PHR Exam Prep 2023 Questions With Complete Solutions

Health Maintenance Organization (HMO) correct answer: A managed-care plan that concentrates on preventive care and managing health expenses. This plan requires a referral to see a specialist Preferred Provider Organization (PPO) correct answer: A plan that uses a network of health-care providers for patient services Point of Service Plan (POS) correct answer: A healthcare plan that uses network physicians and allows referrals for physicians outside the network Fee-for-Service Plan (FFS) correct answer: A high-end healthcare plan that places no restrictions on the physicians or hospitals used $7.25 per hour correct answer: The current federal minimum wage that was set by the Fair Labor Standards Act (FLSA) on July 24, 2009 Federal v State Minimum Wage correct answer: State supersedes if a state minimum wage is higher than the federal minimum wage. Federal wage supersedes the state if a federal minimum wage is higher than the state minimum wage Old Age, Survivors, and Disability Insurance (OASDI) correct answer: The official name for Social Security in the United States, this program is paid to qualified workers upon retirement or disability or to the surviving dependents in the event of a worker's death. This program is supported by taxes paid equally by employers and employees. Responsibility for collecting these taxes lies with the IRS Accession Rate correct answer: The measurement of the number of new employees v the total number of employees Cost-Per-Hire correct answer: A common metric calculated by dividing the total costs of each new employee by the number of new employees for the measurement period Time to Hire correct answer: Calculated from the date a job is posted to the date a job is accepted by the new employee Replacement Cost correct answer: This number includes the prices for training, lost productivity, temporary replacements, overtime for employees who fill in while the position is vacant, and others Turnover Rate correct answer: This metric is calculated by dividing the average number of total employees for the measurement period by the number of employees who exited the organization Alternative Dispute Resolution (ADR) correct answer: Used to solve disagreements without litigation. These methods are often able to resolve problems with less animosity than occurs when a lawsuit is filed, and at far less cost to the parties Alternative Dispute Resolution (ADR) correct answer: Arbitration, mediation, peer review panels, or constructive confrontation are types of... Foreign Corrupt Practices Act of 1977 (FCPA) correct answer: This act prohibits the payment of bribes and requires accounting practices that preclude the use of covert bank accounts that could be used to make these payments SWOT Analysis correct answer: The name of the environmental analysis done to assess threats. Includes strengths, weaknesses, opportunities, and threats PEST analysis correct answer: Scans the external environment to identify opportunities and threats as part of the SWOT analysis PEST Analysis correct answer: This term describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. It is part of an external analysis when conducting a strategic analysis or doing market research and gives an overview of the different macro-environmental factors to be taken into consideration. It is a strategic tool for understanding market growth or decline, business position, potential, and direction for operations. It includes political, economic, socio-cultural and technological factors. The Federal Trade Commission (FTC) correct answer: This body is responsible for governing fair credit. Established in 1914, its principal mission is the promotion of consumer protection and the elimination and prevention of anti-competitive business practices such as coercive