COPYRIGHTED MATERIAL
LET’S PRACTICE
Name: _____________________________________________________________________________
Are You Financially Literate? Chapter 4 Quiz 1. Liu graduated college and was offered a job with a base salary of $25,000. He is disappointed because he thought he would make more money than that! Explain to Liu what a base salary is and why he shoudn’t be discouraged. Tell three other types of compensation that might be included that would boost his salary. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 2. What does COLA stand for and what is its purpose? _ ____________________________________________________________________ _ ____________________________________________________________________ 3. Which of the following benefits are required by law? PRODUCT PREVIEW a. dental insurance b. vision insurance c. retirement plan d. none of the above 4. Mauricio loves traveling. He is considering taking a full-time job at a company that is offering five days of paid vacation. They told him that is the same amount of vacation time he’d get at any other company. Should Mauricio take this job or keep looking? Explain your answer. _ ____________________________________________________________________ _ ____________________________________________________________________ 5. __________ salary includes base salary plus any money received for commissions, overtime, and benefits before any deductions are taken. a. total b. gross c. net d. base plus 6. T F Independent contracting is the fastest growing segment of the labor economy.
3 PTS ___
2 PTS ___
1 PT ___
2 PTS ___
1 PT ___
1 PT ___
80
Chapter 4 | Pay. It’s More Than a Salary
Made with FlippingBook - Online catalogs