Business Math Chapter 1 Exam
Questions and Answers
double time - ANSWER-An overtime pay time of twice the regular hourly rate.
time and a half - ANSWER-An overtime pay rate of 1 1/2 times the regular hourly rate.
Straight-time pay - ANSWER-The total amount of money earned for a pay period at the
regular hourly rate.
Hourly rate - ANSWER-a fixed amount of money paid for each hour of work.
service - ANSWER-useful labor that does not produce a tangible commodity
Gross Income - ANSWER-the total amount paid during a pay period
Overtime Pay - ANSWER-extra pay for hours worked beyond the regular number of
hours
incentive - ANSWER-something that incites or has a tendency to incite to determination
or action
commission - ANSWER-An amount of money paid for selling a product or service
Salary - ANSWER-A fixed amount of money earned on a regular basis
Commission rate - ANSWER-A specified amount of money paid for each sale or a
percent of the total value of sales
Straight commission - ANSWER-Pay that consists of only money made from sales
Calculate - ANSWER-To determine by mathematical process
Graduated Commission - ANSWER-Pay based on a different rate of commission for
each of several levels of sales
Canidate - ANSWER-One likely or suited to undergo or to be chosen for something
specified
Fixed - ANSWER-Not subject to charge or fluctuation
rate - ANSWER-a charge payment or price fixed according to a ratio, scale, and
standard
Questions and Answers
double time - ANSWER-An overtime pay time of twice the regular hourly rate.
time and a half - ANSWER-An overtime pay rate of 1 1/2 times the regular hourly rate.
Straight-time pay - ANSWER-The total amount of money earned for a pay period at the
regular hourly rate.
Hourly rate - ANSWER-a fixed amount of money paid for each hour of work.
service - ANSWER-useful labor that does not produce a tangible commodity
Gross Income - ANSWER-the total amount paid during a pay period
Overtime Pay - ANSWER-extra pay for hours worked beyond the regular number of
hours
incentive - ANSWER-something that incites or has a tendency to incite to determination
or action
commission - ANSWER-An amount of money paid for selling a product or service
Salary - ANSWER-A fixed amount of money earned on a regular basis
Commission rate - ANSWER-A specified amount of money paid for each sale or a
percent of the total value of sales
Straight commission - ANSWER-Pay that consists of only money made from sales
Calculate - ANSWER-To determine by mathematical process
Graduated Commission - ANSWER-Pay based on a different rate of commission for
each of several levels of sales
Canidate - ANSWER-One likely or suited to undergo or to be chosen for something
specified
Fixed - ANSWER-Not subject to charge or fluctuation
rate - ANSWER-a charge payment or price fixed according to a ratio, scale, and
standard
