Human Resource Cycle

Which of the following statements correctly describes the difference between salaries and wages?

• Salaries are usually paid on an hourly basis, while wages are paid on a fixed yearly basis.

• Salaries are typically paid to hourly workers, while wages are paid to salaried workers.

• Salaries are fixed payments made to employees regardless of the hours worked, while wages are calculated based on the number of hours worked.

• Salaries and wages are the same thing and can be used interchangeably.

Who is the Commission for Conciliation, Mediation and Arbitration (CCMA)?

• A new political party for the working class

• A trade union looking after employed workers

• An independent body responsible to resolve disputes between employees and employers

• A politically-connected organ of state designed to protect the government from lawsuits

What is the new national minimum wage as determined by the Minster in accordance with the National Minimum Wage Act as from 1 March 2023?

• R13.97/hour

• R23.19/hour

• R25.42/hour

• R32.17/hour

Which of the following is a potential risk of preparing wages for employees in a company?

• The risk of overpaying employees and exceeding the company's budget.

• The risk of underpaying employees and violating labor laws.

• The risk of misclassifying employees and misreporting taxes.

• All of the options mentioned

When recording salaries and wages paid to employees working at a grocery store, which financial accounts are affected?

• Accounts Payable and Cash

• Accounts Receivable and Inventory

• Salaries and Wages Expense and Cash

• Prepaid Rent and Retained Earnings

One of the risks in the Human Resource cycle is the existance of "ghost workers". Which of the following best describes a "ghost worker"?

• That scary sound that you hear in the office when you are alone

• That one employee who is always on leave or sick

• An actual ghost haunting the office

• That feeling that someone is watching you while you work

• An employee on the payroll that does not exit or work at the company