BU354 - Final Exam Questions and All
Correct Answers Updated.
Employment insurance - Answer Federal program to provide temporary financial assistance
to eligible persons who experience interruption to their work through no fault of their own.
Supplemental unemployment benefit - Answer Agreement between employer and
employees; enables eligible employees to receive additional benefits from this fund, it helps
employees maintain standard of living during unemployment by receiving a combined benefit.
Work sharing programs - Answer Employees work a reduced workweek and receive EI
benefits for the rest.
workers compensation - Answer Provides income and medical benefits to victims of work-
related accidents or illness or their dependants, regardless of fault.
Compulsory collective liability - Answer Employees and employers cannot sue each other.
Workers compensation boards - Answer Determine and collect payments from employers,
determine rights, and pay workers.
Accidental death and dismemberment coverage - Answer Fixed lump sum benefit in addition
to life insurance benefits when death is accidental. Provides a range of benefits for accidental
loss of limbs/sight and often paid for by the employer.
Critical illness insurance - Answer Lump-sum benefit to an employee who is diagnosed with
and survives a life threatening illness. It bridges the gap between life insurance and disability
insurance.
Health care spending accounts - Answer The employer establishes an annual account for
each employee with some money, the employee can spend the money on healthcare costs as
he/she wants.
Short term disability plans - Answer Continuation of all or part of an employee's earnings
when the employee is absent from work because of a non-work-related illness or injury.
Long term disability insurance - Answer Provides income protection or compensation for loss
of income because of long term illness/injury that is not work related.
, Sabbatical leaves - Answer For employees who want time off to rejuvenate or to pursue a
personal goal. Usually unpaid, but sometimes partial/full pay.
Pension plans - Answer Provide income when employees reach a predetermined retirement
age.
Defined benefit pension plan - Answer Contains a formula for determining retirement
benefits - the actual benefits received are defined ahead of time and the employee knows
ahead of time what his or her retirement benefits will be on retirement.
Defined contribution pension plan - Answer Employer's contribution to the employee's
retirement fund is specified. Does not define the eventual benefit amount, only the periodic
contribution to the plan.
Group registered retirement savings plan - Answer Employees can have a portion of their
compensation put into an RRSP by employer, and these funds are not taxed until he/she retires
or removes the money from the plan.
Deferred profit sharing plan - Answer Portion of company profits is credited to each
employee's account, payable at retirement, termination or death. No employee contributions
are allowed under the Canadian tax law.
Supplemental employee retirement plans - Answer Provide the additional pension benefit
required for employees to receive their full pension benefit in cases where their full pension
benefit exceeds the max allowable benefit under income tax act.
Lost time injury ratio - Answer Measures any occupational injury/illness resulting in a worker
being unable to fulfill full work assignments, not including any fatalities.
Occupational health and safety legislation - Answer Laws to protect the health/safety of
workers by minimizing work-related accidents and illnesses -> All provinces, territories and
federal jurisdiction based on joint responsibility.
Due Dilligence requirement - Answer The responsibility of employers to file government
accident reports, maintain records, ensure that safety rules are enforced, and posting safety
notices and legislative information.
Reasonable cause - Answer A complaint about a workplace hazard has not been satisfactorily
resolved, or a safety problem places employees in immediate danger.
Correct Answers Updated.
Employment insurance - Answer Federal program to provide temporary financial assistance
to eligible persons who experience interruption to their work through no fault of their own.
Supplemental unemployment benefit - Answer Agreement between employer and
employees; enables eligible employees to receive additional benefits from this fund, it helps
employees maintain standard of living during unemployment by receiving a combined benefit.
Work sharing programs - Answer Employees work a reduced workweek and receive EI
benefits for the rest.
workers compensation - Answer Provides income and medical benefits to victims of work-
related accidents or illness or their dependants, regardless of fault.
Compulsory collective liability - Answer Employees and employers cannot sue each other.
Workers compensation boards - Answer Determine and collect payments from employers,
determine rights, and pay workers.
Accidental death and dismemberment coverage - Answer Fixed lump sum benefit in addition
to life insurance benefits when death is accidental. Provides a range of benefits for accidental
loss of limbs/sight and often paid for by the employer.
Critical illness insurance - Answer Lump-sum benefit to an employee who is diagnosed with
and survives a life threatening illness. It bridges the gap between life insurance and disability
insurance.
Health care spending accounts - Answer The employer establishes an annual account for
each employee with some money, the employee can spend the money on healthcare costs as
he/she wants.
Short term disability plans - Answer Continuation of all or part of an employee's earnings
when the employee is absent from work because of a non-work-related illness or injury.
Long term disability insurance - Answer Provides income protection or compensation for loss
of income because of long term illness/injury that is not work related.
, Sabbatical leaves - Answer For employees who want time off to rejuvenate or to pursue a
personal goal. Usually unpaid, but sometimes partial/full pay.
Pension plans - Answer Provide income when employees reach a predetermined retirement
age.
Defined benefit pension plan - Answer Contains a formula for determining retirement
benefits - the actual benefits received are defined ahead of time and the employee knows
ahead of time what his or her retirement benefits will be on retirement.
Defined contribution pension plan - Answer Employer's contribution to the employee's
retirement fund is specified. Does not define the eventual benefit amount, only the periodic
contribution to the plan.
Group registered retirement savings plan - Answer Employees can have a portion of their
compensation put into an RRSP by employer, and these funds are not taxed until he/she retires
or removes the money from the plan.
Deferred profit sharing plan - Answer Portion of company profits is credited to each
employee's account, payable at retirement, termination or death. No employee contributions
are allowed under the Canadian tax law.
Supplemental employee retirement plans - Answer Provide the additional pension benefit
required for employees to receive their full pension benefit in cases where their full pension
benefit exceeds the max allowable benefit under income tax act.
Lost time injury ratio - Answer Measures any occupational injury/illness resulting in a worker
being unable to fulfill full work assignments, not including any fatalities.
Occupational health and safety legislation - Answer Laws to protect the health/safety of
workers by minimizing work-related accidents and illnesses -> All provinces, territories and
federal jurisdiction based on joint responsibility.
Due Dilligence requirement - Answer The responsibility of employers to file government
accident reports, maintain records, ensure that safety rules are enforced, and posting safety
notices and legislative information.
Reasonable cause - Answer A complaint about a workplace hazard has not been satisfactorily
resolved, or a safety problem places employees in immediate danger.
