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WorksheetsFin Lit Terms
Total questions: 13
Worksheet time: 7mins
Gross Pay
Total amount earned before deductions are subtracted
Amount after taxes and deductions
Net income after all expenses
Salary before bonuses and commissions
Interest
A fee charged by the bank for account maintenance.
A percentage of the money that is in an account that a bank pays on some accounts.
A type of investment that guarantees returns.
A penalty for withdrawing money too early.
Principal
The total interest paid on a loan.
The balance, or amount of money, in an account, or amount borrowed.
The fees associated with opening a bank account.
The minimum payment required on a credit card.
Overtime
Time worked beyond regular 40 hours.
Time taken off from work for personal reasons.
Time spent in training sessions during work hours.
Time worked during weekends only.
Net Pay
The total earnings before any deductions are made.
The amount left over after deductions are taken out of the gross pay. Some call this take-home pay.
The amount of money earned from investments.
The sum of all deductions from gross pay.
Semimonthly
Twelve times a year, once a month
Twenty-Four times a year, twice a month
Thirty times a year, three times a month
Fifty-Two times a year, once a week
Overtime Rate
One and a half (1.5) times the normal hourly amount of compensation
Double the normal hourly amount of compensation
Normal hourly amount of compensation
One and a quarter (1.25) times the normal hourly amount of compensation
Checking
An account at a bank that allows a customer to deposit money, make withdrawals, and make transfers from the funds on deposit (everyday account).
A type of savings account that offers higher interest rates for long-term deposits.
A loan provided by a bank to purchase a home or property.
An investment account that allows customers to buy and sell stocks and bonds.
Hourly Rate
Set amount paid for each hour of work.
Payment made at the end of the month.
Fixed salary regardless of hours worked.
Bonus paid for overtime work.
Savings
An account in which the bank pays interest for use of the money deposited into the account.
A type of account that incurs fees for withdrawals.
An account that allows unlimited transactions without any interest.
A loan provided by the bank to customers for personal use.
Biweekly
Twenty-Six times a year, every other week
Once a month
Twice a month
Every week
Annually
Occurring every year
Happening once a month
Taking place every two years
Occurring every week
Salary Pay
Compensation based on performance and productivity.
Fixed compensation paid regularly for services. Traditionally, these employees don't receive any additional compensation for overtime.
Payment made only for overtime work.
A type of commission based on sales.
