Financial Terminologies Quiz

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Questions and Answers

What is the definition of gross balance?

  • A fixed compensation paid regularly for services
  • The fee that a business pays to a salesperson or agent
  • The amount of money after adjustments and deductions are made (correct)
  • The amount of money you have to pay including penalties or interest

What does 'current increased balance' refer to?

  • The amount of money before adjustments or deductions are made
  • A fixed compensation paid regularly for services
  • The amount of money you have to pay including penalties or interest (correct)
  • A fee that a business pays to a salesperson or agent

What does 'commission' refer to?

  • The benefits given by an employer to workers
  • Money earned from work, investments, business, etc.
  • Percentage of the principal
  • A fee that a business pays to a salesperson or agent (correct)

What is the definition of 'wage'?

<p>Payment usually of money for labor or services according to contract and on an hourly, daily, or piecework basis (D)</p> Signup and view all the answers

What is the meaning of 'salary'?

<p>A fixed compensation paid regularly for services (B)</p> Signup and view all the answers

What is 'income' in the context provided?

<p>Money earned from work, investments, business, etc. (B)</p> Signup and view all the answers

What is 'employee compensation' in the context provided?

<p>Refers to the benefits (cash, vacation, etc.) that an employee receives in exchange for the service they provide to their employer (B)</p> Signup and view all the answers

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