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Part B - Fill in the Blank Complete each sentence or statement using words from the following word bank. credit depreciation net Income tax employee discount interest gross profit sharing Er debit CPP commission 1. The gross pay of a person's salary refers to the money they receive on their pay cheque before deductions. 2. You can collect EL if you are laid off (not fired) and you have worked a specified number of hours, depending on where you live. 3. Income tax is the largest mandatory deduction from your pay cheque. It is used to pay for public services such as schools, police, roads, libraries, fire fighters, etc. 4. The amount of money that a car loses on its original value after time has passed is called depreciation 5. Profit sharing provides employees a portion of the money earned by the company. A empbuce discount allows workers the opportunity to purchase the company's products for a cheaper price. Interest is a fee charged charged/paid for borrowing/loaning money, usually a percent of the amount of money involved. Commission is money earned for selling a product or service, based on a percent of the value of the items sold art C: Multiple Choice (24 Marks) ircle the best answer for each question or statement. The net pay of a person's salary refers to; a. The money they receive on their pay cheque after the deductions b. The money they receive on their pay cheque before the deductions C. Both A & B d. None of the above