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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 concept of total rewards encompasses all the ways in which people are rewarded when they come to work.
2. The aging population and inefficient administrative processes have been factors in the rising cost of health care.
3. A growing number of companies are replacing sick leave and vacation time with paid time off to simplify administration.
4. On-site healthcare is a benefit offered by many firms that serves to curb health care costs and improve employee productivity.
5. The Employee Retirement Income Security Act requires employers to create and fund employee retirement plans and sets vesting standards.
6. Health maintenance organizations offer a smaller PPO provider network and usually provide little, if any, benefits when an out-of-network provider is used.
7. Nonfinancial compensation factors such as capable managers and congenial co-workers can increase employee satisfaction.
8. Internal Revenue Service regulations allow for educational assistance benefits to be non-taxable up to $10,000 per year.
9. Individual states administer both unemployment insurance and workers' compensation benefits.
10. Unemployment insurance provides workers whose jobs have been terminated through no fault of their own, monetary payments for up to 26 weeks.
11. Most firms that offer food services hope to enhance employee morale and increase worker productivity.
12. A defined contribution plan requires specific contributions by an employer to an employee's retirement or savings fund.
13. The 2008/2010 recession caused 401(k) balances to fall sharply and firms to reduce or eliminate 401(k) matching plans.
14. Telecommuting is limited to information workers because jobs in the fields of banking and architecture require employees to work in a corporate office.
15. As a rule, employees receive benefits because of their productivity in an organization.
16. The Social Security Act of 1935 created a system of retirement benefits.
17. The legally required benefits of Social Security, unemployment insurance, and workers' compensation account for over 30 percent of total compensation costs.
18. A 401(k) plan is a defined benefit plan in which employees may defer income up to a maximum amount allowed.
19. Flextime is the practice of permitting employees to choose their own working hours, within certain limitations.
20. Most advocates of ESOPs appreciate the stability of these retirement plans, as shown during the recession of 2008/2010.
21. Disability insurance, survivors' benefits, Medicare, and unemployment insurance are provided by and administered by the Social Security Administration.
22. According to the Fair Labor Standards Act, firms are required to give employees a 10 minute rest break every four hours.
23. Sabbaticals are temporary leaves of absence from an organization, usually at a reduced amount of pay.
24. Employee stock option plans, which are limited to key executives, allow employees to sell shares prior to retirement.
25. The Family and Medical Leave Act apply to private employers with 30 or more employees and to all governmental employers regardless of number.

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