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What is the main purpose of the balanced scorecard in business management?
What is the main purpose of the balanced scorecard in business management?
What is the definition of disposable income in the context of wage garnishments?
What is the definition of disposable income in the context of wage garnishments?
Which of the following options is classified as a non-statutory deduction?
Which of the following options is classified as a non-statutory deduction?
In a needs assessment for a payroll system, which action should come first?
In a needs assessment for a payroll system, which action should come first?
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What issue is indicated by team members claiming a disparity in their base pay?
What issue is indicated by team members claiming a disparity in their base pay?
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Under the Consumer Credit Protection Act, which wage garnishment processing approach is legal for Ned?
Under the Consumer Credit Protection Act, which wage garnishment processing approach is legal for Ned?
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Which option specifically describes a failure in ensuring equal pay among employees in the same role?
Which option specifically describes a failure in ensuring equal pay among employees in the same role?
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What is a key purpose of restructuring in an organization?
What is a key purpose of restructuring in an organization?
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Which management style might wrongly base employee appraisal solely on financial outcomes?
Which management style might wrongly base employee appraisal solely on financial outcomes?
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Which of the following best describes reengineering within a business context?
Which of the following best describes reengineering within a business context?
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How does a strategic vision differ from a mission statement?
How does a strategic vision differ from a mission statement?
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What is the most accurate definition of a strategy?
What is the most accurate definition of a strategy?
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Determining future needs within an organization is categorized as which type of planning?
Determining future needs within an organization is categorized as which type of planning?
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Which method of job evaluation focuses on benchmarking job positions for internal equity?
Which method of job evaluation focuses on benchmarking job positions for internal equity?
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What does comparison of incumbency to availability in affirmative action assess?
What does comparison of incumbency to availability in affirmative action assess?
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What is the required duration for keeping payroll records under ADEA and FLSA regulations?
What is the required duration for keeping payroll records under ADEA and FLSA regulations?
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Construct validity evaluates which of the following aspects?
Construct validity evaluates which of the following aspects?
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In the context of pay equity, what does the term refer to?
In the context of pay equity, what does the term refer to?
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Which type of justice reflects the perceived fairness of pay distribution relative to individual performance?
Which type of justice reflects the perceived fairness of pay distribution relative to individual performance?
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Which aspect of equity pay provides employees with a stake in the company?
Which aspect of equity pay provides employees with a stake in the company?
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What primary goal does an affirmative action plan serve in relation to labor availability?
What primary goal does an affirmative action plan serve in relation to labor availability?
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What is typically assessed by content validity in job evaluation?
What is typically assessed by content validity in job evaluation?
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Which law requires the retention of payroll records for a minimum duration?
Which law requires the retention of payroll records for a minimum duration?
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What does the Pregnancy Discrimination Act specifically state regarding pregnant employees?
What does the Pregnancy Discrimination Act specifically state regarding pregnant employees?
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Which body is responsible for addressing unfair labor practices among federal employees?
Which body is responsible for addressing unfair labor practices among federal employees?
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What type of compensation program allows employees to see a clear link between their performance and rewards?
What type of compensation program allows employees to see a clear link between their performance and rewards?
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Which of the following elements is NOT part of the OSHA general duty clause?
Which of the following elements is NOT part of the OSHA general duty clause?
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What is the primary purpose of a case study in training sessions?
What is the primary purpose of a case study in training sessions?
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Which option describes the CEO's goal in selecting a performance program that connects performance to rewards?
Which option describes the CEO's goal in selecting a performance program that connects performance to rewards?
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Which of the following is true regarding the comparison of the Pregnancy Discrimination Act and the Americans with Disabilities Act?
Which of the following is true regarding the comparison of the Pregnancy Discrimination Act and the Americans with Disabilities Act?
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What is a key characteristic of the entitlement compensation program?
What is a key characteristic of the entitlement compensation program?
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In terms of OSHA regulations, which responsibility is expected from employers?
In terms of OSHA regulations, which responsibility is expected from employers?
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What instructional method is least effective for practical understanding in a business setting?
What instructional method is least effective for practical understanding in a business setting?
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What is the purpose of offering golden handcuffs as a form of compensation?
What is the purpose of offering golden handcuffs as a form of compensation?
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Which federal agency is responsible for workplace safety and research on toxic substances?
Which federal agency is responsible for workplace safety and research on toxic substances?
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Under what circumstances can up to 50% of an employee's wages be garnished for child support?
Under what circumstances can up to 50% of an employee's wages be garnished for child support?
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What is a crucial initial consideration for a company when formulating its business strategy?
What is a crucial initial consideration for a company when formulating its business strategy?
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What is the definition of restructuring in a corporate context?
What is the definition of restructuring in a corporate context?
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What is the maximum percentage of wages that can be garnished for child support if the employee has dependents?
What is the maximum percentage of wages that can be garnished for child support if the employee has dependents?
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Which option accurately describes the financial implications of golden handcuffs on employees?
Which option accurately describes the financial implications of golden handcuffs on employees?
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Which organization focuses specifically on the health and safety implications of various substances in the workplace?
Which organization focuses specifically on the health and safety implications of various substances in the workplace?
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What specific aspect of employment does the concept of 'golden handcuffs' address?
What specific aspect of employment does the concept of 'golden handcuffs' address?
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How does the garnishment law typically affect disposable earnings for child support?
How does the garnishment law typically affect disposable earnings for child support?
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Study Notes
Business Management Tools
- Balanced Scorecard: A management tool that ties departmental outcomes into a single measurement system. It tracks information in four key areas (financial results, customer results, internal business processes, and learning and innovation).
Wage Garnishments
- Wage garnishments are deductions made to satisfy debt and shouldn't exceed 25% of an employee's disposable income. Disposable income is the employee's pay after legally required deductions.
Statutory Deductions
- Employee Stock Purchase Plans (ESPPs) are not legally required deductions. ESPPs are company programs allowing employees to buy company stock at a discount.
Payroll Needs Assessment
- The first step in a payroll needs assessment is identifying organizational needs and describing objectives, before reviewing existing data and collecting new data.
Pay Disparity
- Procedural Justice: The fairness of the process for determining pay ranges.
Job Evaluation Methods
- Classification Method: A job evaluation method that identifies benchmark positions and determines internal equity. Internal equity is the value of a job relative to other jobs in the company.
Affirmative Action
- Comparison of Incumbency to Availability: In affirmative action, it means comparing the availability of a protected group of employees to the current employees in those job categories.
Payroll Record Keeping
- The Age Discrimination in Employment Act (ADEA) and the Fair Labor Standards Act (FLSA) require payroll records to be kept for 3 years for all employees.
Measuring Non-Observable Concepts
- Construct Validity: Helps determine if a measurement is valid for something not directly observable; it assesses whether a test measures the link between candidate characteristics and job performance.
Pregnancy Discrimination Act
- Pregnancy Discrimination Act (PDA) of 1978: Pregnant employees are treated the same as employees with any other short-term disability.
Labor Relations Authority
- The Federal Labor Relations Authority has authority over unfair labor practices for federal employees.
Compensation Programs
- Line of Sight Compensation Program: A compensation program where employees can clearly see their performance impacting their pay.
Training Methods
- Case Study: A training method that uses real-life experiences to enhance participant understanding and learning.
OSHA General Duty Clause
- The OSHA general duty clause does not require workplace violence prevention training.
Executive Compensation
- Golden Handcuffs: Agreements by employers to hold onto key employees. In this case, golden handcuffs involve stock options not vesting until the employee has been with the company for a set period, or certain bonuses being returned if the employee leaves before a set period..
Toxic Substance Information
- National Institute for Occupational Safety and Health (NIOSH): the agency employers should contact for information on toxic substances.
Garnishment Limits
- Child support garnishment can be up to 50% of an employee's disposable earnings (if they have dependents) and up to 60% (if there are no dependents).
Business Restructuring
- Restructuring: A radical readjustment of an organization's staffing and hierarchy. The purpose is to streamline the hierarchy of an organization.
Strategic Planning
- Strategic Planning: A planned process to create a vision for the future of an organization and the basic steps for achieving that.
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Description
This quiz covers essential business management tools like the Balanced Scorecard and concepts related to payroll, including wage garnishments and statutory deductions. Understand the importance of procedural justice in pay disparity and how to conduct a payroll needs assessment. Test your knowledge on these key areas of business management and payroll administration.
