Final Review

The combination of salary and fringe benefits an employer provides to an employee.

5 points

A. Transferrable skills

B. Income

C. Compensation package

D. Tax refund

Contacting employers after you've submitted your resume

5 points

A. Networking

B. Non-verbal communication

C. Personal Mission statement

D. Follow-up

Working in your expected career field, either during a semester or over the summer is called5 points

A. Internships

B. Networking

C. Follow-up

D. Compensation package

Involves developing a broad list of contacts and encouraging them to assist you in looking for a job.5 points

A. Networking

B. Internships

C. Non-verbal communication

D. Transferrable skills

What you say to the interviewer through activities such as a handshake, eye contact, facial expressions (including smiling), body posture, and hand gestures. 5 points

A. Non-verbal communications

B. Transferrable skills

C. Personal Mission statement

D. Follow-up

Helps job-seekers identify their core values and beliefs

5 points

A. Personal mission statement

B. Non-verbal communication

C. Networking

D. Follow-up

Professionals who are paid by employers to find candidates for specific positions

5 points

A. Networking

B. Non-verbal communication

C. Headhunters

D. Thank-you letters

A common courtesy after every interview, so you'll stand out from the crowd.

5 points

A. Internships

B. Personal mission statement

C. Thank-you letters

D. Transferrable skills

Skills you have acquired during any activity in your life that are transferable and applicable to what you want to do in your next job.

5 points

A. Networking

B. Non-verbal skills

C. Internships

D. Transferrable skills

A benefit providing on-site facilities or coverage of child-care expenses for employees.5 points

A. Sick pay

B. Employee services

C. Child care

D. insurance

Benefit that allows employees to receive a portion of the company's profits at the end of the corporate year. Also called incentive pay.5 points

A. Pension and savings plan

B. Leave of absence

C. Profit sharing

D. Insurance

Benefit that gives employees the right to buy a set number of shares of the company's stock at a fixed price by a certain time.5 points

A. Bonuses and stock options

B. Travel expenses

C. Pension and savings plan

D. Profit sharing

An allowance of days each year for illness, with pay as usual.

5 points

A. Paid vacations and holidays

B. Cafeteria style benefits

C. Child care

D. Sick pay

Full-time employees receive a set amount of paid vacation time. This means you get paid as usual.5 points

A. Sick pay

B. Paid vacation and holidays

C. Travel expenses

D. Profit sharing

Employer sponsored savings plans, such as 401(k) for private emplyers or a 403(b) for government employees, which are retirement plans5 points

A. Leave of absence

B. Travel expenses

C. Child care

D. Pension and savings plans

Benefit that allows employees to temporarily leave their jobs (without pay) for certain reasons and return to their jobs at a later time.5 points

A. Child care

B. Employee services

C. Leave of absence

D. Cafeteria style benefits

Benefit that often provides a company car or mileage allowance for trips related to work.

5 points

A. Paid vacation

B. Pension and savings plan

C. Travel expenses

D. Profit sharing

Programs that allow workers to base their job benefits on personal needs.

5 points

A. Child care

B. Sick pay

C. Travel expenses

D. Cafeteria style benefits

Health insurance that is provided by employers. May include dental, vision and life insurance.5 points

A. Insurance

B. Sick pay

C. Child care

D. Pension and savings plan

To determine you gross pay when you receive an hourly wage, you multiply your hourly rate by the number of regular hours worked.

5 points

A. True

B. False

Annual salary refers to the amount of pay to be received each month.

5 points

A. True

B. False

Overtime wages are usually calculated at two times the regularly hourly rate.

5 points

A. True

B. False

A standard workweek is 40 hours in a five-day period of 8 hours each day.

5 points

A. True

B. False

Social security tax is an example of a required deduction from your paycheck.

5 points

A. True

B. False

The amount left after all deductions have been subtracted from gross pay is known as net pay.

5 points

A. True

B. False

Self-employed people do not have to pay social security and Medicare taxes.

5 points

A. True

B. False

An explanation of pay computations and deductions must be provided with each paycheck.

5 points

A. True

B. False

John worked 40 hours at a regular rate of $8.00. How much was his gross pay?

10 points

A. $320

B. $360

C. $48

D. $560

Morgan worked 28 hours at the regular rate of $9.00 per hour. What was her gross pay?

10 points

A. $180

B. $200

C. $252

D. $320

If the regular hourly rate is $7.25, what is the overtime rate?

10 points

A. $8.25

B. $7.25

C. $10.88

D. $14.50

If the regular hourly rate is $9.00, what is the overtime rate?

10 points

A. $18.00

B. $13.50

C. $10.50

D. $9.00

Total income less statutory adjustments is called

5 points

A. Regressive tax

B. Salary

C. Adjusted gross income

D. wages

Form that employers must provide to employees by January 31 of each year that gives annual income and withholding information 5 points

A. Form W-2

B. Form W-4

C. Pay stub

D. Invoice

Money received from wages and salaries, rent, interest, and profit

5 points

A. Tax refund

B. Compound interest

C. Income

D. Proportional tax

The federal agency that collects income taxes in the United States

5 points

A. Federal Bureau of Investigation

B. Department of Human Services

C. Department of Homeland Security

D. Internal Revenue Service

Tax that takes the same percentage of income from people in all income groups.

5 points

A. Progressive tax

B. Proportional tax

C. Regressive tax

D. Tax refund

Tax that takes a larger percentage of income from people in higher-income groups than from people in lower-income groups5 points

A. Regressive tax

B. Progressive tax

C. Sales tax

D. Proportional tax

Compensation received by employees for services performed paid as a fixed sum paid for a specific period of time.5 points

A. Salary

B. Wage

C. Tax refund

D. Credit card

Money owed by the government to taxpayers when their total tax payments are greater than the total tax.5 points

A. Tax liability

B. Tax refund

C. Adjusted gross income

D. Proportional tax

Compensation received by employees for services performed usually based on an hourly rate of pay.5 points

A. Wages

B. Salary

C. Tax return

D. 1040 EZ

When the interest you earn also earns interest

5 points

A. Complex interest

B. Double or nothing

C. Simple interest

D. Compound interest

Describes how quickly and conveniently you can retrieve your money as cash

5 points

A. Savings accounts

B. Stocks

C. Liquidity

D. Certificates of deposit

When the amount of the checks you write is greater than the amount of money in your account5 points

A. Deposit

B. Endorsement

C. Withdrawal

D. Overdrawn

Your signed approval (on the back of the check) for a check to be cashed, deposited, or assigned to someone else5 points

A. Deposit ticket

B. Direct deposit

C. Endorsement

D. Automatic electronic transfer

Tells the bank to add money to your account

5 points

A. Check

B. Money order

C. Withdrawal slip

D. Deposit slip

The ability of a consumer to obtain goods or services before payment, based on an agreement to pay later.5 points

A. Credit

B. Debit card

C. Interest

D. Incentive

The price of using someone else's money

5 points

A. Credit

B. Automatic electronic transfer

C. Incentives

D. Interest

A loan that is not backed up by collateral.

5 points

A. Unsecured loan

B. Secured loan

C. Interest

D. Debit card