Compensation and Benefits Review

What are the different types of employee compensation?

• Vacation days, sick leave, maternity/paternity leave

• Salary, wages, bonuses, commissions, benefits, and perks.

• Hourly pay, overtime pay, profit sharing, stock options

• Pension, retirement plans, healthcare benefits

What is the difference between salary and wages?

• Salary is based on hours worked, while wages are fixed.

• Salary is paid monthly, while wages are paid weekly.

• Salary is earned by hourly workers, while wages are earned by salaried workers.

• Salary is fixed, while wages are based on hours worked.

What are incentive programs in employee compensation?

• Extra vacation days given to employees based on their performance or achievement of specific goals.

• Penalties or fines imposed on employees for not meeting performance goals.

• Discounts on company products or services given to employees based on their performance or achievement of specific goals.

• Rewards or bonuses given to employees based on their performance or achievement of specific goals.

What are the main components of a retirement plan?

• 401(k), annuity, life insurance

• IRA, stocks, bonds

• pension, retirement savings account, Social Security benefits

• Medicare, Medicaid, disability benefits

Which type of employee compensation is based on an hourly rate?

• hourly wage

• annual bonus

• commission

• monthly salary

What is the purpose of employee benefits?

• The purpose of employee benefits is to provide additional perks and luxuries for employees.

• The purpose of employee benefits is to attract and retain talented employees, enhance employee satisfaction and morale, and provide financial security and protection for employees and their families.

• The purpose of employee benefits is to create a competitive work environment and encourage employee competition.

• The purpose of employee benefits is to increase company profits and reduce expenses.

The definition of gross income is (a)   .

• An amount of money paid to an emplo
• Money received from a job, business
• Income before payroll taxes are tak
• Income after payroll taxes and volu

Tags

EPF.IE.1.5

When must the cafeteria benefit plan be accepted or rejected by the employee?

• During the first two months.

• During the first month.

• Immediately.

• Whenever they feel like it honestly.

What kind of insurance helps employees recover lost pay for a work related injury?

• USAA

• Worker's Compensation Insurance

• HAH. You're on your own.

• Whatever insurance provider the employee chose at the beginning of the year.

A 401K is...

• How your paycheck gets deposited into your account

• A retirement plan

• How you calculate your sick days

• How you calculate your vacation days