Personal Finance Unit 1 Test

Union

A group of people who work in the same or similar occupations, organized for the benefits of the employees in those occupations:

Net Pay = $ 510.00

Sometimes our paychecks contain certain deductions such as taxes and retirement. Some of these deductions are optional while others are required. In this exercise, we are going to calculate Net Pay. Net Pay is simply Gross Pay minus the deductions. Gross Pay - Deductions (Required and Optional) = Net Pay Gross Pay = $573 Deductions = $63 Net Pay = $___.00

Strike

: When people, usually a union, refuse to work until an agreement has been reached.

Salary

A fixed yearly amount of gross pay.

Deductions

Examples of this include social security, taxes, and retirement; they are all subtracted from your gross pay.

Seniority

Gross Pay = $ .00

Gross Pay = $370 .00

In this section, we are going to calculate the gross pay you would earn if you were paid by the hour. Remember this is called "hourly wage". Using the following information calculate the Gross Pay. Hourly Rate X Hours Worked = Gross Pay Hourly Rate = $10 Hours Worked = 37 hours Gross Pay = $ ___.00

Net Pay

The amount left after all deductions have been taken from your gross pay.

Wage

The fixed hourly rate earned by employees.

Gross Pay

The total amount that you earn before deductions are subtracted.

Opportunity Cost

The value of your next best choice:

Basic Needs

These items are necessary for maintaining physical life.

Flextime

This type of work schedule allows employees to choose their working hours within a defined limit.

Lobbying

Typically __________ is used to influence public officials to pass laws and make decisions that benefit a profession.

Wages Hourly Commission Salary Tips

What are the different types of income?

Life Enhancing Wants

What items are beyond your basic needs that add to your quality of life?

Rotation

When a job is designed so that employees are trained to do more than one specialized task, this is known as what? Job_____

Gross Wages

Your wage multiplied by the number of hours you worked.

Professional

_____ organizations consist of people in a particular occupation who require considerable training and specialized skills.

discretionary income

______ is any money left over after you have paid necessary expenses.