PF_Chapter6

Question 1

Gross pay

Answer 1

the total amount you earn before any deductions are subtracted

Question 2

Overtime

Answer 2

time worked beyond the regular hours

Question 3

Deductions

Answer 3

amounts subtracted from your gross pay

Question 4

Net pay or take-home pay

Answer 4

the amount after all deductions are taken out of your gross pay

Question 5

Social Security tax deduction

Answer 5

rate of 6.2% of the first $102,000

Question 6

Medicare tax deduction

Answer 6

rate of 1.45% of all pay earned

Question 7

Self-employment tax

Answer 7

the total Social Security and Medicare tax, including employer-matching contributions (15.3%)

Question 8

Incentive pay

Answer 8

money offered to encourage employees to strive for higher levels of performance

Question 9

Employee services

Answer 9

extras that companies offer in order to improve employee morale and working conditions

Question 10

Leave of Absence

Answer 10

allowing employees to temporarily leave their jobs (without pay) for certain reasons, such as having children or completing their education

Question 11

Bonuses

Answer 11

incentive pay based on quality of work done, years of service, or company sales or profits

Question 12

Vested

Answer 12

entitled to the full retirement account

Question 13

Cafeteria-style employee benefits

Answer 13

allow workers to select a range of employer-paid benefits up to a certain total value, based on personal needs

Question 14

Flextime

Answer 14

work schedule that allows employees to choose their working hours within defined limits

Question 15

Compressed Workweek

Answer 15

A work schedule that fits the normal 40-hour workweek into less than five days.

Question 16

Job rotation

Answer 16

employees are trained to do more than one specialized task

Question 17

Job sharing

Answer 17

two people share one-full-time position

Question 18

Telecommuting

Answer 18

working at home or on the road. Usually do computer-related work

Question 19

Labor union

Answer 19

a group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations

Question 20

Collective bargaining

Answer 20

the process of negotiating a work contract for union member

Question 21

Seniority

Answer 21

refers to the length of time on the job and is used to determine transfers, promotions, and vacation time. The longer you work for an employer, the more job security you have.

Question 22

Grievance

Answer 22

a formal complaint that the employer has violated some aspect of the work contract

Question 23

Mediation

Answer 23

a neutral third party helps the two parties reach a compromise

Question 24

Strike

Answer 24

refuse to work until an agreement is reached

Question 25

Craft union

Answer 25

limited to those who practice the craft or trade (bricklayers, carpenters, or plasterers)

Question 26

Industrial union

Answer 26

includes skilled, semi-skilled, or unskilled employees in a particular place, industry, or group of industries

Question 27

Public-employee union

Answer 27

includes municipal, county, state, or federal employees such as firefighters, teachers, and police officers

Question 28

Professional organization

Answer 28

consists of people in a particular occupation that requires considerable training and specialized skills

Question 29

Lobbying

Answer 29

an attempt to influence public officials to pass laws to make decisions that benefit the profession