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






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






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






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






6. Plans that allow employees of states - political subdivisions or agencies of states - and certain tax-exempt organizations to defer receipt of wages






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






8. Refers to pay earned by employees who work in an environment that is considered more risky from a safety or health point of view






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






10. Act that extended the concept of prevailing wage to employers who manufacture or supply goods under government contracts and required time and a half






11. Process by which a retirement benefit becomes nonforfeitable






12. Non-qualified deferred compensation plans that provide benefits to selected management or highly compensated employees beyond section 401 or 415 limitations






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






14. Distribute a portion of an organization's profits to its employees






15. Uniform amount of money paid to a worker regardless of how many hours are worked






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


17. Mandatory hospital coverage for persons covered by Medicare.






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






19. Workers who are not under FLSA regulations as determined by the IRS 20-Factor Test






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






21. Rulings published by the IRS as general guidelines to all taxpayers






22. 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.






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






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






25. Extra pay for working holidays or vacation days.






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






27. 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






28. Type of insurance that provides regular payments to the surviving spouse and dependent






29. Instrument that measures change over time for costs of a group of goods and services






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






31. 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






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






33. 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






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






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


36. 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.






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


38. Type of health-care plan in which the physician is paid on a per capita (per head) basis rather than for actual treatment provided






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






40. Amount advanced on future commissions






41. 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 copayment






42. Pay based on where an employee works






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






44. Listing of grouped data - from lowest to highest






45. Eliminates the duplication of payments when the employee - spouse - or dependents have coverage under two or more plans






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






47. Act that regulates employee overtime status (exempt and nonexempt) - child labor - minimum wage - overtime pay - record keeping - and other administrative concerns






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






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






50. 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