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. Pay based on the quantity of work and outputs that can be accurately measured






2. Pay that employees receive when they are called back for an extra shift in the same workday






3. Act that created tax-advantaged savings mechanisms - including Roth IRAs and Education IRAs - for individual taxpayers.






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






5. Act that established the basic uniform standards that must be met by employer-sponsored pension - health and welfare benefit programs






6. 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)






7. Listing of grouped data - from lowest to highest






8. Employees covered under FLSA regulations - including minimum wage and overtime pay requirements






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






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






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






12. 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






13. Health-care plan in which the employer assumes the role of the insurance company and assumes some or all of the risk






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






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






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






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






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






19. Systematic determination of the relative worth of jobs within an organization






20. Payroll deductions selected by the employee such as charitable contributions






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






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






23. Minimum hourly amount - determined by Congress - that nonexempt employees can be paid






24. Type of formula used to determine benefits under a defined benefit pension plan - based on a percentage of pay for each year the employee is in the plan or a percentage of career-average pay times years of service






25. Concept that states that jobs filled primarily by women should have the same job classification and salary as similar jobs filled by men






26. Act that defines what is incuded as hours worked and is therefore compensable and a factor in calculating overtime






27. Pay provided to employees who report for work as scheduled but then find that no work is available






28. Optional medical coverage for persons covered by Medicare






29. Written benefit plans maintained by the employer that allow employees to use pretax dollars to pay for certain qualified benefits






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






31. Initial amount of covered medical expenses an individual must pay before receiving paid benefits under a health-care plan; usually expressed in terms of an individual and/or family deductible or a per-service fee






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






33. System used by federal government to classify jobs






34. 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






35. Occurs when people feel that performance or job differences result in corresponding differences in pay rates






36. Shows the number of people or organizations associated with data organized in a frequency distribution






37. Act that determined that older workers may not be discriminated against by performance-based pay systems






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






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






40. Requires administrators of defined contribution plans to provide notice of covered blackout periods; provides whistle-blower protection for employees






41. Act that prohibits wage discrimination by requiring equal pay for equal work






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






43. Provide counseling and help to employees having emotional - physical or personal problems


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






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






46. Type of health-care plan in which the employer assumes the risk of high costs and hires an insurance claims department to handle claims






47. Refers to all forms of financial returns that employees receive from their employers






48. 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






49. Refers to pay rates that are affected by when an employee works






50. Pay adjustment given to employees regardless of their performance or company profitability; usually linked to inflation; also referred to as a standard percentage raise