Labour costs knowledge check

What is a common method for compensating employees in relation to labour costs?

• Overtime
• Overbudget
• Onlywork
• Ovettiming

Which of the following is an example of a variable labour cost?

• Monthly salary
• Overtime pay
• Bonus guarantee
• Fixed wage

How are piecework employees typically paid?

• Hourly rate
• Fixed salary
• Per piece completed
• No payment

What does a bonus guarantee typically provide to employees?

• Additional vacation days
• Extra promotional opportunities
• Guaranteed bonus payment
• Reduction of working hours

Which of the following labour costs fluctuates based on the amount of work completed?

• Fixed wage
• Overtime pay
• Piecework payment
• Salary increment

In which situation would an employee be likely to receive overtime pay?

• Working fewer hours than normal
• Meeting production targets
• Working additional hours beyond regular schedule
• Taking unpaid leave

What is the purpose of implementing a bonus guarantee system for employees?

• To reduce overall labour costs
• To reward employees for good performance
• To decrease employee morale
• To penalise employees for mistakes

How do labour costs impact the overall budget of a company?

• They have no effect on the budget
• They can increase or decrease the budget significantly
• They only affect departmental budgets
• They only impact sales budgets

What is the primary purpose of tracking labour costs within a business?

• To increase employee turnover
• To monitor and control expenses related to workforce
• To discourage productivity
• To reduce the number of employees

Which method of compensating employees is based on the number of units produced or tasks completed?

• Overtime pay
• Salary increment
• Piecework payment
• Fixed wage