1. 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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2. A program that provides employees with compensation for taking time away from work for a planned reason is known as ______
Answer
Correct Answer:
Vacation pay
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3. Traditional-care plans allows participants to select any provider of their choosing without affecting how they are reimbursed
Answer
Correct Answer:
True
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4. Taxable income that is not taxed until a later date, often when earnings are distributed is known as _____ .
Answer
Correct Answer:
Tax deferred
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5. Social security act passed by the U.S. congress in ______ as part of the new deal to help the United states.
Answer
Correct Answer:
1935
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6. 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.
Answer
Correct Answer:
True
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7. Short-term disability insurance is a form of income protection for employees who temporarily become unable to work as a result of ________ .
Answer
Correct Answer:
Both a & b
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8. Profit-sharing program is a type of pay-for-performance program in which the employee earns rewards by sharing their organization’s profits
Answer
Correct Answer:
True
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9. Personal leave use to supplement vacation and sick-time offerings by allowing employees to take ________ time away from work
Answer
Correct Answer:
Both a & b
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10. Nonmonetary services or benefits provided by an employer is known as ________.
Answer
Correct Answer:
Perquisites
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11. PBGC agency that insures private-sector retirement plans
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Correct Answer:
True
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12. 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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13. 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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14. Money-purchase plan is a contribution plan in which ________ a specified amount to each plan participant’s investment fund .
Answer
Correct Answer:
Employers contribute
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15. Managed-care plans is a medical plan designed to provide wide-ranging health care services to plan participants
Answer
Correct Answer:
True
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16. Which of the following things require long-term disability insurance to cover costs?
Answer
Correct Answer:
degenerative disease
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17. 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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18. 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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19. 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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20. Health insurance portability and accountability act introduced in _______ .
Answer
Correct Answer:
1996
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21. Flexible benefits plans Offer employees some degree of choice for the employer-sponsored voluntary benefits
Answer
Correct Answer:
True
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22. A federal payroll tax paid by both employees and employers that funds current social security beneficiaries is known as______
Answer
Correct Answer:
Federal insurance contributions act
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23. 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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24. ESOPs the bulk of contributions are invested in an employer’s stock, thereby rewarding employees when company _______ and the vesting period has passed
Answer
Correct Answer:
Stock shares increase in value
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25. Employee retirement income security act Introduced in 1974 to establish _________ for many private employers’ health care plans in order to protect employees
Answer
Correct Answer:
Minimum standards
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26. Educational-assistance program provides financial assistance for employee educational expenses
Answer
Correct Answer:
Financial assistance
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27. A type of retirement plan in which the employee and/or employer contributes to an investment fund is known as ______ .
Answer
Correct Answer:
Defined-contribution plan
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28. Defined-benefit plan provides plan participants with an established benefit to be paid out over a fixed time period
Answer
Correct Answer:
True
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29. Which act designated an amount of time in the event of job loss, work-hour reductions, or another major occurrence ?
Answer
Correct Answer:
Consolidated omnibus budget reconciliation act
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30. 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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31. Cash balance plan is also known as a _________?
Answer
Correct Answer:
Guaranteed account plan
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32. Benefits include health, life, and disability insurance; retirement programs; and work–life balance programs
Answer
Correct Answer:
True
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33. Which of the following statements is related to the 403(b)plan ?
Answer
Correct Answer:
Both a & c
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34. In _______ employee makes contributions to an individual account in the form of deferred income
Answer
Correct Answer:
401(k) plan
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35. When selecting the benefits to offer, the overarching objective should be to ______.
Answer
Correct Answer:
Determine the benefits employees want and the benefits competitors offer
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36. For benefits plans to be considered “qualified,” an employer must demonstrate that ______.
Answer
Correct Answer:
All employees are helped by the benefits in similar ways
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37. Which plans offer employees some degree of choice when it comes to the voluntary benefits they select?
Answer
Correct Answer:
Flexible benefits plans
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38. 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 ______.
Answer
Correct Answer:
Telecommuting
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39. 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 ______.
Answer
Correct Answer:
Flextime
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40. An employee enrolled in a(n) ______ plan makes contributions to an individual account in the form of deferred income.
Answer
Correct Answer:
401(k)
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41. The primary function of the Employee Retirement Income Security Act (ERISA) was to ______.
Answer
Correct Answer:
Establish minimum standards for many private-sector retirement plans to protect employees
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42. Which type of insurance offers extended benefits that activate once previously used benefits expire?
Answer
Correct Answer:
Long-term disability
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43. A primary function of the Consolidated Omnibus Budget Reconciliation Act (COBRA) was to ______.
Answer
Correct Answer:
Protect employees’ health-care coverage in the event of job loss
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44. Employers may offer selected voluntary benefits with the goal of ______.
Answer
Correct Answer:
Attracting, motivating, and retaining talent
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45. 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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46. Which Social Security benefit includes health insurance to former workers (65 years of age and older)?
Answer
Correct Answer:
Medicare
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47. In the United States, some legally required benefits are referred to as ______.
Answer
Correct Answer:
Social insurance programs
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48. Once a benefits strategy is developed, the next step in successful implementation of any benefits package is ______.
Answer
Correct Answer:
Dissemination and explanation of the benefits strategy to employees
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49. Many organizations offer employees ______ as an incentive for meeting performance goals and standards.
Answer
Correct Answer:
Flexible work arrangements
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