him chapter 14

30 cents

Of every dollar spent on employee compensation, about how much pays for benefits?

benefits

Paid vacation time and health insurance are both types of employee ____

defined benefit plan

Percentage of employee's salary paid as benefits after an initial period and potentially for rest of employee's life

long term disability insurance

Percentage of employee's salary paid as benefits after an initial period and potentially for rest of employee's life

short term disability insurance

Percentage of employee's salary paid as benefits for six months or less

employees underestimate the cost and value of benefits

Research asking employees about their benefits has shown that _____.

noncontributory plans

Retirement plans funded entirely by the employer are referred to as _____. Multiple choice question. long-term care plans

work sharing

As a way to curtail the costs of unemployment insurance, some states let companies reduce wages and hours, and employees are paid partial unemployment benefits. This reduces the number of employees who must be laid off. The program is called _____.

qualified

Benefits that are classified as _____ plans offer various tax advantage

understand what their benefits are worth

Companies should explain their benefits packages to employees so they will _____

employer and employee

Contributory retirement plans are funded by the _____.

will help them remain financially secure

Employees value benefits because they expect that benefits ______.

consumer price index

The government raises Social Security payments each year to adjust for inflation in the ____

false

True or false: Most tuition reimbursement programs will cover tuition for any type of college- or graduate-level course.

26

Under the Family and Medical Leave Act (FMLA), an employee may take up to _____ weeks off work without pay if a family member is injured during active military duty,

$2,320 annually for every full-time employee after the first 30

Under the Patient Protection and Affordable Care Act, organizations that have at least 50 full-time employees (or an equivalent number of full- and part-time employees) must offer health care coverage or pay a penalty. In 2018 the penalty amounted to ______

Patient Protection and Affordable Care Act

What federal legislation includes incentives and penalties to encourage organizations to provide health insurance for their employees?

higher administration costs

What is a major drawback to cafeteria-style benefit plans?

paid vacation days

Which of the following is not a workers' compensation benefit?

vision care

Which of the following is not typically covered as part of basic medical insurance coverage?

cafeteria-style

A plan that allows employees to choose what they want from a list of available benefits is called a _____ plan.

12

According to federal law, employees are entitled to _____ weeks of unpaid family leave

family leave

After his son was born, John took three weeks of unpaid leave from his company. He returned to his regular full-paying job after the three weeks. Which type of family-friendly benefit did John use?

earnings history

After retiring, workers are paid Social Security benefits according to their age and ____

tuition

Some companies provide reimbursement programs to encourage employees to take classes to improve knowledge and skills related to their career.

workers compensation

State programs that provide benefits to workers who suffer work-related injuries or sickness are called _____ laws.

vesting rights

When employees become participants in pension plans and work a specified number of years, they are guaranteed to receive pension at retirement regardless of if they remained with the employer

employee benefits

When employees receive compensation that is not cash, the compensation is referred to as ____

pregnancy discrimination act

Which act requires that employers treat pregnancy as it would any other disability?

health care insurance

Which benefits are provided to almost 90% of full-time employees?

holidays vacations sick leave

Which of the following are major categories of paid leave?

must be available for lower-level employees, not only the owners and top managers

to be classified as a qualified plan for tax purposes, a pension plan _____

disability income, medical care, death benefits, rehab services

what is part of a workers compensation benefits?

social security

•Employers and employees share cost through payroll tax to provide the following benefits in the OASDHI program: •Old age (retirement) insurance •Survivor's insurance •Disability insurance •Hospital insurance (Medicare Part A) •Supplementary medical insurance (Medicare Part B)

unemployment insurance

•Federally mandated program administered by states •Minimizes unemployment hardship •Most funding comes from taxes on employers

Employer approaches to controlling health costs:

•Managed care •Health maintenance organizations (HMO) •Preferred provider organizations (PPO) •Flexible spending accounts •Accountable care organizations (ACOs) •Consumer-driven health plans (CDHP) •Employee wellness programs (EWP)

defined- contribution plan

•employer sets up account for each employee; specifies size of contribution into account •Money purchase plan •Profit-sharing and employee stock ownership plans •Section 401(k) plans