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. 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






3. Plan that promises employee a retirement benefit amount based on a formula






4. Health plan that covers specific expenses not covered by Medicare






5. 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






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


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






8. Evaluation method that establishes a hierarchy of jobs from lowest to highest based on overall importance to the organization






9. 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






10. 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






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






12. Stated amount out of pocket the insured can pay for medical costs in a 12-month period before copayments end






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






14. Plans that allow employees to make tax-favored pay deferrals toward retirement savings through a payroll deduction plan






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






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






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






18. In health plans - requires a secondary carrier to reimburse only up to the level of reimbursement they would have paid.






19. Act that established the prevailing wage and fringe benefit requirements for contractors on federally funded construction projects






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






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






22. 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






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






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






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






26. Type of formula used to determine retirement plan payments based on the average earnings during a specified number of years






27. 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






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






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






30. Pay that employees receive when they are on call but not actually working






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






32. 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






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






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






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






36. Amount advanced on future commissions






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






38. Extra pay for working holidays or vacation days.






39. 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






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






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


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






43. Act that reduced the compensation limits in qualified retirement programs






44. 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






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






46. Create or recognize the right of an alternative payee to receive all or a portion of the benefits under a pension plan






47. Form of insurance carried by employers for their employees that provides a lump-sum payment to the employee's beneficiaries






48. Act that amended ADEA to include all employee benefits; also provided terminated employees with time to consider group termination or retirement programs and consult an attorney


49. 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






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.