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Test your basic knowledge |
Human Resources Management: Compensation
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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. Refers to pay that is received by an employee - including base pay - differential pay - and incentive pay
403B Plans
Direct Compensation
LSI (lump-sum increase)
Medicare Part A
2. Act that made significant changes in employee benefit programs - especially retirement plans
Reasonable and customary
Defined Benefit Plan
Tax Reform Act
Qualified deferred compensation plan
3. Health-Care plan in which the employer pays a third party provider to assume all costs for health-care coverage for its employees
Health Insurance Portability and Accountability Act(HIPAA)
Fully Insured Health-Care Plan
Preexisting conditions
Gross Earnings
4. As defined in the FMLA - a condition that requires inpatient hospital - hospice - or residential care or continuing physician care
Job evaluation
Serious health condition
OBRA (omnibus budget reconciliation act)
Compensable Factors
5. 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.
Reasonable and customary
Indirect compensation
Lifetime maximum benefit
Coordination of Benefits
6. Form of defined benefit plan that defines the promised benefit in terms of a hypothetical account balance and features benefit portability
Cash Balance Plan
Broadbanding
Tax and Trade Relief Extension Act
457 Plans
7. Shows the number of people or organizations associated with data organized in a frequency distribution
Pay compression
Direct Compensation
Involuntary deductions
Frequency Table
8. Instrument that measures change over time for costs of a group of goods and services
CPI (Consumer Price Index)
Pay surveys
Qualifying event
Davis-Bacon Act
9. One-time payment made to an employee - also called a performance bonus
UCA (Unemployment Compensation Amendments)
Money purchase plans
Tax Reform Act
LSI (lump-sum increase)
10. Stock bonus plans by which employees gain ownership in the organization for which they work
11. '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
Paid-time-off (PTO) bank
Indemnity health-care plan
Weighted average
In loco parentis
12. A grantor trust designed to segregate nonqualified deferred compensation benefits from an employer's general accounts
On-call pay
Rabbi trust
Travel pay
Taxable Wages
13. Typically paid to nonexempt workers for the time they spend traveling to or between work assignments
Totalization agreements
Survivor's benefits
Gatekeeper
Travel pay
14. Act that provided certain legal protections for spousal beneficiaries of qualified retirement plans
Call-Back Pay
Retirement Equity Act (REA)
FASB (Financial Accounting Standards Board)
Revenue Act
15. Health-care plan in which the employer assumes the role of the insurance company and assumes some or all of the risk
Salary
Self-insured health-care plan
On-call pay
Paid-time-off (PTO) bank
16. Type of health-care plan in which the physician is paid on a per capita (per head) basis rather than for actual treatment provided
HRA(Health reimbursement account)
FLSA (Fair Labor Standards Act)
Capitated Health Care Plan
Health Insurance Portability and Accountability Act(HIPAA)
17. Purchaes health-care plans for large groups of employers to provide small businesses the economic advantages large companies have
Health Insurance purchasing cooperative (HIPC)
Private-letter rulings
Coordination of Benefits
Involuntary deductions
18. Employer-funded plan that reimburses employees only for eligible and substantiated health care expenses
Variable pay
Money purchase plans
HRA(Health reimbursement account)
Imputed income
19. Amendment to the Portal to Portal Act; Clarifies that commuting time is not paid working time
Employee Commuting Flexibility Act
Fee-for-Service-Health-Care Plan
Golden Handcuffs
Third-party administrator (TAP) health-care plan
20. Reflect the dimensions along which a job is perceived to add value to the organization; these factors are used to determine which jobs are worth more than others
401K Plans
Compensable Factors
Paid-time-off (PTO) bank
LSI (lump-sum increase)
21. Payroll deductions selected by the employee such as charitable contributions
Voluntary deductions
403B Plans
Nonqualified deferred compensation plan
Individual retirement accounts (IRAs)
22. System used by federal government to classify jobs
General Scheduled (GS) System
Career-Average Formula
Section 125 benefit plans
Vesting
23. Form of health care that provides services for a fixed period on a prepaid basis
EGTRRA (Economic Growth & Tax Relief Reconciliation Act)
HMOs(Health maintenace organizations)
Defense Authorization Bill
Hay Plan
24. Rulings issued by the IRS to specific taxpayers or organizations who request an interpretation of the law
OBRA (omnibus budget reconciliation act)
Private-letter rulings
MNCs (multinational companies)
Pay surveys
25. Act that amends the Work Opportunity Tax Credit to reduce employer federal tax liability
International assignees
Paid-time-off (PTO) bank
Tax and Trade Relief Extension Act
Survivor's benefits
26. Provide employees with payments based on the organization's profitability that are additional to the employee's normal rates of pay
Defense Authorization Bill
Cash Profit-Sharing Plans
Davis-Bacon Act
MHPA (Mental Health Parity Act)
27. Required for nonexempt workers under FLSA at 1.5 times the regular rate of pay for hours over 40 in a workweek.
Direct Compensation
Overtime pay
COBRA (Consolidated Omnibus Budget Reconciliation Act)
Medicare Part B
28. A reimbursement standard used by insurance companies to determine how much providers should be paid for their services
Employees
Revenue Rulings
Reasonable and customary
Copeland 'Anti-kickback' Act
29. Pay based on where an employee works
Medicare carve-out
Geographic Differential Pay
Differential Pay
Sarbanes-Oxley Act (SOX)
30. The total earnings before taxes; includes regular wages plus additional earnings such as tips - bonuses and overtime pay
Guide Chart-Profile
Gainsharing Plans
Gross Earnings
Imputed income
31. Act that made changes to improve health-care coverage portability and accessibility
Exempt Employees
Health Insurance Portability and Accountability Act(HIPAA)
COBRA (Consolidated Omnibus Budget Reconciliation Act)
Walsh-Healey Act
32. 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 coinsurance
Red-circle rates
Time-based differential pay
Copayment
LSI (lump-sum increase)
33. Persons who live in one country and are employed by an organization based in another country; also called international assignees
Qualified deferred compensation plan
Pay compression
Expatriates
Securities and Exchange Act
34. Individual - usually a primary-care physician - who is given control of patient access to specialists and services in a managed care organization
Defined Contribution Plan
Market-based evaluation
Coordination of Benefits
Gatekeeper
35. Act that defines what is incuded as hours worked and is therefore compensable and a factor in calculating overtime
Portal-to-portal act
Top hat plan
ASO (Administrative Services-Only health-care plan)
EGTRRA (Economic Growth & Tax Relief Reconciliation Act)
36. Amount of employer-provided group-term life insurance over $50 - 000
Excess Group-Term Life Insurance
Scanlon Plan
Time-based differential pay
Draw
37. Income tax credit to encourage employers to hire long-term welfare recipients
Defined Benefit Plan
Welfare-to-Work Tax Credit
Private-letter rulings
Green-Circle Rates
38. Full-choice health-care plan that allows covered employees to go to any qualified physician or hospital and submit claims to the insurance company
FMLA (Family and Medical Leave Act)
Totalization agreements
Fee-for-Service-Health-Care Plan
Individual retirement accounts (IRAs)
39. Listing of grouped data - from lowest to highest
ADEA (Age Discrimination in Employment Act)
Maturity curves
Frequency Distribution
Compa-Ratio
40. In health plans - requires a secondary carrier to reimburse only up to the level of reimbursement they would have paid.
Seniority
Taxable Wages
Nonduplication of benefits
Medicare Part B
41. The pay level divided by the midpoint of the pay range
Sunset Clause
Compa-Ratio
Emergency-Shift Pay
International social security agreements
42. Plans in which employers make mandatory payments (a fixed percentage of an eligible employee's compensation) to a retirement plan.
403B Plans
Incentive pay
Coinsurance
Money purchase plans
43. Private body that decides how financial executives should report their firms' financial information to their share-holders
Sunset Clause
Incentive pay
Individual retirement accounts (IRAs)
FASB (Financial Accounting Standards Board)
44. Act that prohibits wage discrimination by requiring equal pay for equal work
EPA (Equal Pay Act)
POPS(premium-only plans)
Job ranking
Flat-Dollar Formula
45. Occurs when people feel that performance or job differences result in corresponding differences in pay rates
Internal equity
Voluntary deductions
Pay ranges
Reporting pay
46. Health-care plan in which the employer assumes the risk of high health-care costs and hires an independent claims department to handle claims
Third-party administrator (TAP) health-care plan
Supplemental wages
External Equity
IRS 20-Factor Test
47. 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)
HCE(Highly compensated employee)
Prudent person rule
In loco parentis
SBJPA (Small Business Job Protection Act)
48. Act that created tax-advantaged savings mechanisms - including Roth IRAs and Education IRAs - for individual taxpayers.
Taxpayer Relief Act (TRA)
Nonsubscriber plans
Parachutes
Preexisting conditions
49. Replaces a portion of an employee's lost income after short-term disability coverage ends; may be combined with Social Security disability
Qualified deferred compensation plan
Job classification
Welfare-to-Work Tax Credit
Long-term disability(LTD) coverage
50. Refers to pay beyond base salary or wages such as bonuses and commissions
In loco parentis
HRA(Health reimbursement account)
Supplemental wages
Nonqualified deferred compensation plan