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23 Cards in this Set
- Front
- Back
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What is the definition of hourly wages
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a fixed amount of money for each hour worked
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What is the definition of overtime
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working more than 40 hours in a week
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What is the definition of nonexempt employees
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workers that must be paid overtime as covered by the law
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What is the definition of exempt employees
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workers that do not have to be paid overtime and are not covered by the law
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What is the definition of salary
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paid a fixed amount of money for a certain time period
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What is the definition of commission
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pay based on how much the worker sells
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What is the definition of profit-sharing plan
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workers receive a share of the company's profits
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What is the definition of performance bonuses
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rewards for workers for high levels of performance
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What is the definition of pension plan
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a retirement fund fo reach worker
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What is the definition of probation
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the period after you are first hired when "on trial"
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What is the definition of layoff
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job loss because business is slow
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Name 3 methods an employee can get paid
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hourly wages, salary, commission
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What are 3 different benefits an employee might receive?
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health benefits, convenience benefits, cafeteria plan, retirement plans
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What is a "convenience benefit"?
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services that make workers' lives easier. They range from flexible work hours and legal counseling to onsite oil changes for cars
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What should you do if you think you have been treated unfairly?
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discuss it with the person involved or with your supervisor
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What are "performance reviews"?
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meetings between you and your supervisor to evaluate how ell you're doing your job
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What are 2 reasons why a person might lose their job?
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for poor job performance or if business is slow, workers may get laid off
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How do benefits improve employee morale?
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it can attract and retain quality employees, reduce employee stress, improve worker's health, and make them more productive, loyal, and satisfied
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True or false: working for a commission offers more financial security than working for a salary
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false
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True or false: incentive programs offer workers a chance to share in their company's success
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true
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True or false: only employees benefit from performance reviews
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false
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True or false: all employers have a probation period for their new employees
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false
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True or false: because you can't always avoid a job loss, you should prepare for it by keeping your job skills up-to-date
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true
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