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. General term for a medical plan that seeks to ensure that the treatments a person receives are medically necessary and provided in a cost-effective manner.






2. Act that regulated 'insider trading'






3. Act that provides for continuation of group health-care benefits for former employees and their families






4. Process by which a retirement benefit becomes nonforfeitable






5. Optional medical coverage for persons covered by Medicare






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






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






8. System used by federal government to classify jobs






9. Form of health care that provides services for a fixed period on a prepaid basis






10. Type of insurance that provides regular payments to the surviving spouse and dependent






11. Pay that is based on when the employee works (e.g. overtime pay - shift pay differential) or where the employee works; also called variable pay






12. Create or recognize the right of an alternative payee to receive all or a portion of the benefits under a pension plan






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






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






15. 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.






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






17. Retirement benefit offered to all employees in the organization; provides tax advantages and is protected under ERISA






18. Type of health-care plan in which the physician is paid on a per capita (per head) basis rather than for actual treatment provided






19. 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






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






21. Typically paid to nonexempt workers for the time they spend traveling to or between work assignments






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






23. Individual - usually a primary-care physician - who is given control of patient access to specialists and services in a managed care organization






24. Type of Section 125 plan that allows employees to use pretax dollars to pay for certain out of-pocket health and dependent-care expenses


25. Act that provides employees with the opportunity to take up to 12 weeks of unpaid leave to care for family members or because of a serious health condition of the employee






26. Evaluation method that establishes a hierarchy of jobs from lowest to highest based on overall importance to the organization






27. Amount advanced on future commissions






28. Type of formula used in determining retirement plan payments where the employer pays a set dollar amount for each year of service under the plan






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






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






31. 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)






32. Social Security Administration program that provides medical care for the aged; is taxed with no yearly maximum and is matched by the employer






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






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


35. Refers to the identified time period and ending point that should be identified in incentive pay plans






36. Shows the number of people or organizations associated with data organized in a frequency distribution






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






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






39. Stock bonus plans by which employees gain ownership in the organization for which they work


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






41. Show measures of dispersion - or how groups of data relate to each other. There are four quartiles to any set of data - with 25% of the data falling into each quartile.






42. Situation in which employee pays a portion of the required monthly preium for health-care coverage






43. Stated amount out of pocket the insured can pay for medical costs in a 12-month period before copayments end






44. 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






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






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






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






48. Act that added two sections to the Tax Code: Section 125 and Section 401(k)






49. Refers to pay rates that are affected by when an employee works






50. Income tax credit to encourage employers to hire long-term welfare recipients