Benefits M3

Question 1

What is the name of the programs employers use to supplement the cash compensation given to employees?

Answer 1

Benefits

Question 2

What are 4 types of benefits programs?

Answer 2

Health, income protection, savings, and retirement

Question 3

What are the 2 elements of benefits?

Answer 3

income protection and pay for time not worked

Question 4

Name 6 examples of income protection benefits

Answer 4

unemployment, medical, retirement, mental health, wellness and life insurance.

Question 5

What are 3 examples of pay for time not worked programs

Answer 5

training, holiday, vacation

Question 6

There are several factors that influence

our benefits. Name at least 5.

Answer 6

competitive practice, employee demand, regulatory / legal environment, taxation, business strategy, cost, perceived value of benefits, and changing workforce
demographics

Question 7

What does ERISA stand for and what does it protect?

Answer 7

Employee Retirement Income
Security Act. It protects the interest of employees, the participants and their beneficiaries, and the employee benefit plan

Question 8

What does PPACA stand for and what is it also commonly referred to as?

Answer 8

Patient Protection and Affordability

Care Act, commonly called the Affordable Care Act

Question 9

What are the benefits of the PPACA

Answer 9

It is well known for expanding access to coverage to the uninsured and for lowering overall cost of providing health insurance.

Question 10

What are the different types of medical

plans that an organization may provide?

Answer 10

indemnity, managed indemnity, an HMO (health maintenance organization), a POS (point of service), a PPO (preferred provider organization), or a CDHP (a consumer driven health plan)

Question 11

As what type of benefit is disability insurance categorized and what amount of coverage do companies typically offer?

Answer 11

Classified as a welfare benefit. Companies usually cover 30% - 100% of base salary.

Question 12

What are the 3 different types of retirement benefits programs?

Answer 12

A defined benefit plan, a defined

contribution plan or hybrid plan.

Question 13

Which type of retirement plan generally provide better benefits to employees with longer service?

Answer 13

Defined Contribution

Question 14

Name 4 types of defined contribution retirement plans.

Answer 14

Savings or thrift plan, a profit sharing plan, a money purchase plan, a 401k plan

Question 15

Under the FLSA, what type of “time not worked” is required to be paid to the employee while at work.

Answer 15

rest periods or break period, wash up time, clothes changing time depending on the type of industry, travel time, coffee and or smoke breaks, birthday celebrations

Question 16

Name a few examples of times when an organization would pay for “time not worked” outside of work.

Answer 16

vacations, holidays, sick time, jury duty and bereavement.

Question 17

Which of the following best describes the two primary elements of benefits programs?

A. Income protection and pay for time not worked
B. Health insurance and social security
C. Medical and dental plans
D. Income protection and retirement

Answer 17

A. Income protection and pay for time not worked

Question 18

Which of the following is a major factor influencing the growth and change of employee benefits?

A. The availability and quality of internal data
B. The recent market data
C. The government
D. Defined benefits retirement plans

Answer 18

C. The government

Question 19

Which of the following is typically considered a type of income protection program?

A. Vacation/holiday benefits
B. Retirement benefits
C. Sick leave
D. Variable pay

Answer 19

B. Retirement benefits

Question 20

Which of the following refers to a pay for time not worked program?

A. Merit-based pay
B. Holiday pay
C. Weekend differential pay
D. Commission pay

Answer 20

B. Holiday pay