Finance Ch. 6
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