Finance: Chapter 6 Test

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Finance: Chapter 6 Test
2014-11-20 17:31:36
finance markingperiodtwo chapter six test sen
Senior Finance
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  1. Collective Bargaining
    The process of negotiating a work contract for union members.
  2. Compressed Workweek
    A work schedule that fits the normal 40-hour workweek into less than five days.
  3. Deductions
    Amounts both required and optional that are subtracted from your gross pay.
  4. Flextime
    A type of work schedule that allows employees to choose their working hours within defined limits.
  5. Gross Pay
    The total amount you earn before any deductions are subtracted.
  6. Incentive Pay
    Money offered to encourage employees to strive for higher levels of performance.
  7. Job Rotation
    A job design in which employees are trained to do more than one specialized task.
  8. Job Sharing
    A job design in which two people share one full-time position.
  9. Labor Union
    A group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations.
  10. Lobbying
    An attempt to influence public officials to pass laws and make decisions that benefit the profession.
  11. Net Pay
    The amount left after all deductions are taken out of your gross pay.
  12. Overtime
    Time worked beyond regular hours.
  13. Self-Employment Tax
    The total Social Security and Medicare tax, including employer-matching contributions, paid by people who work for themselves.
  14. Seniority
    Refers to the length of time on the job and is used to determine transfers, promotions, and vacation time according to most union contracts.
  15. Vested
    The point at which employees have full rights to their retirement accounts.
  16. Benefits
    Form of employee compensation and are in addition to your paycheck
  17. Five
    A standard work day is a _____ day period of eight hours each day
  18. Incentive Pay
    Profit sharing is a way to encourage employees to do more and better work, and is known as _______.
  19. Collective Bargaining
    The main function of unions is ____, which is the process of getting together with employers to negotiate an employment contract.
  20. Seniority
    The principle of _____ states that the person who has worked the longest should bet he last to be laid off.
  21. Professional Organization
    The American Bar Association is an example of _______ which is very similar to a labor union.
  22. Gross Pay
    The total or agreed-upon rate of pay or salary is called _____.
  23. Core Time
    The crucial time during the day when all employees are needed at work.
  24. Medicare
    Social Security
    Federal Income Tax
    State Income Tax
    What are the four required deductions?
  25. Employee Discounts
    Tuition Reimbursement
    Wellness Programs
    • What do Employee Services include?
    • (3)
  26. Profit Sharing
    A company plan whereby employees receive a portion of the earnings of the company
  27. Sick Pay
    A company allowance for full-time employees where by they are paid even though they are absent for a set number of days
  28. Public-Employee
    Teachers and police officers would belong to a ____ union.
  29. Mediation
    Decision facilitated by a neutral third party
  30. True
    • True or False:
    • Some types of deductions may be withheld from your pay check without your written consent
  31. False
    • True or False:
    • Profit sharing is an employee benefit required of all employers
  32. False
    • True or False:
    • The American Bar Association is a professional organization for lawyers and doctors
  33. True
    • True or False:
    • Lobbying is a legal activity engaged in by many unions and professional organizations
  34. Strike
    • How do Employees get out of contracts?
    • (3)
  35. Lock them out
    Hire scabs
    • How do Employers get out of contracts?
    • (2)
  36. Arbitration
    Bound by law