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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. Amendment to the Portal to Portal Act; Clarifies that commuting time is not paid working time
Job ranking
Compensable Factors
Cash Balance Plan
Employee Commuting Flexibility Act
2. Workers who are covered under FLSA regulations as determined by the IRS 20-factor test
Employees
Imputed income
Reporting pay
Premium sharing
3. Instrument that measures change over time for costs of a group of goods and services
Third-party administrator (TAP) health-care plan
International social security agreements
Disability Benefits
CPI (Consumer Price Index)
4. System that shows preference to employees with the longest service
Seniority
Survivor's benefits
Profit-sharing plans
Travel pay
5. Set of 20 factors that the IRS uses to determine whether workers are employees or independent contractors
Medicare Part B
MNCs (multinational companies)
Flat-Dollar Formula
IRS 20-Factor Test
6. Type of formula used to determine retirement plan payments based on the average earnings during a specified number of years
457 Plans
Health Insurance purchasing cooperative (HIPC)
Final-Pay Formula
Draw
7. Health plan that covers specific expenses not covered by Medicare
QDROs(qualified domestic relations orders)
Medicare supplement
Voluntary deductions
Parachutes
8. Pay systems in which employee characteristics - rather than the job - determine pay.
Securities and Exchange Act
Coinsurance
Performance-based pay
Welfare-to-Work Tax Credit
9. Refers to pay rates that are affected by when an employee works
Time-based differential pay
Employee Commuting Flexibility Act
FMLA (Family and Medical Leave Act)
Revenue Act
10. Occurs when there is only a small difference in pay between employees regardless of their skills - experience - or seniority; also known as salary compression
Percentiles
Nonsubscriber plans
OWBPA (older worker's benefit protection act)
Pay compression
11. Plans that allow employees of certain tax-exempt organizations to contribute pre-tax dollars toward retirement savings
International social security agreements
Walsh-Healey Act
MNCs (multinational companies)
403B Plans
12. Act that regulates employee overtime status (exempt and nonexempt) - child labor - minimum wage - overtime pay - record keeping - and other administrative concerns
Differential Pay
Defense Authorization Bill
Rabbi trust
FLSA (Fair Labor Standards Act)
13. 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
Improshare plan
Base Pay
External Equity
Comission
14. Act that extended the concept of prevailing wage to employers who manufacture or supply goods under government contracts and required time and a half
Long-term disability(LTD) coverage
Walsh-Healey Act
Gainsharing Plans
Medicare supplement
15. In health plans - requires a secondary carrier to reimburse only up to the level of reimbursement they would have paid.
Full Cafeteria Plans
Minimum wage
Nonduplication of benefits
Job evaluation
16. Describes the extra pay that employees receive when they are called into work during an emergency (e.g. power outage)
OBRA (omnibus budget reconciliation act)
Emergency-Shift Pay
Medicare carve-out
Pay surveys
17. Health-care plan in which the employer assumes the role of the insurance company and assumes some or all of the risk
QDROs(qualified domestic relations orders)
Revenue Rulings
Self-insured health-care plan
EGTRRA (Economic Growth & Tax Relief Reconciliation Act)
18. System of overlapping short- and long-term incentives to make it less likely that employees will leave the company
Exempt Employees
Flat-Dollar Formula
Taxpayer Relief Act (TRA)
Golden Handcuffs
19. Describes a situation where an employee's pay is below the minimum of the range
Base Pay
Compa-Ratio
Flat-Rate Pay
Green-Circle Rates
20. Bilateral social security agreements that coordinate the U.S. social security program with the comparable programs of other countries; also known as totalization agreements
ASO (Administrative Services-Only health-care plan)
Cash Balance Plan
International social security agreements
Variable pay
21. Act that addresses parity between mental health benefits and medical benefits
Voluntary deductions
Point-factor method
Prudent person rule
MHPA (Mental Health Parity Act)
22. Process by which a retirement benefit becomes nonforfeitable
Compa-Ratio
Sunset Clause
Vesting
Pay ranges
23. Purchaes health-care plans for large groups of employers to provide small businesses the economic advantages large companies have
Health Insurance purchasing cooperative (HIPC)
Gatekeeper
Minimum wage
Cash Profit-Sharing Plans
24. Social Security Administration program that provides medical care for the aged; is taxed with no yearly maximum and is matched by the employer
Totalization agreements
EPA (Equal Pay Act)
Green-Circle Rates
Medicare
25. An effort to make job evaluation more compatible with the de-layering of organizations by combining several salary grades or job classifications with narrow pay ranges into one band with a wider salary spread
Call-Back Pay
Incentive pay
Tax Reform Act
Broadbanding
26. Stock bonus plans by which employees gain ownership in the organization for which they work
27. Replaces a portion of an employee's lost income after short-term disability coverage ends; may be combined with Social Security disability
Long-term disability(LTD) coverage
Voluntary deductions
Taxpayer Relief Act (TRA)
Preexisting conditions
28. Act that regulated 'insider trading'
Market-based evaluation
Vesting
Securities and Exchange Act
COBRA (Consolidated Omnibus Budget Reconciliation Act)
29. Distribute a portion of an organization's profits to its employees
Excess Group-Term Life Insurance
Retirement Equity Act (REA)
Base Pay
Profit-sharing plans
30. Includes all renumeration for services (including noncash benefits) and wages - which are taxable when paid
ESOP's (Employee Stock Ownership Plans)
Coinsurance
Money purchase plans
Taxable Wages
31. Provides each incumbent of a job with the same rate of pay - regardless of performance or seniority; also known as single-rate pay
Flat-Rate Pay
Guide Chart-Profile
Paired-comparison method
Long-term disability(LTD) coverage
32. Full-choice health-care plan that allows covered employees to go to any qualified physician or hospital and submit claims to the insurance company
PBGC (Pension benefit guaranty corporation)
Indemnity health-care plan
Taxpayer Relief Act (TRA)
Defense Authorization Bill
33. Monthly benefits paid under Social Security to workers (and eligible dependents) younger than the Social Security retirement age if they have a disability
Medicare carve-out
Job ranking
Red-circle rates
Disability Benefits
34. Act that defines what is incuded as hours worked and is therefore compensable and a factor in calculating overtime
HCE(Highly compensated employee)
Portal-to-portal act
Job grades
Productivity-based pay
35. The total earnings before taxes; includes regular wages plus additional earnings such as tips - bonuses and overtime pay
Indemnity health-care plan
Gross Earnings
Revenue Act
Experience Rating
36. Refers to pay that is received by an employee - including base pay - differential pay - and incentive pay
Improshare plan
Tax and Trade Relief Extension Act
Direct Compensation
In loco parentis
37. 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.
HCE(Highly compensated employee)
Prudent person rule
Full Cafeteria Plans
TPA (third-party administrator) health-care plan
38. Health-care plan in which the employer assumes the risk of high health-care costs and hires an independent claims department to handle claims
TPA (third-party administrator) health-care plan
Emergency-Shift Pay
Third-party administrator (TAP) health-care plan
Retirement Equity Act (REA)
39. Amount advanced on future commissions
Compa-Ratio
Flat-Rate Pay
Draw
Benchmark Jobs
40. Written benefit plans maintained by the employer that allow employees to use pretax dollars to pay for certain qualified benefits
Totalization agreements
Section 125 benefit plans
Fee-for-Service-Health-Care Plan
Long-term care insurance
41. Bases employer unemployment insurance on the employer's number of terminated workers
Maturity curves
Experience Rating
Pay surveys
Comparable Worth
42. Most commonly used method of job evaluation; it involves using specific factors to evaluate job worth
HCE(Highly compensated employee)
Point-factor method
Compa-Ratio
Defined Contribution Plan
43. Act that made changes to improve health-care coverage portability and accessibility
Health Insurance Portability and Accountability Act(HIPAA)
Premium pay
Broadbanding
Utilization review
44. Plan in which the employer and sometimes the employee make an annual payment to the employee's retirement plan account
Defined Contribution Plan
Survivor's benefits
Capitated Health Care Plan
Travel pay
45. Refers to insurance coverage that provides a daily monetary benefit to people who are chronically ill and who require living assistance either at home or in a residential facility
Quartiles
Hazard Pay
Compensable Factors
Long-term care insurance
46. Collect information on prevailing market rates and include topics such as incentive plans - overtime pay - base pay - and vacation and holiday practices.
Vesting
Pay surveys
FLSA (Fair Labor Standards Act)
Guide Chart-Profile
47. Pay adjustment given to employees regardless of their performance or company profitability; usually linked to inflation; also referred to as a standard percentage raise
Green-Circle Rates
Serious health condition
Premium pay
COLA (Cost of Living Adjustment)
48. Point-factor job evaluation system developed by Hay Associates - a large consulting organization; also known as the Guide Chart-Profile
Hay Plan
Compensable Factors
Medicare carve-out
Long-term care insurance
49. 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
UCA (Unemployment Compensation Amendments)
SBJPA (Small Business Job Protection Act)
ESOP's (Employee Stock Ownership Plans)
Internal equity
50. Payment paid to salespeople - usually calculated as a percentage of sales
Comission
Securities and Exchange Act
Maturity curves
Excess Deferral Plans