9Unit 1 Exam Unit 1 Exam

Term Definition
Salary a fixed regular payment
Minimum Wage the lowest wage permitted by law
Commission a fee paid to a broker or other financial agent for negotiating a sale
Piecework work paid for according to the amount produced
Gross Pay gross pay is the total amount of money you get before taxes or other deductions are subtracted from your salary
Net Pay net pay is the amount one receives after taxes and deductions have been withheld during a pay period
Pay Period a recurring length of time over which employee time is recorded and paid
Deduction the action of deducting or subtracting something
FICA Federal Insurance Contributions Act. Withheld amounts go towards the funding of the Social Security program and Medicare
403B retirement savings plan available to employees of certain public education organizations, non-profit employers and cooperative hospital service organizations, as well as to self-employed ministers
401K the employee often chooses the investments based on options provided under the plan
Equal Employment Opportunity Act eliminate discrimination in employment based on race, color, age, sex, national origin, religion, or mental or physical disability
Age Discrimination Act US labor law that forbids employment discrimination against anyone at least 40 years of age
Rehabilitation Act prohibits discrimination based on a person's disability in any program or activity that receives federal funding
Fair Labor Standards Act labor regulations regarding interstate commerce employment, including minimum wages, requirements for overtime pay and limitations on child labor
Affirmative Action an action or policy favoring those who tend to suffer from discrimination, especially in relation to employment or education; positive discrimination
Fringe Benefits an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc
Termination Notice notice provided by an employer stating the date on which an employee's or employees' contract of employment will end
Pink Slipped dismiss (someone) from employment
RIFFED Reduction In Force referring to workplace employee layoffs
Severance Pay an amount paid to an employee upon dismissal or discharge from employment
Unemployment Compensation money that substitutes for wages or salary, paid to recently unemployed workers under a program administered by a government or labor union
INITIATIVE Doing what needs to be done without being told to do it
Be Productive Output contributes to reaching company goals
Output determines wages, bonuses, commissions, incentives
DEPENDABILITY SHOW UP and ON TIME
Positive Attitude Comes from You
Cooperativeness Working well with everyone on the job to reach a common goal
HONESTY Stealing Time
WILLINGNESS TO LEARN Being willing to learn the way things are done in the company.

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