Chapter 12 Vocab

Question 1

A list of employees and the payments due to each employee for a specific pay period

Answer 1

Payroll

Question 2

The amount of time for which an employee is paid

Answer 2

Pay period

Question 3

An employee responsible for preparing the payroll

Answer 3

Payroll clerk

Question 4

The total amount of money an employee earns in a pay period; also called gross pay

Answer 4

Gross earning

Question 5

A fixed amount of money paid to an employee for each pay period

Answer 5

Salary

Question 6

An amount of money paid to an employee at a specified rate per hour worked

Answer 6

Wage

Question 7

A record of the arrival time, departure time, and total number of hours worked each day for an employee

Answer 7

Time card

Question 8

An amount paid to an employee based on a percentage of the employees sales.

Answer 8

Commission

Question 9

1 1/2 times an employees regular hourly rate of pay and is paid for all hours worked over 40 per week

Answer 9

Overtime rate

Question 10

An amount that is subtracted from an employees gross earnings

Answer 10

Deduction

Question 11

A voluntary payroll deduction that allows employees to defer paying taxes until retirement

Answer 11

401(k) plan

Question 12

Depositing net pay directly into an employees personal bank account through electronic funds transfer

Answer 12

Direct deposit

Question 13

The employees year-to-date gross earnings

Answer 13

Accumulated earnings

Question 14

The amount of money left after all deductions are subtracted from the gross earnings paid to an employee

Answer 14

Net pay

Question 15

A form that summarizes information about employees earnings for each pay period

Answer 15

Payroll register