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. Bilateral social security agreements that coordinate the U.S. social security program with the comparable programs of other countries; also known as totalization agreements






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






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






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






5. Describe situations where employees' pay is above the range maximum






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

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7. Show measures of dispersion - or how groups of data relate to each other






8. Plan in which the employer and sometimes the employee make an annual payment to the employee's retirement plan account






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






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






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






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






13. 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






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






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






16. Act that prohibits federal contractors from receiving kickbacks from employees or subcontractors for wages earned on federal projects

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17. 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






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






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






20. Act that established the basic uniform standards that must be met by employer-sponsored pension - health and welfare benefit programs






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






22. Optional medical coverage for persons covered by Medicare






23. Employees who are excluded from FLSA minimum wage and overtime pay requirements






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






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






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






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






28. 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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29. 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.






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






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






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






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






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






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






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






37. Distribute a portion of an organization's profits to its employees






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






39. Health-care plan in which the employer assumes the role of the insurance company and assumes some or all of the risk






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






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






42. 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.






43. Act that provided certain legal protections for spousal beneficiaries of qualified retirement plans






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






45. Rulings published by the IRS as general guidelines to all taxpayers






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






47. 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






48. 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






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






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