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Q:
Which of the following is true of a cash balance plan?
A. All contributions to the plan come from the employee.
B. The money earns interest at a predetermined rate, such as the rate paid on U.S. Treasury bills.
C. Older employees with many years of service benefit to a greater degree than do younger workers just starting their careers.
D. It penalizes employees for changing jobs.
E. Employees cannot predict retirement benefits under cash balance plans.
Q:
Which of the following is true of defined-contribution plans?
A. Defined-contribution plans are required by ERISA.
B. Employers are free from the risk of poor performance of the plans.
C. The PGBC makes annual contribution of $33 per participant.
D. They guarantee a specified level of retirement income.
E. They guarantee higher returns to the employees compared to the defined benefit plans.
Q:
Which one of the following is true of defined-contribution plans?
A. They shift the investment risk to the employer.
B. They present greater administrative challenges to employers.
C. They require annual premium payments to the PBGC.
D. They guarantee a basic benefit to the employee if the employer experiences financial difficulties.
E. They are easier to administer as compared to other plans.
Q:
Within a 401(k) plan, who has the responsibility for investing?
A. The employee
B. The PGBC
C. The ERISA Fiduciary Advisor
D. The financial institution handling the account
E. The employer
Q:
A popular defined-contribution plan whereby employees contribute pretax dollars which are then matched by the employer is known as:
A. money purchase plans.
B. Section 401(k) plans.
C. profit-sharing plans.
D. ERISA benefit plans.
E. employee stock ownership plans (ESOPs).
Q:
Which one of the following is an example of a defined-contribution pension plan?
A. Consumer-driven pension plan
B. Money purchase plan
C. Gainsharing plan
D. Flexible spending account plan
E. Unfunded PBGC plan
Q:
Which of the following is true of the Pension Benefit Guarantee Corporation?
A. It was created by the Employee Retirement Income Security Act (ERISA) of 1974.
B. It provides a supplemental income if the employee is temporarily unemployed.
C. It provides employee protection for only defined-benefit pension plans.
D. It is funded by a payroll tax imposed on each plan participant.
E. It guarantees retirees a basic benefit only if the employer is in a sound financial position.
Q:
Which of the following federal laws increased the responsibility of pension plan trustees to protect retirees?
A. The COBRA
B. The ADEA
C. The ADA
D. The FLSA
E. The ERISA
Q:
Which of the following is a typical factor used to determine retirement benefit levels under a defined benefit retirement plan?
A. The state where the person was employed during the retirement year
B. Number of dependents
C. Age
D. Average earning during the last 20 years of employment
E. Number of unused leaves at the end of the retirement year
Q:
Which type of retirement plan guarantees a specified level of retirement income?
A. 401(k) plan
B. Profit sharing plan
C. Money purchase plan
D. Defined benefit plan
E. Employee stock ownership plan
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:
Active employee wellness programs:
A. rely on employees to identify and obtain the services they need.
B. are health education programs that provide information and services, but no formal support or motivation to use the program
C. have not been successful in reducing risk factors associated with cardiovascular disease.
D. assume that behavior change requires not only awareness and opportunity, but support and reinforcement.
E. cost less than passive wellness programs.
Q:
Employers that offer medical insurance must meet the requirements of the _____.
A. Employee Retirement Income Security Act
B. Consolidated Omnibus Budget Reconciliation Act
C. Glass-Steagall Act
D. Patient Protection and Affordable Care Act
E. SarbanesOxley Act
Q:
Which of the following is true of flexible spending accounts?
A. They may be used to cover only employees' and not dependents' health-care expenses.
B. They do not permit pretax employee contributions.
C. Contributions to the accounts may exceed $5,000 per year but must be designated in advance.
D. Funds must be used by the plan's year end or they revert to the employer.
E. The money in the flexible spending account is taxed and it reduces an employee's take home pay.
Q:
Which of the following is a difference between PPOs and HMOs?
A. PPOs provide benefits at a reduced fee rather than on a prepaid basis as in HMOs.
B. HMO employees are not required to use only preselected plan service providers, as in PPOs.
C. PPOs are less expensive plans than HMOs if the employee goes out of the PPO network.
D. HMOs have more in common with traditional fee-for-service plans than do PPOs.
E. Unlike HMOs, payments to PPO physicians are made on a flat salary basis.
Q:
Which one of the following is true of health maintenance organizations?
A. It's costs tend to be more than the cost for traditional health insurance.
B. It's services are provided on a postpaid basis.
C. It's patients are allowed to select physicians of their choice.
D. It pays physicians on a flat salary basis.
E. It pays physicians a fee-per-service rather than a flat salary.
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:
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
Q:
The purpose of floating holidays is to allow employees to:
A. extend a Tuesday or Thursday holiday into a long weekend.
B. decide which national holidays they wish to observe with pay.
C. take time off for personal reasons on any day of the week.
D. allow international employees to observe legal holidays within their country of assignment.
E. pool in the different types of leaves and enjoy long paid vacations.
Q:
While the number of mandatory days of paid vacation in Western Europe is about 30 days, the U.S. companies typically offer:
A. five paid holidays each year.
B. 10 paid holidays each year.
C. 20 paid holidays each year.
D. more than 40 paid holidays each year.
E. more than two weeks of paid holidays each year.
Q:
Which of the following is true of an employee's domestic partner under the health insurance benefits?
A. They are not considered as dependents of the employee.
B. They are not covered under the employee's health insurance benefits.
C. They get the same tax benefits as those received by spouses.
D. They receive benefits only if they work in the same firm as the employee.
E. They get benefits that are taxed as wages of the employee receiving the benefits.
Q:
The Pregnancy Discrimination Act of 1978 requires employers:
A. to offer disability plans with pregnancy-related coverage.
B. offer disability plans to treat pregnancy as they would any other disability.
C. to provide up to six weeks of paid leave to either parent upon the birth of a child.
D. to provide up to six weeks of unpaid leave to either parent upon the birth of a child.
E. to offer disability leave up to one month to either parent before the birth of a child.
Q:
Which of the following benefits required by law provides coverage according to state requirements?
A. Paid leave
B. Medical care
C. Sick leave
D. Workers compensation insurance
E. Social Security
Q:
The Family and Medical Leave Act of 1993 requires employers to provide:
A. up to 8 weeks of unpaid leave after childbirth or adoption.
B. reinstatement to the same (or a comparable) job upon the employee's return to work.
C. paid leave to any employee who has one or more years of full-time service.
D. up to 18 weeks of unpaid leave to care of a seriously ill parent, spouse, or child.
E. up to one month of paid leave to take care of a seriously ill spouse, child, or parent.
Q:
To take unpaid family leave under the Family and Medical Leave Act, employees must meet which of the following criteria?
A. Should be working for an employer with 50 or more employees within a 75-mile radius
B. Should have worked at least 15 hours per week
C. Should have worked for the employer for more than 5 years
D. Should belong to the top 10 percent of highest paid executives
E. Should be working for an employer with at least 100 employees
Q:
The cost of a worker's compensation insurance depends on:
A. the profit earned by the organization during the concerned fiscal.
B. the number of years the concerned worker has been working in the organization.
C. the total strength of the organization's workforce.
D. the number of years for which the organization has been in business.
E. the state where the company is located.
Q:
Which one of the following is true of workers' compensation?
A. Employees are covered under the "no-fault" provision even if the injury is self-inflicted.
B. Disability income is not covered under this benefit.
C. It provides payments to offset lost income during involuntary unemployment.
D. Funding for the program comes from the state taxes on employees.
E. The benefits provided to the workers are not taxable.
Q:
In which of the following areas are unemployment insurance benefits and workers' compensation benefits similar?
A. Both these programs are funded by the federal taxes on employees.
B. Both these costs depend on the organization's experience ratings.
C. The funding costs of both these programs are same across the states.
D. Both the programs replace the same percentage of an individual's previous earnings.
E. The amount of compensation provided to the employees is fixed under both the programs.
Q:
Workers are eligible for unemployment benefits if they:
A. voluntarily quit a job.
B. are out of work due to health reasons.
C. were discharged for cause.
D. are actively seeking work.
E. are out of work because of a labor dispute.
Q:
The employer's _____ refers to the number of employees the company laid off in the past and the cost of providing them with unemployment benefits.
A. attrition
B. scalability
C. experience rating
D. Six Sigma score
E. wage drift
Q:
The unemployment insurance program is financed largely through federal and state taxes on:
A. both employees and employers.
B. employers only.
C. employees only.
D. retirees.
E. only high income group of citizens.
Q:
Which one of the following is an objective of the unemployment insurance program?
A. To improve the productivity and skill set of workers
B. To protect the employer from lawsuits
C. To provide an incentive for employers to stabilize employment
D. To offset lost income during voluntary unemployment
E. To help workers with the expenses resulting from job-related accidents and illnesses
Q:
Which legal benefit requires employers to pay payroll tax depending on state requirements?
A. Long-term disability insurance
B. Unemployment insurance
C. Workers' compensation
D. Unpaid family medical leave
E. Health care benefits
Q:
Which one of the following is true of Social Security benefits?
A. Benefits are taxed as ordinary income at both the federal and state level.
B. Workers who meet requirements receive retirement benefits according to age and earnings history.
C. Workers are not required to meet any eligibility rules to receive benefits.
D. The cost of the program is borne entirely by the employees who pay a payroll tax.
E. The program covers railroad and federal, state, and local government employees.
Q:
Social Security is formally known as the _____.
A. paid leave program
B. New Deal program
C. Old Age, Survivors, Disability, and Health Insurance program
D. employee wellness program
E. noncontributory plan
Q:
Which one of the following employer-provided benefits is required by law in the U.S.?
A. Floating holidays
B. Paid vacation leave
C. Unpaid family and medical leave
D. Long-term disability insurance
E. Long-term care insurance
Q:
Which of the following legally required employer-provided benefits help workers injured on the job?
A. Social Security
B. Unemployment insurance
C. Group insurance
D. Workers' compensation
E. Family and medical leave
Q:
In general, Social Security provides support for _____.
A. laid-off workers
B. workers injured on the job
C. retired workers
D. self-injured workers
E. sick workers
Q:
Which of the following benefits is required by law in the United States?
A. Sick leave
B. Personal leave
C. Medical care
D. Social Security
E. Paid leave
Q:
Which of the following is true of benefits?
A. They allow employees to buy their own insurance.
B. They let employees to contribute to their own savings plans.
C. Employees do not pay income taxes on most benefits they receive.
D. They give employees greater control over what their compensation buys.
E. Laws usually do not require employers to provide benefits.
Q:
Employees and job applicants often have a poor idea of what benefits they have and what the market value of their benefits is.
Q:
Under FASB standards, employers fund retirement benefits on a pay-as-you-go basis.
Q:
According to the Americans with Disabilities Act (ADA), employers are required to take care not to discriminate against workers over age 40 in providing pay or benefits.
Q:
Cafeteria-style plans permit employees to choose the types and amounts of benefits they want for themselves from a given set of alternatives.
Q:
The use of wellness programs and consumer-directed health plans in an organization reflect its objective of controlling the cost of healthcare benefits.
Q:
Tuition reimbursement programs offered by certain organizations cover the tuition and other education related expenses of their workers' children.
Q:
Tax-favored 529 savings plans allow employees to set aside a portion of their pretax earnings to purchase long-term care insurance.
Q:
According to ERISA, employees whose contributions are vested have met the requirements to receive a pension at retirement age.
Q:
A defined contribution plan guarantees a specified or fixed level of retirement income.
Q:
Disability insurance payments are usually less than 25 percent of the employee's salary.
Q:
Employees are most likely to benefit from a flexible spending account if they have predictable health care expenses, such as insurance premiums.
Q:
Health maintenance organizations charge patients half the fee for each visit and service.
Q:
For the average employee, the most common type of insurance offered as benefits is the pension program.
Q:
As an employee benefit, personal days are scheduled so that they extend a Tuesday or Thursday holiday into a long weekend.
Q:
Employers in the U.S. are legally required to provide 30 days of paid vacation to both new and existing employees every year.
Q:
Benefits provided to domestic partners of employees have the same tax advantages as benefits provided to their spouses.
Q:
The Family and Medical Leave Act of 1993 requires organizations with 50 or more employees within a 75-mile radius to provide as much as 12 weeks of unpaid leave to qualifying employees.
Q:
Under the workers' compensation laws, employees are eligible to receive compensation even if their injuries are self-inflicted.
Q:
The funding for unemployment insurance comes from federal and state taxes on employees.
Q:
Social Security benefits are free from federal income taxes and state taxes in all U.S. states.
Q:
All U.S. employees, including federal, state, and local government employees, are covered under the Old Age, Survivors, Disability, and Health Insurance program.
Q:
The addition of creative benefits packages in the worker's compensation portfolio provides employers a competitive edge in acquiring and retaining talented employees in their organization.
Q:
Tax laws generally make benefits unfavorable to employees.
Q:
Since benefits packages are more complex than pay structures, they are harder for employees to understand and appreciate.
Q:
Why is it essential for organizations to communicate the nature and value of benefits to their employees?
Q:
Discuss the role of the Age Discrimination in Employment Act (ADEA) in employee benefits packages?
Q:
What are flexible benefit plans? What are their advantages and disadvantages?
Q:
What are the different types of family-friendly benefits?
Q:
How are cash balance plans different from defined-benefit and defined-contribution plans?
Q:
What are HMOs and PPOs? How do they differ from each other and from traditional health care providers?
Q:
What are sick leaves? What are the pros and cons of the accumulation of sick leaves year after year?
Q:
Discuss the Family and Medical Leave Act of 1993, including its eligibility requirements, scope of coverage, and effectiveness.
Q:
How does allowing employees to participate in pay-related decisions affect the incentive process?
Q:
What is balanced scorecard? What is its purpose? What are the advantages of using a balanced scorecard?
Q:
How do employee stock ownership plans differ from stock options?
Q:
What are the implications of designing pay for organizational performance?
Q:
What are group bonuses and team awards? What are their advantages and disadvantages?
Q:
How can gainsharing be successful as a form of group incentive?
Q:
What are the advantages and disadvantages of a merit pay system?
Q:
What are the different types of piecework rates? Explain each of them.