Payroll and Benefits Management
Final Exam
Course Introduction
Payroll and Benefits Management is a comprehensive course designed to equip students with the knowledge and skills necessary to efficiently manage employee compensation and benefits within an organizational setting. The course covers key topics such as payroll systems and processes, wage and hour law compliance, tax withholdings, reporting requirements, and methods for ensuring accurate and timely payroll. In addition, students will explore various types of employee benefits such as health insurance, retirement plans, and paid time off while learning how to design and administer benefits packages that align with both organizational goals and legal obligations. Emphasis is placed on best practices, ethical considerations, and the use of payroll and HR technology to optimize operations and support workforce satisfaction.
Recommended Textbook
Employee Benefits A Primer for Human Resource Professionals 5th Edition by Joseph J. Martocchio
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661 Flashcards
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Chapter 1: Introducing Employee Benefits
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Sample Questions
Q1) Nonmonetary compensation includes protection programs,paid time off and services. (Employee Benefits in the Total Compensation Scheme)
A)True
B)False
Answer: True
Q2) Discuss the impact of recent demographic changes in labor markets (e.g.,influx of female,ethnic minority,or older workers)on the benefit strategy of companies. (Changing Demographics of the Labor Force)
Answer: Main Points
Increasing numbers of female,minority,or older workers in the current workplace Different needs and preferences based on demographic characteristics Challenges of benefit professionals to manage diverse needs and preferences Company's strategic actions to accommodate different needs of employees
Q3) Core compensation is another name for monetary rewards. (Employee Benefits in the Total Compensation Scheme)
A)True
B)False
Answer: True
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3
Chapter 2: The Psychology and Economics of Employee Benefits
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Sample Questions
Q1) Employee benefits need to be considered as economic exchange between employer and employee rather than social exchange relationship. (How Employee Benefits Constitute Social Exchange)
A)True
B)False
Answer: False
Q2) What is an insurance pool? (Cost Advantage)
A)Insurance companies that join together to underwrite a self-funded insurance policy
B)Employers who join together to insurance all their employees under one policy
C)People who join together to by a group insurance policy
D)Insurance companies that join together to issue one large-group insurance policy
Answer: C
Q3) If workers are willing to leave the labor market when compensation falls and employers have relatively inflexible staffing needs,employees will tend to pay for benefit cost increases. (Who Pays for Benefits?)
A)True
B)False
Answer: False
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Chapter 3: Regulating Employee Benefits
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Sample Questions
Q1) Under the Equal Pay Act of 1963,what are skill,effort,responsibility and working conditions are referred to as? (The Equal Pay Act of 1963)
A)Classification factors
B)Compensable factors
C)Commendable factors
D)Performance factors
Answer: B
Q2) Employees of the federal government are not protected by FLSA regulations. (The Fair Labor Standards Act of 1938)
A)True
B)False
Answer: False
Q3) The Equal Pay Act is an amendment to ERISA and is designed to insure that women and men receive equal pay for equal work. (The Equal Pay Act of 1963)
A)True
B)False
Answer: False
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Chapter 4: Employer-Sponsored Retirement Plans
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Sample Questions
Q1) This type of hybrid plan defines benefits for each employee by reference to the amount of the employee's hypothetical account balance. (Cash Balance Plans and Pension Equity Plans)
A)Money purchase plan
B)Target benefit plan
C)Cash balance plan
D)Pension equity plan
Q2) Using the ratio percentage test for tax benefit qualification,what does the percentage of nonhighly compensated employees to highly compensated employees in the plan have to be? (Qualified Plans)
A)30%
B)70%
C)60%
D)40%
Q3) Using the unit benefit formula,the annual benefits are based on age,years of service and final average wages or salary. (Defined Benefit Plans)
A)True
B)False
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Chapter 5: Employer-Sponsored Health Insurance Programs
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Sample Questions
Q1) This type of group insurance plan offers health insurance and other benefits to the employees of two or more unaffiliated employers,except for any arrangements established by a collective bargaining agreement. (Exhibit 5.2,Types of Group Plans)
A)Voluntary employee beneficiary associations
B)Multiple employer trusts
C)Pooled coverage
D)Multiple employer welfare arrangement
Q2) President Bush has advanced a plan to place the burden of health insurance costs with the government. (Consumer-Driven Health Care)
A)True
B)False
Q3) Which of the following is not one of the ways PPACA is expected to extend coverage to more people? (Patient Protection and Affordable Care Act of 2010)
A)By providing incentives to businesses to offer health insurance
B)By imposing penalties on businesses that do not provide coverage
C)By requiring individuals without health insurance to reasonably priced policies
D)By giving tax incentives to insurance companies
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Page 7
Chapter 6: Employer-Sponsored Disability Insurance,life Insurance,and
Workers Compensation Programs
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Sample Questions
Q1) Long-term insurance defines disability as an inability to engage in any occupation for which the individual is qualified by reason of training,education or experience. (Long-Term Disability Insurance Programs)
A)True
B)False
Q2) Universal life insurance has less flexibility than whole life insurance. (Types of Life Insurance Programs)
A)True B)False
Q3) The wage loss approach bases benefit amounts on approximate loss of earning from injuries. (Disability Income)
A)True
B)False
Q4) Preeligibility period for short term disability insurance is similar to health plans. (Short-Term Disability Insurance Programs)
A)True B)False
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Chapter 7: Government-Mandated Social Security Programs
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Sample Questions
Q1) In 2012,what was the annual monthly benefit for all retired workers? (Retirement Benefit Amount Determination)
A)$855
B)$1,000
C)$1,229
D)$1,754
Q2) The original Medicare plan is a fee-for-service plan managed by the federal government. (Medicare)
A)True
B)False
Q3) Briefly discuss the eligibility criteria for unemployment insurance benefits? (Eligibility Criteria for Unemployment Insurance Benefits)
Q4) The Social Security Act was amended in 1965 to create the Medicare program. (Medicare)
A)True
B)False
Q5) What is donut hole? Explain. (Medicare Prescription Drug Benefit)
Page 9
Q6) Briefly discuss Medicare Part A coverage. (Medicare Part A Coverage)
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Chapter 8: Paid Time-Off and Flexible Work Schedules
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Sample Questions
Q1) The Conference Board survey of US companies found the existence of one standard type of sabbatical leave. (Sabbatical Leave)
A)True
B)False
Q2) Which of the following is true concerning the Family and Medical Leave Act? (Leave Under the Family and Medical Leave Act of 1993)
A)Guarantees paid leave
B)Spouses at same employer both get 12 weeks leave for the same incident
C)Employees have to have worked 1250 hours in the previous12 months to qualify
D)Applies to companies with less than 50 employees
Q3) In most companies,floating holidays CANNOT be used to extend sick leave. (Holidays)
A)True B)False
Q4) List the most common paid time off practices. (Paid Time-Off Practices)
Q5) Nonexempt employees subject to on-call time must be compensated according to the minimum wage provisions of FLSA. (On-Call Time)
A)True
B)False
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Chapter 9: Accommodation and Enhancement Benefits
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Sample Questions
Q1) Stress management programs offered to employees can ultimately lead to increased productivity. (Stress Management Programs)
A)True
B)False
Q2) Consortium EAPs establish contracts with sets of numerous smaller employers. (EAP Delivery Options)
A)True
B)False
Q3) Which one of the following is not a wellness program? (Wellness Programs)
A)Telecommuting
B)Stress management
C)Smoking cessation
D)Back care
Q4) Employers can deduct a smoking cessation program as a business expense,but employees do NOT get any tax benefit. (Smoking Cessation Programs)
A)True
B)False
Q5) Discuss the main characteristics of health risk appraisals. (Health Risk Appraisals)
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Chapter 10: Managing the Employee-Benefits System
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Sample Questions
Q1) Modular plans extend a pre-established set of benefits such as medical insurance as a program core. (Core-Plus-Option Plans)
A)True
B)False
Q2) Benefits are considered "qualified" if the employee may exclude the cost from federal income tax. (Cafeteria Plans under Section 125)
A)True
B)False
Q3) This type of utilization review judges whether additional inpatient hospitalization is medically necessary. (Utilization Reviews)
A)Prospective
B)Certification
C)Concurrent
D)Retrospective
Q4) Insurers conduct concurrent utilization reviews shortly after hospital admission,following emergency treatment. (Utilization Reviews)
A)True
B)False
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Chapter 11: Nonqualified Deferred Compensation Plans for Executives
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Sample Questions
Q1) Top hat plans are unfunded plans. (Supplemental Executive Retirement Plans (SERPs))
A)True
B)False
Q2) Which of the following is not a type of stock ownership plan? (Stock and Stock Option Plans for Incentive Compensation and Retirement)
A)Incentive stock options
B)Phantom stocks
C)Restricted stocks
D)Profit sharing
Q3) Top hat plans are exempt from which ERISA Title I regulation? (Supplemental Executive Retirement Plans (SERPs))
A)Funding
B)Reporting and disclosure
C)Continuation coverage
D)Administration and enforcement
Q4) Excess benefits plans can only be funded plans. (Excess Benefit Plans)
A)True
B)False
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Chapter 12: Global Employee Benefits at a Glance
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Sample Questions
Q1) French law provides more flexible rules for management level employees. (France,Other Benefits)
A)True
B)False
Q2) China has a unique paid time off policy called "home leave" for visiting parents and family in the rural areas. (The People's Republic of China,Paid Time-Off Benefits)
A)True
B)False
Q3) Saudi Arabia does not base its employment system on Shari'a Laws. (Saudi Arabia)
A)True
B)False
Q4) In the People's Republic of China employment relationship is now defined by individual contracts. (The People's Republic of China)
A)True
B)False
Q5) Japanese employers do not grant military leave. (Japan,Paid Time-Off Benefits)
A)True
B)False
Q6) Give a brief overview of the employment issues associated with the EU. (Europe)
Page 14
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