Which of the following is considered an indirect financial p

Which of the following is considered an indirect financial payment?

A.Incentives

B.Paid vacation

C.Commissions

D.Wages

E.Bonuses

Which of the following is considered an indirect financial payment?

A.Incentives

B.Paid vacation

C.Commissions

D.Wages

E.Bonuses

Which of the following is based on the premise that people try to maintain a balance between what they perceive as their contribution and reward?

A.Individual equity

B.Procedural equity

C.External equity

D.Equity theory of motivation

E.Internal equity

Which of the following acts contains requirements for minimum wage, equal pay, and child labor provisions?

A.Davis-Bacon

B.Walsh-Healey

C.Title VII of the Civil Rights Act

D.Equal Pay

E.Fair Labor Standards

Which of the following acts says that employees of one sex cannot be paid at a lower rate than employees of the opposite sex if they are doing similar work?

A.Americans with Disabilities

B.Fair Labor Standards

C.Equal Pay

D.Walsh-Healy

E.Davis-Bacon

When an employee is on a short-term overseas assignment, the _______ salary plan would eliminate the need to make frequent changes in the employee\'s base salary.

A.hardship-allowance

B.productivity

C.home-based

D.cost-of-living adjustment

E.host-based

A _______ is a systematic comparison of jobs to determine the worth of the job.

A.job analysis

B.job evaluation

C.job classification

D.market-competitive pay plan

E.compensable factors study

Which of the following identifies important aspects of a job to establish how jobs compare in terms of worth?

A.Importance of the job

B.Salary surveys

C.Market-competitive pay plans

D.Compensable factors

E.Benchmark factors

Which of the following will serve as the anchor against which all other jobs will be compared?

A.Compensable factors

B.Job ranks

C.Competitiveness

D.Benchmark jobs

E.Worth of each job

What is the first step to using ranking as a job evaluation method?

A.Rate skills and combine the ratings.

B.Conduct a job analysis.

C.Determine compensable factors.

D.Identify job specification.

E.Identify job clusters.

Which job evaluation method groups jobs as having the approximate same value for pay purposes?

A.Job classification

B.Grade definition

C.Benchmarks

D.Ranking

E.Point method

What is the first step in developing a market-competitive pay plan using the point-factor method?

A.Review job descriptions and specifications.

B.Assign points to key job factors.

C.Choose benchmark jobs.

D.Evaluate the jobs.

E.Select compensable factors.

How should the importance of each job factor be determined when using the point method of developing a market-competitive pay plan?

A.Develop pay grades

B.Define each factor\'s degrees.

C.Use salary surveys.

D.Use wage curves.

E.Assign weights to compensable factors.

After determining the benchmark jobs in an organization, _______ can help a company price, or place value on, those jobs.

A.pay grades

B.wage curves

C.salary surveys

D.ranking

E.rate ranges

Which of the following should be used to determine if a firm\'s wages are too high or too low relative to what other firms are paying?

A.Market wage rates

B.External wage curves

C.Pay grades

D.Internal wage curves

E.Salary surveys

Which of the following is an advantage to using pay ranges for each pay grade?

A.It is easier to identify exempt and nonexempt employees.

B.It becomes easier to address pay for non-benchmark jobs.

C.They allow employers to be more flexible when attracting experienced candidates.

D.They allow for less negotiation for new hires.

E.They allow employers to determine the exact worth of new hires.

Which of the following groups is usually compensated using a market-pricing approach?

A.Entry-level personnel

B.Assembly line workers

C.Professional employees

D.Company executives

E.Non-managerial roles

Solution

The correct answer is option B.

Financial rewards refers to direct and indirect payment made to the employees. Financial rewards help in fulfilling the material desire of employees. Examples of direct payment are salary, bonus, incentives, etc. Examples of indirect payment are pension, paid vacation, etc.