University of Houston, Downtown BA 3000 Chapter 10 1)The term pay refers to all forms of financial returns and tangible benefits that employees receive as part of an employment relationship

University of Houston, Downtown

BA 3000

Chapter 10

1)The term pay refers to all forms of financial returns and tangible benefits that employees receive as part of an employment relationship.

2. In a point-factor plan, a job's relative worth is the sum of the numerical values for each degree within each factor.
3. Broadbanding allows managers to make very precise differentiations in pay through the large number of pay grades.
4. Where an employee is subject to both the state (or city) and federal minimum wage laws, the employee is entitled to the lower of the two minimum wages.
5. Foreign service premiums are provided with the intention to offer an incentive to take an expatriate assignment.
6. A loan clerk evaluating his/her pay relative to that of a teller within the company is an example of

7. The            pension plan guarantees a specific payment based on a percentage of pre-retirement income.

8. Which of the following is true about the point-factor plan?

9. Which law focuses on three main areas: minimum wage, overtime pay, and child labor rules.

10. A loan clerk evaluating his/her pay relative to that of a teller within the company is an example of

11. A group of jobs having the same basic nature of work but requiring different levels of skill, effort, responsibility or working conditions are known as          .

12. The            pension plan guarantees a specific payment based on a percentage of pre-retirement income.

13. Which of the following are three major factors of the Hay plan?

14. Which of the following is an example of job family?

15. The defined benefit plans purchase insurance with the        , which insures pension moneys in the event that the company goes bankrupt.

16. Which of the following are elements of cash compensation?

17. Know-how, problem solving, and accountability are the three major factors within the Hay plan. Which of the following is a sub factor of know-how?

18. Which of the following law has a provision that workers employed in construction industry must be paid at the prevailing local pay rate when working on government contracts?

19. You have just been hired into a job and you find that you are being paid at the max of the range for the grade. You hope to have a long career with this company and are hoping for a promotion within the year. Your reaction should be:

20. In order to qualify for the executive employee exemption, the employee must be compensated on a salary basis at a rate not less than            per week.

21. The            policy requires a pay structure that is based on an internal assessment of job worth.