Business Math Finals

What is the main difference between salary and wage?

• Salary is fixed, while wage is based on hours worked

• Wage is fixed, while salary is performance-based

• Salary is paid hourly, while wage is paid monthly

• Wage earners do not receive benefits

Which of the following is considered income?

• Salary and wages

• Commissions and bonuses

• Business profits and rental earnings

• All of the above

What does "net earnings" mean?

• Total salary before deductions

• Total earnings after deductions

• Additional bonuses received

• Only overtime pay

What is an example of an employee benefit?

• Social Security System (SSS) contribution

• Health insurance

• Overtime pay

• All of the above

Which of the following is a nontaxable benefit?

• Basic salary

• 13th-month pay (below ₱90,000)

• Overtime pay

• Performance bonus

Which deduction is required for employees in the Philippines?

• PhilHealth

• Pag-IBIG

• SSS

• All of the above

What is the purpose of a payslip?

• To notify employees of salary delays

• To show the breakdown of earnings and deductions

• To provide proof of employment

• To request salary increases

Which government agency is responsible for tax collection on salaries in the Philippines?

• Bureau of Internal Revenue (BIR)

• Department of Labor and Employment (DOLE)

• Social Security System (SSS)

• Pag-IBIG Fund

How is gross earnings calculated?

• Basic salary + bonuses + allowances

• Basic salary - deductions

• Net earnings + taxes

• Basic salary ÷ total hours worked

What is the percentage contribution of an employee to SSS?

• 3% of gross salary

• 5% of gross salary

• 4.5% of monthly salary credit

• 10% of net salary