Managing Employee Benefits Quiz

What are benefits?

• Tangible direct rewards provided to employees

• Tangible indirect rewards provided to employees

• Intangible direct rewards provided to employees

• Intangible indirect rewards provided to employees

Which of the following is not a benefit?

• Retirement plans

• Paid time off

• Salary

• Health insurance

What is a flexible benefits plan?

• A program that allows employees to select the benefits they prefer

• A program that provides fixed benefits to all employees

• A program that offers benefits only to high-risk employees

• A program that offers benefits based on seniority

What is adverse selection?

• A situation in which only higher-risk employees select and use certain benefits

• A situation in which only lower-risk employees select and use certain benefits

• A situation in which all employees select and use certain benefits

• A situation in which no employees select and use certain benefits

What is open enrollment?

• A time when employees can change their participation level in various benefit plans

• A time when employees can enroll in a new job

• A time when employees can retire

• A time when employees can take a vacation

What are third-party administrators (TPAs)?

• Vendors that provide enrollment, recordkeeping, and other administrative services to organizations

• Employees who handle benefit administration

• Government agencies that regulate benefit programs

• Insurance companies that provide benefits to employees

What is cost sharing?

• Having employees pay for more of their benefit costs

• Having employers pay for more of their benefit costs

• Having the government pay for all benefit costs

• Having the employees and employers share the benefit costs equally

What is the Social Security Act of 1935?

• A law that provided old-age, survivors', disability, and retirement benefits

• A law that required employers to provide health insurance

• A law that established workers' compensation benefits

• A law that mandated paid time off for employees

What is Medicare?

• A government-operated health insurance program for older Americans and some with disabilities

• A government-operated retirement program for older Americans

• A government-operated disability insurance program

• A government-operated life insurance program

What is workers' compensation?

• A benefit program provided to workers who are injured on the job

• A benefit program provided to workers who retire

• A benefit program provided to workers who become disabled

• A benefit program provided to workers who lose their jobs