39 Questions
What do benefits managers plan, direct, and coordinate for an organization’s employees?
Retirement plans, health insurance, and other benefits
Who establishes performance standards for benefits managers?
Members of the profession
Which organization is mentioned in the text as serving the benefits profession?
International Foundation of Employee Benefit Plans
What is the projected annual growth rate for opportunities in employment as compensation and benefits managers through 2024?
6 percent
In which industry was the highest mean annual compensation found for compensation and benefits managers?
Financial securities
What factor influences salary levels for compensation and benefits managers according to the text?
Educational credentials
What type of professionals are inclined to develop the benefits program within an organization?
HR professionals
What creates challenges for employee-benefits professionals in developing the benefits program?
$100,000 competition for limited funds
What program provides benefits to workers who experience work-related injuries or illnesses?
Workers' Compensation
Which type of health care plan allows employees to have more control over how their healthcare dollars are spent?
Consumer-Driven Health Care
What is the term for the pay increase based on an employee's years of service in an organization?
Seniority Pay
In a defined contribution plan, the retirement benefit is based on:
A predetermined formula
Which federal act provides health insurance reforms in the United States, including coverage for pre-existing conditions and expanding Medicaid?
Patient Protection and Affordable Care Act of 2010
What type of financing in employee benefits involves the employee sharing the cost of benefits with the employer?
Contributory Financing
Which type of health care plan emphasizes preventative care and wellness programs?
Alternative Managed-Care Plans
What type of retirement plan promises a specific benefit amount upon retirement?
Defined Benefit Plan
What did frustrated employees at Easy Crafts trade minor pay cuts for?
Increased retirement benefits
What made retirement benefits a significant concern for the older workers at Easy Crafts?
Proximity to retirement age
How did Easy Crafts differentiate its retirement plan from Makers Crafts' plan?
Providing more significant contributions by the company
Why was Latonya collecting information for Makers Crafts' benefits planning process?
To determine appropriate changes to the benefits plan
What is the reason for Latonya's cautious approach in making changes to the benefits plan?
To avoid hasty decisions
What is one key consideration in Latonya's strategic benefits planning process?
Effective collection of information
Why did Easy Crafts recruit many workers from Makers Crafts successfully?
Due to offering more attractive benefits
What was part of Easy Crafts' strategic planning process to grow its market share?
Determining attractive benefit packages for older workers
What is a key factor that influences employees' endorsement of employer-sponsored benefits?
Fair determination of employee contributions
Why might health-care benefits be redundant for some dual-income families?
One partner is already covered under the other's plan
What kind of benefits might the younger segment of the workforce benefit from according to the passage?
Family assistance programs
Why might some employees protest certain benefits offered by employers?
They believe the benefits favor certain coworkers
What is a common challenge faced by companies concerning employee benefits?
Balancing employee preferences with company needs
Which internal environmental factor influences companies' workforce characteristics?
Workforce demographics
Why might older segments of the workforce rely more on defined benefit plans?
To support progressive retirement-income streams
Why is it important for companies to offer flexible benefits offerings?
To accommodate diverse employee needs and preferences
What is the main concern of company executives regarding the new discount chain?
Losing customers due to lower prices
Why is the sudden employee attrition at Makers Crafts a top priority for the new Director of Human Resources?
It requires examination of the benefit offerings
What has Makers Crafts done well according to the text?
Training employees effectively
How has Makers Crafts responded to cost concerns regarding benefits offerings?
By scaling back its contribution to the employee retirement plan
What effect have the changes in benefits offerings had on Makers Crafts' employees?
Caused dissatisfaction
How has Easy Crafts capitalized on the employee dissatisfaction at Makers Crafts?
By offering a generous benefits package
What is a major reason for the customer loyalty mentioned in the text?
Advice and ideas provided by committed staff
Test your knowledge on employee benefits, compensation programs, paid time off, Social Security Act, Medicare, workers' compensation, and other related topics. This quiz covers key terms and concepts in the field of employee compensation.
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