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Income Quiz 1

Total questions: 25

Worksheet time: 19mins

Name
Class
Date
1.

Pay structure in which salaried employees receive 1/12 of their annual salary on the last day of each month

a)

weekly pay period

b)

semimonthly pay period

c)

overtime pay

d)

monthly pay period

2.

Person or company who hires a person and pays him/her for work done

a)

employer

b)

producer

c)

manager

d)

employee

3.

Wages that are earned when an employee works over 40 hrs in a week

a)

vacation pay

b)

base pay

c)

gross pay

d)

overtime pay

4.

Automatic deposit of a person's paycheck into his/her checking account

a)

credit card

b)

direct deposit

c)

debit card

d)

commission

5.

Fixed payment for a person's work, usually paid monthly or twice per month

a)

money

b)

contract

c)

payroll

d)

salary

6.

Pay the employee receives for work performed

a)

gross pay

b)

base pay

c)

overtime pay

d)

variable pay

7.

Amount of money paid for each hour of worked

a)

annual salary

b)

hourly wage

c)

overtime

d)

minimum wage

8.

Money received by a person or company

a)

income

b)

cost

c)

expense

d)

price

9.

Tool that makes it easier to trade one thing of value for another

a)

stock

b)

labor

c)

land

d)

money

10.

Agreement made through spoken communication.

a)

unlateral contract

b)

verbal contract

c)

bilateral contract

d)

bilateral agreement

11.

Pay structure in which employees are paid each week.

a)

weekly pay period

b)

overtime pay

c)

semimonthly pay period

d)

monthly pay period

12.

Lowest hourly wage employers are legally required to pay employees

a)

minimum wage

b)

overtime pay

c)

living wage

d)

gross pay

13.

When the only compensation received by an employee is commission

a)

straight commission

b)

graduated commission

c)

salary plus commission

d)

commission plus bonus

14.

List of employees a company pays

a)

utilities

b)

money

c)

taxes

d)

payroll

15.

Pay structure that divides the month into two pay periods; payday is often at the middle and the end of the month

a)

overtime pay

b)

semimonthly pay period

c)

weekly pay period

d)

biweekly pay period

16.

Pay structure in which employees are paid every two weeks, often on a Friday

a)

base pay

b)

biweekly pay period

c)

semimonthly pay period

d)

minimum wage

17.

The pay that people receive for their work

a)

unearned income

b)

earned income

c)

discretionary income

d)

portfolio income

18.

Income that is not derived from a person's work

a)

earned income

b)

taxable income

c)

gross income

d)

unearned income

19.

A person who starts up and takes on the risk of a business

a)

entrepreneur

b)

consumer

c)

independent contractor

d)

manager

20.

Formal agreement between two or more entities (people/organizations)

a)

market

b)

commission

c)

contract

d)

income

21.

Match the pay period with how many

paychecks you would get in a year.

a)

Paid Monthly

1.

12 paychecks per year

b)

Paid Weekly

2.

52 paychecks per year

c)

Paid Biweekly

3.

26 paychecks per year

d)

Paid Semi-Monthly

4.

24 paychecks per year

22.

If you earn $15.50 per hour and work 40 hours in one week, what is your gross weekly pay?

23.

A teacher earns a $62,000 salary and is paid monthly. How much does the teacher earn per paycheck before taxes?

(Round to the hundredths place.)

24.

A car salesperson earns 6% commission on each sale. If she sells a $25,000 car, how much commission does she make?

25.

Match each job type to its typical pay structure:

a)

Retail cashier

1.

Hourly

b)

Car Dealer

2.

Commission

c)

School principal

3.

Salary