Paid vacation time and health insurance
When employees receive
compensation that is not cash, the compensation is referred to as _____.
·
employee benefits
Employees value
benefits because they expect that benefits ______.
·
will help them remain
financially secure
After retiring,
workers are paid Social Security benefits according to their age and _____.
·
earnings history
Unemployment insurance
is financed mostly via taxes on _____.
·
employers
Which of the following
is not a workers' compensation benefit?
·
paid vacation days
Paid vacation time and
health insurance are both types of employee _____.
·
benefits
Of every dollar spent
on employee compensation, about how much pays for benefits?
·
30 cents
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 ______.
·
$2,320 annually for
every full-time employee after the first 30
The government raises
Social Security payments each year to adjust for inflation in the _____.
·
consumer price index
The benefits available
to domestic partners do not have the same _____ as those received by spouses.
·
tax advantages
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 _____.
·
work sharing
Which of the following
are major categories of paid leave?
·
vacation
sick days
holidays
State programs that
provide benefits to workers who suffer work-related injuries or sickness are
called _____ laws.
·
workers' compensation
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,
·
26
What federal
legislation includes incentives and penalties to encourage organizations to
provide health insurance for their employees?
·
Patient Protection and
Affordable Care Act
Which benefits are
provided to almost 90% of full-time employees?
·
Health care insurance
Under some
circumstances, an adult who is not a relative or spouse, is financially
interdependent, and lives permanently with another adult can be legally defined
as a __________ partner.
·
domestic
Which statements about
paid time off in the United States are true?
·
he average number of
paid vacation days is 23.
Paid time off is NOT required by law.
Many employees who are entitled to paid time off will NOT take all of it.
If Kenneth wants to
benefit from his company health insurance, he is allowed to visit only doctors
who are in the company's network of providers. This type of coverage is known
as a _____.
·
health maintenance
organization
An employee with a
preferred provider organization (PPO) health care plan would pay a smaller
share of the cost of health services when using _____ health care provider.
·
an in-network
Which of the following
is not typically covered as part of basic medical insurance coverage?
·
Vision care
Contributory
retirement plans are funded by the _____.
·
employer and employee
Which of the following
describe a health maintenance organization (HMO)?
·
Physicians work on
salary instead of being paid a fee for each service.
The patient pays nothing at the time of service, because premiums cover all
visits and procedures in advance.
Patients are allowed to see only medical personnel who are affiliated with the
HMO.
According to federal
law, employees are entitled to _____ weeks of unpaid family leave.
·
12
Which type of health
care plan contracts with health care professionals to offer services at lower
rates?
·
Preferred provider
organization (PPO)
True or false: Most
tuition reimbursement programs will cover tuition for any type of college- or
graduate-level course.
·
false
When a company
undergoes the process of selecting employee benefits, it should _____.
·
establish written
benefits objectives
Retirement plans
funded entirely by the employer are referred to as _____.
·
noncontributory plans
A plan that allows
employees to choose what they want from a list of available benefits is called
a _____ plan.
·
cafeteria-style
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?
·
family leave
Benefits that are
classified as _____ plans offer various tax advantages.
·
qualified
Some companies provide
_________ reimbursement programs to encourage employees to take classes to
improve knowledge and skills related to their career.
·
Tuition
Which act requires
that employers treat pregnancy as it would any other disability?
·
Pregnancy
Discrimination Act
A typical objective
most companies use when selecting employee benefits is _____.
·
controlling health
care costs
Research asking
employees about their benefits has shown that _____.
·
employees
underestimate the cost and value of benefits
What is a major
drawback to cafeteria-style benefit plans?
·
higher administration
costs
To be classified as a
qualified plan for tax purposes, a pension plan _____.
·
must be available for
lower-level employees, not only the owners and top managers
True or false: Spousal
benefits only apply to a spouse of the opposite sex.
·
false
Why should employers
tell their workers the details about what is included in their benefits
packages?
·
Highly desirable
employees will be more apt to work for a company that offers valuable benefits
that are easy to understand.
Health insurance and retirement plans are complex and difficult for most
employees to fully understand.
Employees often fail to understand the value of their benefits.
Companies should
explain their benefits packages to employees so they will _____.
·
understand what their
benefits are worth
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