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. Refers to a concept that states that employees must be able to influence the attainment of a goal and see a direct result of their efforts in order for incentive pay plans to be effective






2. Refers to the identified time period and ending point that should be identified in incentive pay plans






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






4. Act that made changes to rules regarding the ability of tax-exempt organizations to institute retirement plans modeled after 401(k) and IRA accounts and to the definition of highly compensated employees






5. Plans that allow employees of certain tax-exempt organizations to contribute pre-tax dollars toward retirement savings






6. Describe situations where employees' pay is above the range maximum






7. Evaluation method that groups jobs into a predetermined number of grades or classifications - each having a class description to use for job comparisons






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






9. Most commonly used method of job evaluation; it involves using specific factors to evaluate job worth






10. Employees who are excluded from FLSA minimum wage and overtime pay requirements






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






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






13. Describes the extra pay that employees receive when they are called into work during an emergency (e.g. power outage)






14. 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






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






16. Social Security Administration program that provides medical care for the aged; is taxed with no yearly maximum and is matched by the employer






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






18. Form of base pay that is dependent on the number of hours worked






19. '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






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






21. 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






22. Stock bonus plans by which employees gain ownership in the organization for which they work

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






24. 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






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






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






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






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






29. Type of Section 125 plan that allows employees to pay for certain qualified benefits with pretax dollars






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






31. Rulings issued by the IRS to specific taxpayers or organizations who request an interpretation of the law






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






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






34. 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






35. 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.






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






37. Job comparison method that involves the ranking of each job by each selected compensable factor and then identifying dollar values to develop a pay rate






38. Pay that is based on when the employee works (e.g. overtime pay - shift pay differential) or where the employee works; also called variable pay






39. Listing of grouped data - from lowest to highest






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






41. Excluded federal contractors from overtime pay requirements after eight hours of work in a day; in their case - time and a half must be paid only for hours in excess of 40 per week






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






43. Act that regulated 'insider trading'






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






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






46. 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






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






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






49. Amount of employer-provided group-term life insurance over $50 - 000






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