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. Process by which a retirement benefit becomes nonforfeitable






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






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






4. Audit of health-care use and charges to identify which benefits are used and to make certain that care is necessary and costs are in line






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






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






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






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






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






10. Act that provides for continuation of group health-care benefits for former employees and their families






11. 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






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






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






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






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






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






17. 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)






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






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






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






21. Type of Section 125 plans that allow employees to choose from a menu of benefits and allocate pretax dollars to pay for those benefits






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






24. Nonqualified deferred compensation plan designed to provide retirement benefits to a select group of management or highly compensated employees






25. Method similar to job evaluation systems that evaluates jobs based upon their market value






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






27. Act that provides employees with the opportunity to take up to 12 weeks of unpaid leave to care for family members or because of a serious health condition of the employee






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






29. Replaces a portion of an employee's lost income after short-term disability coverage ends; may be combined with Social Security disability






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






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






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






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






34. Plan in which the employer and sometimes the employee make an annual payment to the employee's retirement plan account






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






36. 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






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






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






39. A system by which qualified retirement plan participants become incrementally vested over a period of years of service






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






41. 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






42. Purchaes health-care plans for large groups of employers to provide small businesses the economic advantages large companies have






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






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

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






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






47. Monthly benefits paid under Social Security to eligible dependents of deceased workers

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48. 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






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






50. General term for a medical plan that seeks to ensure that the treatments a person receives are medically necessary and provided in a cost-effective manner.