Week 6. Vocab Review

Vocabulary Terms: Paychecks are distributed two times a month, usually on fixed dates such as the 1st and 15th, or the 15th and 30th.

• Bi-weekly Pay Period

• Monthly Pay Period

• Semi-monthly Pay Period

• None of these!

When working overtime hours, your regular hourly wage is increased by what number?

Vocabulary Term: An expense that stays the same from month to month.

• Budget

• Variable Expense

• Fixed Expense

• None of these!

How many hours must a person work in order to qualify for overtime?

• 39 hours

• 45 hours

• 50 hours

• None of these!

Vocabulary Term: An United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week.

• Labor Fair of 1938

• Fair States Act of 1938

• Fair Labor Standards Act of 1938

• None of these!

What number is represented when working DOUBLE overtime?

• 3

• 2

• 4

• None of these!

Vocabulary Term: The amount of money your employer pays you over the course of a year in exchange for the work you perform

• Monthly Pay Period

• Annual Salary

• Sinking Fund

• None of these!

Regarding calculating overtime paychecks, multiplying your regular hours by your regular hourly wages is called what?

• Regular Gross

• Overtime hourly wage

• Overtime Gross

• None of these!

Vocabulary Terms: A way to balance income, expenses and financial goals for a specific length of time.

• Life Insurance

• Sinking Fund

• Budget

• None of these!

When calculating overtime paychecks, your total hours minus your regular hours equals what?

• Regular hours

• Overtime hours

• Total hours

• None of these!