The Amount an Employee Earns Before Any Deductions Such as EI

question 129

Multiple Choice

The amount an employee earns before any deductions such as EI, CPP, and income tax withholdings is the:

• A)Take home pay.
• B)Gross pay.
• C)Taxable income.
• D)Net pay.
• E)Deductible pay.

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Definitions:

Receivables

Amounts owed to a company by its customers for goods or services delivered on credit.

Control Activity

Measures implemented to ensure that management's directives are carried out, aiming to prevent, detect, and correct financial misstatements or fraud.

Extensive Marketing Plan

A comprehensive strategy outlining marketing efforts, targeting how a business will effectively engage customers, compete in the market, and achieve its marketing goals.

Segregation Of Duties

An internal control method used to prevent fraud and errors, which involves dividing tasks and responsibilities among different people to ensure no single individual controls all aspects of a transaction.