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Human Resources Management: Compensation

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. Form of defined benefit plan that defines the promised benefit in terms of a hypothetical account balance and features benefit portability






2. Mandatory hospital coverage for persons covered by Medicare.






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






4. Group incentive plan developed by Joseph Scanlon; workers earn a bonus for increasing productivity






5. Purchaes health-care plans for large groups of employers to provide small businesses the economic advantages large companies have






6. 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






7. Tax-deferred accounts to which wage earners can contribute an amount up to a yearly maximum






8. Refers to all forms of financial returns that employees receive from their employers






9. 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






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






11. Plans in which employers make mandatory payments (a fixed percentage of an eligible employee's compensation) to a retirement plan.






12. 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)






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






14. System that shows preference to employees with the longest service






15. Jobs used as reference points when setting up a job classification system and when designing or modifying a pay structure






16. Nonqualified deferred compensation plan designed to provide retirement benefits to a select group of management or highly compensated employees






17. Systematic determination of the relative worth of jobs within an organization






18. 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






19. Amount of employer-provided group-term life insurance over $50 - 000






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






21. 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






22. Required for nonexempt workers under FLSA at 1.5 times the regular rate of pay for hours over 40 in a workweek.






23. 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






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






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






26. Imposed a mandatory 20% federal income tax witholding requirement on qualified retirement plan proceeds that a recipient does not roll over into another qualified retirement plan or individual retirement account






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






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






29. Health plan that covers specific expenses not covered by Medicare






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






31. Refers to a job ranking method in which evaluator compares each job with every other job being evaluated






32. The total earnings before taxes; includes regular wages plus additional earnings such as tips - bonuses and overtime pay






33. Occurs when there is only a small difference in pay between employees regardles of their skills - experience - or seniority; also known as pay compression






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






35. 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






36. 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.






37. Plans that allow employees of certain tax-exempt organizations to contribute pre-tax dollars toward retirement savings






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






39. Eliminates the duplication of payments when the employee - spouse - or dependents have coverage under two or more plans






40. Optional medical coverage for persons covered by Medicare






41. Act that made changes to improve health-care coverage portability and accessibility






42. Act that addresses parity between mental health benefits and medical benefits.






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






44. Income deferral benefit offered to a select group of management or highly compensated employees in the organization






45. Act that amended ADEA to include all employee benefits; also provided terminated employees with time to consider group termination or retirement programs and consult an attorney

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






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






48. Set up by ERISA to insure payment of defined benefit pension plan benefits in the event that private-sector defined benefit pension plan terminates with insufficient funds to pay the benefits






49. Monthly benefits paid under Social Security to workers (and eligible dependents) younger than the Social Security retirement age if they have a disability






50. Health-Care plan in which the employer pays a third party provider to assume all costs for health-care coverage for its employees







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