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Question
(p. 346) Which of the following is true of competition in product-markets?
A. The cost of labor does not affect the product market as it is an insignificant part of an organizations costs.
B. Product-market considerations are of particular concern to a company when its customers place greater importance on product rather than price.
C. Organizations in a product market are competing to serve the same customers.
D. Product markets place a lower limit on the pay an organization will offer its employees.
E. Organizations must increase the cost of labor every quarter.
Answer
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Related questions
Q:
Which of the following is true of the cost of benefits?
A. Data about costs help employers to select the kinds of benefits to offer.
B. The lowest-cost items tend to offer the most room for savings.
C. Non-negotiable benefits tend to help the employer save more.
D. Cost control is easier when economic growth slows.
E. Concern over costs has prompted many employers to shift from PPOs to traditional health insurance.
Q:
How do cafeteria-style plans increase costs for employers?
A. Employers pay much higher premium on HMO than a preferred health care plan.
B. Employers are required to pay higher insurance premium for laid-off workers.
C. Contribution to PGBC to fund the retirement plan increases under this plan.
D. Employees select the kind of benefits they expect to need the most.
E. The employers bear the cost of providing employees with benefits they do not value.
Q:
Which of the following was created by the Employee Retirement Income Security Act (ERISA) of 1974?
A. Employee Benefit Security Administration
B. Federal Trade Commission
C. Merit Systems Protection Board
D. Federal Retirement Thrift Investment Board
E. Pension Benefit Guarantee Corporation
Q:
Which of the following is true of 529 savings plans?
A. They are mandated by the federal government.
B. They are designed to support the primary education expenses of workers' children.
C. They provide education to employees' children at a subsidized rate.
D. They provide information about the education standards in different colleges to employees to help them enroll their children in better institutions.
E. They allow parents and other family members to defer taxes on the earnings of their deposits.
Q:
Which of the following sources do most retirees (65 and older) receive most of their income?
A. Social Security
B. Private pensions
C. Earnings from personal assets
D. Disability insurance
E. Private investments
Q:
Employers that offer medical insurance must meet the requirements of the _____.
A. Employee Retirement Income Security Act of 1974
B. Family and Medical Leave Act of 1993
C. Social Security Act of 1935
D. Sarbanes-Oxley Act of 2002
E. Consolidated Omnibus Budget Reconciliation Act of 1985
Q:
The Mental Health Parity and Addiction Equity Act of 2008 exempts which of the following companies?
A. Companies with less than 50 employees
B. Companies with less than 100 but more than 50 employees
C. Companies with more than 50 employees
D. Companies with more than 100 employees
E. Companies with more than 1000 employees
Q:
How does linking executive pay to stock performance lead to unethical behavior?
A. Executives can use the advantage of knowing the company's inside information to buy or sell stock and create huge personal gains.
B. Executives can roll in the stock price into their base pay to avoid paying a huge tax.
C. Executives do not inflate the stock price in order to enjoy bonuses.
D. Executives can use the employee stock ownership plan to buy their company if it is experiencing financial problems.
E. The executives can obtain as many shares as they need at a price that is much lower than the market rate.
Q:
The _____ has required companies to more clearly report executive compensation levels and the company's performance relative to that of competitors.
A. National Credit Union Administration
B. Financial Industry Regulatory Authority
C. Commodity Futures Trading Commission
D. The Securities and Exchange Commission
E. Omnibus Budget Reconciliation Act
Q:
If employee participation in making pay-related decisions is encouraged in an organization, then:
A. administering the plans become simple.
B. the organization's interests can be best protected.
C. the cost borne by the organization decreases.
D. monitoring performance becomes difficult.
E. the incentive plan has more chances of being successful.
Q:
An organization wants to provide its employees information about what its goals are and what it expects employees to accomplish. It is planning to implement an incentive plan that helps employees understand the organization's goals. Which of the following should be used by this organization?
A. Profit sharing plan
B. Piecework rates
C. Merit pay system
D. Scanlon plan
E. Balanced scorecard
Q:
Which of the following is an advantage of using balanced scorecard?
A. It eliminates the need to communicate the details of the plan to the employees.
B. It eliminates managerial effort when providing incentives to employees.
C. It provides more pay to all employees in the organization.
D. It reduces employee stress as it does not focus on financial targets.
E. It helps employees understand the organization's goals.
Q:
Which of the following is a method where a combination of performance measures directed toward the company's long- and short-term goals are used as the basis for awarding incentive pay?
A. Merit pay
B. Profit sharing
C. Gainsharing
D. Balanced scorecard
E. Scanlon plan
Q:
A company provides wages to its employees based on the amount workers produce. The more employees produce, the more they earn. This type of plan is called:
A. piecework rate plan.
B. merit pay plan.
C. Scanlon plan.
D. profit sharing plan.
E. standard hour plan.
Q:
An effective incentive pay plan should:
A. have performance measures based on employees' requirements.
B. not be provided as a direct percentage of employees' performance.
C. encourage group performance and dispirit individual achievements.
D. be the same for all types of employees in the organization.
E. have performance measures linked to the organization's goals.
Q:
Pay specifically designed to energize, direct, or control employees' behavior is known as:
A. monthly salary.
B. wage.
C. incentive pay.
D. annual salary.
E. fixed pay.
Q:
ESOP does not give employees the right to participate in votes by shareholders even if the stock is registered on a national exchange.
Q:
Linking incentives to the organization's profits or stock price exposes employees to a high degree of risk.
Q:
(p. 346) The Davis-Bacon Act of 1931:
A. permits a lower "training wage," which employers may pay to workers under the age of 20 for a period of up to 90 days.
B. requires that employers pay higher wages for overtime, defined as hours worked beyond 40 hours per week.
C. requires general contractors performing services on prime contracts in excess of $2,500 to pay service employees in various classes no less than the wage rates found prevailing in the locality.
D. covers all government contractors receiving $10,000 or more in federal funds.
E. covers construction contractors that receive more than $2,000 in federal money.
Q:
(p. 344) Which of the following is a drawback of a minimum wage in terms of social policy?
A. It assumes people will take differences in pay into account when they choose a career.
B. It is only one and a half times the employees usual hourly rate.
C. It applies only to the hours worked beyond 40 in one week.
D. It places the employer at an economic disadvantage relative to employers that pay the living wage.
E. It tends to be lower than the earnings required for a full time worker to rise above the poverty level.
Q:
(p. 341) An organization's job structure consists of:
A. the relative pay for different jobs within the organization.
B. the average amount an organization pays for a particular job.
C. the characteristics of jobs that the organization values and chooses to pay for.
D. regular pay, overtime pay, and bonuses.
E. the standard amount that employers must pay under federal and state law.
Q:
(p. 356) The most common approach to pay differentials is to move an employee lower in the pay structure to compensate for increasing costs.
Q:
Which of the following is true of the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO)?
A. It is the largest labor union in the U.S.
B. It represents labor's interests in public policy issues.
C. It is the only association of unions existing in the U.S. today.
D. It is part of the U.S. Chamber of Commerce.
E. It consists of about seven national and international unions.
Q:
How is an industrial union different from a craft union?
A. All the members of an industrial union have a particular skill or occupation.
B. An industrial union is often responsible for training its members through apprenticeships.
C. An industrial union organizes as many employees in as wide a range of skills.
D. An industrial union represents a particular occupation.
E. An industrial union's members change employers more often.
Q:
Which of the following is a characteristic of an industrial union?
A. All the members are in the same occupation.
B. Union leaders try to limit the number of members in order to maintain high wages.
C. Members are linked by their work in a particular industry.
D. Members change employers more frequently than in other types of unions.
E. It is often responsible for training its members through apprenticeships.
Q:
Under the National Labor Relations Act, the union has a duty of fair representation, which means the union must give equal representation to all members of the bargaining unit, whether or not they actually belong to the union.
Q:
Enforcement of the National Labor Relations Act rests with the Federal Mediation and Conciliation Service.
Q:
Right-to-work laws grant both the employee and employer the right to terminate the employment relationship at any time with or without cause or notice.
Q:
Most studies have found that union workers are more productive than nonunion workers.
Q:
The _____ is a federal law that requires employers to permit employees or their dependents to extend their health insurance coverage at group rates for up to 36 months following a qualifying event, such as a layoff, reduction in hours, or the employees death.
A. Family and Medical Leave Act (FMLA)
B. Employee Retirement Income Security Act (ERISA)
C. Social Security Act
D. Consolidated Omnibus Budget Reconciliation Act (COBRA)
E. Sarbanes-Oxley Act