chapter 13

Question 1

indirect financial and nonfinancial payments employees receive for continuing their employment with the company

Answer 1

benefits

Question 2

benefits for time not worked such as unemployment insurance, vacation and holiday pay, and sick pay

Answer 2

supplemental pay benefits

Question 3

provides benefits if a person is unable to work through some fault other than his or her own

Answer 3

unemployment insurance

Question 4

provides pay to an employee when he or she is out of work because of illness

Answer 4

sick leave

Question 5

provide for a guaranteed annual income in certain industries where employers must shut down to change machinery or due to reduced work

Answer 5

supplemental unemployment benefits

Question 6

provides income and medical benefits to work related accident victims or their dependents regardless of fault

Answer 6

workers compensation

Question 7

a prepaid health care system that generally provides routine round the clock medical services as well as preventive medicine in a clinic type arrangement for employees

Answer 7

health maintenance organization

Question 8

groups of health care providers that contract with employers, insurance companies, or third party payers to provide medical care services at a reduced fee

Answer 8

preferred provider organizations

Question 9

provides lower rates for the employer or employee and includes all employees, including new employees

Answer 9

group life insurance

Question 10

federal program that provides three type of benefits: retirement income, survivors or death benefits, disability

Answer 10

social security

Question 11

plans that provide a fixed sum when employees reach a predetermined retirement age or when they can no longer work due to disability

Answer 11

pension plans

Question 12

a plan that contains a formula for determining retirement benefits

Answer 12

defined benefit pension plans

Question 13

a plan in which the employers contribution to employees retirement savings funds is specified

Answer 13

defined contribution pension plan

Question 14

instituting policies that enable employees to easily take their accumulated pension funds when they leave an employer

Answer 14

portability

Question 15

a defined contribution planed based on section 401k of the internal revenue code

Answer 15

401k plan

Question 16

plan in which employees contribute a portion of their earnings to a fund; the employer usually matches this contribution in whole or in part

Answer 16

savings and thrift plan

Question 17

a plan in which a certain amount of profits is credited to each employees account, payable at retirement, termination, or death

Answer 17

deferred profit sharing plan

Question 18

a qualified, tax deductible stock bonus plan in which employers contribute stock to a trust for eventual use by employees

Answer 18

employee stock ownership plan

Question 19

plans under which the employer contributes a percentage of employees current pay to employees pension plans every year, and employees earn interest ont his amount

Answer 19

cash balance plans

Question 20

signed into law by president ford to require that pension rights be vested and protected by a government agency, the pbgc

Answer 20

employee retirement income security act of 1975

Question 21

established under erisa to ensure that pensions meet vesting obligations, also insures pensions should a plan terminate without sufficient funds to meet its obligations

Answer 21

pension benefits guarantee corporation

Question 22

a type of offering by which employees ar encouraged to retire early, the incentive being liberal pension benefits plus perhaps a cash payment

Answer 22

early retirement window

Question 23

a formal employer program for providing employees with counseling and or treatment programs for problems such as alcoholism

Answer 23

employee assistance program

Question 24

benefits such as child care and fitness facilities that make it easier for employees to balance their work and family responsibilities

Answer 24

family friendly benefits

Question 25

individualized plans allowed by employers to accommodate employee preferences for benefits

Answer 25

flexible benfits plan

Question 26

a work schedule in which employees workdays are built around a core of midday hours, and employees determine, within limits, what other hours they will work

Answer 26

flex time

Question 27

schedule in which employee works fewer but longer days each week

Answer 27

compressed workweek

Question 28

allows two or more people to share a single full time job

Answer 28

job sharing

Question 29

refers to a temporary reduction in work hours by a group of employees during economic downturns as a way to prevent layoffs

Answer 29

work sharing