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Drawbacks of Basing Bonuses on Improving Previous Performance

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Drawbacks of Basing Bonuses on Improving Previous Performance

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Questions and Answers

What type of compensation system is based on the number of items produced?

Commission plans
Profit-sharing plans
Piecework system (correct)
Bonus plans

Which of the following is a type of cashless bonus?

Cash vouchers
Salary increase
Annual bonus
Movie tickets (correct)

What is the primary purpose of commission plans?

To reward salespeople based on their sales performance (correct)
To share company profits with employees
To incentivize employees to meet specific targets
To provide employees with stock options

Which type of compensation plan gives employees the right to purchase company stock at a specific price?

Stock options (C) Signup and view all the answers

What is NOT included in the total compensation package, according to the text?

Retirement systems (D) Signup and view all the answers

Which type of compensation plan rewards employees based on the company's profits?

Profit-sharing plans (D) Signup and view all the answers

What is the purpose of gain-sharing plans?

To incentivize employees to meet specific goals (C) Signup and view all the answers

Which of the following is a type of fringe benefit mentioned in the text?

Retirement systems (A) Signup and view all the answers

What is the primary advantage of a piecework system?

It encourages employees to work efficiently and productively (A) Signup and view all the answers

What is the primary difference between bonus plans and profit-sharing plans?

Bonus plans are based on individual performance, while profit-sharing plans are based on company profits (C) Signup and view all the answers