TEST IL. MODIFIED TRUE OR FALSE (Remembering) Directions: Write "2nd SEM" if the statement is true. If the statement is false, changed the underlined word/wordsumber to make it true, Write your answer on the space provided before each item 1 Straight Commission which is also called revenue commission is based on a percentage of sales only. 2. Down payment is a first payment that one makes when one buys something with an agreement to pay the rest later. 3. Salary is the compensation usually quoted annually or monthly for an employee Wage, on the other hand, is compensation quoted in an hourly or daily rate for an employee. 4. The gross income of an individual refers to the total amount helshe eamed before deductions are made 5. The net income of an individual is the difference between his/her gross income and deductions