MGT 3320 Exam 4 (Matthes) Questions With
Accurate Answers
pay structure - ANSWER the relative pay of different jobs (job structure) and how much
they are paid (pay level)
external equity - ANSWER ◦Comparing to pay of employees doing the same work in
other organizations
àUse of market pay surveys to determine pay levels in the organizations
internal equity - ANSWER ◦Comparing to pay of employees within the organization
(lower, same, and higher levels)
upper bound - ANSWER Product market competition places an ____________ on labor
costs and compensation
lower bound - ANSWER Labor market competition places a ____________ on pay levels
range of discretion - ANSWER Product market competition and labor market
competition create a ___________________ for pay
above - ANSWER Paying _________ market can help attract and retain top talent and
generate positive job attitudes, but also adds cost
, efficiency wage theory - ANSWER states that workers are more reluctant to shirk because
they wish to retain their jobs
benchmarking - ANSWER refers to comparing an organization's practices against those
of the competition.
point-factor system - ANSWER ◦yields job evaluation points for each compensable
factor
job evaluation - ANSWER an administrative procedure used to measure internal job
worth.
job ranking - ANSWER jobs are listed in order from highest to lowest worth to the
company; qualitative approach
Job classification - ANSWER broad descriptions for groups of jobs with similar TDRs and
qualifications are developed to assign wages; qualitative approach
factor comparison - ANSWER jobs are ranked in relation to each other on several factors
like mental requirements, physical requirements, etc., then a portion of the hourly rate
for each job is assigned to each factor; quantitative approach
job analysis - ANSWER A great source of information for job evaluations is a thoroughly
Accurate Answers
pay structure - ANSWER the relative pay of different jobs (job structure) and how much
they are paid (pay level)
external equity - ANSWER ◦Comparing to pay of employees doing the same work in
other organizations
àUse of market pay surveys to determine pay levels in the organizations
internal equity - ANSWER ◦Comparing to pay of employees within the organization
(lower, same, and higher levels)
upper bound - ANSWER Product market competition places an ____________ on labor
costs and compensation
lower bound - ANSWER Labor market competition places a ____________ on pay levels
range of discretion - ANSWER Product market competition and labor market
competition create a ___________________ for pay
above - ANSWER Paying _________ market can help attract and retain top talent and
generate positive job attitudes, but also adds cost
, efficiency wage theory - ANSWER states that workers are more reluctant to shirk because
they wish to retain their jobs
benchmarking - ANSWER refers to comparing an organization's practices against those
of the competition.
point-factor system - ANSWER ◦yields job evaluation points for each compensable
factor
job evaluation - ANSWER an administrative procedure used to measure internal job
worth.
job ranking - ANSWER jobs are listed in order from highest to lowest worth to the
company; qualitative approach
Job classification - ANSWER broad descriptions for groups of jobs with similar TDRs and
qualifications are developed to assign wages; qualitative approach
factor comparison - ANSWER jobs are ranked in relation to each other on several factors
like mental requirements, physical requirements, etc., then a portion of the hourly rate
for each job is assigned to each factor; quantitative approach
job analysis - ANSWER A great source of information for job evaluations is a thoroughly
