Chapter 2 Personal Finance Exam
Question & Answers 2025
benefits - CORRECT ANSWERS ✔✔a form of employee compensation
in addition to your paycheck
deductions - CORRECT ANSWERS ✔✔amounts both required and
optional, subtracted from gross pay
net pay - CORRECT ANSWERS ✔✔when deductions are subtracted
from gross pay what is left over is....
incentive pay - CORRECT ANSWERS ✔✔Profit sharing is a way to
encourage employees to strive for higher levels of performance
labor union - CORRECT ANSWERS ✔✔a group of people working in
the same or similar occupations organized for the benefit of all
collective bargaining - CORRECT ANSWERS ✔✔the main function of
unions or the process of negotiating an employment contract for union
members
seniority - CORRECT ANSWERS ✔✔the the principle that states that
the person who has worked the longest should be the last to be laid off
, Chapter 2 Personal Finance Exam
Question & Answers 2025
professional organization - CORRECT ANSWERS ✔✔the american bar
association is an example and this is also similar to a union
lobbying - CORRECT ANSWERS ✔✔an effort made to influence
legislation in a way that benefits a profession
gross pay - CORRECT ANSWERS ✔✔the total amount earned before
deductions are subtracted
vested - CORRECT ANSWERS ✔✔when someone is entitled to the
full retirement account balance when employment is terminated
flextime - CORRECT ANSWERS ✔✔a type of work schedule that
allows employees to choose their working hours outside of core time
periods
job rotation - CORRECT ANSWERS ✔✔a technique used to train
employees to be efficient in more than one specialized area
job sharing - CORRECT ANSWERS ✔✔when two part-time employees
share what was originally a full-time position
Question & Answers 2025
benefits - CORRECT ANSWERS ✔✔a form of employee compensation
in addition to your paycheck
deductions - CORRECT ANSWERS ✔✔amounts both required and
optional, subtracted from gross pay
net pay - CORRECT ANSWERS ✔✔when deductions are subtracted
from gross pay what is left over is....
incentive pay - CORRECT ANSWERS ✔✔Profit sharing is a way to
encourage employees to strive for higher levels of performance
labor union - CORRECT ANSWERS ✔✔a group of people working in
the same or similar occupations organized for the benefit of all
collective bargaining - CORRECT ANSWERS ✔✔the main function of
unions or the process of negotiating an employment contract for union
members
seniority - CORRECT ANSWERS ✔✔the the principle that states that
the person who has worked the longest should be the last to be laid off
, Chapter 2 Personal Finance Exam
Question & Answers 2025
professional organization - CORRECT ANSWERS ✔✔the american bar
association is an example and this is also similar to a union
lobbying - CORRECT ANSWERS ✔✔an effort made to influence
legislation in a way that benefits a profession
gross pay - CORRECT ANSWERS ✔✔the total amount earned before
deductions are subtracted
vested - CORRECT ANSWERS ✔✔when someone is entitled to the
full retirement account balance when employment is terminated
flextime - CORRECT ANSWERS ✔✔a type of work schedule that
allows employees to choose their working hours outside of core time
periods
job rotation - CORRECT ANSWERS ✔✔a technique used to train
employees to be efficient in more than one specialized area
job sharing - CORRECT ANSWERS ✔✔when two part-time employees
share what was originally a full-time position
