Employee Benefits

Sue’s mother has become seriously ill. Sue needs to take off time from work to care for her mother. Which benefit entitles Sue to have up to 12 weeks of job-protected, unpaid leave during any 12-month period to care for her mother?

• FICA

• FMLA

• Vacation Time

• Personal Time

In addition to this benefit being tax deductible for the business, the employee gets this benefit completely tax-exempt.

• 403(b)

• 401(k)

• Auto Insurance

• Health Insurance

Your annual salary is $50,000. Your employer matches up to 5%. If you contribute $3,000 to the account this year, how much is in the account?

• $3,000

• $3,150

• $5,500

• $2,500

Employers may choose to offer this employee benefit so that employees gain a sense of ownership in the company. Employees feel as though they are not just working for the company, but also for themselves.

• Commission

• Educational Reimbursement

• Defined Benefit Plan

• Stock Options

This employee benefit promises a specific monthly benefit as an exact dollar amount at retirement.

• 403(b)

• 401(k)

• Salary Reduction Plan

• Defined Benefit Plan

Your annual salary is $35,000. Your employer matches up to 3%. Assuming you maximize your contribution, but do not go over the amount the company is willing to match, how much is in your 401(k)?

• $2,100

• $1,050

• $3,500

• $5,000

A salary-reduction retirement plan offered by a tax-exempt institution, such as a hospital or a non-profit organization.

• 401(k)

• 403(b)

• Roth IRA

• Defined Benefit Plan

A car salesperson who receives 20% of the profit on the sale of each vehicle is receiving which employee benefit?

• Bonus

• FSA

• Commission

• PTO

Ted has a bachelor’s degree in business. In order to be promoted he would need a MBA. His employer offers to pay for his degree in exchange for his continual work with the company for the next 3 years. This is an example of which employee benefit?

• Educational Reimbursement

• Stock Options

• Scheduling Changes

• FAFSA

You are offered a compensation package that includes the following: $60,000 base salary, $2,000 signing bonus, $3,000 health benefits, and a $2,000 retirement plan contribution if you utilize the match. What is the total value of this job offer?

• $60,000

• $62,000

• $64,000

• $67,000