Ch 12 Sec 1 Review

What is a wage?

• A fixed annual sum of money divided among equal pay periods

• Amount paid to an employee for every hour worked

• Method of paying employee based on amount of sales the employee generates

What is a salary?

• A fixed annual sum of money divided among equal pay periods

• Amount paid to an employee for every hour worked

• Method of paying employee based on amount of sales the employee generates

What is a commission?

• A fixed annual sum of money divided among equal pay periods

• Amount paid to an employee for every hour worked

• Method of paying employee based on amount of sales the employee generates

What is the total amount paid by a business for an employee's work known as?

• Net pay

• Gross pay

• Overtime pay

• Bonus

The number of days or weeks work covered by an employee’s paycheck is known as the ________.

• pay period

• salary

• overtime

• deduction

What is the role of a payroll clerk?

• To manage employee schedules

• To compile and compute payroll data and then prepare, journalize, and post payroll transactions

• To oversee company finances

• To conduct employee training

How many hours a week must an employee work to earn overtime pay?

• More than 40 hours a week.

• Less than 30 hours a week.

• Exactly 40 hours a week.

• Between 30 and 40 hours a week.

What are the methods mentioned for swiping in a time clock system?

• Name badge

• PIN

• fingerprint

What does the Fair Labor Standards Act set?

• Minimum wage and rules for overtime

• Maximum wage and rules for part-time

• Minimum wage and rules for part-time

• Maximum wage and rules for overtime

Overtime must pay 1 ½ times normal rates for hours in excess of ___ hours per week.

• 40

• 35

• 45

• 50