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Michigan State University Employee Benefits Human Resources Book Exam

Michigan State University Employee Benefits Human Resources Book Exam
True / False Questions (Write “T” or “F” on the line under each question) – 1 Point Each Flexible benefits plans enable employees to choose from among a set of benefits and different levels of these benefits. (Basic Design Considerations for Discretionary Benefits) Cost-of-living adjustments (COLAs) are based on changes in prices as indexed by theOnce the social exchange is set between employer and employee, it does not change overEmployee benefits need to be considered as economic exchange between employer and employee rather than social exchange relationship. (How Employee Benefits Constitute Social Exchange) Employers can deduct the cost of the benefits they offer employees, from their annual income if the cost is considered an ordinary and necessary expense. (The Internal Revenue Code)The Internal Revenue Code and ERISA’s Title I and Title II provisions set 13 minimumstandards to determine whether retirement plans are qualified or nonqualified. (Qualified vs. Nonqualified Plans)Forfeitures come from the accounts of employees who terminate their employment prior toIn short-term disability insurance plans, the exclusion period spans from the initial date of hire to the date of eligibility for coverage. (Short-Term Disability Insurance Programs)A miner who develops black lung disease is eligible for workers’ compensation benefits.The Social Security Act was amended in 1965 to create the Medicare program. (Medicare)The national federal-state unemployment insurance program provides weekly income toFLSA requires employers to pay exempt status employees additional compensation for on-call time. (On-Call Time)When companies determine vacation time according to hours worked, it usually applies to workers who are exempt to FLSA regulations. (Vacation)Employers and employees both receive tax benefits on health risk appraisals. (WellnessA summary of material modifications might include changes in plan eligibility rules. (Legal Considerations in Benefits Communication)Utilization reviews are used to evaluate the quality of specific health-care services. (Utilization Reviews) ____ consumer price index. (Adjustments to Core Compensation) ____ time. (How Employee Benefits Constitute Social Exchange) ____ ____ ____ ____ earning vesting rights. (Defined Contribution Plans) ____ ____ (Workers’ Compensation Claims) ____ ____ individuals who become unemployed for any reason.(Unemployment Insurance) ____ ____ ____ Programs) ____ ____ ____ 17. Excess benefit plans generally have longer vesting periods than SERPs. (Contrasting Excess Benefit Plans and SERPs) ____ Corporate-owned life insurance can be used by employers to recover the costs of nonqualified deferred compensation. (Corporate-Owned Life Insurance) ____ NAFTA regulates labor conditions in North America. (North America)Canadian employment laws for the province of Quebec are separate from the rest of theThe People’s Republic of China has an economy which is shifting away from a marketOld age provisions in rural areas of China consist mainly of family support, as well as ____ country. (Canada) ____ oriented one to a centrally planned system. (The People’s Republic of China) ____ community and state financial support. (The People’s Republic of China) ____ 23. In India, health care and benefits are provided by the federal government. (India) ____ 24. Under Japan’s Directive Principle of State Policy, statutes affect various aspects of the employment relationship, such as working conditions and participation in management. (India) ____ 25. A trade bloc is a group of countries that agree to reduce trade barriers between themselves, often by lowering tariffs and sometimes restricting non-participating countries from engaging in trade relationships. (North America) ____ Multiple Choice Questions (Bold Your Answers) – 1 Point Each 1. Discretionary benefits can be categorized into programs that (Discretionary Benefits) A. Protect health and income, provide job security, provide accommodation and enhancement benefits B. Provide job security, protect health and income, allow for paid time-off C. Protect health and income, allow for paid time-off, provide accommodation and enhancement benefits D. Provide job security, allow for paid time-off, provide accommodation and enhancement benefits 2. Which is the following is NOT an example of a discretionary benefit? (Discretionary Benefits) A. Retirement plans B. Workers’ compensation C. Life insurance D. Paid vacations What are the two basic causes for psychological contract violations? (Psychological Contract Violation)Which of the following is not closely associated with the nature of transactional psychological contracts? (Psychological Contracts) A. Distributive and procedural justice B. Reneging and incongruence C. Changing composition of the workforce and the economic challenges D. Legal and industrial environments A. Economic and extrinsic focus B. Close-ended, specific C. Narrow scope D. Long term relationship 5. COBRA is an amendment to which federal law (Title I: Protection of Employee Rights)? A. IRCA B. HIPAA C. ERISA D. FLSA 6. Under NLRA, subjects for collective bargaining fall into one of which three categories (LaborUnions and Employee Benefits: The National Labor Relations Act of 1935) A. Mandatory, probable, legal B. Mandatory, permissive, illegal C. Mandatory, probable, illegal D. Mandatory, permissive, legal 5. COBRA is an amendment to which federal law (Title I: Protection of Employee Rights)? A. IRCA B. HIPAA C. ERISA D. FLSA 6. Under NLRA, subjects for collective bargaining fall into one of which three categories (LaborUnions and Employee Benefits: The National Labor Relations Act of 1935) A. Mandatory, probable, legal B. Mandatory, permissive, illegal C. Mandatory, probable, illegal D. Mandatory, permissive, legal 7. This type of hybrid plan is based on income and years of service, uses individual accounts, passes the IRS’s cross-testing rules and the total benefits are based on the investment performance of the plan’s assets. (Target Benefit Plans) A. Target benefit plan B. Money purchase plan C. Age-weighted profit-sharing plan D. Cash balance plan 8. Which of the following are characteristics of the flat benefit formula used in defined benefits plans? (Defined Benefit Plans) A. An employee’s years of service are considered, is determined using a flat amount formula or a flat percentage formula, the benefit is based on a percentage of the employees final average wage or salary B. Is determined using a flat amount formula or a flat percentage formula an employee’s years of service are considered, the benefit is based on a percentage of the employees final average wage or salary, is based on the employee’s last 3-4 years of service C. Is based on the employee’s last 3-4 years of service an employee’s years of service are considered, The benefit is based on a percentage of the employees final average wage or salary, an employee’s years of service are considered D. The benefits are based on a percentage of the employees final average wage or salary, are based on the employee’s last 3-4 years of service and are determined using a flat amount formula or a flat percentage formula 9. These indicate yearly probabilities of death based on such factors as age and sex. (Definingand Exploring Health-Care Plans) A. Experience ratings B. Formulary ratings C. Mortality tables D. Morbidity tables 10. What are the three common forms of managed care plans? (Managed Care Plans) A. Individual practice organizations, point-of-service plans, health maintenance organizations B. Health maintenance organizations, preferred provider organizations, point-of-service plans C. Preferred provider organizations, point-of-service plans, individual practice organizations D. Preferred provider organizations, health maintenance organizations, individual practice organizations 11. According to ADA guidelines, which of the following is true? (Relationships betweenCompany-Sponsored Disability Plans and Benefits Laws) A. Employers can require a longer pre-eligibility period for employees with disabilities B. Employers cannot exclude qualified employees with disabilities from participating in its’ disability retirement plans C. Employers must offer the same benefits to all under its disability retirement plans D. Employers must include cost-of-living adjustments on its disability benefits 12. Employer-sponsored disability insurance plans generally supplement legally requiredbenefits established by which law? (Relationships between Company-Sponsored Disability Plans and Benefits Laws) A. Family Medical Leave Act B. Employee Retirement Income Security Act C. Fair Labor Standards Act D. Social Security Act 13. This Medicare program offers voluntary supplemental medical insurance. (Medicare Part B Coverage) A. Medicare Part B B. Medicare Part A C. Medicare Advantage D. Medicare Part C 14. Which of the following statements is not true of holiday time-off practices? (Holidays) A. Private-sector employers usually follow the same holiday practices as those for federal government employees. B. When holidays fall on a weekend day, the employee receives two days of holiday pay. C. Some companies add one or two days off with pay to the list of regularly scheduled holidays. D. Floating holidays allow employees to take paid time off to observe any holiday not included as a recognized holiday. 15. Which of the following is true concerning FMLA provisions? (Leave Under the Family and Medical Leave Act of 1993) A. The time-off is unpaid, but medical insurance is continued B. The time-off is paid, but medical insurance is discontinued C. The time-off is unpaid and medical insurance is discontinued D. The time-off is paid and medical insurance is continued 16. This type of EAP establishes contracts with sets of numerous smaller employers. (Employee Assistance Programs) A. Full-service EAPs B. Referral EAPs C. Consortium EAPs D. Third-party EAPs 17. Which of the following is not an example of a personal problem covered under EAP programs? (Employee Assistance Programs) A. Drug abuse B. Domestic violence C. Depression D. Vacation buy back 18. These are the 4 most common types of cafeteria plans. (Types of Flexible Benefit Plan Arrangements) A. Premium-only, mix-and-match, core-plus-option, salary reduction B. Salary reduction, modular, core-plus-option, mix-and-match C. Material modification, mix-and-match, core-plus-option, modular D. Mix-and-match, material modification, premium-only, salary reduction 19. Which of the following compares the nontaxable benefits provided to key employees to the nontaxable benefits provided to all employees? (Cafeteria Plans under Section 125) A. Eligibility B. Concentration C. Concurrent reviews D. Prospective reviews 20. This type of executive retirement plan is unfunded and can be issued upon retirement, termination, or death, but the assets must be released to creditors if the company files for insolvency or bankruptcy. (Rabbi Trusts) A. Employee-owned annuities B. Secular trusts C. Rabbi trusts D. Corporate-owned life insurance 21. Nonqualified retirement plans for executives are generally divided into these two broad classes. (Nonqualified Retirement Plans for Executives) A. Top hat plans and supplemental executive retirement plans B. Excess benefit plans and supplemental executive retirement plans C. Offset benefit plans and supplemental executive retirement plans D. Target benefit plans and supplemental executive retirement plans 22. Which one of the following is not an important concept or measure when referencing employee benefits in all countries? (Quantifying Elements of Employee Benefits Outside the United States) A. gross domestic product (GDP) B. GDP per capita C. human development index (HDI) D. per capita expenditure on health care 23. In Canada, the amount of vacation pay is equal to what percentage of the employee’s pay for the preceding year per week of vacation. (Canada) A. 2% B. 3% C. 5% D. 5.5% 24. What is the minimum amount of paid leave guaranteed to workers under French law after one year of employment? (France) A. 2 weeks B. 3 weeks C. 4 weeks D. 5 weeks 25. In this country, ‘unfair labor practice’ is used as a term applying to individual employment contracts, as opposed to collective contracts found in the U.S. (South Africa) A. India B. Australia C. South Africa D. Japan Essay Questions – 1. Describe how OASDI and Medicare programs are financed.(Financing OASDI and Medicare Programs) 2. Discuss the main characteristics of health risk appraisals. (Wellness Programs) 3. Discuss the main characteristics of health risk appraisals. (Wellness Programs)4.Compare Brazil’s and Argentina’s health benefits. (South America)5.Compare paid time off benefits between India and Japan.(Asia)

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