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Indirect Financial Compensation (Benefits) and Non financial Compensation 2
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Indirect Financial Compensation (Benefits) and Non financial Compensation 2
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25 Questions

1. The Family and Medical Leave Act apply to private employers with 30 or more employees and to all governmental employers regardless of number.
2. Money deposited into FSAs can be rolled over into the next year, while HSA funds left over at the end of the year are forfeited.
3. Telecommuting is limited to information workers because jobs in the fields of banking and architecture require employees to work in a corporate office.
4. A cash balance plan is a hybrid retirement fund with elements of both defined benefit and defined contribution plans.
5. The aging population and inefficient administrative processes have been factors in the rising cost of health care.
6. Additional pay provided to employees who work under extremely dangerous conditions is called hazard pay.
7. A defined benefit plan is a formal retirement plan that provides the participant with a fixed benefit upon retirement.
8. COBRA gives employees the opportunity to temporarily continue their health insurance coverage after a termination or layoff.
9. A 401(k) plan is a defined benefit plan in which employees may defer income up to a maximum amount allowed.
10. A defined contribution plan requires specific contributions by an employer to an employee's retirement or savings fund.
11. Disability insurance, survivors' benefits, Medicare, and unemployment insurance are provided by and administered by the Social Security Administration.
12. The 2008/2010 recession caused 401(k) balances to fall sharply and firms to reduce or eliminate 401(k) matching plans.
13. The Social Security Act of 1935 created a system of retirement benefits.
14. The concept of total rewards encompasses all the ways in which people are rewarded when they come to work.
15. Internal Revenue Service regulations allow for educational assistance benefits to be non-taxable up to $10,000 per year.
16. The Health Insurance Portability and Accountability Act includes a regulation designed to protect the privacy of personal health information.
17. Flextime is the practice of permitting employees to choose their own working hours, within certain limitations.
18. Most advocates of ESOPs appreciate the stability of these retirement plans, as shown during the recession of 2008/2010.
19. The legally required benefits of Social Security, unemployment insurance, and workers' compensation account for over 30 percent of total compensation costs.
20. The Employee Retirement Income Security Act requires employers to create and fund employee retirement plans and sets vesting standards.
21. A primary disadvantage of flexible spending accounts is the requirement regarding the submission of receipts for reimbursement purposes.
22. Point-of-service plans require members to obtain specialist referrals from primary care physicians.
23. On-site healthcare is a benefit offered by many firms that serves to curb health care costs and improve employee productivity.
24. Employees on a compressed work week split the duties of one job and work less than forty hours a week.
25. A growing number of companies are replacing sick leave and vacation time with paid time off to simplify administration.

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