Untitled Quiz

Business Mathematics Reviewer

• The reviewer covers multiple choice, identification, and problem-solving.

Multiple Choice

• Income is a broader term than wages and salary.
• Interest rate is the cost of borrowing money, expressed as a percentage of the principal over a specific time period.
• Compensation is given by companies in addition to basic salary.
• Mortgage Amortization is the method of repaying a mortgage loan through consistent payments covering principal and interest.
• Mortgage Loan is a loan for purchasing property, where the property itself is used as security.
• Principal is the original amount borrowed in a loan.
• Bonus is an extra payment made beyond the standard rate, using special circumstances or risks as a reason.
• Employee Compensation is the payment or reward an employee receives from their employer for work performed.
• Salary is the earnings of employees paid monthly or yearly.
• Trade Discount is a reduction from the list price granted to buyers.

Identification

• Vacation Leave: Time off from work, typically with pay, to rest, relax, or handle personal matters.
• Net Pay: The amount of money an employee takes home after all deductions from gross pay.
• Wages: Compensation paid to an employee in exchange for work or services, usually based on hours worked, tasks completed, or an agreed-upon rate.
• Salary: A fixed, regular payment made by an employer to an employee, typically on a monthly or bi-weekly basis, regardless of the number of hours worked.
• Employee Compensation: Total remuneration an employee receives, including direct payments (like salary or wages) and indirect benefits (like insurance, retirement plans).
• Income: Total amount of money earned by an individual or entity over a specific period from various sources.
• Gross Pay: Total amount of money an employee earns before any deductions (like taxes, benefits).
• Basic Pay: Fixed portion of an employee's salary or wages, not including additional earnings, allowances, bonuses, or benefits.
• Semi-Monthly: A payment or event that occurs twice a month, often on the same weekday. It's divided into two equal payments from a monthly salary.
• Bi-weekly: Employees are paid every other week, often on the same weekday.

True or False

• 11: Article 83 of the Labor Code says the normal working hours of an employee shall not exceed 8 hours a day, excluding a one-hour lunch break. False
• 12: Article 85 requires employers to provide at least 60 minutes for a meal break. True
• 13: Article 87 allows employees to work beyond 8 hours a day if they are paid an additional 25% of their regular wage for overtime work. True
• 14: Work performed beyond 8 hours on a holiday or rest day is paid at a higher rate (regular rate plus at least 30%). True
• 15: Under Article 93, employees working on their scheduled rest day are entitled to at least 25% additional compensation of their regular wage. False - 30%
• 16: Employees working on Sundays are entitled to additional compensation only if Sunday is their established regular day. False
• 17: If an employee has no regular workdays or rest days, they are entitled to an additional 30% of their regular wage for work performed on Sundays and holidays. True
• 18: Work on a special holiday is compensated at 30%, unless it also falls on a rest day (then it's 50%). True
• 19: Under Article 94, employers can require employees to work on a holiday but must pay them twice their regular rate. True
• 20: An employee working on a rest day that coincides with a special holiday is entitled to 150% of their regular hourly rate. True
• 21: Work performed on a regular holiday is compensated at 100% of the regular hourly rate. False - 200%
• 22: Employees working on a rest day that falls on a regular holiday must be paid 200% of their regular hourly rate. False - 260%
• 23: Article 93 states that if a collective bargaining agreement provides higher premium pay than required by law, the employer must follow the higher rate. True
• 24: Compensation varies depending on whether the holiday is a special or regular holiday. True
• 25: Article 87 refers to overtime work, not meal breaks. True