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</p> Signup and view all the answers

    What is the meaning of 'salary'?

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

    What is 'income' in the context provided?

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

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