HRM 531 Week 2 Knowledge Check

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HRM 531 Week 2 Knowledge Check

Week 2 Knowledge Check

The material presented below is not meant to be a comprehensive list of all you need to know in the content area. Rather it is a starting point for building your knowledge and skills. Additional study materials are recommended in each area below to help you master the material.

Personalized Study Guide Results:

Score: 21 / 21

Concepts Mastery Questions

Components and Objectives of Organizational Reward Systems 100% • 1

• 2• 3

Determinants of Pay Structure and Level 100% • 4

• 5• 6

Policy Issues in Pay Planning and Administration 100% • 7

• 8• 9

Organization-wide Incentives 100% • 10

• 11

• 12

Strategic Considerations in the Design of Benefit Programs 100% • 13

• 14

• 15

Components of the Benefits Package 100% • 16

• 17

• 18

Cost-Containment Strategies for Benefits 100% • 19

• 20

• 21

Concept: Components and Objectives of Organizational Reward Systems

Mastery : 100% Questions : • 1

• 2• 3

Materials on the concept:

• Components and Objectives of Organizational Reward Systems

1.

At a comprehensive point of view, a(n) _____ includes anything an employee values and desires that an employer is able and willing to offer in exchange for employee contributions.

• A.

competency-based pay system

• B.

employee stock ownership plan

• C.

organizational reward system

• D.

merit-pay method

2.

___________ bridge the gap between organizational objectives and individual expectations and aspirations.

• A.

Financial systems

• B.

Corporate compensation systems

• C.

Employment practices

• D.

Rewards

3.

Reviews of both laboratory and field tests of _____________ are quite consistent. Individuals tend to follow the equity norm and to use it as a basis for distributing rewards.

• A.

equity theory

• B.

the external labor market

• C.

organizational needs

• D.

the internal labor market

Concept: Determinants of Pay Structure and Level

Mastery : 100% Questions : • 4

• 5• 6

Materials on the concept:

• Determinants of Pay Structure and Level

4.

In labor economics, __________________ theory holds that unless an employee can produce a value equal to the value received in wages, it will not be worthwhile to hire that worker.

• A.

the marginal productivity

• B.

the percent of company offerings

• C.

the willingness to reduce the size of the workforce

• D.

the concern with pay for position

5.

Which of the following laws established the first national minimum wage?

• A.

Davis–Bacon Act (1931)

• B.

Fair Labor Standards Act (1938)

• C.

Walsh–Healey Act (1936)

• D.

McNamara–O’Hara Service Contract Act (1965)

6.

The Sarbanes–Oxley Act of 2002 requires that

• A.

companies can seek repayment for incentives paid that were later found to be materially inaccurate

• B.

the Securities and Exchange Commission meet annually to discuss bonuses

• C.

the minimum wage change each year

• D.

executives cannot retain bonuses or profits from selling company stock if they mislead the public about the financial health of the company

Concept: Policy Issues in Pay Planning and Administration

Mastery : 100% Questions : • 7

• 8• 9

Materials on the concept:

• Alternatives to Pay Systems Based on Job Evaluation

• Policy Issues in Pay Planning And Administration

7.

In the United States, salary discussions among employees are protected under

• A.

the Equal Pay Act (1963)

• B.

the National Labor Relations Act (1935)

• C.

Salary.com

• D.

the Fair Labor Standards Act (1938)

8.

Open pay systems tend to work best when

• A.

there is a union to negotiate pay increases

• B.

business strategy matches the organizational development stage

• C.

job performance can be measured objectively

• D.

effort and performance are related closely over a long time span

9.

Narrowing pay ratios between jobs or pay grades in a firm’s pay structure is

• A.

pay secrecy

• B.

pay compression

• C.

pay security

• D.

pay inequality

Concept: Organization-wide Incentives

Mastery : 100% Questions : • 10

• 11

• 12

Materials on the concept:

• Organizationwide Incentives

• Team Incentives

10.

Gain sharing plans consist of all EXCEPT which of the following elements:

• A.

An internal equity

• B.

A philosophy of cooperation

• C.

A financial bonus

• D.

An involvement system

11.

Which of the following is NOT another name for gain sharing?

• A.

The Scanlon plan

• B.

The Rucker plan

• C.

Control-based compensation

• D.

Improshare

12.

One downside of team incentives is that

• A.

managers do not feel that incentives motivate employees equally

• B.

it does not provide retirement income to employees

• C.

most employees do not feel that their jobs have a direct impact on profits

• D.

it does nothing to educate employees about the factors of business success and capitalism

Concept: Strategic Considerations in the Design of Benefit Programs

Mastery : 100% Questions : • 13

• 14

• 15

Materials on the concept:

• Long-Term Strategic Business Plans

• Strategic Considerations in the Design of Benefits Programs

13.

One strategic issue that should influence the design of benefits is an organization’s

• A.

plan to pay panel

• B.

value to employees

• C.

shareholder’s form

• D.

stage of development

14.

Evidence indicates that the perceived value of benefits rises when employers introduce

• A.

higher salaries

• B.

more jobs

• C.

flexible supervisors

• D.

choice through a flexible benefits package

15.

Which act covers private-sector employees over age 21 enrolled in noncontributory (100% employer-paid) retirement plans that have 1-year service?

• A.

COBRA (1985)

• B.

HIPAA (1996)

• C.

ERISA (1974)

• D.

ADA (1990)

Concept: Components of the Benefits Package

Mastery : 100% Questions : • 16

• 17

• 18

Materials on the concept:

• Workers’ Compensation

• Disability Insurance

• Components of the Benefits Package

16.

______________cover 128 million workers in the United States.

• A.

Workers’ compensation programs

• B.

Defined-benefit programs

• C.

Defined-contribution programs

• D.

Point-of-service programs

17.

________________ provides a supplemental, one-time payment when death is accidental, and it provides a range of benefits when employees become disabled—that is, when they cannot perform the main functions of their occupations.

• A.

A preferred provider payment

• B.

Medical underwriting

• C.

Disability coverage

• D.

A point-of-service plan

18.

The type of private pension plan in which an employer promises to pay a retiree a stated pension is a

• A.

defined-benefit plan

• B.

defined-performance plan

• C.

defined-retirement plan

• D.

defined-contribution plan

Concept: Cost-Containment Strategies for Benefits

Mastery : 100% Questions : • 19

• 20

• 21

Materials on the concept:

• Cost-Containment Strategies

• Severance Pay

19.

What is driving the increasing costs of healthcare?

• A.

Passage of the health care exchanges

• B.

Aging population and an increase in obesity

• C.

Increasing numbers of legal immigrants

• D.

Rising cost of childcare

20.

The gatekeeper in a managed care health insurance plan is the

• A.

primary care physician

• B.

insurance cost monitor

• C.

the employee

• D.

the HR representative

21.

__________ is not legally required, and, because of unemployment compensation, many firms do not offer it.

• A.

Retirement pay

• B.

Short-term disability

• C.

Severance pay

• D.

Cost shifting
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