Chapter 13 HRM EXAM PREP 2023.

Chapter 13 HRM EXAM PREP 2023. 1) Any indirect financial payments given to employees are known as: A) commissions. B) stock options. C) employee benefits. D) financial incentives. E) perquisites. - ANSWER C) employee benefits. 2) Outsourcing benefits administration to a third-party expert has the following advantage(s): A) reduced cost and enhanced service. B) increased employee understanding of benefits. C) reduced cost. D) fewer benefit claims. E) greater efficiency and consistency, and enhanced service. - ANSWER E) greater efficiency and consistency, and enhanced service. 3) The following factor(s) is/are expected to increase the cost of benefits: A) employee services. B) looming labour shortage. C) baby boomers. D) advances in dental care. E) pension plans. - ANSWER B) looming labour shortage. 4) The average cost of benefits, as a percentage of payroll, is approximately: A) 50%. B) 25%. C) 10%. D) 30%. E) 37%. - ANSWER E) 37% 5) A government-sponsored program that provides weekly income benefits if a person is unable to work through no fault of his/her own is usually called: A) employment insurance. B) strike pay. C) severance pay. D) sick pay. E) termination pay. - ANSWER A) employment insurance. 6) The EI benefit is generally 55% of average earnings during the last 14 to 26 weeks of the: A) benefit period. B) qualifying period. C) previous 52 weeks. D) previous calendar year. E) probationary period. - ANSWER B) qualifying period. 7) The purpose of an SUB plan is: A) to supplement maternity leave. B) to facilitate an agreement between an employer and the employees. C) the result of collective bargaining. D) to supplement EI benefits by receiving a combined benefit closer to the actual working wage. E) to provide benefits separate from EI so that employees can better maintain their standard of living during periods of unemployment. - ANSWER D) to supplement EI benefits by receiving a combined benefit closer to the actual working wage. 8) The three types of benefits provided under the Canada/Quebec Pension Plan are: A) disability, survivor, old age security. B) retirement, disability, survivor. C) retirement, survivor, health care. D) retirement, vacation, disability. E) retirement, survivor, old age security. - ANSWER B) retirement, disability, survivor.