Compensation Decisions
Types of Compensation /Comparable Worth
Types of Compensation
Types of Benefits
100
The payment employees receive in turn for their labor is known as ?
What is Compensation
100
what are the six types of compensation?
What are Hourly wages, weekly or monthly salaries, commissions, incentive payments, lump-sum salary increases, and profit sharing
100
Give the employee the option of taking the entire pay in one sum is known as ?
What is A Lump-Sum Salary Increase
100
True or False: Some employee benefits are required by law
What is True
200
Policies and strategies that determine an employee’s compensation are known as what?
What is Compensation System
200
A concept that seeks equal compensation for jobs requiring the same level of education, training and skills is known as?
What is Comparable Worth
200
Most professional and managerial positions fall under what type of compensation ?
What is a salary
200
A reward in addition to regular compensation that is provided to employees is known as
What is an Employee Benefit
300
For most firms, designing an effective compensation system requires three separate management decisions. What are they?
What are wage levels, wage structures, and individual wages
300
a payment that is a percentage of sales revenue is known as?
What is commission
300
True or False: Salaries employees receive overtime payment
What is False
300
plans that include health insurance and retirement benefits such as 401(k) plans are known as what
What are Flexible Benefit Plans
400
which of the three management decisions is responsible for determining relative pay levels for all positions in the firm?
What is wage structure
400
What does a merit pay depend on?
What is an employee's achievements relative to other employees
400
True or False: Employees who work in the fast food industry are usually payed hourly wages
What is True
400
What is the average employee total compensation? (in percent)
What is 29.3 percent
500
a collection of data revealing wage rates within an industry or geographic area is known as?
What is a wage survey
500
the distribution of a percentage of a firm’s profit among its employees is known as ?
What is profit sharing
500
a payment in addition to wages that reward outstanding performance is known as?
What is an incentive
500
which employee benefit allows employees may get paid for days not worked?
What is pay for time not worked
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