Test 4- RMIN 4000 Questions and Answers 100% Correct!

Types of Employee Benefits - ANSWER--medical expenses - loss of income due to... a) death b) disability c) unemployment d) retirement medical expenses - ANSWER--health insurance - FSAs/HSAs- pre tax health savings accounts -worker's comp loss of income due to death - ANSWER-(not generating any more income) -life insurance (UGA pays for $25K) -survivor benefits under retirement plans options: a) can inherit 401(k) assets b) continue pension payments to surviving spouse -worker's comp death benefits -social security death benefits loss of income due to disability - ANSWER--occupational disability -> WC (lost wages) -non occupational disability a) sick leave, paid time off (1-2 weeks) b) short term disability (1 week to 3 months): you often must buy this on your own, this is what typically pays for maternity leave c) long term disability (longer than 3 months) d) social disability (this is the D in OASDI) loss of income due to unemployment (laid off) - ANSWER--may get a severance - unemployment insurance loss of income due to retirement - ANSWER-- defined benefits also known as a pension a) 401(k) for profit firms b) 401(b) for nonprofit firms -social security retirement benefits (O and A stand for old age in OASDI) What does OASDI mean - ANSWER-old age, survivors, and disability insurance which benefits are firms required (by law) to offer? - ANSWER--social insurance: this is worker's compensation, unemployment insurance, and OASDI -health insurance: per the ACA's "employer mandate" why do firms offer employee benefits? - ANSWER-1) to attract and retain capable empl