Managing Your Personal Finances Ch. 2
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Created by:
KarenMellon on September 1, 2011
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Description:
Vocabulary from Ch. 2
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15 terms
Terms | Definitions |
|---|---|
 deductions | amounts subtracted from gross pay |
| gross pay | the total amount earned before any deductions are subtracted |
| incentive pay | money offered to encourage employees to strive for higher levels of performance |
| net pay | the amount left after deductions are taken out of gross pay |
| overtime | time worked beyond the regular hours |
| self-employment tax | the total of 15.3 percent for Social Security and Medicare tax paid by people who work for themselves |
| vested | the point at which employees have full rights to their retirement accounts |
| collective bargaining | the process of negotiating a work contract for union members |
| compressed work week | a work schedule that fits 40 hours of work into less than five days |
| flextime | a schedule that allows employees to choose their working hours within limits |
| job rotation | a job design in which employees are trained to do more than one specialized task |
| job sharing | a job design in which two people share one full-time position |
| labor union | a group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations |
| lobbying | an attempt to influence public officials to pass laws and make decisions that benefit a particular group |
| seniority | a policy where the longer you work for an employer, the more job security and rights you have |
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