Program funded entirely by the employer in the form of payroll taxes that provides medical coverage and income replacement.This statement related to _____ .
Answer
Correct Answer:
Workers’ compensation
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A program that provides employees with compensation for taking time away from work for a planned reason is known as ______
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Correct Answer:
Vacation pay
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Traditional-care plans allows participants to select any provider of their choosing without affecting how they are reimbursed
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Correct Answer:
True
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Taxable income that is not taxed until a later date, often when earnings are distributed is known as _____ .
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Correct Answer:
Tax deferred
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Social security act passed by the U.S. congress in ______ as part of the new deal to help the United states.
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Correct Answer:
1935
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Sick time is a program that permits employees to take time off from work due to a personal or immediate family member’s health issue.
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Correct Answer:
True
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Short-term disability insurance is a form of income protection for employees who temporarily become unable to work as a result of ________ .
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Correct Answer:
Both a & b
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Profit-sharing program is a type of pay-for-performance program in which the employee earns rewards by sharing their organization’s profits
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Correct Answer:
True
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Personal leave use to supplement vacation and sick-time offerings by allowing employees to take ________ time away from work
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Correct Answer:
Both a & b
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Nonmonetary services or benefits provided by an employer is known as ________.
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Correct Answer:
Perquisites
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PBGC agency that insures private-sector retirement plans
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Correct Answer:
True
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ACA act Introduced in ______ to provide rights and protections associated with access to health care coverage
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Correct Answer:
2010
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Paid time off provides employees with compensation when they take time away from work, subject to employer approval
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Correct Answer:
True
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Money-purchase plan is a contribution plan in which ________ a specified amount to each plan participant’s investment fund .
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Correct Answer:
Employers contribute
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Managed-care plans is a medical plan designed to provide wide-ranging health care services to plan participants
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Correct Answer:
True
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Which of the following things require long-term disability insurance to cover costs?
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Correct Answer:
degenerative disease
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Provides financial compensation for designated beneficiaries when the insured individual dies, often distributed in the form of a lump-sum payment known as ______ .
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Correct Answer:
Life insurance programs
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Individual retirement plans allows an individual to make tax-deferred contributions to an investment fund and that does not need to be employer sponsored
Answer
Correct Answer:
True
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A program that provides employees with compensation when taking time away from work for a recognized federal, state, or local holiday is known as _______ .
Answer
Correct Answer:
Holiday pay
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Health insurance portability and accountability act introduced in _______ .
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Correct Answer:
1996
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Flexible benefits plans Offer employees some degree of choice for the employer-sponsored voluntary benefits
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Correct Answer:
True
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A federal payroll tax paid by both employees and employers that funds current social security beneficiaries is known as______
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Correct Answer:
Federal insurance contributions act
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Family and medical leave act Introduced in _______ to protect employees’ job security when they need to take unpaid leave due to family or medical issues
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Correct Answer:
1993
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ESOPs the bulk of contributions are invested in an employer’s stock, thereby rewarding employees when company _______ and the vesting period has passed
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Correct Answer:
Stock shares increase in value
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Employee retirement income security act Introduced in 1974 to establish _________ for many private employers’ health care plans in order to protect employees
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Correct Answer:
Minimum standards
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Educational-assistance program provides financial assistance for employee educational expenses
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Correct Answer:
Financial assistance
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A type of retirement plan in which the employee and/or employer contributes to an investment fund is known as ______ .
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Correct Answer:
Defined-contribution plan
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Defined-benefit plan provides plan participants with an established benefit to be paid out over a fixed time period
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Correct Answer:
True
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Which act designated an amount of time in the event of job loss, work-hour reductions, or another major occurrence ?
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Correct Answer:
Consolidated omnibus budget reconciliation act
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comp time is a program that allows nonexempt employees to receive paid time of in exchange for working overtime hours
Answer
Correct Answer:
True
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Cash balance plan is also known as a _________?
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Correct Answer:
Guaranteed account plan
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Benefits include health, life, and disability insurance; retirement programs; and work–life balance programs
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Correct Answer:
True
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Which of the following statements is related to the 403(b)plan ?
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Correct Answer:
Both a & c
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In _______ employee makes contributions to an individual account in the form of deferred income
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Correct Answer:
401(k) plan
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When selecting the benefits to offer, the overarching objective should be to ______.
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Correct Answer:
Determine the benefits employees want and the benefits competitors offer
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For benefits plans to be considered “qualified,” an employer must demonstrate that ______.
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Correct Answer:
All employees are helped by the benefits in similar ways
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Which plans offer employees some degree of choice when it comes to the voluntary benefits they select?
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Correct Answer:
Flexible benefits plans
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When an employee performs work for the company while off company property, such as at home or in a coffee shop, it is known as ______.
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Correct Answer:
Telecommuting
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Sarah is able to adjust her work schedule to meet nonwork demands, as long as she meets an overall work-hours requirement. This is an example of ______.
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Correct Answer:
Flextime
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An employee enrolled in a(n) ______ plan makes contributions to an individual account in the form of deferred income.
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Correct Answer:
401(k)
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The primary function of the Employee Retirement Income Security Act (ERISA) was to ______.
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Correct Answer:
Establish minimum standards for many private-sector retirement plans to protect employees
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Which type of insurance offers extended benefits that activate once previously used benefits expire?
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Correct Answer:
Long-term disability
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A primary function of the Consolidated Omnibus Budget Reconciliation Act (COBRA) was to ______.
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Correct Answer:
Protect employees’ health-care coverage in the event of job loss
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Employers may offer selected voluntary benefits with the goal of ______.
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Correct Answer:
Attracting, motivating, and retaining talent
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According to the Family and Medical Leave Act, how much unpaid leave in a year are employees eligible for, during which their job and health-care benefits remain protected?
Answer
Correct Answer:
12 weeks
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Which Social Security benefit includes health insurance to former workers (65 years of age and older)?
Answer
Correct Answer:
Medicare
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In the United States, some legally required benefits are referred to as ______.
Answer
Correct Answer:
Social insurance programs
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Once a benefits strategy is developed, the next step in successful implementation of any benefits package is ______.
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Correct Answer:
Dissemination and explanation of the benefits strategy to employees
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Many organizations offer employees ______ as an incentive for meeting performance goals and standards.
Answer
Correct Answer:
Flexible work arrangements
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