OPR112 - Week 11 Quiz

To reconcile a bank balance, do you have to have paper copies of documents and cheques?

• Yes

• No

NSF cheques decrease the money in a chequing account.

• Yes

• No

All employees pay Union dues.

• Yes

• No

In your own words, what does it mean to have your pay garnisheed?

Pick the ​ (a)   answer from the following question about Annual Salary.

• Not paid hourly
• Not paid hourly.
• Always paid monthly.
• No taxes taken.

Bi-weekly pay and semi-monthly pay are the same thing.

• Yes

• No

What is the current minimum wage in Ontario?

• $16.65/hour

• $14.25/hour

• $15.50/hour

• $20.00/hour

From the following, what is the best definition of Net pay?

• What you earn before deductions.

• What you earn after deductions.

• What is taken off in taxes.

• What you earn for vacation.

Match the following

• Weekly, Bi-Weekly, etc.

• Salaried

• Taxes based on what you earn.

• Standard Deductions

• Tax, EI, CPP

• Pay Basis

• Someone who is on the payroll.

• Tax Bracket

If we had to work out 2023 CPP based on percentage, it would be:

• 5.95%

• 1.63%

• 8%

• 4.95%