RMIN 5110 EXAM 1 questions and
answers A+ rated
Traditional Employee Benefits - correct answer ✔✔retirement plans, health insurance, life
insurance, disability income plans, vacation days
Non-Traditional Employee Benefits - correct answer ✔✔Child-care
Legal Service Plans
Employee Assistance Plans
-Alcohol abuse
-Drug abuse
Wellness Programs
Transportation Programs
5 traditional categories of employee beneftis - correct answer ✔✔legally required social
insurance, payments for private insurance and retirement plans, payments for time not worked,
extra cash payments to employees, cost of services to employees
Why are employee benefits relevant? - correct answer ✔✔1. For every $ paid in wages,
employers spend another ~$.40 on benefits
2. Employee benefits are a major force in determining employee retention/happiness.
3. Government-provided benefits (e.g., Social Security and Medicare) are by far the largest
expenditure of the federal budget
4. Government tax breaks/deductions for privately provided benefits amount to hundreds of
billions of $$
5. Employee Benefits are in the news every day
, Three perspectives of employee benefits - correct answer ✔✔as an employee how can you best
utilize the benefits that you are offered? as an employer how do you make effective use of
employee benefits to maximize the value of your firm? as a citizen/policy maker what is the
appropriate role for the government in regulating/ providing benefits?
Marie Curie - correct answer ✔✔first lady of science, 1866-1934, discovered two elements,
despite her exposure to radioactive materials she lived to age 67, her discoveries are used to
help beat cancer and live longer
Leonardo Fibonacci - correct answer ✔✔answered the question how long will your money last?
Benjamin Gompertz - correct answer ✔✔british actuary, best known for his Gompertz Law of
Mortality, life expectancy
Andrei Kolmogorov - correct answer ✔✔Russian mathematician in 20th century
Answers the question: Is your retirement plan sustainable? (Is your plan realistic given your age,
current asset allocation, pension income, longevity, and personal balance sheet?)
What are employee benefits - correct answer ✔✔All forms of compensation other than direct
wages, provided to employees.
Total compensation formula - correct answer ✔✔total compensation = current cash
compensation + value of employee benefits
Employer's Share of Legally Required Payments - correct answer ✔✔Social Security (OASDI)
Medicare
Unemployment Insurance
Workers' Compensation
S-T Disability
answers A+ rated
Traditional Employee Benefits - correct answer ✔✔retirement plans, health insurance, life
insurance, disability income plans, vacation days
Non-Traditional Employee Benefits - correct answer ✔✔Child-care
Legal Service Plans
Employee Assistance Plans
-Alcohol abuse
-Drug abuse
Wellness Programs
Transportation Programs
5 traditional categories of employee beneftis - correct answer ✔✔legally required social
insurance, payments for private insurance and retirement plans, payments for time not worked,
extra cash payments to employees, cost of services to employees
Why are employee benefits relevant? - correct answer ✔✔1. For every $ paid in wages,
employers spend another ~$.40 on benefits
2. Employee benefits are a major force in determining employee retention/happiness.
3. Government-provided benefits (e.g., Social Security and Medicare) are by far the largest
expenditure of the federal budget
4. Government tax breaks/deductions for privately provided benefits amount to hundreds of
billions of $$
5. Employee Benefits are in the news every day
, Three perspectives of employee benefits - correct answer ✔✔as an employee how can you best
utilize the benefits that you are offered? as an employer how do you make effective use of
employee benefits to maximize the value of your firm? as a citizen/policy maker what is the
appropriate role for the government in regulating/ providing benefits?
Marie Curie - correct answer ✔✔first lady of science, 1866-1934, discovered two elements,
despite her exposure to radioactive materials she lived to age 67, her discoveries are used to
help beat cancer and live longer
Leonardo Fibonacci - correct answer ✔✔answered the question how long will your money last?
Benjamin Gompertz - correct answer ✔✔british actuary, best known for his Gompertz Law of
Mortality, life expectancy
Andrei Kolmogorov - correct answer ✔✔Russian mathematician in 20th century
Answers the question: Is your retirement plan sustainable? (Is your plan realistic given your age,
current asset allocation, pension income, longevity, and personal balance sheet?)
What are employee benefits - correct answer ✔✔All forms of compensation other than direct
wages, provided to employees.
Total compensation formula - correct answer ✔✔total compensation = current cash
compensation + value of employee benefits
Employer's Share of Legally Required Payments - correct answer ✔✔Social Security (OASDI)
Medicare
Unemployment Insurance
Workers' Compensation
S-T Disability
