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. Mandatory benefits program set up as part of the Social Security Act that is designed to provide a subsistence payment to employees between jobs






2. Persons who live in one country and are employed by an organization based in another country; also called international assignees






3. The pay level divided by the midpoint of the pay range






4. Plans that allow employees to make tax-favored pay deferrals toward retirement savings through a payroll deduction plan






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






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






7. Point-factor job evaluation system developed by Hay Associates a large consulting organization - also known as the Hay Plan






8. Act that amends the Work Opportunity Tax Credit to reduce employer federal tax liability






9. 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






10. 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.






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






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






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






14. Pay systems in which employee characteristics - rather than the job - determine pay.






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






16. Set up by ERISA to insure payment of defined benefit pension plan benefits in the event that private-sector defined benefit pension plan terminates with insufficient funds to pay the benefits






17. Workers' compensation plans set up by employers/industries in place of their state's compensation plan






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






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






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






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






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






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






24. Average of data that takes other factors such as the number of incumbents into account






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






26. 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






27. Companies that conduct business and have offices in a number of different countries






28. 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






29. 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






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






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






32. Payment paid to salespeople - usually calculated as a percentage of sales






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






34. Occurs when an organization's pay rates are at least equal to market rates






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






36. The total earnings before taxes; includes regular wages plus additional earnings such as tips - bonuses and overtime pay






37. System that shows preference to employees with the longest service






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






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






40. Tax-deferred accounts to which wage earners can contribute an amount up to a yearly maximum






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






42. Payroll deductions such as tax levies and court-ordered child support that an employee must pay; withheld from paychecks before voluntary deductions






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






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






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






46. 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






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






48. Required for nonexempt workers under FLSA at 1.5 times the regular rate of pay for hours over 40 in a workweek.






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






50. Provide employees with payments based on the organization's profitability that are additional to the employee's normal rates of pay