What Do You Already Know About Payroll?
Introductory quiz to establish what adult learners already know about payroll processes.
- 1.
What is a wage?
- A.
The lowest possible amount of money an employer can pay me
- B.
Money paid in return for work at an hourly rate
- C.
The employer pays me for the hours they think I have worked
Correct Answer
B. Money paid in return for work at an hourly rateExplanation
The correct answer is "Money paid in return for work at an hourly rate." A wage refers to the amount of money that an employer pays an employee in exchange for their work, typically calculated based on an hourly rate. It is not necessarily the lowest possible amount an employer can pay, as this can vary depending on factors such as minimum wage laws and employment agreements. Additionally, the employer pays the employee based on the actual hours worked, rather than their estimation.Rate this question:
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- 2.
What is a salary?
- A.
Lots of money paid to managers and the high ups in the company
- B.
Money paid in return for working regular hours
- C.
The same amount of money paid regularly in return for work provided on a regular basis - a yearly amount paid usually fortnightly or monthly
Correct Answer
C. The same amount of money paid regularly in return for work provided on a regular basis - a yearly amount paid usually fortnightly or monthlyExplanation
A salary refers to the same amount of money that is paid regularly to an employee in exchange for their work provided on a regular basis. This payment is usually made on a fortnightly or monthly basis and is typically calculated on an annual basis. The answer accurately describes the concept of a salary and distinguishes it from other forms of compensation such as bonuses or incentives.Rate this question:
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- 3.
What is a TFN (Tax File Number)?
- 4.
What does PAYG mean?
- 5.
What is the Superannuation?
- A.
Money I should put aside for my old age - it is my responsibility
- B.
An involuntary payment made on my behalf by my employer to a registered superannuation fund
- C.
The employer can decide whether to pay my superannuation each pay - it is up to them
Correct Answer
B. An involuntary payment made on my behalf by my employer to a registered superannuation fundExplanation
The correct answer is "An involuntary payment made on my behalf by my employer to a registered superannuation fund." This means that the employer is required to contribute a certain amount of money to a registered superannuation fund on behalf of the employee. It is not the employee's responsibility to contribute to the fund, but rather the employer's obligation.Rate this question:
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