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






2. Minimum hourly amount - determined by Congress - that nonexempt employees can be paid






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






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






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






6. Pay based on where an employee works






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






8. Mandatory hospital coverage for persons covered by Medicare.






9. Evaluation method that groups jobs into a predetermined number of grades or classifications - each having a class description to use for job comparisons






10. Act that regulated 'insider trading'






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






12. System used by federal government to classify jobs






13. '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






14. Workers who are covered under FLSA regulations as determined by the IRS 20-factor test






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






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






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






18. Refers to pay earned by employees who work in an environment that is considered more risky from a safety or health point of view






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






20. Optional medical coverage for persons covered by Medicare






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






22. Form of insurance carried by employers for their employees that provides a lump-sum payment to the employee's beneficiaries






23. 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.






24. Type of formula used to determine benefits under a defined benefit pension plan - based on a percentage of pay for each year the employee is in the plan or a percentage of career-average pay times years of service






25. In health plans - requires a secondary carrier to reimburse only up to the level of reimbursement they would have paid.






26. Refers to pay beyond base salary or wages such as bonuses and commissions






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






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






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






30. Basic compensation an employee receives - usually as a wage or salary






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






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






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






34. Maximum dollar amount of covered medical expenses that a health-care plan will pay on behalf of any covered person during that person's lifetime.






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






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






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






38. Form of direct compensation where employers pay for performance beyond normal expectations to motivate employees to perform at higher levels






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






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






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






42. Allows employees to advance via either a management or technical track within the organization






43. 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.






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






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






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






47. Act that prohibits wage discrimination by requiring equal pay for equal work






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






49. Plans that allow employees to make tax-favored pay deferrals toward retirement savings through a payroll deduction plan






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