Money Matters Chapter 3.1 Vocabulary

What is the payment for work that is usually calculated on an hourly, daily, or piecework basis?

• Salary

• Wage

• Piecework

• Tip

What is the money added to the employee's basic salary?

• Commission

• Bonus

• Dependent

• Compensation

Who is the person that relies on another person for financial support?

• Commission

• Bonus

• Dependent

• Compensation

What is the term for deduction from gross pay?

• Gross pay

• Overtime pay

• Net pay

• Payroll deduction

What is the wage that is based on a rate per unit of work completed?

• A fixed pay for work expressed as an annual number

• Pay for work usually calculated on an hourly, daily, or piecework basis

• A wage based on a rate per unit of work completed

• Money paid for service beyond what is required; also known as a tip

What is the money paid for a service beyond what is required, also known as a tip?

• A fixed payment for work expressed as an annual number

• Wage based on a rate per unit of work completed

• Money paid for a service beyond what is required; also known as a tip

• Payment for work usually calculated on an hourly, daily, or piecework basis

What term describes the wages or salaries and benefits paid to employees?

• Commission

• Bonus

• Compensation

• Dependent

Who is the person that relies on another person for financial support?

• Commission

• Bonus

• Salary

• Dependent

What is the total income before deductions from salaries?

• Gross income

• Net income

• Overtime pay

• Deduction

What is the amount paid for work hours in a week that exceed the standard 40-hour workweek?

• Gross income

• Net income

• Overtime pay

• Deduction