What type of pension plan commonly includes profit-sharing plans, stock bonus plans, and employee stock ownership plans? A) defined benefit B) defined contribution

1.) This federal Act requires contractors with federal contracts worth over $2,000 to pay wages at least equal to those prevailing in the area where the work is being done.
A) Fair Labor Standards Act
B) Davis-Bacon Act
C) Equal Pay Act
D) Civil Rights Act of 1964

2) What represents the relationship between a company’s valuation of jobs based on job evaluation and the valuation of jobs within the external market as assessed by compensation surveys?
A) market-competitive pay structure
B) pay grade
C) pay range
D) market pay line

3) For the purpose of applying pay policies, this term refers to the groupings of jobs based on compensable factors.
A) market lines
B) market-competitive pay structures
C) pay grades
D) pay ranges

4) Companies establish retirement plans following which of these three design configurations?
A) defined benefit, defined contribution, hybrid
B) qualified benefit, qualified contribution, hybrid
C) qualified benefit, nonqualified benefit, hybrid
D) funded, unfunded, hybrid

5) A new employee comes into your office and asks you how many hours a year he has to work to qualify towards his vesting requirements. What would you tell him?
A) 1,000
B) 1,400
C) 800
D) 1,200

6) What specifies the rate at which participants accumulate benefits?
A) accrual rules
B) combination procedures
C) Sarbanes-Oxley
D) build-up rules

7) These represent a series of payments for the life of the participant and beneficiary.
A) collateral payments
B) periodic payments
C) lump sum distributions
D) annuities
8) What type of retirement plan is a 401(k)?
A) defined contribution
B) defined benefit
C) qualified benefit
D) nonqualified benefit

9) What type of pension plan commonly includes profit-sharing plans, stock bonus plans, and employee stock ownership plans?
A) defined benefit
B) defined contribution
C) deferred contribution
D) deferred benefit

10) This type of defined contribution plan, also known as a CODA, permits only private sector or tax-exempt employers’ employees to tax defer part of their compensation to the trust of a qualified plan.
A) 401(k) plan
B) profit sharing plan
C) gain sharing plan
D) incentive plan

11) Which of the following is associated with 401(k) plans?
A) Employees pay taxes on their contribution.
B) Employees do not pay taxes on their contributions.
C) Investment gains are taxed.
D) Employees cannot deduct their contributions from taxable income.

12) When these spreads are used to develop pay grade widths, the grades are based on a set number of job evaluation points for each grade that increases as an employee moves up the pay structure.
A) pay rate spreads
B) percentage-based job evaluation point spreads
C) pay range spreads
D) absolute job evaluation points spreads

13) Which of the following represents the horizontal dimension of pay structures?
A) pay ranges
B) pay grades
C) job evaluation points
D) pay spreads

14) Midpoint, minimum, and maximum are values used to define which of the following?
A) pay grades
B) pay ranges
C) pay structures
D) pay levels

15) In establishing pay grades, which pay rate is established first?
A) minimum pay rate
B) midpoint
C) third quartile
D) maximum pay rate

16) By what percentage have total healthcare expenditures risen since 1960?
A) 100%
B) 500%
C) 2000%
D) 5000%

17) Unscheduled absenteeism has climbed to its highest levels in XYZ Company last month. In order to reduce the costs associated with unscheduled absenteeism, HR professionals in XYZ Company decided to change their paid time off policy. This company used to grant each employee 10 vacation days, 5 paid days for sick leave, and 4 days for personal leave. With the new policy, this company combines vacation, sick leave, and personal leave policies into one single paid time off policy (i.e., 19 days). The management decided to keep funeral leave as a stand-alone policy. What is XYZ Company’s new policy called?
A) integrated paid time off
B) combined paid time off
C) sabbatical leave
D) volunteer leave

18) Which of the following is a characteristic of integrated paid time off policies?
A) Such policies distinguish among reasons for absence.
B) Individuals have to justify reason for taking time off.
C) Holiday, vacation, sick leave, and personal leave are combined.
D) Can lead to increased unscheduled absences.
19) This type of executive bonus plan is similar to the appraisal system used to determine merit increases for non-executive employees.
A) performance-incentive
B) target
C) performance-allocation
D) performance-contingent

20) This type of executive bonus is based on a bonus pool that is determined by a fixed-formula that is not determined by the executive’s performance.
A) target plan
B) predetermined allocation
C) performance-contingent
D) discretionary

21) Which executive bonus amount varies with the extent to which a pre-established minimum performance level is met?
A) target plan
B) predetermined allocation
C) performance-contingent
D) discretionary

22) A worker, who is considered part-time, works less than how many hours in a week?
A) 30
B) 35
C) 39
D) 25

23) Contingent workers typically find employment in which of the following industries?
A) automotive
B) transportation
C) apparel manufacturing
D) heavy equipment manufacturing

24) In 2005, most contingent workers were employed as what?
A) on-call employees
B) temporary employees
C) leased employees
D) independent contractors

25) What is it called when Tanesha and Jaunita both work part-time to complete the duties of one full-time position?
A) job sharing
B) freelancing
C) dual staffing
D) safe harboring

26) Which type of contingent worker is most likely to be involved in a job sharing arrangement?
A) part-time employees
B) temporary employees
C) leased employees
D) independent contractors

27) If a company wanted to hire contingent workers as a way to screen workers for possible full-time employment, which type of worker would the company likely employ?
A) consultants
B) temporary
C) freelance
D) leased
28.)To be covered by FLSA overtime and minimum wage provisions, seasonal employees must work for a company that is open how many months in a year?
A) 4
B) 7
C) 11
D) 12

29) Since temporary workers are employees of both the temporary employment agency and the client company, the dual employer common law doctrine establishes temporary workers’ right to receive which of the following?
A) retirement benefits
B) workers’ compensation
C) health insurance
D) employee benefits

30) The safe harbor rule requires that the contingent worker be covered by whose pension plan?
A) the leasing company
B) the client company
C) depends on the contractual arrangement between the leasing company and the employer
D) The employee is responsible for his or her own pension.
Part 2
Please answer 5 questions in details and give references and examples
1. Companies traditionally hire temporary employees for two reasons please explain and give examples.

2. What are the strategic issues involved with contingent and flexible workers for a company pursuing a lowest cost strategy?

3. Define three types of life insurance

4. What is broadbanding? What are its limitations?

5. What are the differences between pay grades and pay ranges

6. Explain the three reasons why companies often choose not to develop their own compensation surveys rather than use established surveys.

22) This policy allows employees to schedule time off without having to justify the reasons and is more effective in controlling absenteeism than other types of absence control policies.
A) personal paid time off
B) social service leaves
C) sick leaves
D) integrated paid time off
Answer: D
Difficulty: Easy
AACSB: Analytic Thinking
Learning Obj.: Identify and define one example of income protection programs, paid time off, and services. (3)
23) Which of the following is an aspect of voluntary leaves to meet business needs?
A) given in times of downsizing
B) they are paid leaves
C) given in times of low production
D) they are extended periods of time off
Answer: B
Difficulty: Moderate
AACSB: Analytic Thinking
Learning Obj.: Identify and define one example of income protection programs, paid time off, and services. (3)

24) The giving of one’s time to support a meaningful cause is better known as what?
A) volunteerism
B) self-service
C) cause-oriented efforts
D) social empowerment
Answer: A
Difficulty: Difficult
AACSB: Analytic Thinking
Learning Obj.: Identify and define one example of income protection programs, paid time off, and services. (3)

25) Which of the following is true about providing paid time off for volunteer services?
A) They often help promote the company’s overall image in the public eye.
B) They have a negative correlation with employee retention.
C) They make it more difficult to balance work and life demands.
D) They take away from commitment to the company.
Answer: A
Difficulty: Moderate
AACSB: Analytic Thinking
Learning Obj.: Identify and define one example of income protection programs, paid time off, and services. (3)

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