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






2. Pay adjustment given to employees regardless of their performance or company profitability; usually linked to inflation; also referred to as a standard percentage raise






3. Pay that employees receive when they are called back for an extra shift in the same workday






4. Refers to a qualified - tax deferred retirement plan where the employer contributes a percentage of profits to employee accounts






5. Process by which a retirement benefit becomes nonforfeitable






6. Type of health-care plan in which the employer assumes the risk of high costs and hires an insurance claims department to handle claims






7. Pay provided to employees who report for work as scheduled but then find that no work is available






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






9. 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.






10. Amount advanced on future commissions






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






12. Amendment to the Portal to Portal Act; Clarifies that commuting time is not paid working time






13. Act that extended the concept of prevailing wage to employers who manufacture or supply goods under government contracts and required time and a half






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






15. Payment paid to salespeople - usually calculated as a percentage of sales






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






17. Clauses written into executive contracts that provide special payments ot 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 go






18. 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






19. Large bank of time comprising all an employee's paid time off (i.e. - vacation - sick leave - and holidays) that the employee can use as they see fit






20. 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






21. Health-care plan in which the employer assumes the risk of high health-care costs and hires an independent claims department to handle claims






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






23. 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






24. Listing of grouped data - from lowest to highest






25. 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






26. Mandatory benefits program set up as part of the Social Security Act that is designed to provide a subsistence payment to employees between jobs






27. Point-factor job evaluation system developed by Hay Associates - a large consulting organization; also known as the Guide Chart-Profile






28. Monthly benefits paid under Social Security to eligible dependents of deceased workers


29. Replaces a portion of an employee's lost income after short-term disability coverage ends; may be combined with Social Security disability






30. Act that defines what is incuded as hours worked and is therefore compensable and a factor in calculating overtime






31. Optional medical coverage for persons covered by Medicare






32. Type of formula used to determine retirement plan payments based on the average earnings during a specified number of years






33. Benefits paid to unemployed workers beyond required government unemployment benefits






34. Determined by an array of issues such as business ownership (employee owns more than 5% of the firm) and/or salary (for 2003 - and 2004 - $90 - 000)






35. Health-care plan in which the employer assumes the risk of high health-care costs and hires an independent claims department to handle claims






36. Work having equal skills - equal effort - equal responsibility - and equal working conditions - all performed at the same location






37. Payroll deductions selected by the employee such as charitable contributions






38. Includes all renumeration for services (including noncash benefits) and wages - which are taxable when paid






39. A reimbursement standard used by insurance companies to determine how much providers should be paid for their services






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






41. Retirement plan by which employees cna contribute each year to a 401(k) plan or IRA






42. A grantor trust designed to segregate nonqualified deferred compensation benefits from an employer's general accounts






43. Form of defined benefit plan that defines the promised benefit in terms of a hypothetical account balance and features benefit portability






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






45. Pay is based on longevity in the job - and pay increases occur on a predetermined schedule






46. Bases employer unemployment insurance on the employer's number of terminated workers






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






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






49. Act that established the prevailing wage and fringe benefit requirements for contractors on federally funded construction projects






50. Initial amount of covered medical expenses an individual must pay before receiving paid benefits under a health-care plan; usually expressed in terms of an individual and/or family deductible or a per-service fee