HFT 2220 Final Exam Questions With Complete Solutions

Exempt - ANS Those who are not covered by FLSA Non-exempt - ANS Those who are protected under FLSA. Paid hourly and entitled to overtime pay. Categories of Exempt level workers - ANS Executive, Administrative, Professional, Outside Scales, Highly Compensated Individuals, Computer Workers How many hours does a non-exempt employee have to work in order to get overtime? - ANS 40+ hours/week What is over time pay under FLSA? - ANS 1.5 times What does FLSA stand for? - ANS Fair Labor Standards Act What is the minimum retirement age under most plans? - ANS 59 1/2 Defined Benefit Plan - ANS Traditional; Guaranteed amount Defined Contribution Plan - ANS 401(k), 403(b), profit-sharing; Contribution is defined, benefit is not Four elements to a compensation strategy - ANS Internal alignment, External Competitiveness, Employee Contribution, Management of pay structure Pay Structure - ANS The array of pay rates for different work or skills within a single organization. The number of levels, the differences in pay, and the criteria used to determine those differences. Compensable Factors - ANS Know How, Accountability, Problem Solving Job Evaluation - ANS Determining the relative worth of a position Different Types of Heath Plans - ANS Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), Health Savings Account (HAS's) Affordable Care Act - ANS Applies to businesses with more than 50 employees. Applies to employees who work 30+ hours a week. Employees must offer healthcare or pay a fine. External Competitiveness Strategies - ANS Lag the market, Match the market, Lead the market What are companies doing to reduce healthcare costs? - ANS Smoke-free Properties, Wellness Programs, Employee Gyms, Providing Healthier Food Co-Pay - ANS Insurance policy where the insured pays a specific amount (in dollars) out-of-pocket expenses for healthcare services, with the insurer paying the remaining. Co-Insurance - ANS A type of insurance in which the insured pays a share of the payment made against a claim. Deductible - ANS A specific amount of money that the insured must pay before an insurance company will pay a claim. McClelland's Acquired Needs - ANS Affiliation, Power, Achievement Positive Reinforcement - ANS Giving a reward Negative Reinforcement - ANS Taking away a positive thing Punishment - ANS Administering a negative consequence Expectancy Theory - ANS Effort brings out Performance, which brings out Outcome 1,2&3 Equity Theory - ANS People make evaluations about the fairness of their inputs and outputs Big Five Factors - ANS Openness, Conscientiousness, Extroversion, Agreeableness, Neorticism Myers-Briggs Type Inventory - ANS Extroversion-Introversion, Intuitive-Sensing, Thinking-Feeling, Judging-Perceiving Transformational Leadership - ANS Agents of change; Create, communicate and model a shared vision and inspire followers to strive for that vision Transactional Leadership - ANS Helps organizations attain their current objectives efficiently 5 Stages of Group Development - ANS Forming, Storming, Norming, Performing, Adjourning Cohesion - ANS The action or fact of forming a united whole Type A - ANS Impatient, desire for achievement, perfectionist Type B - ANS More easy going and less competitive Culture - ANS The system of shared actions, values, and beliefs that develops within an organization and guides the behavior of its members Team - ANS Group of people with common goals who work effectively together