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Test your basic knowledge |
Human Resources Management: Compensation
Start Test
Study First
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
Time-based differential pay
Line-of-sight
Nonsubscriber plans
Equal Work
2. Minimum hourly amount - determined by Congress - that nonexempt employees can be paid
Merit pay
Minimum wage
Sarbanes-Oxley Act (SOX)
FASB (Financial Accounting Standards Board)
3. Payroll deductions such as tax levies and court-ordered child support that an employee must pay; withheld from paychecks before voluntary deductions
Hay Plan
Capitated Health Care Plan
Involuntary deductions
Performance-based pay
4. Method similar to job evaluation systems that evaluates jobs based upon their market value
Comission
Improshare plan
Premium sharing
Market-based evaluation
5. Income tax credit to encourage employers to hire long-term welfare recipients
Welfare-to-Work Tax Credit
Time-based differential pay
TPA (third-party administrator) health-care plan
Fee-for-Service-Health-Care Plan
6. Pay based on where an employee works
Salary compression
Geographic Differential Pay
Self-insured health-care plan
Call-Back Pay
7. Pay provided to employees who report for work as scheduled but then find that no work is available
Medicare supplement
MNCs (multinational companies)
Pay surveys
Reporting pay
8. Mandatory hospital coverage for persons covered by Medicare.
Job grades
In loco parentis
Medicare Part A
Gainsharing Plans
9. Evaluation method that groups jobs into a predetermined number of grades or classifications - each having a class description to use for job comparisons
Equal Work
Job classification
Coordination of Benefits
Nonsubscriber plans
10. Act that regulated 'insider trading'
Coordination of Benefits
Exempt Employees
Securities and Exchange Act
Geographic Differential Pay
11. Income deferral benefit offered to a select group of management or highly compensated employees in the organization
Nonqualified deferred compensation plan
Equal Work
Serious health condition
Unemployment insurance
12. System used by federal government to classify jobs
Coordination of Benefits
General Scheduled (GS) System
Hazard Pay
PBGC (Pension benefit guaranty corporation)
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
MHPA (Mental Health Parity Act)
In loco parentis
ASO (Administrative Services-Only health-care plan)
Money purchase plans
14. Workers who are covered under FLSA regulations as determined by the IRS 20-factor test
Comission
Employees
Job classification
FSA's (Flexible Spending Accounts)
15. Rulings issued by the IRS to specific taxpayers or organizations who request an interpretation of the law
Taxpayer Relief Act (TRA)
Private-letter rulings
Scanlon Plan
Cash Profit-Sharing Plans
16. System that shows preference to employees with the longest service
Cliff Vesting
Hourly wage
Seniority
Tax Reform Act
17. Individual - usually a primary-care physician - who is given control of patient access to specialists and services in a managed care organization
FSA's (Flexible Spending Accounts)
Reasonable and customary
Fully Insured Health-Care Plan
Gatekeeper
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
Medicare supplement
FLSA (Fair Labor Standards Act)
Long-term care insurance
Hazard Pay
19. Employees covered under FLSA regulations - including minimum wage and overtime pay requirements
Savings Incentive Match Plan for employees (SIMPLE)
Nonexempt employees
Salary
Call-Back Pay
20. Optional medical coverage for persons covered by Medicare
Nonsubscriber plans
Medicare Part B
Reporting pay
Geographic Differential Pay
21. Plans that allow employees of certain tax-exempt organizations to contribute pre-tax dollars toward retirement savings
Mental Health Parity Act (MHPA)
Taxpayer Relief Act (TRA)
403B Plans
Managed Care
22. Form of insurance carried by employers for their employees that provides a lump-sum payment to the employee's beneficiaries
Employees
Private-letter rulings
Group-Term Life Insurance
Nonsubscriber plans
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.
Quartiles
Variable pay
Market-based evaluation
Long-term care insurance
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
PBGC (Pension benefit guaranty corporation)
Graded Vesting
Career-Average Formula
Quartiles
25. In health plans - requires a secondary carrier to reimburse only up to the level of reimbursement they would have paid.
Nonduplication of benefits
Coinsurance
Improshare plan
Compensable Factors
26. Refers to pay beyond base salary or wages such as bonuses and commissions
Percentiles
Medicare
Supplemental wages
Revenue Rulings
27. Benefits paid to unemployed workers beyond required government unemployment benefits
SUB (supplemental unemployment benefits)
Survivor's benefits
Comission
TPA (third-party administrator) health-care plan
28. Collect information on prevailing market rates and include topics such as incentive plans - overtime pay - base pay - and vacation and holiday practices.
Pay surveys
Direct Compensation
POPS(premium-only plans)
Improshare plan
29. Evaluation method that establishes a hierarchy of jobs from lowest to highest based on overall importance to the organization
Seniority
Job ranking
Variable pay
Comission
30. Basic compensation an employee receives - usually as a wage or salary
Health Insurance Portability and Accountability Act(HIPAA)
Base Pay
Salary
Paired-comparison method
31. Pay systems in which employee characteristics - rather than the job - determine pay.
Equal Work
Performance-based pay
Job ranking
Travel pay
32. A grantor trust designed to segregate nonqualified deferred compensation benefits from an employer's general accounts
Experience Rating
Rabbi trust
Taxable Wages
Golden Handcuffs
33. Stated amount out of pocket the insured can pay for medical costs in a 12-month period before copayments end
Green-Circle Rates
Out-of-pocket maximum
Deferred Profit-Sharing Plan
Comission
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.
Prudent person rule
Merit pay
Uniformed Services Employment and Reemployment Rights Act (USERRA)
Lifetime maximum benefit
35. Point-factor job evaluation system developed by Hay Associates - a large consulting organization; also known as the Guide Chart-Profile
Factor Comparison Method
Variable pay
TPA (third-party administrator) health-care plan
Hay Plan
36. Refers to a job ranking method in which evaluator compares each job with every other job being evaluated
Indemnity health-care plan
Paired-comparison method
Nonexempt employees
Profit-sharing plans
37. Act that added two sections to the Tax Code: Section 125 and Section 401(k)
Revenue Act
Out-of-pocket maximum
ASO (Administrative Services-Only health-care plan)
Call-Back Pay
38. Form of direct compensation where employers pay for performance beyond normal expectations to motivate employees to perform at higher levels
Medicare Part B
Incentive pay
ERISA (Employee Retirement Income Security Act)
Pay surveys
39. The total earnings before taxes; includes regular wages plus additional earnings such as tips - bonuses and overtime pay
POPS(premium-only plans)
Internal equity
Gross Earnings
Copayment
40. Occurs when an organization's pay rates are at least equal to market rates
External Equity
Productivity-based pay
Money purchase plans
Guide Chart-Profile
41. Act that established the prevailing wage and fringe benefit requirements for contractors on federally funded construction projects
Davis-Bacon Act
Tax Reform Act
Full Cafeteria Plans
Defined Benefit Plan
42. Allows employees to advance via either a management or technical track within the organization
Compensable Factors
Davis-Bacon Act
Parachutes
Dual-Ladder Career Progression
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.
ASO (Administrative Services-Only health-care plan)
Managed Care
Job evaluation
Scanlon Plan
44. Create or recognize the right of an alternative payee to receive all or a portion of the benefits under a pension plan
PBGC (Pension benefit guaranty corporation)
QDROs(qualified domestic relations orders)
Market-based evaluation
Coinsurance
45. Employer-funded plan that reimburses employees only for eligible and substantiated health care expenses
HRA(Health reimbursement account)
Medicare Part B
SEP(Simplified Employee Pension)
Prudent person rule
46. Act that addresses parity between mental health benefits and medical benefits
Gainsharing Plans
MHPA (Mental Health Parity Act)
HCE(Highly compensated employee)
Uniformed Services Employment and Reemployment Rights Act (USERRA)
47. Act that prohibits wage discrimination by requiring equal pay for equal work
Performance-based pay
Indirect compensation
Employees
EPA (Equal Pay Act)
48. Health plan that covers specific expenses not covered by Medicare
Reasonable and customary
CPI (Consumer Price Index)
OBRA (omnibus budget reconciliation act)
Medicare supplement
49. Plans that allow employees to make tax-favored pay deferrals toward retirement savings through a payroll deduction plan
Unemployment insurance
Self-insured health-care plan
Gainsharing Plans
401K Plans
50. Provides each incumbent of a job with the same rate of pay - regardless of performance or seniority; also known as single-rate pay
FSA's (Flexible Spending Accounts)
Cash Balance Plan
Preexisting conditions
Flat-Rate Pay