Compensation M2

Question 1

Which job evaluation method involves collecting competitors data to identify the prevailing rate for a job?

Answer 1

Market Pricing

Question 2

What is the safest course on which to base pay decisions?

Answer 2

Job-related factors

Question 3

Payment that is typically based on an individual employee’s rate of production is referred to as which type of base pay?

Answer 3

Piece Rate

Question 4

What are the 3 most common types of Variable Pay?

Answer 4

Bonus, incentive and commission

Question 5

What are the 6 types of medical plans?

Answer 5

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 6

What is the least common approach to quantitative method of job evaluation?

A. Point Factor Job Evaluation
B. Job Component Approach
C. Ranking
D. Classification

Answer 6

B. Job Component Approach (quantitative)

Question 7

What are the Non-quantitative job evaluation approaches (2)?

Answer 7

Ranking and Classification

Question 8

What are the quantitative methods of the job evaluation process (2)?

Answer 8

Point Factor and job components

Question 9

What job evaluation methods compares jobs on a whole job basis?

Answer 9

Classification method, aka Job slotting

Question 10

What type of job evaluation method establishes a hierarchy by utilizing statistical analysis?

Answer 10

Job Component method

Question 11

Which choice below refers to the right to purchase company stock at a specified price over a specified period after the holding requirement is met.
A. Performance Unit
B. Stock Options
C. Restricted Stock

Answer 11

B. Stock Options