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Chapter 2 Quiz

Who sets the minimum wage?

The U.S. Congress

Federal Reserve

The IRS

Your Insurance Comapny

Different states can have different minimum wages.

True

False

Overtime Pay gives an extra 1.5 times to a regular salary. If someone earns $13 an hour and works 40 regular hours a week, how much would they receive total if they worked 6 hours overtime within one work week?

$620

$458

$567

$637

Overtime Pay can not be higher than 1.5 times regular pay.

False

True

What are three benefits you may receive from your job?

Tips

Wages

Cafeteria Style Benefits

Salary

Insurance

Paid Vacation

What is an example of a retirement plan?

401K Plan

KLK

AEU

Your Salary

What are the standard hours in a workweek in an American workplace?

40 Hours

20 Hours

30 Hours

33 Hours

What is an example of unearned income?

Stocks

Commissions

Salary

Tips

What is the the total salary or wages earned during a pay period?

Gross Pay

Net Worth

Median Pay

Net Pay

What is personal leave?

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