wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Understanding Income and Pay Structures

Total questions: 28

Worksheet time: 30mins

Name
Class
Date
1.

What is payroll?

a)

the system businesses use to track customer purchases

b)

a type of loan employees receive from their workplace

c)

a list of a company's employees and the amount of money they are to be paid.

d)

the process of hiring new employees for a company

2.

Gross income is:

a)

the total amount of money you earn

b)

the amount of money you receive after decuctions are subtracted

c)

the total amount of money you spend

d)

sales taxes on items you buy

3.

A fixed amount of money that your earn on a regular basis is ...

a)

salary

b)

piecework

c)

commission

d)

hourly pay

4.

A pay period with occurs 24 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

5.

A pay period with occurs 12 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

6.

A pay period with occurs 52 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

7.

A pay period with occurs 26 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

8.

A ___________________ is a recurring length of time over which an employee is paid.

a)

paycheck

b)

weekly time card

c)

salary

d)

pay period

9.

What type of pay is it when you receive a specified amount of money for each item of work that you complete?

a)

hourly pay

b)

salary

c)

piecework

d)

commission

10.

What type of pay is it when the amount of money that you are paid is based on sales?

a)

hourly pay

b)

salary

c)

piecework

d)

commission

11.

A ___________________ shows the time you reported for work and the time you left each day of the week

a)

paycheck

b)

weekly time card

c)

pay period

d)

commission rate

12.

When you work overtime and you are paid 1.5 times your regular hourly rate, you are paid _______________________.

a)

There is no special term... it is just overtime.

b)

double time

c)

time and a half

d)

piecework

13.

When you work overtime and you are paid 2 times or twice your regular hourly rate, you are paid _______________________.

a)

There is no special term... it is just overtime.

b)

double time

c)

time and a half

d)

piecework

14.

What type of pay is it when you are paid a fixed amount of money for each hour you work?

a)

hourly pay

b)

salary

c)

piecework

d)

commission

15.

The amount of money you earn per hour is called your ...

a)

commission rate

b)

hourly rate

c)

time and a half

d)

double time

16.

When you are paid using hourly pay, the pay you recieve for hours you normally work which are less than or equal to 40 hours is called ...

a)

straight-time pay

b)

overtime pay

c)

total pay

d)

paychecks

17.

When you are paid using hourly pay, the pay you recieve for hours you work above your normal work hours or over 40 hours a week is called ...

a)

straight-time pay

b)

overtime pay

c)

total pay

d)

paychecks

18.

Gross income is:

a)

the total amount of money you earn

b)

the amount of money you receive after decuctions are subtracted

c)

the total amount of money you spend

d)

sales taxes on items you buy

19.
Which of the following represents the actual amount of money you get to take home?
a)
Commission Pay
b)
Net Pay
c)
Hourly Pay
d)
Gross Pay
20.
Which way to get paid is the LEAST stable income source (varies the most from pay period to pay period)?
a)
Commission
b)
Piece Work
c)
Hourly
d)
Salary
21.
FICA is comprised of two different parts… what are they?
a)
Social security and federal tax
b)
Social security and state tax
c)
Medicare and social security
d)
Medicare and federal tax
22.

Which of these payroll deductions is a legal requirement?

a)

Health Insurance

b)

Retirement Plan

c)

Federal Income Tax

d)

Union Dues

23.

Reflects the amounts that are automatically deposited into the bank accounts specified by the employee

a)

Deductions

b)

Wages

c)

Direct deposit

d)

Gross pay

24.

Total amount of money earned for the entire year up to the current pay period

a)

Year to Day

b)

Year to Date

c)

Year to Time

d)

Year to Cost

25.

Monetary subtractions from the employee's gross pay

a)

Salary

b)

Wages

c)

Deductions

d)

Gross pay

26.

Pay based on the amount of money an employee earns per hour

a)

Wages

b)

Salary

c)

Gross pay

d)

Net pay

27.

Which type of compensation pays the employee a set amount of money for a set period of time?

a)

Hourly

b)

Piece Work

c)

Equity

d)

Salary

28.

A ________ employee received a set amount of pay each month without overtime compensation for extra hours worked.

a)

piece work

b)

salary

c)

hourly

d)

commission