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






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






3. 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






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






5. Requires participants to complete a specific number of years of service with an employer before they get any vested benefits - after which they are 100% vested






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


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






8. System of overlapping short- and long-term incentives to make it less likely that employees will leave the company






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






10. 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.






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






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






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






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






15. Process by which a retirement benefit becomes nonforfeitable






16. As defined in the FMLA - a condition that requires inpatient hospital - hospice - or residential care or continuing physician care






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






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






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






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






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






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






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






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






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






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






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






28. 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






29. System used by federal government to classify jobs






30. Listing of grouped data - from lowest to highest






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


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






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






34. Type of Section 125 plans that allow employees to choose from a menu of benefits and allocate pretax dollars to pay for those benefits






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






36. Retirement plan by which employees cna contribute each year to a 401(k) plan or IRA






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






38. Plan that promises employee a retirement benefit amount based on a formula






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






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






41. Optional medical coverage for persons covered by Medicare






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






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






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






45. 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






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






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






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






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






50. An effort to make job evaluation more compatible with the de-layering of organizations by combining several salary grades or job classifications with narrow pay ranges into one band with a wider salary spread