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. 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






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






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






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






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






6. 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






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






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






9. Act that regulated 'insider trading'






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






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






12. 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






13. Private body that decides how financial executives should report their firms' financial information to their share-holders






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






15. 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






16. Act that requires benefit continuation and crediting of service while an employee is on military active duty






17. Used to group jobs that have approximately the same relatve internal worth and are paid at the same rate or rate change






18. Act that adjusts certain minimum vesting schedules - increases retirement plan compensation and contribution limits - permits catch-up contributions by participants over age 50 in certain retirement plans - and modifies distribution and rollover r






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






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






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






22. Tax-deferred account to whcih the self-employd and employees of very small businesses can contribute






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






24. Offered to employees who are on leave for injuries under FMLA; job tasks are modified to meet the employee's restrictions






25. 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






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






27. Plans that allow employees of states - political subdivisions or agencies of states - and certain tax-exempt organizations to defer receipt of wages






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






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






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






31. Extra pay for working holidays or vacation days.






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






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






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






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






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






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






38. 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






39. 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






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






41. 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






42. Requires administrators of defined contribution plans to provide notice of covered blackout periods; provides whistle-blower protection for employees






43. 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)






44. Audit of health-care use and charges to identify which benefits are used and to make certain that care is necessary and costs are in line






45. Non-qualified deferred compensation plans that provide benefits to selected management or highly compensated employees beyond section 401 or 415 limitations






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






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






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






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






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