Companies should explain their benefits packages

Companies should explain their benefits packages

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

 

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

 

·         earnings history

 

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

 

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

 

·         workers' compensation

 

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

 

·         employee benefits

 

Which federal law requires employers with 50 or more employees to provide up to 12 weeks of unpaid leave after childbirth or adoption?

 

·         Family and Medical Leave Act

 

Employees value benefits because they expect that benefits ______.

 

·         will help them remain financially secure

 

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

 

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

 

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

 

·         earnings history

 

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

 

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

 

·         workers' compensation

 

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

 

·         employee benefits

 

Which federal law requires employers with 50 or more employees to provide up to 12 weeks of unpaid leave after childbirth or adoption?

 

·         Family and Medical Leave Act

 

Employees value benefits because they expect that benefits ______.

 

·         will help them remain financially secure

 

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

 

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

 

Unemployment insurance is financed mostly via taxes on _____.

 

·         employers

 

Which statements about paid time off in the United States are true?

 

·         The average number of paid vacation days is 23.

Many employees who are entitled to paid time off will NOT take all of it.

Paid time off is NOT required by law.

 

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

 

·         paid vacation days

 

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

 

·         Vision care

 

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

 

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

 

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

 

·         Patient Protection and Affordable Care Act

 

Which type of health care plan contracts with health care professionals to offer services at lower rates?

 

·         Preferred provider organization (PPO)

 

The benefits available to domestic partners do not have the same _____ as those received by spouses.

 

·         tax advantages

 

Colleen is able to set aside $2,500 tax free each year out of her earnings to pay for eligible medical expenses. This is an example of a _____ account.

 

·         flexible spending

 

Which of the following are major categories of paid leave?

 

·         vacations
holidays
sick leave

 

Dan enjoys the employee wellness program at his office because there is a certified trainer on site at the fitness center who tailors his exercise program to his needs. What type of employee wellness program does Dan's company provide?

 

·         active

 

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

 

·         Health care insurance

 

Contributory retirement plans are funded by the _____.

 

·         employer and employee

 

Which of the following describe a health maintenance organization (HMO)?

 

·         The patient pays nothing at the time of service, because premiums cover all visits and procedures in advance.

Physicians work on salary instead of being paid a fee for each service.

Patients are allowed to see only medical personnel who are affiliated with the HMO.

 

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

 

A defined-benefit retirement plan guarantees _____.

 

·         a specific level of retirement income

 

If the money in a flexible spending account is not spent within the year, the money goes to the _____.

 

·         employer

 

Which of the following are types of defined-contribution plans?

 

·         employee stock ownership plan

money purchase plan

profit-sharing plan

 

A (passive/active) employee wellness program would provide health education and fitness facilities but no formal support to use the program.

 

·         passive

 

Retirement plans funded entirely by the employer are referred to as _____.

 

·         noncontributory plans

 

A retirement plan known as a ___________ balance plan allows the employer to set up an individual account for each employee and the employer then contributes a percentage of the employee's salary. The account also earns interest at a predefined rate.

 

·         cash

 

An employer sets up a _____ fund to invest the contributions to a defined-benefit plan.

 

·         pension

 

Which type of plan consists of individual accounts where all contributions come from the employer?

 

·         cash balance

 

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

 

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

 

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

 

·         12

 

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

 

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

 

·         Pregnancy Discrimination Act

 

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

 

·         tuition

 

What steps would help an organization choose which benefits to offer employees?

 

·         Ask employees how much they care about each benefit.

Write down what the organization wants the benefits package to accomplish.

Monitor the benefits to determine if they are achieving the objectives.

 

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

 

·         understand what their benefits are worth

 

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

 

·         cafeteria-style

 

 

Benefits that are classified as _____ plans offer various tax advantages.

 

·         qualified

 

True or false: Spousal benefits only apply to a spouse of the opposite sex.

 

·         false

 

Research asking employees about their benefits has shown that _____.

 

·         employees underestimate the cost and value of benefits

 

Why should employers tell their workers the details about what is included in their benefits packages?

 

·         Health insurance and retirement plans are complex and difficult for most employees to fully understand.

Highly desirable employees will be more apt to work for a company that offers valuable benefits that are easy to understand.

Employees often fail to understand the value of their benefits.

  each year to adjust for inflation in the _____.

 

·         consumer price index

 

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

 

Unemployment insurance is financed mostly via taxes on _____.

 

·         employers

 

Which statements about paid time off in the United States are true?

 

·         The average number of paid vacation days is 23.

Many employees who are entitled to paid time off will NOT take all of it.

Paid time off is NOT required by law.

 

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

 

·         paid vacation days

 

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

 

·         Vision care

 

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

 

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

 

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

 

·         Patient Protection and Affordable Care Act

 

Which type of health care plan contracts with health care professionals to offer services at lower rates?

 

·         Preferred provider organization (PPO)

 

The benefits available to domestic partners do not have the same _____ as those received by spouses.

 

·         tax advantages

 

Colleen is able to set aside $2,500 tax free each year out of her earnings to pay for eligible medical expenses. This is an example of a _____ account.

 

·         flexible spending

 

Which of the following are major categories of paid leave?

 

·         vacations
holidays
sick leave

 

Dan enjoys the employee wellness program at his office because there is a certified trainer on site at the fitness center who tailors his exercise program to his needs. What type of employee wellness program does Dan's company provide?

 

·         active

 

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

 

·         Health care insurance

 

Contributory retirement plans are funded by the _____.

 

·         employer and employee

 

Which of the following describe a health maintenance organization (HMO)?

 

·         The patient pays nothing at the time of service, because premiums cover all visits and procedures in advance.

Physicians work on salary instead of being paid a fee for each service.

Patients are allowed to see only medical personnel who are affiliated with the HMO.

 

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

 

A defined-benefit retirement plan guarantees _____.

 

·         a specific level of retirement income

 

If the money in a flexible spending account is not spent within the year, the money goes to the _____.

 

·         employer

 

Which of the following are types of defined-contribution plans?

 

·         employee stock ownership plan

money purchase plan

profit-sharing plan

 

A (passive/active) employee wellness program would provide health education and fitness facilities but no formal support to use the program.

 

·         passive

 

Retirement plans funded entirely by the employer are referred to as _____.

 

·         noncontributory plans

 

A retirement plan known as a ___________ balance plan allows the employer to set up an individual account for each employee and the employer then contributes a percentage of the employee's salary. The account also earns interest at a predefined rate.

 

·         cash

 

An employer sets up a _____ fund to invest the contributions to a defined-benefit plan.

 

·         pension

 

Which type of plan consists of individual accounts where all contributions come from the employer?

 

·         cash balance

 

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

 

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

 

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

 

·         12

 

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

 

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

 

·         Pregnancy Discrimination Act

 

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

 

·         tuition

 

What steps would help an organization choose which benefits to offer employees?

 

·         Ask employees how much they care about each benefit.

Write down what the organization wants the benefits package to accomplish.

Monitor the benefits to determine if they are achieving the objectives.

 

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

 

·         understand what their benefits are worth

 

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

 

·         cafeteria-style

 

 

Benefits that are classified as _____ plans offer various tax advantages.

 

·         qualified

 

True or false: Spousal benefits only apply to a spouse of the opposite sex.

 

·         false

 

Research asking employees about their benefits has shown that _____.

 

·         employees underestimate the cost and value of benefits

 

Why should employers tell their workers the details about what is included in their benefits packages?

 

·         Health insurance and retirement plans are complex and difficult for most employees to fully understand.

Highly desirable employees will be more apt to work for a company that offers valuable benefits that are easy to understand.

Employees often fail to understand the value of their benefits.