WGU D 351 QUESTINS AND ANSWERS LATEST EDITION
ALREADY VERIFIED AS A+
Vesting
A maximum amount of time beyond which the employee will have unfettered access to their retirement
funds , both employee contributions and employer contributions
Wage compression
When new employees require higher starting pay than the historical norm , causing narrowing of the
pay gap between experienced and new employees
Workers ' Compensation
An insurance program designed to provide medical treatment and temporary payments to employees
who cannot work because of an employment - related injury or illness
Commission
A payment typically provided to a salesperson for selling an item to a customer
COBRA
A law that requires employers to offer to maintain health insurance on individuals who leave their
employment ( for a period of time )
EAP ( Employee Assistance Program )
A set of counseling and other services provided to employees that help them to resolve personal issues
that may affect their work
Employee health
the state of physical and psychological wellness in the workforce
Entitlement
Something that the employee feels they have a right to receive from the company
Ergonomics
According to OSHA , " the science of fitting workplace conditions and job demands to the capabilities of
the working population "
Experience rating
A measure of how often claims are made against and insurance policy
Individual incentives
incentives that reinforce performance of a single person with a reward that is significant to that person
, Direct compensation
All rewards that can be classified as monetary payments and in - kind payments
Indirect compensation
All rewards other than monetary payments and in - kind payments , even if the company pays money to
others such as an insurer ) on the employee's behalf
In - kind payment
Exchanging one thing of value ( such as our work time ) for another thing of value ( such as pay , benefits
)
Base pay
typicallya flat rate either hourly or salary . Many consider this the most important part of the
compensation program & a major factor in their decision to accept or decline a job .
Wages
Paid on an hourly basis . Common for blue - collar workers
Salary
Paid based on a period of time - a week , a month , or a year . Salary is paid regardless of hours worked .
Common for white - collar professionals . Salary does NOT mean / equal the person is exempt from
overtime .
Wage & salry add - ons
overtime pay , shift differential , premium pay for working weekends and holidays , and other add - ons .
Incentive pay
Also called variable pay , incentive pay is paying based on performance , and it commonly includes items
such as piece work in production , merit pay , and commissioned sales .
Variable pay
Also called incentive pay , variable pay is paying based on performance , and it commonly includes items
such as piece work in production , merit pay , and commissioned sales .
Benefits
This is compensation that provides something of value to the employee . Some benefits are part of in -
kind payments ( the company - paid housing mentioned earlier , for instance ) and , therefore , part of
direct compensation . Others are in the nonmonetary compensation component ( life insurance , being
allowed to take pets to work , or vacation time would be examples )
Efficiency wage theory
if a company pays higher wages , it can generally hire better people who will , in turn , be more
productive .
ALREADY VERIFIED AS A+
Vesting
A maximum amount of time beyond which the employee will have unfettered access to their retirement
funds , both employee contributions and employer contributions
Wage compression
When new employees require higher starting pay than the historical norm , causing narrowing of the
pay gap between experienced and new employees
Workers ' Compensation
An insurance program designed to provide medical treatment and temporary payments to employees
who cannot work because of an employment - related injury or illness
Commission
A payment typically provided to a salesperson for selling an item to a customer
COBRA
A law that requires employers to offer to maintain health insurance on individuals who leave their
employment ( for a period of time )
EAP ( Employee Assistance Program )
A set of counseling and other services provided to employees that help them to resolve personal issues
that may affect their work
Employee health
the state of physical and psychological wellness in the workforce
Entitlement
Something that the employee feels they have a right to receive from the company
Ergonomics
According to OSHA , " the science of fitting workplace conditions and job demands to the capabilities of
the working population "
Experience rating
A measure of how often claims are made against and insurance policy
Individual incentives
incentives that reinforce performance of a single person with a reward that is significant to that person
, Direct compensation
All rewards that can be classified as monetary payments and in - kind payments
Indirect compensation
All rewards other than monetary payments and in - kind payments , even if the company pays money to
others such as an insurer ) on the employee's behalf
In - kind payment
Exchanging one thing of value ( such as our work time ) for another thing of value ( such as pay , benefits
)
Base pay
typicallya flat rate either hourly or salary . Many consider this the most important part of the
compensation program & a major factor in their decision to accept or decline a job .
Wages
Paid on an hourly basis . Common for blue - collar workers
Salary
Paid based on a period of time - a week , a month , or a year . Salary is paid regardless of hours worked .
Common for white - collar professionals . Salary does NOT mean / equal the person is exempt from
overtime .
Wage & salry add - ons
overtime pay , shift differential , premium pay for working weekends and holidays , and other add - ons .
Incentive pay
Also called variable pay , incentive pay is paying based on performance , and it commonly includes items
such as piece work in production , merit pay , and commissioned sales .
Variable pay
Also called incentive pay , variable pay is paying based on performance , and it commonly includes items
such as piece work in production , merit pay , and commissioned sales .
Benefits
This is compensation that provides something of value to the employee . Some benefits are part of in -
kind payments ( the company - paid housing mentioned earlier , for instance ) and , therefore , part of
direct compensation . Others are in the nonmonetary compensation component ( life insurance , being
allowed to take pets to work , or vacation time would be examples )
Efficiency wage theory
if a company pays higher wages , it can generally hire better people who will , in turn , be more
productive .
