Finance Ch. 6

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True

A job requiring heavy physical labor probably is not a good candidate for a compressed workweek

40 hours

A standard workweek is

Bonus

A type of incentive pay based on quality of work done or years of service on the job is called a

Labor union

A(n) ___ is a group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations

Lobbying

An attempt to influence public officials to pass laws and make decisions that benefit a certain group is called ____

False

An employee required to work on a paid holiday is usually paid 1 1/2 times his or her regular hourly rate of pay

True

Because most doctors and lawyers are self employed, their professional behavior is not regulated except through membership in professional organizations

Services

Employee ____ are the "extras" that companies offer- such as free parking or wellness preograms- in order to improve employee morale and working conditions

6.2% of the first $102,000 earned

For employers, the social security deduction is withheld at the rate of

Benefits

Forms of employee compensation in addition to pay are called ______

False

If a union and employer cannot agree on the terms of a new contract, the union may decide to mediate, or refuse to work until an agreement is reached

Your gross pay is the same as your salary

If you are a salaried worker

A crucial time of day when all employees must be working

In a flexible scheduling arrangement, the core time period is

True

It is customary for employees to receive three to ten days a year as "sick days" without deductions from pay

Rotation

Job ____ is a job design in which employees are trained to do more than one specialized task

Industrial Union

Members of this type of union are skilled, semiskilled, or unskilled, employees in a particular place,, industry, or group of industries

Incentive pay

Money offered to encourage employees to strive for higher levels of performance is called ____

False

Overtime pay is not considered when you calculate your gross pay

Net

The amount of your paycheck, often referred to as your "take-home pay", is called your _____ pay

False

Under flextime, employees do not need to work a set number of hours per day

True

When an employee is entitled to his or her full retirement account, the employee is said to be vested in the account

Workers' compensation

Which of the following benefits are employers required to provide?

Flextime

___ is a type of work schedule that allow employees to choose their working hours within defined limits

Overtime

_____ is time worked beyond the regular hours

A compressed workweek

a work schedule that fits the normal 40 hour workweek into less than five days is called

True

Employees who telecommute often do computer-related work, such as data entry or web design

True

Employers must contribute matching amounts into each employee's Medicare and Social Security accounts

False

Employers must pay all employees overtime at the rate of 1 1/2 times the regular rate

Gross pay

Rate x Hours Worked=

False

Self-employed people do not need to pay social security or medicare taxes

Quarterly

Self-employed people must make estimated tax payments

True

Some deductions are required by law, but others are optional

False

The main function of a labor union is to provide support services for members

True

The process of negotiating a work contract for union members is called collective bargaining

Gross

The total amount you earn before any deductions are subtracted is called ________ pay


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