Test your basic knowledge |

Human Resources Management: Compensation

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Job comparison method that involves the ranking of each job by each selected compensable factor and then identifying dollar values to develop a pay rate






2. 'In place of a parent'; term used in expansion of FMLA coverage to employees who stand in place of a parent with day-to-day responsibilities to care for and financially support a child or who have a day-to day responsibility to care for or financiall






3. Set of 20 factors that the IRS uses to determine whether workers are employees or independent contractors






4. Persons who live in one country and are employed by an organization based in another country; also called international assignees






5. An effort to make job evaluation more compatible with the de-layering of organizations by combining several salary grades or job classifications with narrow pay ranges into one band with a wider salary spread






6. One-time payment made to an employee - also called a performance bonus






7. Uniform amount of money paid to a worker regardless of how many hours are worked






8. Medical conditions that existed before a health-care policy is taken out






9. Group incentives where a portion of the gains on organization realizes from group efforts is shared with the group






10. Provide counseling and help to employees having emotional - physical or personal problems


11. Occurs when an organization's pay rates are at least equal to market rates






12. Occurs when people feel that performance or job differences result in corresponding differences in pay rates






13. Pay systems in which employee characteristics - rather than the job - determine pay.






14. Act that determined that older workers may not be discriminated against by performance-based pay systems






15. Plan that promises employee a retirement benefit amount based on a formula






16. Workers' compensation plans set up by employers/industries in place of their state's compensation plan






17. Average of data that takes other factors such as the number of incumbents into account






18. Form of base pay that is dependent on the number of hours worked






19. A system by which qualified retirement plan participants become incrementally vested over a period of years of service






20. Provides each incumbent of a job with the same rate of pay - regardless of performance or seniority; also known as single-rate pay






21. Clauses written into executive contracts that provide special payments to key executives who might lose their position or be otherwise disadvantaged if another company took control of the organization through a merger or acquisition - also known as






22. Act that requires benefit continuation and crediting of service while an employee is on military active duty






23. Payroll deductions such as tax levies and court-ordered child support that an employee must pay; withheld from paychecks before voluntary deductions






24. States that an ERISA plan fiduciary has legal and financial obligations not to take more risks when investing employee benefit program funds than a reasonably knowledgeable - prudent investor would under similar circumstances.






25. Act that made changes to rules regarding the ability of tax-exempt organizations to institute retirement plans modeled after 401(k) and IRA accounts and to the definition of highly compensated employees






26. Employer-funded plan that reimburses employees only for eligible and substantiated health care expenses






27. Excluded federal contractors from overtime pay requirements after eight hours of work in a day; in their case - time and a half must be paid only for hours in excess of 40 per week






28. Extra pay for working holidays or vacation days.






29. Type of Section 125 plans that allow employees to choose from a menu of benefits and allocate pretax dollars to pay for those benefits






30. Refers to a situation where an individual's performance is the basis for either the amount or timing of pay increases; also called performance based pay






31. Pay that employees receive when they are on call but not actually working






32. Persons who live in one country and are employed by an organization based in another country






33. Act that made significant changes in employee benefit programs - especially retirement plans






34. Under COBRA - an event - such as termination for reasons other than gross misconduct - that allows employees to continue their group health-care coverage for a specified period of time






35. Rulings issued by the IRS to specific taxpayers or organizations who request an interpretation of the law






36. Health plan where benefits are reduced for employees eligible for Medicare; Medicare becomes the primary provider






37. Employees covered under FLSA regulations - including minimum wage and overtime pay requirements






38. Point-factor job evaluation system developed by Hay Associates a large consulting organization - also known as the Hay Plan






39. Written benefit plans maintained by the employer that allow employees to use pretax dollars to pay for certain qualified benefits






40. Premium ammount that a company pays on behalf of an employee; the employee does not receive the benefit in dollars but does pay taxes on it






41. Refers to a concept that states that employees must be able to influence the attainment of a goal and see a direct result of their efforts in order for incentive pay plans to be effective






42. Describes a situation where an employee's pay is below the minimum of the range






43. Act that regulated 'insider trading'






44. Amount advanced on future commissions






45. Method similar to job evaluation systems that evaluates jobs based upon their market value






46. Collect information on prevailing market rates and include topics such as incentive plans - overtime pay - base pay - and vacation and holiday practices.






47. Specified percentage (typically 20-30%) of covered medical expenses that employee pays or the fixed dollar amount that a covered person pays each time he or she visits a physician; also known as copayment






48. Provide employees with payments based on the organization's profitability that are additional to the employee's normal rates of pay






49. Full-choice health-care plan that allows covered employees to go to any qualified physician or hospital and submit claims to the insurance company






50. Pay based on the quantity of work and outputs that can be accurately measured