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Questions and Answers
What are employee benefits?
What are employee benefits?
- Goods or services an employee purchases for themselves
- Time off work for employees
- Direct financial payments an employee receives
- Indirect financial payments an employee receives (correct)
Who pays the premiums for insurance plans in employee benefits?
Who pays the premiums for insurance plans in employee benefits?
- 100% insurer paid
- Shared cost formulas (correct)
- 100% employer paid
- 100% employee paid
What do employee benefits frequently include?
What do employee benefits frequently include?
- Retirement plans
- Goods or services plans
- Insurance plans (correct)
- Travel benefits
Who can receive the benefit of employee plans, according to the text?
Who can receive the benefit of employee plans, according to the text?
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What is the difference between legally required benefits and voluntary company-sponsored benefits?
What is the difference between legally required benefits and voluntary company-sponsored benefits?
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Study Notes
What are Employee Benefits?
- Employee benefits are a form of compensation that is provided to employees in addition to their regular salary or wages
Who Pays the Premiums for Insurance Plans?
- In most cases, the employer pays the premiums for insurance plans, which are then shared with the employee through deductions from their paycheck
What do Employee Benefits Frequently Include?
- Health insurance
- Life insurance
- Disability insurance
- Retirement plans (e.g., 401(k), pension)
- Paid time off (e.g., vacation, sick leave, holidays)
- Education assistance (e.g., tuition reimbursement)
Who Can Receive the Benefit of Employee Plans?
- Employees, as well as their spouses, children, and other dependents, can receive the benefits of employee plans
Required vs. Voluntary Benefits
- Legally required benefits are mandatory and enforced by law, such as Social Security and workers' compensation
- Voluntary company-sponsored benefits are optional and provided by the employer, but not required by law, such as life insurance and retirement plans
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Description
Test your knowledge of employee benefits in human resources management with this quiz. Learn about the strategic role of employee benefits, the difference between legally required and voluntary benefits, and how insurance works.
