Money

Question 1

What is income?

Answer 1

Money receivced in exchange for work done or as a gift

Question 2

What is hourly wage

Answer 2

Money earned per hour of work.

Calculate income multiple the number of hours times the hourly wage.

Question 3

What do you call the money earned during the week?

Answer 3

Weekly wage

Question 4

What is gross income?

Answer 4

The amount of money earned before deductions (like taxes). Calculate gross income = hourly wage x hours worked

Question 5

People are normally expected to work 40 hours in a week, Monday - Friday. What are any hours in excess of 40 hours called?

Answer 5

Overtime pay

Question 6

What is overtime pay usually paid out as?

Answer 6

Time and a half of regular pay – or x1.5 of regular pay

Question 7

What is double time pay?

Answer 7

x2 – some employers pay for hours worked on holidays or for hours worked in excess (over) overtime at 2 times regular pay

Question 8

What is it called when you earn money based on the number of prduct made or sold

Answer 8

Piecework Income (the more you make or sell, the more money you make)

Question 9

What is commission?

Answer 9

Income is a percentage of your total sales

Question 10

What does commission plus salary – is this better or wors than regular commission?

Answer 10

You earn a regular income plus a percentage of your total sales.

Better than just commission because now you have guaranteed income, regardless of how much you sell or make

Question 11

What are fees?

Answer 11

professionals, such as doctors, lawyers, dentists or accountants have incomes that are based on the fee they receive for their services

Question 12

What do you call a fixed amount you earn over a certain period of time?

Answer 12

Salary

Question 13

What do these terms mean:
- Annual
- Monthly
- Semi-monthly
- Biweekly
- Weekly

Answer 13

• Annual – once a year
• Monthly – once per month
• Semi-monthly – twice a month
• Biweekly – once every two weeks
• Weekly – once per week

Question 14

What are important proportions to know for annual (yearly) calculations

Answer 14

52 weeks/year
12 months/year

Question 15

What are important proportions to know for monthly calculations

Answer 15

4 weeks/month
31 days/month

Question 16

What are shift premium?

Answer 16

A shift premium is paid to employees who are expected to work late afternoon or night sifts as an incentive (make it more appealing to a person). The hourly rates mkight be increased by a certain amount, such as $0.70 for the afternoon shift and $1.00 for the evening late shift.

If…
Regular rate – $10/hour
Afternoon shift rate = $10 + $0.70 = $10.70/hour
NIght shift rate = $10 +$1 = $11/hour

Question 17

What is a bonus?

Answer 17

Sometimes given to employees to encourage greater productivity

Earnings = wage + bonus

Question 18

What are expenses?

Answer 18

Each month people usually have expenses. These are things you buy or pay for (like phone bill, clothes, food, entertainment, rent, etc… )

Expenses are deducted (or taken away, minused) from your income