Personal Finance Review Facts and Ideas (chapter 6)

How is gross pay different from net pay? Gross pay is the amount you make before deductions while net pay is how much you are getting after deductions.
How much must an employer pay an hourly employee for hours worked beyond a regular workweek? The employer must multiply the amount they make an hour by 1.5 per every hour over 40.
What is an important difference between employees who work for a salary and those who work for an hourly wage? Salary is a fixed pay while Hourly is based on how much you work.
List five optional deductions you may elect to have withheld from your gross pay. 1) Credit union payment2) Health insurances3) Union dues4) accident insurance5) federal income tax
What is a leave of absence? Leave their job (without pay) to take care of their children.
What is a core time period? A period of time where workers have to be at work.
What is a major advantage of job rotation to employers? Employees have more skills
What was the significance of the Wagner Act to American labor? Employers can not interfere with their employee’s unions
What are the major functions of labor unions? 1) To recruit new members2) To engage in collective bargaining3) To support political candidates who are favorable to the union4) To provide support services for members
Describe the collective bargaining process. Negotiating the terms of employment for union members.
Explain the principle of seniority. The last workers hired will be the first fired
How is mediation used in labor unions? The union and the employer receive the help from a neutral third party
What are the three types of labor unions? 1) Craft Unions2) Industrial Unions3) Public-Employee Unions
How are labor unions funded? That is, who pays for the services they provide? Members pay to keep the union founded
Name a professional organization. American Bar Association for lawyers

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