Payslip – Quiz Buddy

Payslip Breakup

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1 / 20

1. Which deduction is linked to medical and healthcare coverage?

A. PF Contribution

B. Education Cess

C. Life Insurance

D. Health Insurance Premium

2 / 20

2. Which deduction is made for retirement savings in India?

A. Insurance Premium

B. Provident Fund

C. Income Tax

D. Medical Premium

3 / 20

3. Which part of the salary includes overtime or incentives?

A. Basic Pay

B. Fixed Allowance

C. Variable Pay

D. Gross Pay

4 / 20

4. What does CTC stand for in a salary slip?

A. Common Total Compensation

B. Corporate Travel Cost

C. Cost To Company

D. Calculated Tax Component

5 / 20

5. Why is Professional Tax deducted from salary?

A. To pay income tax

B. To cover state government levies

C. To sponsor insurance

D. To fund retirement

6 / 20

6. What is the difference between Gross Salary and Net Salary?

A. Net is higher than Gross

B. Gross is only bonus

C. Both are always equal

D. Gross includes all earnings, Net is after deductions

7 / 20

7. Why should employees check their salary slip every month?

A. To ensure correct deductions and payments

B. To calculate annual tax only

C. To check attendance record

D. To track working hours

8 / 20

8. What part of salary is taxable before deductions?

A. CTC

B. Net Salary

C. Basic Pay

D. Gross Salary

9 / 20

9. What happens to the Provident Fund amount deducted from salary?

A. Used for company investments

B. Deposited to employee PF account

C. Returned to employee monthly

D. Deducted as income tax

10 / 20

10. Which deduction is mandatory under Indian labor law?

A. Gratuity

B. Incentive Pay

C. Provident Fund

D. House Rent Allowance

11 / 20

11. Which salary component is fixed every month without change?

A. Travel Allowance

B. Basic Pay

C. Bonus Pay

D. Overtime Pay

12 / 20

12. Which component is deducted from salary to fund employee pension?

A. Medical Insurance

B. Professional Tax

C. Income Tax

D. Provident Fund

13 / 20

13. Which salary component helps save tax when you pay rent?

A. Travel Allowance

B. Performance Bonus

C. House Rent Allowance

D. Festival Bonus

14 / 20

14. What is included in gross salary?

A. Only Basic Pay

B. Only Incentives

C. Only Performance Bonus

D. Basic + Allowances

15 / 20

15. What does Net Salary mean?

A. Fixed company contribution

B. Gross salary without deductions

C. Actual salary after all deductions

D. Bonus before tax

16 / 20

16. Which allowance is provided for house rent in salary?

A. House Rent Allowance

B. Festival Allowance

C. City Allowance

D. Travel Allowance

17 / 20

17. What is the full form of HRA in a salary slip?

A. Holiday Reserve Amount

B. House Rent Allowance

C. Housing Rent Allocation

D. Health Reimbursement Amount

18 / 20

18. Which component varies based on company and state rules?

A. Income Tax

B. Health Allowance

C. Professional Tax

D. Medical Insurance

19 / 20

19. Which part of the salary is the actual take-home pay?

A. Net Salary

B. Gross Pay

C. Total CTC

D. Fixed Pay

20 / 20

20. Why do companies give Performance Bonus?

A. To retain employees

B. To increase salary

C. For adjusting deductions

D. For tax saving

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