Chapter 6

Question 1

Every two weeks

Answer 1

Biweekly

Question 2

An employee benefit that allows employees paid time off to care for sick children or newborns

Answer 2

Childcare leave

Question 3

A method of payment where an employee receives a percentage of the amount of sales produced by that employee.

Answer 3

Commission

Question 4

Payroll or other types of checks that are directly and electronically deposited into a bank account

Answer 4

Direct Deposit

Question 5

Value added options that an employer may choose to offer employees; insurance, paid vacation time, paid holiday, retirement plans, stock ownership plans, and child care leave.

Answer 5

Employee Benefits

Question 6

A business that has lists of job openings and charges a fee to find jobs for people

Answer 6

Employment Agency

Question 7

Social Security and Medicare taxes both fall in this category: the money that an employee and employer contribute to Social Security and Medicare is used to pay current benefits to others.

Answer 7

Fica

Question 8

A form that is filled out by a new employee that gives directions to the government on how much money in taxes to deduct from an employee’s pay

Answer 8

Form W-4

Question 9

The total pay, which is the sum of an employees hourly pay and overtime pay.

Answer 9

Gross Pay

Question 10

A set amount that an employee is paid for each hour of work

Answer 10

Hourly Rate

Question 11

The maximum income on which a person must pay Social Security Tax in any given year.

Answer 11

Maximum Taxable Income

Question 12

The amount an employee pays is a set percentage of the entire income with no maximum amounts; the amount is split between the employee and employer.

Answer 12

Medicare Tax

Question 13

The hourly rate that federal law allows as the least hourly rate to be paid to an employee in the United States.

Answer 13

Minimum Wage

Question 14

The hourly wage an employee receives for any overtime hours.

Answer 14

Overtime Hourly Rate

Question 15

The extra hours an employee works beyond their regular hours

Answer 15

Overtime Hours

Question 16

Paid time off for holidays that an employee may offer to employees as an employee benefit

Answer 16

Paid Holiday Time

Question 17

Paid time off that an employer may offer to employees as an employee benefit

Answer 17

Paid Vacation Time

Question 18

A type of retirement plan where an employee receives compensation from an employer after retirement.

Answer 18

Pension

Question 19

The set number of hours that an employee is expected to work.

Answer 19

Regular Hours

Question 20

A mean that employers may offer to save for retirement; may include 401(K)

Answer 20

Retirement Plans

Question 21

Money that employers or others receive based on sales, for example an author or musician.

Answer 21

Royalty

Question 22

A unique nine digit number that identifies a resident of the United States

Answer 22

Social Security Number

Question 23

An insurance program available through the United States government that provides income to people who retire, become disabled, or who receive Survivor’s benefits.

Answer 23

Social Security

Question 24

The amount of Social Security a worker pays depending on the Social Security percentage and the maximum taxable income for that year; the amount is split between the employee and the employer

Answer 24

Social Security Tax

Question 25

A plan that allows employees to buy or receive stock, offered as an employee benefit

Answer 25

Stock Ownership Plans

Question 26

A government plan that offers benefits to eligible employees who, through no fault of their own, have become unemployed

Answer 26

Unemployment Insurance

Question 27

Assistance to employees who are injured while working at their job; a program that is governed by state laws

Answer 27

Worker’s Compensation