Question 1

When contributions to a retirement plan are tax-deferred,

Accepted Answer

A)  the employee is not required to pay taxes on them at any time 
B)  benefits are not taxed until the employee withdraws them at retirement 
C)  the employer pays all taxes 
D)  taxes gradually rise until benefits are withdrawn at retirement 
A)  the employee is not required to pay taxes on them at any time 
B)  benefits are not taxed until the employee withdraws them at retirement 
C)  the employer pays all taxes 
D)  taxes gradually rise until benefits are withdrawn at retirement B

Question 2

With a cafeteria plan, employees can choose

Accepted Answer

A)  additional benefits over additional pay 
B)  the hours that they want to work 
C)  from among benefits of equal value 
D)  the type of payment plan they want 
A)  additional benefits over additional pay 
B)  the hours that they want to work 
C)  from among benefits of equal value 
D)  the type of payment plan they want C

Question 3

Human resources is one business function that cannot easily be outsourced.

Accepted Answer

A) True 
 B)False  False

Question 4

Many states have set a lower minimum wage than the federal level.

Accepted Answer

A) True 
 B)False

Question 5

A salesperson on a 6% commission plan sells $80,000 worth of services in a single week.How much would the salesperson be paid for that week?

Accepted Answer

A)  $1,280.00 
B)  $2,285.70 
C)  $2,800.00 
D)  $3,050.50 
A)  $1,280.00 
B)  $2,285.70 
C)  $2,800.00 
D)  $3,050.50

Question 6

Federal law requires businesses to offer unpaid family and medical leave if they have

Accepted Answer

A)  10 or more employees 
B)  20 or more employees 
C)  50 or more employees 
D)  more than 50 employees 
A)  10 or more employees 
B)  20 or more employees 
C)  50 or more employees 
D)  more than 50 employees

Question 7

A retirement plan for employees in public education and some nonprofit organizations is a

Accepted Answer

A)  401(k)plan 
B)  403(b)plan 
C)  503(c)plan 
D)  529 plan 
A)  401(k)plan 
B)  403(b)plan 
C)  503(c)plan 
D)  529 plan

Question 8

Compensation includes not only salary or wages but other benefits employees receive in exchange for their labor.

Accepted Answer

A) True 
 B)False

Question 9

Match each item with the correct statement below.
-All forms of compensation and services provided to employees in addition to salaries and wages.

Accepted Answer

A) Bonus 
B) cafeteria plan 
C) commission plan 
D) employee benefits 
E) flex-time
F)formal training
G)informal training
H)job sharing
I)performance review
J)piece-rate plan
K)salary
L)time plan
M)wage 
A) Bonus 
B) cafeteria plan 
C) commission plan 
D) employee benefits 
E) flex-time
F)formal training
G)informal training
H)job sharing
I)performance review
J)piece-rate plan
K)salary
L)time plan
M)wage

Question 10

On average, companies spend an additional 50 percent of employee salaries and wages on benefits.

Accepted Answer

A) True 
 B)False

Question 11

Paying an executive $140,000 a year is an example of what kind of compensation plan?

Accepted Answer

A)  piece-rate plan 
B)  performance plan 
C)  time plan 
D)  commission plan 
A)  piece-rate plan 
B)  performance plan 
C)  time plan 
D)  commission plan

Question 12

Time plans do not reward employees for outstanding work or extra effort.

Accepted Answer

A) True 
 B)False

Question 13

Wages differ from salaries primarily in the kinds of benefits associated with them.

Accepted Answer

A) True 
 B)False

Question 14

Companies use the information they obtain from performance reviews to

Accepted Answer

A)  determine wage and salary increases 
B)  transfer or discharge employees 
C)  plan training programs 
D)  all of the responses 
A)  determine wage and salary increases 
B)  transfer or discharge employees 
C)  plan training programs 
D)  all of the responses

Question 15

Match each item with the correct statement below.
-Fixed amount of pay made on a regular schedule such as weekly or monthly.

Accepted Answer

A) Bonus 
B) cafeteria plan 
C) commission plan 
D) employee benefits 
E) flex-time
F)formal training
G)informal training
H)job sharing
I)performance review
J)piece-rate plan
K)salary
L)time plan
M)wage 
A) Bonus 
B) cafeteria plan 
C) commission plan 
D) employee benefits 
E) flex-time
F)formal training
G)informal training
H)job sharing
I)performance review
J)piece-rate plan
K)salary
L)time plan
M)wage

Question 16

Match each item with the correct statement below.
-Pay based on an hourly rate.

Accepted Answer

A) Bonus 
B) cafeteria plan 
C) commission plan 
D) employee benefits 
E) flex-time
F)formal training
G)informal training
H)job sharing
I)performance review
J)piece-rate plan
K)salary
L)time plan
M)wage 
A) Bonus 
B) cafeteria plan 
C) commission plan 
D) employee benefits 
E) flex-time
F)formal training
G)informal training
H)job sharing
I)performance review
J)piece-rate plan
K)salary
L)time plan
M)wage

Question 17

The money and other benefits people receive for work is called

Accepted Answer

A)  bonus 
B)  compensation 
C)  salary 
D)  wage 
A)  bonus 
B)  compensation 
C)  salary 
D)  wage

Question 18

A retirement plan designed for self-employed people is the

Accepted Answer

A)  401(k)plan 
B)  profit-sharing plan 
C)  IRA plan 
D)  SEP plan 
A)  401(k)plan 
B)  profit-sharing plan 
C)  IRA plan 
D)  SEP plan

Question 19

Formal performance reviews are generally conducted on all employees every other year.

Accepted Answer

A) True 
 B)False

Question 20

On average, the amount spent on training for each employee in one year is close to

Accepted Answer

A)  $500 
B)  $1,000 
C)  $1,500 
D)  $2,000 
A)  $500 
B)  $1,000 
C)  $1,500 
D)  $2,000

Exam 24: Rewarding and Developing Employees

When contributions to a retirement plan are tax-deferred,

With a cafeteria plan, employees can choose

Human resources is one business function that cannot easily be outsourced.

Many states have set a lower minimum wage than the federal level.

A salesperson on a 6% commission plan sells $80,000 worth of services in a single week.How much would the salesperson be paid for that week?

Federal law requires businesses to offer unpaid family and medical leave if they have

A retirement plan for employees in public education and some nonprofit organizations is a

Compensation includes not only salary or wages but other benefits employees receive in exchange for their labor.

Match each item with the correct statement below. -All forms of compensation and services provided to employees in addition to salaries and wages.

On average, companies spend an additional 50 percent of employee salaries and wages on benefits.

Paying an executive $140,000 a year is an example of what kind of compensation plan?

Time plans do not reward employees for outstanding work or extra effort.

Wages differ from salaries primarily in the kinds of benefits associated with them.

Companies use the information they obtain from performance reviews to

Match each item with the correct statement below. -Fixed amount of pay made on a regular schedule such as weekly or monthly.

Match each item with the correct statement below. -Pay based on an hourly rate.

The money and other benefits people receive for work is called

A retirement plan designed for self-employed people is the

Formal performance reviews are generally conducted on all employees every other year.

On average, the amount spent on training for each employee in one year is close to

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