MCQs > Finance & Management > Human Resource Management (Fundamentals) MCQs > Employee Incentives and Benefits MCQs

Employee Incentives and Benefits MCQ

In her organization’s ______ plan, Nicole is paid for each widget she produces.

Answer

Correct Answer: Piecework

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For every $1,000 of widgets Tanner sells, he receives a ______ of 10%.

Answer

Correct Answer: Commission

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Juanita’s organization offers flexible benefits. During the open enrollment period, Juanita can choose any benefits she wants. She selects several benefits, including elder care coverage to help her care for her mother. Juanita’s organization is offering a ______ flexible benefits plan.

Answer

Correct Answer: Full-choice

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Nicole’s organization provides group health insurance. The plan covers “major medical” costs for each employee in any given year that total more than $10,000. Her group health insurance is a ______.

Answer

Correct Answer: High-deductible health plan (HDHP)

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A ______ plan provides the retiree with a specific amount and type of benefit that will be available when the individual retires.

Answer

Correct Answer: Defined benefit plan

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______ is a “major medical” insurance plan that protects against catastrophic health-care costs and in most cases is paid for by the employer.

Answer

Correct Answer: High-deductible health plan (HDHP)

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______ is(are) a kind of hybrid between traditional fee-for-service health plans and HMOs.

Answer

Correct Answer: Preferred provider organizations (PPOs)

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______ is a governmental corporation established within the Department of Labor; its purpose is to insure retirement funds from failure.

Answer

Correct Answer: PBGC

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______ is a maximum amount of time beyond which the employee will have unfettered access to retirement funds, both employee and employer contributions.

Answer

Correct Answer: Vesting

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Lucy was working on a jobsite when she was injured. Her employer paid for her doctor’s visit to get stitches because of ______.

Answer

Correct Answer: Worker’s compensation

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Sasha earns about $100,000 a year. She and her employer both pay 6.2% of Sasha’s pay into ______ by withholding the money from Sasha’s paycheck.

Answer

Correct Answer: Social Security

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______ are large lump-sum payments executives receive upon dismissal from a merged or acquired firm.

Answer

Correct Answer: Golden parachutes

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______ are programs that provide a portion of company proceeds over a specific period of time (usually either quarterly or annually) to the employees of the firm through a bonus payment.

Answer

Correct Answer: Profit sharing programs

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______ is a program to reward top performers with increases in their annual wage that carry over from year to year.

Answer

Correct Answer: Merit pay

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______ is compensation that depends on some measure of individual or group performance or results in order to be awarded.

Answer

Correct Answer: Variable pay

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Vesting is a _______ of time beyond which the employee will have unfettered access to their retirement funds

Answer

Correct Answer: Maximum amount

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_______ depends on some measure of individual or group performance or results in order to be awarded.

Answer

Correct Answer: Variable pay

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Traditional health care plans cover a ______ of fees for medical services—for either doctors or in-patient care.

Answer

Correct Answer: Set percentage

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Social loafers avoid providing their ______ in group settings because it is difficult to pick out individual performance.

Answer

Correct Answer: Maximum effort

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Profit sharing programs provide a portion of company proceeds over a specific period of time

Answer

Correct Answer: True

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________ is a kind of hybrid between traditional fee-for service plans and hmos.

Answer

Correct Answer: Preferred provider organizations

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Which of the correct statement about Perquisites

Answer

Correct Answer: Extra financial benefits usually provided to top employees in many businesses.

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PBGC stands for

Answer

Correct Answer: Pension Benefit Guaranty Corporation

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_______ performers with increases in their annual wage that carry over from year to year.

Answer

Correct Answer: Merit pay

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A plan allowing the employer and employee to fund a medical savings account is known as

Answer

Correct Answer: HSA or MSA

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_____ is a “major medical” insurance plan that protects against catastrophic health care costs and in most cases is paid for by the employer

Answer

Correct Answer: HDHP

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Health maintenance organizations provide both health maintenance services and medical care as part of the plan.

Answer

Correct Answer: True

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Provision for executives who are dismissed from a merged or acquired firm of typically large lump sum payments on dismissal is known as

Answer

Correct Answer: Golden parachutes

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A measure of how often claims are made against an insurance policy is known as .

Answer

Correct Answer: Experience rating

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Which of correct statement about Domestic partners

Answer

Correct Answer: Individuals who are not legally married but who are in a one-to-one living arrangement similar to marriage.

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Defined contribution plan amount of funds that will go into

Answer

Correct Answer: Retirement account

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A plan providing the retiree with a specific amount and type of benefits that will be available when the individual retires is known as

Answer

Correct Answer: Defined benefit plan

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COBRA offer to maintain (for a period of time) on individuals who leave their employment

Answer

Correct Answer: Health insurance

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Bonus pay is a lump sum payment, typically given to an individual at the end of a time period.

Answer

Correct Answer: True

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