatting with Nikolas, Aliah, and Chris about the awesome perks your employer might offer. Can you list as many benefits as you can think of?
Who is the person responsible for preparing the payroll?
CEO
Earnings Clerk
Manager
Payroll Clerk
When an employee’s earnings exceed the tax base, ____
no more tax is due from employee or employer
no more tax is due from the employee ONLY.
Federal unemployment insurance laws require that ____ pay taxes for unemployment compensation.
employers and employees
employers only
What is the amount of time over which an employee is paid known as?
W4
Payroll
Pay Deduction
Pay Period
What is the pay based on a percentage of the employee's sales?
Commission
Salary
Gross Earnings
Piece Rate
Which part or parts of this paragraph indicate that Robert is preparing a budget to plan his finances?
Robert is a 25-year-old man who is very social by nature. He works for a financial services company. Every month, he puts $500 in an envelope to use as spending money. He ensures that he spends only when he has enough money. He usually avoids outings with friends, but every once in a while, he will spend lavishly up to a certain amount. He plans to retire by the age of 40. He has no plans for marriage anytime soon, and he loves his current job and lifestyle.
Select all that apply.
Robert is a 25-year-old man who is very social by nature. He works for a financial services company.
Every month, he puts $500 in an envelope to use as spending money.
He ensures that he spends only when he has enough money.
He usually avoids outings with friends, but every once in a while, he will spend lavishly up to a certain amount.
He plans to retire by the age of 40. He has no plans for marriage anytime soon, and he loves his current job and lifestyle.
What is a savings account?
A for profit institution that offers personal loans, mortgages and other services.
A business that provides money related services.
An interest bearing account where people put money for future use.
None of the above
When comparing and contrasting savings and investing, which of the following is true?
Saving and investing both help a person stay at their current level of living.
Savings provides the foundation for financial security, while investing is used to pay for long-term goals, such as retirement.
Savings is less liquid than investing
Savings is used to pay for long-term goals, while investing is used to pay for emergencies.
What is the pay based on a percentage of the employee's sales?
Commission
Salary
Gross Earnings
Piece Rate
What is the amount of time over which an employee is paid known as?
W4
Payroll
Pay Deduction
Pay Period
Which of the following is a "Variable Expense"?
Subscriptions
Groceries
Rent
Car payment
The transaction to record employer payroll taxes expense is journalized ____.
at the end of the month following the quarter
immediately after recording the Salary Expense transaction
