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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. Concept that states that jobs filled primarily by women should have the same job classification and salary as similar jobs filled by men
Medicare Part B
LSI (lump-sum increase)
Comparable Worth
Red-circle rates
2. Tax-deferred accounts to which wage earners can contribute an amount up to a yearly maximum
Individual retirement accounts (IRAs)
PBGC (Pension benefit guaranty corporation)
Pay surveys
Copayment
3. Replaces a portion of an employee's lost income after short-term disability coverage ends; may be combined with Social Security disability
Taxpayer Relief Act (TRA)
Long-term disability(LTD) coverage
Vesting
Market-based evaluation
4. Refers to pay earned by employees who work in an environment that is considered more risky from a safety or health point of view
Defined Contribution Plan
Hazard Pay
Time-based differential pay
Travel pay
5. Occurs when people feel that performance or job differences result in corresponding differences in pay rates
Graded Vesting
Internal equity
Pay ranges
In loco parentis
6. Form of insurance carried by employers for their employees that provides a lump-sum payment to the employee's beneficiaries
Group-Term Life Insurance
Top hat plan
Performance-based pay
IRS 20-Factor Test
7. A system by which qualified retirement plan participants become incrementally vested over a period of years of service
Broadbanding
Flat-Dollar Formula
Graded Vesting
Health Insurance purchasing cooperative (HIPC)
8. 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
EPA (Equal Pay Act)
Improshare plan
FASB (Financial Accounting Standards Board)
PBGC (Pension benefit guaranty corporation)
9. Act that determined that older workers may not be discriminated against by performance-based pay systems
Defense Authorization Bill
Job classification
ADEA (Age Discrimination in Employment Act)
EGTRRA (Economic Growth & Tax Relief Reconciliation Act)
10. Retirement benefit offered to all employees in the organization; provides tax advantages and is protected under ERISA
Qualified deferred compensation plan
QDROs(qualified domestic relations orders)
Cliff Vesting
Salary
11. System of overlapping short- and long-term incentives to make it less likely that employees will leave the company
Defined Contribution Plan
Rabbi trust
Golden Handcuffs
Uniformed Services Employment and Reemployment Rights Act (USERRA)
12. Method similar to job evaluation systems that evaluates jobs based upon their market value
Red-circle rates
SBJPA (Small Business Job Protection Act)
Excess Deferral Plans
Market-based evaluation
13. Benefits paid to unemployed workers beyond required government unemployment benefits
POPS(premium-only plans)
OBRA (omnibus budget reconciliation act)
SUB (supplemental unemployment benefits)
Internal equity
14. Occurs when there is only a small difference in pay between employees regardless of their skills - experience - or seniority; also known as salary compression
Pay compression
Broadbanding
Long-term care insurance
Sarbanes-Oxley Act (SOX)
15. 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
ESOP's (Employee Stock Ownership Plans)
Improshare plan
Individual retirement accounts (IRAs)
Line-of-sight
16. Act that extended the concept of prevailing wage to employers who manufacture or supply goods under government contracts and required time and a half
Percentiles
Premium sharing
Health Insurance purchasing cooperative (HIPC)
Walsh-Healey Act
17. 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
Travel pay
Copayment
Section 125 benefit plans
SBJPA (Small Business Job Protection Act)
18. Health plan that covers specific expenses not covered by Medicare
Medicare supplement
401K Plans
Top hat plan
EAP's (Employee Assistance Programs)
19. Act that requires benefit continuation and crediting of service while an employee is on military active duty
Uniformed Services Employment and Reemployment Rights Act (USERRA)
Sarbanes-Oxley Act (SOX)
Pay surveys
Incentive pay
20. Create or recognize the right of an alternative payee to receive all or a portion of the benefits under a pension plan
Independent contractors
Seniority
Sarbanes-Oxley Act (SOX)
QDROs(qualified domestic relations orders)
21. 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
Health Insurance Portability and Accountability Act(HIPAA)
Geographic Differential Pay
FMLA (Family and Medical Leave Act)
Point-factor method
22. Persons who live in one country and are employed by an organization based in another country
Variable pay
Premium sharing
Securities and Exchange Act
International assignees
23. Form of health care that provides services for a fixed period on a prepaid basis
HMOs(Health maintenace organizations)
Sarbanes-Oxley Act (SOX)
Qualifying event
Gross Earnings
24. Act that added two sections to the Tax Code: Section 125 and Section 401(k)
Nonqualified deferred compensation plan
Revenue Act
Merit pay
TPA (third-party administrator) health-care plan
25. Health-care plan in which the employer assumes the risk of high health-care costs and hires an independent claims department to handle claims
Differential Pay
Tax Reform Act
Third-party administrator (TAP) health-care plan
Savings Incentive Match Plan for employees (SIMPLE)
26. Pay that employees receive when they are called back for an extra shift in the same workday
Defense Authorization Bill
Expatriates
Call-Back Pay
Dual-Ladder Career Progression
27. Minimum hourly amount - determined by Congress - that nonexempt employees can be paid
Nonexempt employees
Premium pay
Minimum wage
Individual retirement accounts (IRAs)
28. Type of Section 125 plan that allows employees to pay for certain qualified benefits with pretax dollars
Revenue Act
POPS(premium-only plans)
Golden Parachutes
Mental Health Parity Act (MHPA)
29. Employees covered under FLSA regulations - including minimum wage and overtime pay requirements
Imputed income
Nonexempt employees
Line-of-sight
POPS(premium-only plans)
30. 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
Pay compression
Merit pay
Utilization review
Direct Compensation
31. Workers' compensation plans set up by employers/industries in place of their state's compensation plan
Nonsubscriber plans
EGTRRA (Economic Growth & Tax Relief Reconciliation Act)
Minimum wage
Career-Average Formula
32. 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.
Prudent person rule
Lifetime maximum benefit
Profit-sharing plans
OBRA (omnibus budget reconciliation act)
33. Show measures of dispersion - or how groups of data relate to each other
Percentiles
IRS 20-Factor Test
Equal Work
Independent contractors
34. Group incentives where a portion of the gains on organization realizes from group efforts is shared with the group
Gainsharing Plans
Health Insurance Portability and Accountability Act(HIPAA)
Guide Chart-Profile
Walsh-Healey Act
35. Act that prohibits federal contractors from receiving kickbacks from employees or subcontractors for wages earned on federal projects
36. The total earnings before taxes; includes regular wages plus additional earnings such as tips - bonuses and overtime pay
Broadbanding
Time-based differential pay
Gross Earnings
Seniority
37. 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.
Lifetime maximum benefit
Tax and Trade Relief Extension Act
Survivor's benefits
Independent contractors
38. Describes the extra pay that employees receive when they are called into work during an emergency (e.g. power outage)
Emergency-Shift Pay
Career-Average Formula
Tax Reform Act
Overtime pay
39. Uniform amount of money paid to a worker regardless of how many hours are worked
Davis-Bacon Act
Nonsubscriber plans
Revenue Rulings
Salary
40. Act that defines what is incuded as hours worked and is therefore compensable and a factor in calculating overtime
Parachutes
Portal-to-portal act
Rabbi trust
Profit-sharing plans
41. Payroll deductions such as tax levies and court-ordered child support that an employee must pay; withheld from paychecks before voluntary deductions
Broadbanding
Involuntary deductions
401K Plans
HMOs(Health maintenace organizations)
42. Act that created tax-advantaged savings mechanisms - including Roth IRAs and Education IRAs - for individual taxpayers.
Taxpayer Relief Act (TRA)
Davis-Bacon Act
Medicare supplement
Expatriates
43. Amendment to the Portal to Portal Act; Clarifies that commuting time is not paid working time
Performance-based pay
Exempt Employees
Employee Commuting Flexibility Act
Job evaluation
44. Plan that promises employee a retirement benefit amount based on a formula
Weighted average
Job ranking
Defined Benefit Plan
Nonexempt employees
45. Refers to a qualified - tax deferred retirement plan where the employer contributes a percentage of profits to employee accounts
Deferred Profit-Sharing Plan
Job ranking
Qualified deferred compensation plan
Factor Comparison Method
46. Pay provided to employees who report for work as scheduled but then find that no work is available
Reasonable and customary
Salary
Welfare-to-Work Tax Credit
Reporting pay
47. Provide employees with payments based on the organization's profitability that are additional to the employee's normal rates of pay
Cash Profit-Sharing Plans
Compensable Factors
Individual retirement accounts (IRAs)
REA (Retirement equity act)
48. Purchaes health-care plans for large groups of employers to provide small businesses the economic advantages large companies have
Health Insurance purchasing cooperative (HIPC)
Weighted average
457 Plans
Fully Insured Health-Care Plan
49. Distribute a portion of an organization's profits to its employees
Profit-sharing plans
Medicare
Full Cafeteria Plans
Serious health condition
50. Stock bonus plans by which employees gain ownership in the organization for which they work